Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 10, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FLT | ||
Entity Registrant Name | FLEETCOR TECHNOLOGIES INC | ||
Entity Central Index Key | 1,175,454 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-know Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 91,892,435 | ||
Entity Public Float | $ 12,916,568,362 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 475,018 | $ 447,152 |
Restricted cash | 168,752 | 167,492 |
Accounts and other receivables (less allowance for doubtful accounts of $32,506 and $21,903, respectively) | 1,202,009 | 638,954 |
Securitized accounts receivable—restricted for securitization investors | 591,000 | 614,000 |
Prepaid expenses and other current assets | 90,914 | 68,113 |
Deferred income taxes | 0 | 8,913 |
Total current assets | 2,527,693 | 1,944,624 |
Property and equipment | 253,361 | 163,569 |
Less accumulated depreciation and amortization | (110,857) | (82,809) |
Net property and equipment | 142,504 | 80,760 |
Goodwill | 4,195,150 | 3,546,034 |
Other intangibles, net | 2,653,233 | 2,183,595 |
Equity method investment | 36,200 | 76,568 |
Other assets | 71,952 | 58,225 |
Total assets | 9,626,732 | 7,889,806 |
Current liabilities: | ||
Accounts payable | 1,151,432 | 669,528 |
Accrued expenses | 238,812 | 150,677 |
Customer deposits | 530,787 | 507,233 |
Securitization facility | 591,000 | 614,000 |
Current portion of notes payable and lines of credit | 745,506 | 261,100 |
Other current liabilities | 38,781 | 44,936 |
Total current liabilities | 3,296,318 | 2,247,474 |
Notes payable and other obligations, less current portion | 2,521,727 | 2,059,900 |
Deferred income taxes | 668,580 | |
Deferred income taxes | 713,428 | |
Other noncurrent liabilities | 56,069 | 38,957 |
Total noncurrent liabilities | 3,246,376 | 2,812,285 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 475,000,000 shares authorized; 121,259,960 shares issued and 91,836,938 shares outstanding at December 31, 2016; and 120,539,041 shares issued and 92,376,335 shares outstanding at December 31, 2015 | 121 | 121 |
Additional paid-in capital | 2,074,094 | 1,988,917 |
Retained earnings | 2,218,721 | 1,766,336 |
Accumulated other comprehensive loss | (666,403) | (570,811) |
Less treasury stock (29,423,022 shares at December 31, 2016; and 28,162,706 shares at December 31, 2015) | (542,495) | (354,516) |
Total stockholders’ equity | 3,084,038 | 2,830,047 |
Total liabilities and stockholders’ equity | $ 9,626,732 | $ 7,889,806 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 32,506 | $ 21,903 |
Par value (in usd per share) | $ 0.001 | $ 0.001 |
Shares authorized (in shares) | 475,000,000 | 475,000,000 |
Shares issued (in shares) | 121,259,960 | 120,539,041 |
Shares outstanding (in shares) | 91,836,938 | 92,376,335 |
Treasury stock, shares | 29,423,022 | 28,162,706 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenues, net | $ 1,831,546 | $ 1,702,865 | $ 1,199,390 |
Expenses: | |||
Merchant commissions | 104,345 | 108,257 | 96,254 |
Processing | 355,414 | 331,073 | 173,337 |
Selling | 131,443 | 109,075 | 75,527 |
General and administrative | 283,625 | 297,715 | 205,963 |
Depreciation and amortization | 203,256 | 193,453 | 112,361 |
Other operating, net | (690) | (4,242) | (29,501) |
Operating income | 754,153 | 667,534 | 565,449 |
Equity method investment loss | 36,356 | 57,668 | 8,586 |
Other expense (income), net | 2,982 | 2,523 | (700) |
Interest expense, net | 71,896 | 71,339 | 28,856 |
Loss on early extinguishment of debt | 0 | 0 | 15,764 |
Total other expense | 111,234 | 131,530 | 52,506 |
Income before income taxes | 642,919 | 536,004 | 512,943 |
Provision for income taxes | 190,534 | 173,573 | 144,236 |
Net income | $ 452,385 | $ 362,431 | $ 368,707 |
Earnings per share: | |||
Basic earnings per share (in usd per share) | $ 4.89 | $ 3.94 | $ 4.37 |
Diluted earnings per share (in usd per share) | $ 4.75 | $ 3.85 | $ 4.24 |
Weighted average shares outstanding: | |||
Basic weighted average shares outstanding (in shares) | 92,597 | 92,023 | 84,317 |
Diluted weighted average shares outstanding (in shares) | 95,213 | 94,139 | 86,982 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 452,385 | $ 362,431 | $ 368,707 |
Other comprehensive loss: | |||
Foreign currency translation loss, net of tax | (95,592) | (279,303) | (223,691) |
Total other comprehensive loss | (95,592) | (279,303) | (223,691) |
Total comprehensive income | $ 356,793 | $ 83,128 | $ 145,016 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning Balance at Dec. 31, 2013 | $ 1,223,502 | $ 117 | $ 631,667 | $ 1,035,198 | $ (67,817) | $ (375,663) |
Net income | 368,707 | 368,707 | ||||
Other comprehensive loss, net of tax | (223,691) | (223,691) | ||||
Acquisition/return of common stock | 1,125,964 | (1,096,698) | (29,266) | |||
Issuance of common stock | 124,080 | 3 | 124,077 | |||
Ending Balance at Dec. 31, 2014 | 2,618,562 | 120 | 1,852,442 | 1,403,905 | (291,508) | (346,397) |
Net income | 362,431 | 362,431 | ||||
Other comprehensive loss, net of tax | (279,303) | (279,303) | ||||
Acquisition/return of common stock | 8,119 | 0 | 8,119 | |||
Issuance of common stock | 136,476 | 1 | 136,475 | |||
Ending Balance at Dec. 31, 2015 | 2,830,047 | 121 | 1,988,917 | 1,766,336 | (570,811) | (354,516) |
Net income | 452,385 | 452,385 | ||||
Other comprehensive loss, net of tax | (95,592) | (95,592) | ||||
Acquisition/return of common stock | 187,979 | 187,979 | ||||
Issuance of common stock | 85,177 | 0 | 85,177 | |||
Ending Balance at Dec. 31, 2016 | $ 3,084,038 | $ 121 | $ 2,074,094 | $ 2,218,721 | $ (666,403) | $ (542,495) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other comprehensive loss, tax | $ 0 | $ 0 | $ 4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Operating activities | ||||
Net income | $ 452,385 | $ 362,431 | $ 368,707 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 36,456 | 30,462 | 21,097 | |
Stock-based compensation | 63,946 | 90,122 | 37,649 | |
Provision for losses on accounts receivable | 35,885 | 24,629 | 24,412 | |
Amortization of deferred financing costs and discounts | 7,582 | 7,049 | 2,796 | |
Loss on extinguishment of debt | 0 | 0 | 15,764 | |
Amortization of intangible assets | 161,635 | 159,740 | 86,149 | |
Amortization of premium on receivables | 5,165 | 3,250 | 3,259 | |
Deferred income taxes | (28,681) | 30,626 | 41,716 | |
Equity method investment loss | 36,356 | 57,668 | 8,586 | |
Other non-cash operating expenses | (690) | (4,242) | (27,501) | |
Changes in operating assets and liabilities (net of acquisitions): | ||||
Restricted cash | (2,306) | (35,676) | 6,625 | |
Accounts receivable | (338,796) | 40,017 | 246,465 | |
Prepaid expenses and other current assets | 5,301 | (12,564) | 2,820 | |
Other assets | (20,345) | (2,524) | 12,455 | |
Excess tax benefits related to stock-based compensation | 0 | (26,427) | (56,790) | |
Accounts payable, accrued expenses and customer deposits | 292,019 | 30,023 | (185,875) | |
Net cash provided by operating activities | 705,912 | 754,584 | 608,334 | |
Investing activities | ||||
Acquisitions, net of cash acquired1 | [1] | (1,331,985) | (49,069) | (2,395,778) |
Purchases of property and equipment | (59,011) | (41,875) | (27,070) | |
Other | 1,411 | (8,470) | (171,239) | |
Net cash used in investing activities | (1,389,585) | (99,414) | (2,594,087) | |
Financing activities | ||||
Excess tax benefits related to stock-based compensation | 0 | 26,427 | 56,790 | |
Proceeds from issuance of common stock | 21,231 | 19,926 | 29,641 | |
(Payments) borrowings on securitization facility, net | (23,000) | (61,000) | 326,000 | |
Repurchase of common stock | (187,678) | 0 | 0 | |
Deferred financing costs paid | (2,272) | 0 | (43,943) | |
Proceeds from notes payable | 600,000 | 0 | 2,320,000 | |
Principal payments on notes payable | (118,500) | (103,500) | (546,875) | |
Borrowings (payments) from swing line of credit, net | 26,606 | (546) | 4,990 | |
Payment of contingent consideration | 0 | (42,177) | 0 | |
Other | (676) | (377) | (731) | |
Net cash provided by (used in) financing activities | 753,969 | (648,065) | 2,162,265 | |
Effect of foreign currency exchange rates on cash | (42,430) | (37,022) | (37,548) | |
Net increase (decrease) in cash | 27,866 | (29,917) | 138,964 | |
Cash and cash equivalents, beginning of year | 447,152 | 477,069 | 338,105 | |
Cash and cash equivalents, end of year | 475,018 | 447,152 | 477,069 | |
Supplemental cash flow information | ||||
Cash paid for interest | 70,339 | 72,537 | 29,098 | |
Cash paid for income taxes | 101,951 | 83,380 | 79,124 | |
Revolving A Facility | ||||
Financing activities | ||||
Borrowings from revolver —A Facility | 1,225,107 | 0 | 807,330 | |
Payments on revolver and foreign revolver facilities | (786,849) | (486,818) | (783,600) | |
Revolving B Facility | ||||
Financing activities | ||||
Payments on revolver and foreign revolver facilities | $ 0 | $ 0 | $ (7,337) | |
[1] | Amounts reported in acquisitions and investment, net of cash acquired, includes debt assumed and immediately repaid in acquisitions. |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business FleetCor Technologies, Inc. and its subsidiaries (the Company) is a global provider of workforce payment products. The Company primarily goes to market with its fuel card payments product solutions, corporate payments products, toll products, lodging cards and gift cards. The Company's products are used in 53 countries around the world, with its primary geographies in the U.S., Brazil and the U.K., which accounted for approximately 92% of revenue in 2016. The Company's core products are primarily sold to businesses, retailers, major oil companies and marketers and government entities. The Company’s payment programs enable its customers to better manage and control their commercial payments, card programs, and employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. The Company also provides a suite of fleet related and workforce payment products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. The Company provides its payment products and services in a variety of combinations to create customized payment solutions for customers and partners. The Company sells a range of customized fleet and lodging payment programs directly and indirectly to our customers through partners, such as major oil companies, leasing companies and petroleum marketers. The Company refers to these major oil companies, leasing companies, petroleum marketers, value-added resellers (VARs) and other referral partners with whom we have strategic relationships as our “partners.” The Company provides customers with various card products that typically function like a charge card to purchase fuel, lodging, food, toll, transportation and related products and services at participating locations. The Company supports its products with specialized issuing, processing and information services that enables the Company to manage card accounts, facilitate the routing, authorization, clearing and settlement of transactions, and provide value-added functionality and data, including customizable card-level controls and productivity analysis tools. In order to deliver payment programs and services and process transactions, the Company owns and operates proprietary “closed-loop” networks through which the Company electronically connects to merchants and captures, analyzes and reports customized information in North America and internationally. The Company also uses third-party networks to deliver payment programs and services in order to broaden card acceptance and use. To support our payment products, the Company also provides a range of services, such as issuing and processing, as well as specialized information services that provide our customers with value-added functionality and data. Customers can use this data to track important business productivity metrics, combat fraud and employee misuse, streamline expense administration and lower overall workforce and fleet operating costs. Depending on customer’s and partner’s needs, the Company provides these services in a variety of outsourced solutions ranging from a comprehensive “end-to-end” solution (encompassing issuing, processing and network services) to limited back office processing services. The Company’s reportable segments, North America and International, reflect the Company’s global organization. In North America, the Company sells a fuel card product, commercial payment and data solutions, lodging and transportation management services, gift card and stored value solutions, as well as a fleet telematics offering. In its International segment, the Company provides fuel card and related fuel services, work force payments, toll and parking payments products and vehicle maintenance management solutions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition and Presentation Revenue is derived from the Company’s merchant and network relationships as well as from customers and partners. The Company recognizes revenue on fees generated through services primarily to commercial fleets, commercial businesses, major oil companies, petroleum marketers and leasing companies and records revenue net of the wholesale cost of the underlying products and services based on the following: (i) the Company is not the primary obligor in the arrangement and is not responsible for fulfillment and the acceptability of the product; (ii) the Company has no inventory risk, does not bear the risk of product loss and does not make any changes to the product or have any involvement in the product specifications; (iii) the Company does not have significant latitude with respect to establishing the price for the product (predominantly fuel); and (iv) the amount the Company earns for services is fixed, within a limited range. The Company recognizes revenue from merchant and network relationships, processing and other arrangements when persuasive evidence of an arrangement exists, the services have been provided to the customer, the sales price is fixed or determinable and collectability is reasonably assured, as more fully described below. Through the Company’s merchant and network relationships the Company provides fuel, prepaid cards, vehicle maintenance, lodging, food, toll, and transportation related services to our customers. The Company derives revenue from its merchant and network relationships based on the difference between the price charged to a customer for a transaction and the price paid to the merchant or network for the same transaction. The Company’s revenue consists of margin on sales and fees for technical support, processing, communications and reporting. The price paid to a merchant or network may be calculated as (i) the merchant’s wholesale cost of the product plus a markup; (ii) the transaction purchase price less a percentage discount; or (iii) the transaction purchase price less a fixed fee per unit. The difference between the price the Company pays to a merchant and the merchant’s wholesale cost for the underlying products and services is considered a merchant commission and is recognized as expense when the fuel purchase transaction is executed. The Company has entered into agreements with major oil companies, petroleum marketers and leasing companies, among others, that specify that a transaction is deemed to be captured when we have validated that the transaction has no errors and have accepted and posted the data to the Company’s records. The Company also derives revenue from customers and partners from a variety of program fees including transaction fees, card fees, network fees, report fees and other transaction-based fees, which typically are calculated based on measures such as percentage of dollar volume processed, number of transactions processed, or some combination thereof. Such services are provided through proprietary networks or through the use of third-party networks. Transaction fees and other transaction-based fees generated from the Company’s proprietary networks and third-party networks are recognized at the time the transaction is captured. Card fees, network fees and program fees are recognized as the Company fulfills its contractual service obligations. In addition, the Company recognizes revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada. Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. The Company ceases billing and accruing for late fees and finance charges approximately 30-40 days after the customer’s balance becomes delinquent. The Company also charges its customers transaction fees to load value onto prepaid fuel, food, toll and transportation vouchers and cards. The Company recognizes fee revenue upon providing the activated fuel, food, toll and transportation vouchers and prepaid cards to the customer. Revenue is recognized on lodging and transportation management services when the lodging stay or transportation service is completed. Revenue is also derived from the sale of equipment in certain of the Company’s businesses, which is recognized at the time the device is sold and the risks and rewards of ownership have passed. This revenue is recognized gross of the cost of sales related to the equipment in revenues, net within the consolidated statements of income. The related cost of sales for the equipment is recorded within processing expenses. The Company has recorded $91.6 million , $84.1 million and $13.2 million of expenses related to sales of equipment within the processing expenses line of the consolidated statements of income for the year ended December 31, 2016 , 2015 and 2014 , respectively. The Company delivers both stored value cards and card-based services primarily in the form of gift cards. For multiple-deliverable customer contracts, stored value cards and card-based services are separated into two units of accounting. Stored valued cards are generally recognized upon shipment to the customer. Card-based services are recognized when the card services are rendered. Set forth below is a breakdown of revenue by product for the years ended December 31, 2016 and 2015 (in millions): Year Ended December 31, 2016 2015 Revenue by Product Category* Revenues, net Revenues, net Fuel cards $ 1,124 $ 1,116 Gift 185 170 Corporate payments 180 162 Tolls 103 9 Lodging 101 92 Other 140 154 Consolidated revenues, net $ 1,832 $ 1,703 * Columns may not calculate due to impact of rounding. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements include the accounts of FleetCor Technologies, Inc. and all of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company’s fiscal year ends on December 31 . In certain of the Company’s U.K. businesses, the Company records the operating results using a 4-4-5 week accounting cycle with the fiscal year ending on the Friday on or immediately preceding December 31. Fiscal years 2016, 2015 and 2014 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle. Credit Risk and Reserve for Losses on Receivables The Company controls credit risk by performing periodic credit evaluations of its customers. Payments from customers are generally due within 14 days of billing. The Company routinely reviews its accounts receivable balances and makes provisions for probable doubtful accounts based primarily on the aging of those balances. Accounts receivable are deemed uncollectible once they age past 90 days and are deemed uncollectible from the customer. The Company also provides an allowance for receivables aged less than 90 days that it expects will be uncollectible based on historical collections experience including accounts that have filed for bankruptcy. At December 31, 2016 and 2015 , approximately 95% and 98% , respectively, of outstanding accounts receivable were current. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for doubtful accounts when internal collection efforts have been exhausted and accounts have been turned over to a third-party collection agency. Recoveries from the third-party collection agency are not significant. Business Combinations Business combinations completed by the Company have been accounted for under the acquisition method of accounting. The acquisition method requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date and changes thereafter reflected in income. For significant acquisitions, the Company obtains independent third-party valuation studies for certain of the assets acquired and liabilities assumed to assist the Company in determining fair value. Goodwill represents the excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed. The results of the acquired businesses are included in the Company’s results of operations beginning from the completion date of the applicable transaction. Estimates of fair value are revised during an allocation period as necessary when, and if, information becomes available to further define and quantify the fair value of the assets acquired and liabilities assumed. Provisional estimates of the fair values of the assets acquired and liabilities assumed involves a number of estimates and assumptions that could differ materially from the final amounts recorded. The allocation period does not exceed one year from the date of the acquisition. To the extent additional information to refine the original allocation becomes available during the allocation period, the allocation of the purchase price is adjusted. Should information become available after the allocation period, those items are adjusted through operating results. The direct costs of the acquisition are recorded as operating expenses. Certain acquisitions include contingent consideration related to the performance of the acquired operations following the acquisition. Contingent consideration is recorded at estimated fair value at the date of the acquisition, and is remeasured each reporting period, with any changes in fair value recorded in the consolidated statements of income. The Company estimates the fair value of the acquisition-related contingent consideration using various valuation approaches, as well as significant unobservable inputs, reflecting the Company’s assessment of the assumptions market participants would use to value these liabilities. Impairment of Long-Lived Assets, Goodwill, Intangibles and Equity Method Investment The Company tests its long-lived assets for impairment in accordance with relevant authoritative guidance. The Company evaluates if impairment indicators related to its property, plant and equipment and other long-lived assets are present. These impairment indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If impairment indicators are present, the Company estimates the future cash flows for the asset or asset group. The sum of the undiscounted future cash flows attributable to the asset or asset group is compared to its carrying amount. The cash flows are estimated utilizing various projections of revenues and expenses, working capital and proceeds from asset disposals on a basis consistent with management’s intended actions. If the carrying amount exceeds the sum of the undiscounted future cash flows, the Company determines the assets’ fair value by discounting the future cash flows using a discount rate required for a similar investment of like risk and records an impairment charge as the difference between the fair value and the carrying value of the asset group. Generally, the Company performs its testing of the asset group at the business-line level, as this is the lowest level for which identifiable cash flows are available. The Company completes an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level, and the impairment test consists of two steps, as well as a qualitative assessment, as appropriate. The Company has performed a qualitative assessment of certain of its reporting units. In this qualitative assessment, the Company individually considered the following items for each reporting unit where the Company determined a qualitative analysis to be appropriate: the macroeconomic conditions, including any deterioration of general conditions, limitations on accessing capital, fluctuations in foreign exchange rates and other developments in equity and credit markets; industry and market conditions, including any deterioration in the environment where the reporting unit operates, increased competition, changes in the products/services and regulator and political developments; cost of doing business; overall financial performance, including any declining cash flows and performance in relation to planned revenues and earnings in past periods; other relevant reporting unit specific facts, such as changes in management or key personnel or pending litigation; events affecting the reporting unit, including changes in the carrying value of net assets, likelihood of disposal and whether there were any other impairment considerations within the business; the overall performance of our share price in relation to the market and our peers; and a quantitative stress test of the previously completed step 1 test from the prior year, updated with current year results, weighted-average cost of capital rates and future projections. In step 1 of the goodwill impairment test for reporting units, the reporting unit’s carrying amount, including goodwill, is compared to its fair value which is measured based upon, among other factors, a discounted cash flow analysis, as well as market multiples for comparable companies. If the carrying amount of the reporting unit is greater than its fair value, goodwill is considered impaired and step two must be performed. Step two measures the impairment loss by comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that unit (including unrecognized intangibles) as if the reporting unit had been acquired in a business combination. The excess of fair value over the amounts allocated to the assets and liabilities of the reporting unit is the implied fair value of goodwill. The excess of the carrying amount over the implied fair value is the impairment loss. The Company estimated the fair value of its reporting units using a combination of the income approach and the market approach. The income approach utilizes a discounted cash flow model incorporating management’s expectations for future revenue, operating expenses, earnings before interest, taxes, depreciation and amortization, capital expenditures and an anticipated tax rate. The Company discounted the related cash flow forecasts using an estimated weighted-average cost of capital for each reporting unit at the date of valuation. The market approach utilizes comparative market multiples in the valuation estimate. Multiples are derived by relating the value of guideline companies, based on either the market price of publicly traded shares or the prices of companies being acquired in the marketplace, to various measures of their earnings and cash flow. Such multiples are then applied to the historical and projected earnings and cash flow of the reporting unit in developing the valuation estimate. Preparation of forecasts and the selection of the discount rates involve significant judgments about expected future business performance and general market conditions. Significant changes in forecasts, the discount rates selected or the weighting of the income and market approach could affect the estimated fair value of one or more of our reporting units and could result in a goodwill impairment charge in a future period. Based on the goodwill asset impairment analysis performed quantitatively on October 1, 2016, the Company determined that the fair value of each of our reporting units was in excess of the carrying value. No events or changes in circumstances have occurred since the date of this most recent annual impairment test that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company also evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names, projected average revenue growth and projected long-term growth rates in the determination of terminal values. An impairment charge is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. The Company regularly evaluates the carrying value of its equity method investment, which is not carried at fair value, for other-than-temporary impairment. The Company estimates the fair value of its equity method investment using a combination of the income approach and the market approach. The income approach utilizes a discounted cash flow model incorporating management’s expectations for future revenue, operating expenses, earnings before interest, taxes, depreciation and amortization, capital expenditures and an anticipated tax rate. The Company discounts the related cash flow forecasts using an estimated weighted-average cost of capital for each reporting unit at the date of valuation. The market approach utilizes comparative market multiples in the valuation estimate. Multiples are derived by relating the value of guideline companies, based on either the market price of publicly traded shares or the prices of companies being acquired in the marketplace, to various measures of their earnings and cash flow. Such multiples are then applied to the historical and projected earnings and cash flow of our equity method investment in developing the valuation estimate. During the fourth quarters of 2016 and 2015 , the Company determined that the performance improvement initiatives in its equity method investment in Masternaut Group Holdings Limited ("Masternaut") will take longer to and be more challenging to implement than originally projected, based on revised cash flow projections provided by the business. As a result, the Company has recorded a $36.1 million and $40 million non-cash impairment charge in its equity method investment for 2016 and 2015 , respectively. Property, Plant and Equipment and Definite-Lived Intangible Assets Property, plant and equipment are stated at cost and depreciated on the straight-line basis. Definite-lived intangible assets, consisting primarily of customer relationships, are stated at fair value upon acquisition and are amortized over their estimated useful lives. Customer and merchant relationship useful lives are estimated using historical attrition rates. The Company develops software that is used in providing processing and information management services to customers. A significant portion of the Company’s capital expenditures are devoted to the development of such internal-use computer software. Software development costs are capitalized once technological feasibility of the software has been established. Costs incurred prior to establishing technological feasibility are expensed as incurred. Technological feasibility is established when the Company has completed all planning, designing, coding and testing activities that are necessary to determine that the software can be produced to meet its design specifications, including functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software. The Company capitalized software costs of $33.1 million , $23.4 million and $17.7 million in 2016 , 2015 and 2014 , respectively. Amortization expense for software totaled $17.7 million , $11.6 million and $9.2 million in 2016 , 2015 and 2014 , respectively. Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences became deductible. The Company evaluates on a quarterly basis whether it is more likely than not that its deferred tax assets will be realized in the future and concludes whether a valuation allowance must be established. The Company does not provide deferred taxes for the undistributed earnings of the Company’s foreign subsidiaries that are considered to be indefinitely reinvested outside of the United States in accordance with authoritative literature. If in the future these earnings are repatriated to the United States, or if the Company determines that the earnings will be remitted in the foreseeable future, additional tax provisions may be required. Current accounting guidance clarifies the accounting for uncertainty in income taxes recognized in an entity’s financial statements and prescribes threshold and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on a tax return. Under the relevant authoritative literature, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50 percent likelihood of being sustained. The Company includes any estimated interest and penalties on tax related matters in income tax expense. Cash Equivalents Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand. Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are made directly to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized a foreign exchange loss of $2.8 million and $2.4 million for the years ended December 31, 2016 and 2015, respectively, and a gain of $1.4 million for the year ended 2014, which are recorded within other expense, net in the Consolidated Statements of Income. Stock-Based Compensation The Company accounts for employee stock options and restricted stock in accordance with relevant authoritative literature. Stock options are granted with an exercise price estimated to be equal to the fair market value on the date of grant as authorized by the Company’s board of directors. Options granted have vesting provisions ranging from one to six years and vesting of the options is generally based on the passage of time or performance. Stock option grants are subject to forfeiture if employment terminates prior to vesting. The Company has selected the Black-Scholes option pricing model for estimating the grant date fair value of stock option awards granted. The Company has considered the retirement and forfeiture provisions of the options and utilized its historical experience to estimate the expected life of the options. The Company bases the risk-free interest rate on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected life of the option from the date of the grant. Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the requisite service period based on the number of years for which the requisite service is expected to be rendered. Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, performance or market conditions, or a combination of these. Shares vesting based on the passage of time have vesting provisions of one year. The fair value of restricted stock where the shares vest based on the passage of time or performance is based on the grant date fair value of the Company’s stock. The fair value of restricted stock shares based on market conditions is estimated using the Monte Carlo option pricing model. The risk-free interest rate and volatility assumptions used within the Monte Carlo option pricing model are calculated consistently with those applied in the Black-Scholes options pricing model utilized in determining the fair value of the stock option awards. For performance-based restricted stock awards and performance based stock option awards, the Company must also make assumptions regarding the likelihood of achieving performance goals. If actual results differ significantly from these estimates, stock-based compensation expense and the Company’s results of operations could be materially affected. Deferred Financing Costs/Debt Discounts Costs incurred to obtain financing, net of accumulated amortization, are amortized over the term of the related debt, using the effective interest method and are included within interest expense. In November 2014, the Company expensed $15.8 million and capitalized $9.2 million of debt issuance costs associated with the refinancing of its Credit Facility. In 2016, the Company capitalized $2.3 million of additional debt issuance costs associated with refinancing its Credit Facility. At December 31, 2016 and 2015 , the Company had net deferred financing costs of $13.1 million and $18.1 million , respectively. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the total of net income and all other changes in equity that result from transactions and other economic events of a reporting period other than transactions with owners. Accounts Receivable The Company maintains a $950 million revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to trade receivables resulting from charge card activity. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FleetCor Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding sells, without recourse, on a revolving basis, up to $950 million of undivided ownership interests in this pool of accounts receivable to a multi-seller, asset-backed commercial paper conduit (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold to the Conduit. Purchases by the Conduit are financed with the sale of highly-rated commercial paper. The Company utilizes proceeds from the sale of its accounts receivable as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the accounts receivable sold as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount. The Company’s consolidated balance sheets and statements of income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments, associated with the securitized debt, are presented as cash flows from financing activities. On November 14, 2014, the Company extended the term of its asset Securitization Facility to November 14, 2017. The Company capitalized $3.1 million in deferred financing fees in connection with this extension in the year ended December 31, 2014. The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands): 2016 2015 Gross domestic accounts receivables $ 529,885 $ 338,275 Gross domestic securitized accounts receivable 591,000 614,000 Gross foreign receivables 704,630 322,582 Total gross receivables 1,825,515 1,274,857 Less allowance for doubtful accounts (32,506 ) (21,903 ) Net accounts and securitized accounts receivable $ 1,793,009 $ 1,252,954 A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for the years ended December 31 is as follows (in thousands): 2016 2015 2014 Allowance for doubtful accounts beginning of year $ 21,903 $ 23,842 $ 22,416 Provision for bad debts 35,885 24,629 24,412 Write-offs (25,282 ) (26,568 ) (22,986 ) Allowance for doubtful accounts end of year $ 32,506 $ 21,903 $ 23,842 Foreign receivables are not included in the Company’s receivable securitization program. At December 31, 2016 and 2015 , there was $591 million and $614 million , respectively, of short-term debt outstanding under the Company’s accounts receivable Securitization Facility. Advertising The Company expenses advertising costs as incurred. Advertising expense was $22.2 million , $19.9 million and $14.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Earnings Per Share The Company reports basic and diluted earnings per share. Basic earnings per share is calculated using the weighted average of common stock and non-vested, non-forfeitable restricted shares outstanding, unadjusted for dilution, and net income attributable to common shareholders. Diluted earnings per share is calculated using the weighted average shares outstanding and contingently issuable shares less weighted average shares recognized during the period. The net outstanding shares have been adjusted for the dilutive effect of common stock equivalents, which consist of outstanding stock options and unvested forfeitable restricted stock units. Adoption of New Accounting Standards Going Concern In August 2013, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-15 “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern”, which requires entities to perform interim and annual assessments of the entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements. This ASU is effective for fiscal years ending after December 15, 2016 and interim periods thereafter, with early adoption permitted. The Company’s adoption of this ASU did not have a material impact on the results of operations, financial condition, or cash flows, as it is disclosure based. Simplification of Guidance on Debt Issuance Costs In April 2015, the FASB issued ASU 2015-3, “Interest—Imputation of Interest”, which changes the presentation of debt issuance cost |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. GAAP discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: • Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. • Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company estimates the fair value of acquisition-related contingent consideration using various valuation approaches including the Monte Carlo Simulation approach and the probability-weighted discounted cash flow approach. Acquisition related contingent consideration liabilities are classified as Level 3 liabilities because the Company uses unobservable inputs to value them, reflecting the Company’s assessment of the assumptions market participants would use to value these liabilities. A change in the unobservable inputs could result in a significantly higher or lower fair value measurement. Changes in the fair value of acquisition related contingent consideration are recorded as (income) expense in the Consolidated Statements of Income. The acquisition related contingent consideration liabilities are recorded in other current liabilities. The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis as of December 31, 2016 and 2015 , (in thousands): Fair Value Level 1 Level 2 Level 3 December 31, 2016 Assets: Repurchase agreements $ 232,131 $ — $ 232,131 $ — Money market 50,179 — 50,179 — Certificates of deposit 48 — 48 — Total cash equivalents $ 282,358 $ — $ 282,358 $ — December 31, 2015 Assets: Repurchase agreements $ 144,082 $ — $ 144,082 $ — Money market 55,062 — 55,062 — Certificates of deposit 9,373 — 9,373 — Total cash equivalents $ 208,517 $ — $ 208,517 $ — The Company has highly liquid investments classified as cash equivalents, with original maturities of 90 days or less, included in our Consolidated Balance Sheets. The Company utilizes Level 2 fair value determinations derived from directly or indirectly observable (market based) information to determine the fair value of these highly liquid investments. The Company has certain cash and cash equivalents that are invested on an overnight basis in repurchase agreements, money markets and certificates of deposit. The value of overnight repurchase agreements is determined based upon the quoted market prices for the treasury securities associated with the repurchase agreements. The value of money market instruments is the financial institutions' month-end statement, as these instruments are not tradeable and must be settled directly by us with the respective financial institution. Certificates of deposit are valued at cost, plus interest accrued. Given the short term nature of these instruments, the carrying value approximates fair value. The level within the fair value hierarchy and the measurement technique are reviewed quarterly. Transfers between levels are deemed to have occurred at the end of each quarter. There were no transfers between fair value levels during 2016 and 2015 . The Company’s nonfinancial assets that are measured at fair value on a nonrecurring basis include those in connection with periodic testing for impairment including property, plant and equipment, equity method investment, goodwill and other intangible assets. While completing the preliminary acquisition accounting in 2016 , the Company generally uses projected cash flows, discounted as appropriate, to estimate the fair values of the assets acquired and liabilities assumed using key inputs such as management's projections of cash flows on a held-and-used basis (if applicable), management's projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements are in Level 3 of the fair value hierarchy. The Company regularly evaluates the carrying value of its equity method investment and during the fourth quarters of 2016 and 2015 , the Company determined that the fair value of its 44% investment in Masternaut had declined as a result of the performance improvement initiatives taking longer than projected to implement. As a result, the Company determined that the carrying value of its investment exceeded its fair value and concluded that this decline in value was other than temporary. The Company recorded a $36.1 million and $40 million non-cash impairment charge during 2016 and 2015 , respectively, which is included in the equity method investment loss in the accompanying Consolidated Statement of Income. The fair value of the Company’s cash, accounts receivable, securitized accounts receivable and related facility, prepaid expenses and other current assets, accounts payable, accrued expenses, customer deposits and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The carrying value of the Company’s debt obligations approximates fair value as the interest rates on the debt are variable market based interest rates that reset on a quarterly basis. These are each level 2 fair value measurements, except for cash, which is a level 1 fair value measurement. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity On November 14, 2014, the Company acquired all of Comdata’s outstanding shares for a total payment of $3.4 billion , net of cash acquired, which included cash consideration of $2.4 billion and the issuance of 7,625,380 shares of the Company’s common stock from treasury shares to the former shareholders of Comdata. On February 4, 2016, the Company’s Board of Directors approved a stock repurchase program (the "Program") under which the Company may begin purchasing up to $500 million of its common stock over the next 18 months period. Any stock repurchases may be made at times and in such amounts as deemed appropriate. The timing and amount of stock repurchases, if any, will depend on a variety of factors including the stock price, market conditions, corporate and regulatory requirements, and any additional constraints related to material inside information the Company may possess. Any repurchases are expected to be funded by available cash flow from the business and working capital. There were 1,259,145 common shares totaling $187.7 million repurchased under the Program during 2016 . |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock Based Compensation The Company accounts for stock-based compensation pursuant to relevant authoritative guidance, which requires measurement of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of estimated forfeitures, over the requisite service period for awards expected to vest. The Company has Stock Incentive Plans (the Plans) pursuant to which the Company’s board of directors may grant stock options or restricted stock to employees. The Company is authorized to issue grants of restricted stock and stock options to purchase up to 26,963,150 shares for the years ended December 31, 2016 , 2015 and 2014 , respectively. On May 13, 2013, the Company’s stockholders authorized an increase of 6,500,000 shares of common stock available for grant pursuant to the 2010 Equity Compensation Plan. Giving effect to this increase, there were 2,968,584 additional shares remaining available for grant under the Plans at December 31, 2016 . The table below summarizes the expense recognized related to share-based payments recognized for the years ended December 31 (in thousands): 2016 2015 2014 Stock options $ 35,234 $ 44,260 $ 13,267 Restricted stock 28,712 45,862 24,382 Stock-based compensation $ 63,946 $ 90,122 $ 37,649 The tax benefits recorded on stock based compensation were $35.0 million , $35.7 million and $13.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of December 31, 2016 (cost in thousands): Unrecognized Compensation Cost Weighted Average Period of Expense Recognition (in Years) Stock options $ 53,026 1.48 Restricted stock 2,965 0.96 Total $ 55,991 Stock Options The following summarizes the changes in the number of shares of common stock under option for the following periods (shares and aggregate intrinsic value in thousands): Shares Weighted Average Exercise Price Options Exercisable at End of Year Weighted Average Exercise Price of Exercisable Options Weighted Average Fair Value of Options Granted During the Year Aggregate Intrinsic Value Outstanding at December 31, 2013 5,331 $ 25.68 2,589 $ 16.57 $ 487,673 Granted 1,544 135.16 $ 42.77 Exercised (1,429 ) 20.75 182,904 Forfeited (315 ) 41.72 Outstanding at December 31, 2014 5,131 58.71 2,370 21.75 461,770 Granted 654 154.56 $ 35.32 Exercised (586 ) 33.97 63,863 Forfeited (196 ) 95.16 Outstanding at December 31, 2015 5,003 72.72 2,545 26.82 351,277 Granted 1,780 133.33 $ 28.61 Exercised (500 ) 42.36 49,592 Forfeited (137 ) 140.67 Outstanding at December 31, 2016 6,146 $ 91.20 3,429 $ 55.00 $ 309,238 Expected to vest at December 31, 2016 6,146 $ 91.20 The following table summarizes information about stock options outstanding at December 31, 2016 (shares in thousands): Exercise Price Options Outstanding Weighted Average Remaining Vesting Life in Years Options Exercisable $10.00 – 58.02 2,536 0.00 2,527 74.99 – 111.09 159 0.77 71 114.90 – 138.47 1,382 1.28 113 144.59 – 149.68 935 1.15 653 151.16 – 158.24 772 2.44 65 172.68 – 174.35 362 3.82 — 6,146 3,429 The aggregate intrinsic value of stock options exercisable at December 31, 2016 was $296.7 million . The weighted average remaining contractual term of options exercisable at December 31, 2016 was 5.0 years. The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the years ended December 31 as follows: 2016 2015 2014 Risk-free interest rate 1.08 % 1.47 % 1.24 % Dividend yield — — — Expected volatility 27.29 % 27.77 % 34.61 % Expected life (in years) 3.47 4.46 3.90 The weighted-average remaining contractual life for options outstanding was 6.7 years at December 31, 2016 . Restricted Stock There were no restricted stock shares granted with performance based conditions or market conditions in 2016 , 2015 and 2014 . The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the following periods (shares in thousands): Shares Weighted Outstanding at December 31, 2013 634 $ 67.83 Granted 467 146.12 Cancelled (76 ) 31.48 Issued (309 ) 74.56 Outstanding at December 31, 2014 716 121.38 Granted 126 151.33 Cancelled (52 ) 135.92 Issued (293 ) 85.40 Outstanding at December 31, 2015 497 149.40 Granted 152 128.90 Cancelled (41 ) 145.25 Issued (229 ) 151.72 Outstanding at December 31, 2016 379 $ 140.39 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2016 Acquisitions During 2016, the Company completed acquisitions with an aggregate purchase price of $1.3 billion , net of cash acquired of $51.3 million , which includes deferred payments made during the period related to prior acquisitions of $6.1 million . During 2016, the Company made additional investments of $7.9 million related to its equity method investment at Masternaut. The Company also received a $9.2 million return of its investment in Masternaut in 2016. STP On August 31, 2016 , the Company acquired all of the outstanding stock of Serviços e Tecnologia de Pagamentos S.A. (“STP”), for approximately $1.23 billion , net of cash acquired of $40.2 million . STP is an electronic toll payments company in Brazil and provides cardless fuel payments at a number of Shell sites throughout Brazil. The purpose of this acquisition was to expand our presence in the toll market in Brazil. The Company financed the acquisition using a combination of existing cash and borrowings under its existing credit facility. Results from the acquired business have been reported in the Company's international segment since the date of acquisition. The following table summarizes the preliminary acquisition accounting for STP (in thousands): Trade and other receivables $ 243,157 Prepaid expenses and other 6,998 Deferred tax assets 9,365 Property and equipment 38,732 Other long term assets 5,785 Goodwill 659,288 Customer relationships and other identifiable intangible assets 584,274 Liabilities assumed (320,110 ) Aggregate purchase price $ 1,227,489 Along with the Company's acquisition of STP, the Company signed noncompete agreements with certain parties for approximately $21.6 million . The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Customer relationships 8.5-17 $ 349,310 Trade names and trademarks - indefinite N/A 189,547 Technology 6 45,417 $ 584,274 In connection with the STP acquisition, the Company recorded contingent liabilities aggregating $20.0 million in the consolidated balance sheet, recorded within other noncurrent liabilities and accrued expenses in the consolidated balance sheet at the date of acquisition. A portion of these acquired liabilities have been indemnified by the respective sellers. As a result, an indemnification asset of $4.8 million was recorded within other long term assets in the consolidated balance sheet. The contingent liabilities and the indemnification asset are included in the preliminary acquisition accounting for STP at the date of acquisition. The potential range of acquisition related contingent liabilities that the Company estimates would be incurred and ultimately recoverable is still being evaluated. The purchase price allocation related to this acquisition is preliminary as the Company is still completing the valuation for intangible assets, income taxes, certain acquired contingencies and the working capital adjustment period remains open. Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and STP and assembled workforce. The allocation of the goodwill to the reporting units has not been completed. The goodwill and definite lived intangibles acquired with this business is expected to be deductible for tax purposes. Other During 2016, the Company acquired additional fuel card portfolios in the U.S. and the United Kingdom, additional Shell fuel card markets in Europe and Travelcard in the Netherlands totaling approximately $76.7 million , net of cash acquired of $11.1 million . The following table summarizes the preliminary acquisition accounting for these acquisitions (in thousands): Trade and other receivables $ 27,810 Prepaid expenses and other 5,097 Property and equipment 992 Goodwill 28,540 Other intangible assets 61,823 Deferred tax asset 146 Deferred tax liabilities (5,123 ) Liabilities assumed (42,550 ) Aggregate purchase prices $ 76,735 The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Customer relationships and other identifiable intangible assets 10-18 $ 61,823 $ 61,823 These other 2016 acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements. The accounting for certain of these acquisitions is preliminary as the Company is still completing the valuation of intangible assets, income taxes and evaluation of acquired contingencies. 2015 Acquisitions During 2015, the Company completed acquisitions of Shell portfolios related to our fuel card businesses in Europe, as well as a small acquisition internationally, with an aggregate purchase price of $46.3 million , made additional investments of $8.4 million related to its equity method investment at Masternaut and deferred payments of $3.4 million related to acquisitions occurring in prior years. The following table summarizes the final acquisition accounting for the acquisitions completed during 2015 (in thousands): Trade and other receivables $ 521 Prepaid expenses and other 996 Property and equipment 197 Goodwill 9,561 Other intangible assets 39,791 Deferred tax liabilities (2,437 ) Liabilities assumed (2,331 ) Aggregate purchase prices $ 46,298 The final estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Customer relationships 14-20 $ 39,791 $ 39,791 These acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements. The accounting for certain of these acquisitions is preliminary pending completing the valuation of intangible assets, income taxes and evaluation of acquired contingencies. 2014 Acquisitions During 2014 , the Company completed acquisitions with an aggregate purchase price of $3.67 billion , net of cash acquired of $165.8 million . Equity Method Investment in Masternaut On April 28, 2014 , the Company completed an equity method investment in Masternaut, Europe’s largest provider of telematics solutions to commercial fleets. The Company owns 44% of the outstanding equity of Masternaut. This investment is included in “Equity method investment” in the Company’s consolidated balance sheets. Comdata On November 14, 2014 , the Company acquired Comdata for $3.4 billion , net of cash acquired. Comdata is a business-to-business provider of innovative electronic payment solutions. As an issuer and a processor, Comdata provides fleet, virtual card and gift card solutions. This acquisition complemented the Company’s current fuel card business in the U.S. and added a new product with the virtual payments business. Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and Comdata and assembled workforce. The goodwill acquired with this business is not deductible for tax purposes. FleetCor financed the acquisition with approximately $2.4 billion of new debt and the issuance of approximately 7.6 million shares of FleetCor common stock, including amounts applied at the closing to the repayment of Comdata’s debt. Results from the acquired business have been reported in the Company’s North America segment since the date of acquisition. The following table summarizes the final acquisition accounting for Comdata (in thousands): Restricted cash $ 93,312 Trade and other receivables 638,137 Prepaid expenses and other 15,443 Property and equipment 17,984 Goodwill 2,253,348 Other intangible assets 1,630,700 Notes and other liabilities assumed (804,032 ) Deferred tax liabilities (423,977 ) Other long term liabilities (6,841 ) Aggregate purchase price $ 3,414,074 The final estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Customer relationships 19 $ 1,269,700 Trade names and trademarks—indefinite N/A 237,100 Software 4 – 7 123,300 Non-competes 3 600 $ 1,630,700 Other During 2014 , the Company acquired Pacific Pride, a U.S. fuel card business, and a fuel card business from Shell in Germany. The following table summarizes the final acquisition accounting for these acquisitions during 2014 (in thousands): Trade and other receivables $ 62,604 Prepaid expenses and other 232 Property and equipment 71 Goodwill 30,596 Other intangible assets 47,974 Notes and other liabilities assumed (66,499 ) Aggregate purchase prices $ 74,978 The final estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Customer relationships 8 $ 15,574 Trade names and trademarks—indefinite N/A 2,900 Franchisee agreements 20 29,500 $ 47,974 These acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements. The Company expensed acquisition related expenses related to its acquisitions of $3.3 million , $1.7 million and $3.2 million in the years ending December 31, 2016, 2015 and 2014, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands): December 31, 2015 Acquisitions Acquisition Accounting Adjustments Foreign Currency December 31, 2016 Segment North America $ 2,640,409 $ — $ — $ — $ 2,640,409 International 905,625 687,828 (521 ) (38,191 ) 1,554,741 $ 3,546,034 $ 687,828 $ (521 ) $ (38,191 ) $ 4,195,150 December 31, 2014 Acquisitions Acquisition Accounting Adjustments Foreign Currency December 31, 2015 Segment North America $ 2,659,417 $ — $ (19,008 ) $ — $ 2,640,409 International 1,053,765 10,082 (2,237 ) (155,985 ) 905,625 $ 3,713,182 $ 10,082 $ (21,245 ) $ (155,985 ) $ 3,546,034 At December 31, 2016 and 2015 , approximately $362.6 million and $351.0 million of the Company’s goodwill is deductible for tax purposes, respectively. Acquisition accounting adjustments recorded in 2016 and 2015 are a result of the Company completing its acquisition accounting and working capital adjustment periods for certain prior year acquisitions. Other intangible assets consisted of the following at December 31 (in thousands): 2016 2015 Weighted- Avg Useful Life (Years) Gross Carrying Amounts Accumulated Amortization Net Carrying Amount Gross Carrying Amounts Accumulated Amortization Net Carrying Amount Customer and vendor agreements 17.0 $ 2,449,389 $ (458,118 ) $ 1,991,271 $ 2,071,928 $ (329,664 ) $ 1,742,264 Trade names and trademarks—indefinite lived N/A 510,952 — 510,952 318,048 — 318,048 Trade names and trademarks—other 14.7 2,746 (2,021 ) 725 3,067 (2,058 ) 1,009 Software 5.3 211,331 (85,167 ) 126,164 170,085 (54,250 ) 115,835 Non-compete agreements 5.0 35,191 (11,070 ) 24,121 15,209 (8,770 ) 6,439 Total other intangibles $ 3,209,609 $ (556,376 ) $ 2,653,233 $ 2,578,337 $ (394,742 ) $ 2,183,595 Changes in foreign exchange rates resulted in an $36.8 million decrease to the carrying values of other intangible assets in the year ended December 31, 2016 . Amortization expense related to intangible assets for the years ended December 31, 2016 , 2015 and 2014 was $161.6 million , $159.7 million and $86.1 million , respectively. The future estimated amortization of intangibles at December 31, 2016 is as follows (in thousands): 2017 $ 203,845 2018 200,021 2019 186,792 2020 167,136 2021 163,586 Thereafter 1,220,901 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment, net consisted of the following at December 31 (in thousands): Estimated Useful Lives (in Years) 2016 2015 Computer hardware and software 3 to 5 $ 197,958 $ 131,409 Card-reading equipment 4 to 6 25,553 10,887 Furniture, fixtures, and vehicles 2 to 10 15,418 10,291 Buildings and improvements 5 to 50 14,432 10,982 Property, plant and equipment, gross 253,361 163,569 Less: accumulated depreciation (110,857 ) (82,809 ) Property, plant and equipment, net $ 142,504 $ 80,760 Depreciation expense related to property and equipment for the years ended December 31, 2016 , 2015 and 2014 was $36.5 million , $30.5 million and $21.1 million , respectively. Depreciation expense includes $17.7 million , $11.6 million and $9.2 million , for capitalized computer software costs for the years ended December 31, 2016 , 2015 and 2014 , respectively. At December 31, 2016 and 2015 , the Company had unamortized computer software costs of $60.2 million and $44.9 million , respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following at December 31 (in thousands): 2016 2015 Accrued bonuses $ 15,866 $ 11,995 Accrued payroll and severance 10,704 6,479 Accrued taxes 104,623 5,977 Accrued commissions/rebates 43,467 49,157 Other 64,152 77,069 $ 238,812 $ 150,677 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands): 2016 2015 Term notes payable—domestic(a), net of discounts $ 2,639,279 $ 2,157,376 Revolving line of credit A Facility—domestic(a) 465,000 160,000 Revolving line of credit A Facility—foreign(a) 123,412 — Revolving line of credit A Facility—swing line(a) 26,608 — Other(c) 12,934 3,624 Total notes payable and other obligations 3,267,233 2,321,000 Securitization Facility(b) 591,000 614,000 Total notes payable, credit agreements and Securitization Facility $ 3,858,233 $ 2,935,000 Current portion $ 1,336,506 $ 875,100 Long-term portion 2,521,727 2,059,900 Total notes payable, credit agreements and Securitization Facility $ 3,858,233 $ 2,935,000 _____________________ (a) On October 24, 2014, the Company entered into a $3.36 billion New Credit Agreement, which provides for senior secured credit facilities consisting of (a) a revolving A credit facility in the amount of $1.0 billion , with sublimits for letters of credit, swing line loans and multicurrency borrowings, (b) a revolving B facility in the amount of $35 million for loans in Australian Dollars or New Zealand Dollars, (c) a term A loan facility in the amount of $2.02 billion and (d) a term loan B facility in the amount $300 million . Proceeds from the Credit Facility may be used for working capital purposes, acquisitions, and other general corporate purposes. Interest on amounts outstanding under the New Credit Agreement (other than the term B loan ) accrues based on the British Bankers Association LIBOR Rate (the Eurocurrency Rate), plus a margin based on a leverage ratio, or our option, the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50% , (b) the prime rate announced by Bank of America, N.A., or (c) the Eurocurrency Rate plus 1.00% ) plus a margin based on a leverage ratio. Interest is payable quarterly in arrears. On August 22, 2016, the Company entered into the first Amendment to the existing New Credit Agreement, which established an incremental term A loan in the amount of $600 million under the New Credit Agreement accordion feature. The proceeds from the additional $600 million in term A loans were used to partially finance the STP acquisition. The amendment also established an accordion feature for borrowing an additional $500 million in term A, term B or revolver A debt. On January 20, 2017 , the Company entered into the second amendment to the New Credit Agreement, which established a new term B loan ("term B-2 loan") in the amount of $245 million to replace the existing Term B loan. Interest on the Term B-2 loan facility accrues based on the Eurocurrency Rate or the Base Rate, except that the applicable margin is fixed at 2.25% for Eurocurrency Loans and at 1.25% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.20% to 0.40% of the daily unused portion of the credit facility. At December 31, 2016 , the interest rate on the term A loan and the domestic revolving A facility was 2.52% , the interest rate on the foreign revolving A facility was 2.01% , the interest rate on the revolving A facility swing line of credit was 1.97% and the interest rate on the term B-2 loan was 3.77% . The unused credit facility was 0.35% for all facilities at December 31, 2016 . The stated maturity dates for the term A loan, revolving loans, and letters of credit under the New Credit Agreement is November 14, 2019 and November 14, 2021 for the term B loan. The term loans are payable in quarterly installments and are due on the last business day of each March, June, September, and December with the final principal payment due on the respective maturity date. Borrowings on the revolving line of credit are repayable at the option of one, two, three or nine months after borrowing, depending on the term of the borrowing on the facility. Borrowings on the foreign swing line of credit are due no later than ten business days after such loan is made. At December 31, 2016 , the Company had $2.4 billion in borrowings outstanding on term A loan, excluding the related debt discount, $245.0 million in borrowings outstanding on term B-2 loan, excluding the related debt discount, $465.0 million in borrowings outstanding on the domestic revolving A facility, $123.4 million in borrowings outstanding on the foreign revolving A facility and $26.6 million in borrowings outstanding on the swing line revolving A facility. The Company has unamortized debt discounts of $6.2 million related to the term A facility and $1.0 million related to the term B facility at December 31, 2016 . The effective interest rate incurred on term loans was 2.57% and 2.04% during 2016 and 2015 , respectively, related to the discount on debt. Principal payments of $118.5 million were made on the term loans during 2016 . (b) The Company is party to a $950 million receivables purchase agreement (Securitization Facility) that was amended and restated for the fifth time on November 14, 2014 in connection with the Comdata acquisition to increase the commitments from $500.0 million to $1.2 billion , to extend the term of the facility to November 14, 2017, to add financial covenants and to add additional purchasers to the facility. On November 5, 2015, the first amendment to the fifth amended and restated receivables purchase agreement was entered into which allowed the Company to enter into a new contract with BP and modified the eligible receivables definition and on December 1, 2015, the second amendment to the fifth amended and restated receivables purchase agreement was entered into which reduced the commitments from $1.2 billion to $950 million . There is a program fee equal to one month LIBOR and the Commercial Paper Rate of 0.85% plus 0.90% and 0.43% plus 0.90% as of December 31, 2016 and 2015 , respectively. The unused facility fee is payable at a rate of 0.40% as of December 31, 2016 and 2015 . The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things. (c) Other includes the long term portion of contingent consideration and deferred payments associated with certain of our businesses. The Company was in compliance with all financial and non-financial covenants at December 31, 2016 . The contractual maturities of the Company’s notes payable and other obligations at December 31, 2016 are as follows (in thousands): 2017 $ 745,506 2018 273,223 2019 2,010,302 2020 1,734 2021 235,518 Thereafter 950 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before the provision for income taxes is attributable to the following jurisdictions (in thousands) for years ended December 31 : 2016 2015 2014 United States $ 383,427 $ 304,743 $ 233,933 Foreign 259,492 231,261 279,010 Total $ 642,919 $ 536,004 $ 512,943 The provision for income taxes for the years ended December 31 consists of the following (in thousands): 2016 2015 2014 Current: Federal $ 147,406 $ 82,926 $ 39,168 State 10,725 8,051 8,208 Foreign 61,084 51,970 55,144 Total current 219,215 142,947 102,520 Deferred: Federal (18,723 ) 36,723 41,814 State 1,608 1,525 (596 ) Foreign (11,566 ) (7,622 ) 498 Total deferred (28,681 ) 30,626 41,716 Total provision $ 190,534 $ 173,573 $ 144,236 The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 35% to income before income taxes for the years ended December 31 due to the following (in thousands): 2016 2015 2014 Computed “expected” tax expense $ 225,022 35.0 % $ 187,601 35.0 % $ 179,530 35.0 % Changes resulting from: Change in valuation allowance 11,952 1.9 20,243 3.8 (53 ) — Foreign income tax differential (25,533 ) (4.0 ) (23,718 ) (4.4 ) (24,972 ) (4.9 ) State taxes net of federal benefits 9,439 1.5 6,711 1.2 4,492 0.9 Foreign-sourced nontaxable income (7,961 ) (1.2 ) (10,573 ) (2.0 ) (8,128 ) (1.6 ) IRC Section 199 deduction (7,731 ) (1.2 ) (10,221 ) (1.9 ) — — Excess tax benefits related to stock-based compensation (11,974 ) (1.9 ) — — — — Other (2,680 ) (0.4 ) 3,530 0.7 (6,633 ) (1.3 ) Provision for income taxes $ 190,534 29.7 % $ 173,573 32.4 % $ 144,236 28.1 % The adoption of ASU 2016-09, "Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting" resulted in excess tax benefits being recorded as a reduction of income tax expense during 2016, rather than additional paid in capital as discussed in the summary of significant accounting policies footnote. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31 are as follows (in thousands): 2016 2015 Deferred tax assets: Accounts receivable, principally due to the allowance for doubtful accounts $ 7,148 $ 6,277 Accrued expenses not currently deductible for tax 2,647 5,797 Stock based compensation 41,415 35,066 Income tax credits 376 3,830 Net operating loss carry forwards 45,969 39,970 Equity investment 53,379 38,760 Accrued escheat 7,290 13,497 Fixed assets, intangibles and other 15,622 14,191 Deferred tax assets before valuation allowance 173,846 157,388 Valuation allowance (76,395 ) (62,605 ) Deferred tax assets, net 97,451 94,783 Deferred tax liabilities: Intangibles—including goodwill (687,443 ) (732,017 ) Basis difference in investment in foreign subsidiaries (48,354 ) (47,737 ) Prepaid expenses (3,644 ) — Property and equipment, principally due to differences between book and tax depreciation, and other (24,157 ) (19,544 ) Deferred tax liabilities (763,598 ) (799,298 ) Net deferred tax liabilities $ (666,147 ) $ (704,515 ) The Company’s deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands): 2016 2015 Current deferred tax assets and liabilities: Current deferred tax assets $ — $ 9,585 Current deferred tax liabilities — (672 ) Net current deferred taxes — 8,913 Long term deferred tax assets and liabilities: Long term deferred tax assets 2,433 1,639 Long term deferred tax liabilities (668,580 ) (715,067 ) Net long term deferred taxes (666,147 ) (713,428 ) Net deferred tax liabilities $ (666,147 ) $ (704,515 ) The Company elected to early adopt Accounting Standards Update 2015-17, "Balance Sheet Classification of Deferred Taxes". The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively (i.e., by reclassifying the comparative balance sheet). The Company elected to apply the new guidance prospectively. We reduce federal and state income taxes payable by the tax benefits associated with the exercise of certain stock options. Prior to the adoption of ASU 2016-09, we recorded an excess tax benefit in stockholders’ equity to the extent realized tax deductions for options exceeded the amount recognized as deferred tax benefits related to share-based compensation for these option awards. We recorded excess tax benefits of $26.4 million and $56.8 million in the years ended 2015 and 2014 , respectively. For 2016 , as a result of the adoption of ASU 2016-09, the excess tax benefit was recorded as a reduction of income tax expense rather than as additional paid in capital. The excess tax benefit recorded in 2016 was $12.0 million . At December 31, 2016 , U.S. taxes were not provided on earnings of the Company’s foreign subsidiaries. The Company’s intent is for such earnings to be reinvested by the subsidiaries or to be repatriated only when it would be tax effective through the utilization of foreign tax credits. If in the future these earnings are repatriated to the U.S, or if the Company determines that the earnings will be remitted in the foreseeable future, an additional tax provision and related liability may be required. If such earnings were distributed, U.S. income taxes would be partially reduced by available credits for taxes paid to the jurisdictions in which the income was earned. Cumulative undistributed earnings of non-U.S. subsidiaries for which U.S. taxes have not been provided are included in consolidated retained earnings in the amount of approximately $1,356.6 million at December 31, 2016 . Because of the availability of United States foreign tax credits, it is not practicable to determine the domestic federal income tax liability that would be payable if such earnings were not reinvested indefinitely. The valuation allowance for deferred tax assets at December 31, 2016 and 2015 was $76.4 million and $62.6 million , respectively. The valuation allowance relates to foreign and state net operating loss carry forwards, basis differences related to an equity method investment and foreign tax credit carry forwards. The net change in the total valuation allowance for the years ended December 31, 2016 and 2015 was an increase of $13.8 million and $35.5 million , respectively. The increases in 2016 and 2015 were primarily due to changes in our deferred tax asset related to basis differences in an equity method investment. As of December 31, 2016 , the Company had a net operating loss carryforward for state income tax purposes of approximately $697.0 million that is available to offset future state taxable income through 2028 . Additionally, the Company had $43.5 million net operating loss carryforwards for foreign income tax purposes that are available to offset future foreign taxable income. The foreign net operating loss carryforwards will not expire in future years. The Company recognizes interest and penalties on unrecognized tax benefits (including interest and penalties calculated on uncertain tax positions on which the Company believes it will ultimately prevail) within the provision for income taxes on continuing operations in the consolidated financial statements. During 2016 and 2015 , the Company had recorded accrued interest and penalties related to the unrecognized tax benefits of $5.9 million and $5.4 million , respectively. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits including interest for the years ended December 31, 2016 , 2015 and 2014 is as follows (in thousands): Unrecognized tax benefits at December 31, 2013 $ 21,601 Additions based on tax provisions related to the current year 1,676 Deductions based on settlement/expiration of prior year tax positions (4,636 ) Unrecognized tax benefits at December 31, 2014 18,641 Additions based on tax provisions related to the current year 9,079 Additions based on tax provisions related to the prior year 477 Deductions based on settlement/expiration of prior year tax positions (6,363 ) Unrecognized tax benefits at December 31, 2015 21,834 Additions based on tax provisions related to the current year 3,332 Additions based on tax provisions related to the prior year 2,496 Deductions based on settlement/expiration of prior year tax positions (1,507 ) Unrecognized tax benefits at December 31, 2016 $ 26,155 As of December 31, 2016 , the Company had total unrecognized tax benefits of $26.2 million of which $20.7 million , if recognized, would affect its effective tax rate. It is not anticipated that there are any unrecognized tax benefits that will significantly increase or decrease within the next twelve months. The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The statute of limitations for the Company’s U.S. federal income tax returns has expired for years prior to 2013 . The statute of limitations for the Company’s U.K. income tax returns has expired for years prior to 2014 . The statute of limitations has expired for years prior to 2013 for the Company’s Czech Republic income tax returns, 2013 for the Company’s Russian income tax returns, 2011 for the Company’s Mexican income tax returns, 2011 for the Company’s Brazilian income tax returns, 2011 for the Company’s Luxembourg income tax returns, 2012 for the Company’s New Zealand income tax returns, and 2014 for the Company’s Australian income tax returns. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | Leases The Company enters into noncancelable operating lease agreements for equipment, buildings and vehicles. The minimum lease payments for the noncancelable operating lease agreements are as follows (in thousands): 2017 $ 18,145 2018 14,408 2019 10,561 2020 8,029 2021 7,604 Thereafter 23,033 Rent expense for noncancelable operating leases approximated $15.1 million , $14.1 million and $12.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The leases are generally renewable at the Company’s option for periods of one to five years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, the Company is involved in various pending or threatened legal actions. The Company has recorded reserves for certain legal proceedings. The amounts recorded are estimated and as additional information becomes available, the Company will reassess the potential liability related to its pending litigation and revise its estimate in the period that information becomes known. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the years ended December 31 (in thousands, except per share data) follows: 2016 2015 2014 Net income $ 452,385 $ 362,431 $ 368,707 Denominator for basic earnings per share 92,597 92,023 84,317 Dilutive securities 2,616 2,116 2,665 Denominator for diluted earnings per share 95,213 94,139 86,982 Basic earnings per share $ 4.89 $ 3.94 $ 4.37 Diluted earnings per share 4.75 3.85 4.24 There were 0.1 million antidilutive shares for the year ended December 31, 2016 . Diluted earnings per share for the years ended December 31, 2016 and 2015 excludes the effect of 0.4 million and 1.4 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be antidilutive. There were no antidilutive shares for 2014 . Diluted earnings per share also excludes the effect of 0.2 million , 0.2 million and 0.5 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. The Company’s reportable segments represent components of the business for which separate financial information is evaluated regularly by the chief operating decision maker in determining how to allocate resources and in assessing performance. The Company operates in two reportable segments, North America and International. There were no intersegment sales. The Company’s segment results are as follows as of and for the years ended December 31 (in thousands): 2016 2015 2014 Revenues, net: North America $ 1,279,102 $ 1,231,957 $ 668,328 International 552,444 470,908 531,062 $ 1,831,546 $ 1,702,865 $ 1,199,390 Operating income: North America $ 506,414 $ 442,052 $ 287,303 International 247,739 225,482 278,146 $ 754,153 $ 667,534 $ 565,449 Depreciation and amortization: North America $ 129,653 $ 127,863 $ 39,275 International 73,603 65,590 73,086 $ 203,256 $ 193,453 $ 112,361 Capital expenditures: North America $ 39,000 $ 19,883 $ 9,407 International 20,011 21,992 17,663 $ 59,011 $ 41,875 $ 27,070 Long-lived assets (excluding goodwill): North America $ 1,664,224 $ 1,719,639 $ 1,833,311 International 1,203,465 602,941 698,925 $ 2,867,689 $ 2,322,580 $ 2,532,236 The Company attributes revenues, net from external customers to individual countries based upon the country in which the related services were rendered. The table below presents certain financial information related to the Company’s significant operations as of and for the years ended December 31 (in thousands): 2016 2015 2014 Revenues, net by location: United States (country of domicile) $ 1,278,828 $ 1,231,641 $ 667,878 Brazil 167,769 85,124 117,485 United Kingdom 229,125 248,598 262,613 2016 2015 1 Long-lived assets (excluding goodwill): United States (country of domicile) $ 1,664,224 $ 1,719,541 Brazil 784,816 146,596 United Kingdom 286,928 332,788 1 Reflects the impact of the Company's adoption of ASU 2015-03, "Interest—Imputation of Interest”, which changes the presentation of debt issuance costs in financial statements as a direct deduction from the related debt liability rather than as an asset. No single customer represented more than 10% of the Company’s consolidated revenue in 2016 , 2015 and 2014 . |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Fiscal Quarters Year Ended December 31, 2016* First Second Third Fourth Revenues, net $ 414,262 $ 417,905 $ 484,426 $ 514,953 Operating income 175,955 171,168 191,055 215,975 Net income 111,090 116,253 129,618 95,424 Earnings per share: Basic earnings per share $ 1.20 $ 1.25 $ 1.40 $ 1.03 Diluted earnings per share 1.17 1.22 1.36 1.00 Weighted average shares outstanding: Basic weighted average shares outstanding 92,516 92,665 92,631 92,574 Diluted weighted average shares outstanding 95,030 95,279 95,307 95,235 Fiscal Quarters Year Ended December 31, 2015 First Second Third Fourth Revenues, net $ 416,166 $ 404,605 $ 451,493 $ 430,601 Operating income 163,774 169,151 188,460 146,149 Net income 94,153 98,678 116,770 52,830 Earnings per share: Basic earnings per share $ 1.03 $ 1.07 $ 1.27 $ 0.57 Diluted earnings per share 1.00 1.05 1.24 0.56 Weighted average shares outstanding: Basic weighted average shares outstanding 91,750 91,904 92,110 92,321 Diluted weighted average shares outstanding 93,934 94,050 94,157 94,350 *2016 quarterly amounts reflect the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payments Accounting , to simplify several aspects of the accounting for share-based compensation, including the income tax consequences. The sum of the quarterly earnings per common share amounts for 2016 and 2015 may not equal the earnings per common share for the 2016 and 2015 due to rounding. The fourth quarter of 2016 includes unusual net unfavorable items totaling $4.3 million . This represents a $36.1 million impairment charge related to the Company’s minority investment in Masternaut, partially offset by a $31.8 million decrease in non-cash stock based compensation expense. The fourth quarter of 2015 includes unusual unfavorable items totaling $74.4 million . This represents a $40.0 million impairment charge related to the Company’s minority investment in Masternaut and a $34.4 million increase in non-cash stock based compensation expense. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Revenue Recognition and Presentation | Revenue Recognition and Presentation Revenue is derived from the Company’s merchant and network relationships as well as from customers and partners. The Company recognizes revenue on fees generated through services primarily to commercial fleets, commercial businesses, major oil companies, petroleum marketers and leasing companies and records revenue net of the wholesale cost of the underlying products and services based on the following: (i) the Company is not the primary obligor in the arrangement and is not responsible for fulfillment and the acceptability of the product; (ii) the Company has no inventory risk, does not bear the risk of product loss and does not make any changes to the product or have any involvement in the product specifications; (iii) the Company does not have significant latitude with respect to establishing the price for the product (predominantly fuel); and (iv) the amount the Company earns for services is fixed, within a limited range. The Company recognizes revenue from merchant and network relationships, processing and other arrangements when persuasive evidence of an arrangement exists, the services have been provided to the customer, the sales price is fixed or determinable and collectability is reasonably assured, as more fully described below. Through the Company’s merchant and network relationships the Company provides fuel, prepaid cards, vehicle maintenance, lodging, food, toll, and transportation related services to our customers. The Company derives revenue from its merchant and network relationships based on the difference between the price charged to a customer for a transaction and the price paid to the merchant or network for the same transaction. The Company’s revenue consists of margin on sales and fees for technical support, processing, communications and reporting. The price paid to a merchant or network may be calculated as (i) the merchant’s wholesale cost of the product plus a markup; (ii) the transaction purchase price less a percentage discount; or (iii) the transaction purchase price less a fixed fee per unit. The difference between the price the Company pays to a merchant and the merchant’s wholesale cost for the underlying products and services is considered a merchant commission and is recognized as expense when the fuel purchase transaction is executed. The Company has entered into agreements with major oil companies, petroleum marketers and leasing companies, among others, that specify that a transaction is deemed to be captured when we have validated that the transaction has no errors and have accepted and posted the data to the Company’s records. The Company also derives revenue from customers and partners from a variety of program fees including transaction fees, card fees, network fees, report fees and other transaction-based fees, which typically are calculated based on measures such as percentage of dollar volume processed, number of transactions processed, or some combination thereof. Such services are provided through proprietary networks or through the use of third-party networks. Transaction fees and other transaction-based fees generated from the Company’s proprietary networks and third-party networks are recognized at the time the transaction is captured. Card fees, network fees and program fees are recognized as the Company fulfills its contractual service obligations. In addition, the Company recognizes revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada. Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. The Company ceases billing and accruing for late fees and finance charges approximately 30-40 days after the customer’s balance becomes delinquent. The Company also charges its customers transaction fees to load value onto prepaid fuel, food, toll and transportation vouchers and cards. The Company recognizes fee revenue upon providing the activated fuel, food, toll and transportation vouchers and prepaid cards to the customer. Revenue is recognized on lodging and transportation management services when the lodging stay or transportation service is completed. Revenue is also derived from the sale of equipment in certain of the Company’s businesses, which is recognized at the time the device is sold and the risks and rewards of ownership have passed. This revenue is recognized gross of the cost of sales related to the equipment in revenues, net within the consolidated statements of income. The related cost of sales for the equipment is recorded within processing expenses. The Company has recorded $91.6 million , $84.1 million and $13.2 million of expenses related to sales of equipment within the processing expenses line of the consolidated statements of income for the year ended December 31, 2016 , 2015 and 2014 , respectively. The Company delivers both stored value cards and card-based services primarily in the form of gift cards. For multiple-deliverable customer contracts, stored value cards and card-based services are separated into two units of accounting. Stored valued cards are generally recognized upon shipment to the customer. Card-based services are recognized when the card services are rendered. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of FleetCor Technologies, Inc. and all of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company’s fiscal year ends on December 31 . In certain of the Company’s U.K. businesses, the Company records the operating results using a 4-4-5 week accounting cycle with the fiscal year ending on the Friday on or immediately preceding December 31. Fiscal years 2016, 2015 and 2014 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle. |
Credit Risk and Reserve for Losses on Receivables | Credit Risk and Reserve for Losses on Receivables The Company controls credit risk by performing periodic credit evaluations of its customers. Payments from customers are generally due within 14 days of billing. The Company routinely reviews its accounts receivable balances and makes provisions for probable doubtful accounts based primarily on the aging of those balances. Accounts receivable are deemed uncollectible once they age past 90 days and are deemed uncollectible from the customer. The Company also provides an allowance for receivables aged less than 90 days that it expects will be uncollectible based on historical collections experience including accounts that have filed for bankruptcy. At December 31, 2016 and 2015 , approximately 95% and 98% , respectively, of outstanding accounts receivable were current. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for doubtful accounts when internal collection efforts have been exhausted and accounts have been turned over to a third-party collection agency. Recoveries from the third-party collection agency are not significant. |
Business Combinations | Business Combinations Business combinations completed by the Company have been accounted for under the acquisition method of accounting. The acquisition method requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date and changes thereafter reflected in income. For significant acquisitions, the Company obtains independent third-party valuation studies for certain of the assets acquired and liabilities assumed to assist the Company in determining fair value. Goodwill represents the excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed. The results of the acquired businesses are included in the Company’s results of operations beginning from the completion date of the applicable transaction. Estimates of fair value are revised during an allocation period as necessary when, and if, information becomes available to further define and quantify the fair value of the assets acquired and liabilities assumed. Provisional estimates of the fair values of the assets acquired and liabilities assumed involves a number of estimates and assumptions that could differ materially from the final amounts recorded. The allocation period does not exceed one year from the date of the acquisition. To the extent additional information to refine the original allocation becomes available during the allocation period, the allocation of the purchase price is adjusted. Should information become available after the allocation period, those items are adjusted through operating results. The direct costs of the acquisition are recorded as operating expenses. Certain acquisitions include contingent consideration related to the performance of the acquired operations following the acquisition. Contingent consideration is recorded at estimated fair value at the date of the acquisition, and is remeasured each reporting period, with any changes in fair value recorded in the consolidated statements of income. The Company estimates the fair value of the acquisition-related contingent consideration using various valuation approaches, as well as significant unobservable inputs, reflecting the Company’s assessment of the assumptions market participants would use to value these liabilities. |
Impairment of Long-Lived Assets, Goodwill, Intangibles and Equity Method Investment | Impairment of Long-Lived Assets, Goodwill, Intangibles and Equity Method Investment The Company tests its long-lived assets for impairment in accordance with relevant authoritative guidance. The Company evaluates if impairment indicators related to its property, plant and equipment and other long-lived assets are present. These impairment indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If impairment indicators are present, the Company estimates the future cash flows for the asset or asset group. The sum of the undiscounted future cash flows attributable to the asset or asset group is compared to its carrying amount. The cash flows are estimated utilizing various projections of revenues and expenses, working capital and proceeds from asset disposals on a basis consistent with management’s intended actions. If the carrying amount exceeds the sum of the undiscounted future cash flows, the Company determines the assets’ fair value by discounting the future cash flows using a discount rate required for a similar investment of like risk and records an impairment charge as the difference between the fair value and the carrying value of the asset group. Generally, the Company performs its testing of the asset group at the business-line level, as this is the lowest level for which identifiable cash flows are available. The Company completes an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level, and the impairment test consists of two steps, as well as a qualitative assessment, as appropriate. The Company has performed a qualitative assessment of certain of its reporting units. In this qualitative assessment, the Company individually considered the following items for each reporting unit where the Company determined a qualitative analysis to be appropriate: the macroeconomic conditions, including any deterioration of general conditions, limitations on accessing capital, fluctuations in foreign exchange rates and other developments in equity and credit markets; industry and market conditions, including any deterioration in the environment where the reporting unit operates, increased competition, changes in the products/services and regulator and political developments; cost of doing business; overall financial performance, including any declining cash flows and performance in relation to planned revenues and earnings in past periods; other relevant reporting unit specific facts, such as changes in management or key personnel or pending litigation; events affecting the reporting unit, including changes in the carrying value of net assets, likelihood of disposal and whether there were any other impairment considerations within the business; the overall performance of our share price in relation to the market and our peers; and a quantitative stress test of the previously completed step 1 test from the prior year, updated with current year results, weighted-average cost of capital rates and future projections. In step 1 of the goodwill impairment test for reporting units, the reporting unit’s carrying amount, including goodwill, is compared to its fair value which is measured based upon, among other factors, a discounted cash flow analysis, as well as market multiples for comparable companies. If the carrying amount of the reporting unit is greater than its fair value, goodwill is considered impaired and step two must be performed. Step two measures the impairment loss by comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that unit (including unrecognized intangibles) as if the reporting unit had been acquired in a business combination. The excess of fair value over the amounts allocated to the assets and liabilities of the reporting unit is the implied fair value of goodwill. The excess of the carrying amount over the implied fair value is the impairment loss. The Company estimated the fair value of its reporting units using a combination of the income approach and the market approach. The income approach utilizes a discounted cash flow model incorporating management’s expectations for future revenue, operating expenses, earnings before interest, taxes, depreciation and amortization, capital expenditures and an anticipated tax rate. The Company discounted the related cash flow forecasts using an estimated weighted-average cost of capital for each reporting unit at the date of valuation. The market approach utilizes comparative market multiples in the valuation estimate. Multiples are derived by relating the value of guideline companies, based on either the market price of publicly traded shares or the prices of companies being acquired in the marketplace, to various measures of their earnings and cash flow. Such multiples are then applied to the historical and projected earnings and cash flow of the reporting unit in developing the valuation estimate. Preparation of forecasts and the selection of the discount rates involve significant judgments about expected future business performance and general market conditions. Significant changes in forecasts, the discount rates selected or the weighting of the income and market approach could affect the estimated fair value of one or more of our reporting units and could result in a goodwill impairment charge in a future period. Based on the goodwill asset impairment analysis performed quantitatively on October 1, 2016, the Company determined that the fair value of each of our reporting units was in excess of the carrying value. No events or changes in circumstances have occurred since the date of this most recent annual impairment test that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company also evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names, projected average revenue growth and projected long-term growth rates in the determination of terminal values. An impairment charge is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. The Company regularly evaluates the carrying value of its equity method investment, which is not carried at fair value, for other-than-temporary impairment. The Company estimates the fair value of its equity method investment using a combination of the income approach and the market approach. The income approach utilizes a discounted cash flow model incorporating management’s expectations for future revenue, operating expenses, earnings before interest, taxes, depreciation and amortization, capital expenditures and an anticipated tax rate. The Company discounts the related cash flow forecasts using an estimated weighted-average cost of capital for each reporting unit at the date of valuation. The market approach utilizes comparative market multiples in the valuation estimate. Multiples are derived by relating the value of guideline companies, based on either the market price of publicly traded shares or the prices of companies being acquired in the marketplace, to various measures of their earnings and cash flow. Such multiples are then applied to the historical and projected earnings and cash flow of our equity method investment in developing the valuation estimate. |
Property, Plant and Equipment and Definite-Lived Intangible Assets | Property, Plant and Equipment and Definite-Lived Intangible Assets Property, plant and equipment are stated at cost and depreciated on the straight-line basis. Definite-lived intangible assets, consisting primarily of customer relationships, are stated at fair value upon acquisition and are amortized over their estimated useful lives. Customer and merchant relationship useful lives are estimated using historical attrition rates. The Company develops software that is used in providing processing and information management services to customers. A significant portion of the Company’s capital expenditures are devoted to the development of such internal-use computer software. Software development costs are capitalized once technological feasibility of the software has been established. Costs incurred prior to establishing technological feasibility are expensed as incurred. Technological feasibility is established when the Company has completed all planning, designing, coding and testing activities that are necessary to determine that the software can be produced to meet its design specifications, including functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences became deductible. The Company evaluates on a quarterly basis whether it is more likely than not that its deferred tax assets will be realized in the future and concludes whether a valuation allowance must be established. The Company does not provide deferred taxes for the undistributed earnings of the Company’s foreign subsidiaries that are considered to be indefinitely reinvested outside of the United States in accordance with authoritative literature. If in the future these earnings are repatriated to the United States, or if the Company determines that the earnings will be remitted in the foreseeable future, additional tax provisions may be required. Current accounting guidance clarifies the accounting for uncertainty in income taxes recognized in an entity’s financial statements and prescribes threshold and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on a tax return. Under the relevant authoritative literature, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50 percent likelihood of being sustained. The Company includes any estimated interest and penalties on tax related matters in income tax expense. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are made directly to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for employee stock options and restricted stock in accordance with relevant authoritative literature. Stock options are granted with an exercise price estimated to be equal to the fair market value on the date of grant as authorized by the Company’s board of directors. Options granted have vesting provisions ranging from one to six years and vesting of the options is generally based on the passage of time or performance. Stock option grants are subject to forfeiture if employment terminates prior to vesting. The Company has selected the Black-Scholes option pricing model for estimating the grant date fair value of stock option awards granted. The Company has considered the retirement and forfeiture provisions of the options and utilized its historical experience to estimate the expected life of the options. The Company bases the risk-free interest rate on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected life of the option from the date of the grant. Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the requisite service period based on the number of years for which the requisite service is expected to be rendered. Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, performance or market conditions, or a combination of these. Shares vesting based on the passage of time have vesting provisions of one year. The fair value of restricted stock where the shares vest based on the passage of time or performance is based on the grant date fair value of the Company’s stock. The fair value of restricted stock shares based on market conditions is estimated using the Monte Carlo option pricing model. The risk-free interest rate and volatility assumptions used within the Monte Carlo option pricing model are calculated consistently with those applied in the Black-Scholes options pricing model utilized in determining the fair value of the stock option awards. For performance-based restricted stock awards and performance based stock option awards, the Company must also make assumptions regarding the likelihood of achieving performance goals. If actual results differ significantly from these estimates, stock-based compensation expense and the Company’s results of operations could be materially affected. |
Deferred Financing Costs/Debt Discounts | Deferred Financing Costs/Debt Discounts Costs incurred to obtain financing, net of accumulated amortization, are amortized over the term of the related debt, using the effective interest method and are included within interest expense. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the total of net income and all other changes in equity that result from transactions and other economic events of a reporting period other than transactions with owners. |
Accounts Receivable | Accounts Receivable The Company maintains a $950 million revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to trade receivables resulting from charge card activity. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FleetCor Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding sells, without recourse, on a revolving basis, up to $950 million of undivided ownership interests in this pool of accounts receivable to a multi-seller, asset-backed commercial paper conduit (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold to the Conduit. Purchases by the Conduit are financed with the sale of highly-rated commercial paper. The Company utilizes proceeds from the sale of its accounts receivable as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the accounts receivable sold as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount. The Company’s consolidated balance sheets and statements of income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments, associated with the securitized debt, are presented as cash flows from financing activities. On November 14, 2014, the Company extended the term of its asset Securitization Facility to November 14, 2017. The Company capitalized $3.1 million in deferred financing fees in connection with this extension in the year ended December 31, 2014. The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands): 2016 2015 Gross domestic accounts receivables $ 529,885 $ 338,275 Gross domestic securitized accounts receivable 591,000 614,000 Gross foreign receivables 704,630 322,582 Total gross receivables 1,825,515 1,274,857 Less allowance for doubtful accounts (32,506 ) (21,903 ) Net accounts and securitized accounts receivable $ 1,793,009 $ 1,252,954 A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for the years ended December 31 is as follows (in thousands): 2016 2015 2014 Allowance for doubtful accounts beginning of year $ 21,903 $ 23,842 $ 22,416 Provision for bad debts 35,885 24,629 24,412 Write-offs (25,282 ) (26,568 ) (22,986 ) Allowance for doubtful accounts end of year $ 32,506 $ 21,903 $ 23,842 Foreign receivables are not included in the Company’s receivable securitization program. |
Advertising | Advertising The Company expenses advertising costs as incurred. |
Earnings Per Share | Earnings Per Share The Company reports basic and diluted earnings per share. Basic earnings per share is calculated using the weighted average of common stock and non-vested, non-forfeitable restricted shares outstanding, unadjusted for dilution, and net income attributable to common shareholders. Diluted earnings per share is calculated using the weighted average shares outstanding and contingently issuable shares less weighted average shares recognized during the period. The net outstanding shares have been adjusted for the dilutive effect of common stock equivalents, which consist of outstanding stock options and unvested forfeitable restricted stock units. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Going Concern In August 2013, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-15 “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern”, which requires entities to perform interim and annual assessments of the entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements. This ASU is effective for fiscal years ending after December 15, 2016 and interim periods thereafter, with early adoption permitted. The Company’s adoption of this ASU did not have a material impact on the results of operations, financial condition, or cash flows, as it is disclosure based. Simplification of Guidance on Debt Issuance Costs In April 2015, the FASB issued ASU 2015-3, “Interest—Imputation of Interest”, which changes the presentation of debt issuance costs in financial statements as a direct deduction from the related debt liability rather than as an asset. This ASU is effective for us for fiscal years ending after December 15, 2015 and interim periods. Early adoption is permitted. In August 2015, the FASB issued ASU 2015-15, “Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”, which is effective immediately. The SEC staff clarified that entities may continue presenting unamortized debt issuance costs for line-of-credit arrangements as an asset. The Company adopted this new guidance on January 1, 2016. As a result of the adoption of this ASU, $0.6 million and $1.5 million of unamortized debt issuance costs were retrospectively adjusted from prepaid expenses and other current assets to the current portion of notes payable and lines of credit and other assets to notes payable and other obligations, less current portion, respectively, in the Company’s Consolidated Balance Sheet as of December 31, 2015. Accounting for Employee Stock-Based Payment In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting", which requires excess tax benefits recognized on stock-based compensation expense be reflected in the consolidated statements of operations as a component of the provision for income taxes on a prospective basis. ASU 2016-09 also requires excess tax benefits recognized on stock-based compensation expense be classified as an operating activity in the consolidated statements of cash flows rather than a financing activity. Companies can elect to apply this provision retrospectively or prospectively. ASU 2016-09 also requires entities to elect whether to account for forfeitures as they occur or estimate expected forfeitures over the course of a vesting period. This ASU is effective for the Company for annual periods beginning after December 15, 2016. Early adoption is permitted. During the third quarter of 2016, the Company elected to early adopt ASU 2016-09. The adoption of this ASU resulted in excess tax benefits being recorded as a reduction of income tax expense prospectively for all periods during 2016, rather than additional paid in capital, and an increase in the number of dilutive shares outstanding at the end of each period, which resulted in an increase to diluted earnings per share during the respective period. As required by ASU 2016-09, excess tax benefits recognized on stock-based compensation expense are classified as an operating activity in our consolidated statements of cash flows on a prospective basis within changes in accounts payable, accrued expenses and customer deposits. In accordance with ASU 2016-09, prior periods related to the classification of excess tax benefits have not been adjusted. The Company also elected to account for forfeitures as they occur, rather than estimate expected forfeitures over the course of a vesting period. As a result of the adoption of ASU 2016-09, the net cumulative effect of this change was not material. The following table shows the impact of retrospectively applying ASU 2016-09 to the previously issued consolidated statements of operations for the three month period ended March 31 and the three and six month periods ended June 30 (in thousands, except per share amounts): Three Months Ended March 31, 2016 Three Months Ended June 30, 2016 As Previously Reported Adjustments As Recast As Previously Reported Adjustments As Recast Income before income taxes $ 156,912 $ — $ 156,912 $ 162,348 $ — $ 162,348 Provision for income taxes 46,940 (1,118 ) 45,822 48,163 (2,068 ) 46,095 Net income $ 109,972 $ 1,118 $ 111,090 $ 114,185 $ 2,068 $ 116,253 Earnings per share: Basic earnings per share $ 1.19 $ 0.01 $ 1.20 $ 1.23 $ 0.02 $ 1.25 Diluted earnings per share $ 1.17 $ — $ 1.17 $ 1.21 $ 0.01 $ 1.22 Weighted average common shares outstanding: Basic 92,516 — 92,516 92,665 — 92,665 Diluted 94,329 701 95,030 94,549 729 95,279 Six Months Ended June 30, 2016 As Previously Reported Adjustments As Recast Income before income taxes $ 319,260 $ — $ 319,260 Provision for income taxes 95,103 (3,186 ) $ 91,917 Net income $ 224,157 $ 3,186 $ 227,343 Earnings per share: Basic earnings per share $ 2.42 $ 0.04 $ 2.46 Diluted earnings per share $ 2.37 $ 0.02 $ 2.39 Weighted average common shares outstanding: Basic 92,591 — 92,591 Diluted 94,437 700 95,137 The following table shows the impact of retrospectively applying this guidance to the Consolidated Statement of Cash flows for the three months ended March 31, 2016 and six months ended June 30, 2016 (in thousands): Three Months Ended March 31, 2016 Six Months Ended June 30, 2016 As Previously Reported Adjustments As Recast As Previously Reported Adjustments As Recast Net cash provided by operating activities $ 121,505 $ 1,118 $ 122,623 $ 208,856 $ 3,186 $ 212,042 Net cash used in investing activities (20,745 ) — (20,745 ) (37,924 ) — (37,924 ) Net cash used in financing activities (157,389 ) (1,118 ) (158,507 ) (118,303 ) (3,186 ) (121,489 ) Effect of foreign currency exchange rates on cash 8,795 — 8,795 (6,696 ) — (6,696 ) Net (decrease) increase in cash $ (47,834 ) $ — $ (47,834 ) $ 45,933 $ — $ 45,933 Simplification of Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which requires entities to present deferred tax assets (DTAs) and deferred tax liabilities (DTLs) as noncurrent in a classified balance sheet. It thus simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current or noncurrent in a classified balance sheet. Netting of DTAs and DTLs by tax jurisdiction is still required under the new guidance. This ASU is effective for the Company for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. During the fourth quarter of 2016, the Company elected to early adopt ASU 2015-17 on a prospective basis and prior periods were not retrospectively adjusted. The Company’s adoption of this ASU did not have a material impact on the results of operations, financial condition, or cash flows. Pending Adoption of Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company’s management believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. Revenue Recognition In May 2014, the FASB issued Accounting Standards Codification ("ASC") 606, “Revenue from Contracts with Customers”, which amends the guidance in former ASC 605, Revenue Recognition. This amended guidance requires revenue to be recognized in an amount that reflects the consideration to which the company expects to be entitled for those goods and services when the performance obligation has been satisfied. This amended guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and related cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date”, which defers the effective date of the new revenue recognition standard by one year. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, which clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements. In April 2016, the FASB issued ASU 2016-10, "Identifying Performance Obligations and Licensing", which clarifies the accounting for intellectual property licenses and identifying performance obligations. In May 2016, the FASB issued ASU 2016-11, "Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting", which rescinds certain SEC guidance in response to announcements made by the SEC staff at the EITF's March 3, 2016 meeting and ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients", which clarifies the guidance on collectibility, non-cash consideration, the presentation of sales and other similar taxes collected from customers and contract modifications and completed contracts at transition. Additionally, ASU 2016-12 clarifies that entities electing the full retrospective transition method would no longer be required to disclose the effect of the change in accounting principle on the period of adoption; however, entities would still be required to disclose the effects on preadoption periods that were retrospectively adjusted. These ASUs are effective for the Company for reporting periods beginning after December 15, 2017, but permit companies the option to adopt as of the original effective date. In 2016, the Company continued its assessment of the new standard with a focus on identifying the performance obligations included within its revenue arrangements with customers and evaluating its methods of estimating the amount of and timing of variable consideration. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company anticipates selecting the modified retrospective method, which would result in an adjustment to retained earnings for the cumulative effect, if any, of applying the standard to contracts in process as of the adoption date. Under this method, the Company would not restate the prior financial statements presented, therefore the new standard requires the Company to provide additional disclosures of the amount by which each financial statement line item is affected in the current reporting period during 2018, as compared to the guidance that was in effect before the change, and an explanation of the reasons for significant changes, if any. The Company continues its assessment to evaluate the impact of the provisions of ASC 606 on the results of operations, financial condition, and cash flows. Accounting for Leases In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. This ASU also requires disclosures to provide additional information about the amounts recorded in the financial statements. This ASU is effective for the Company for annual periods beginning after December 15, 2018 and interim periods therein. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance for leases that exist or are entered into after the beginning of the earliest comparative period presented. The Company is currently evaluating the impact of this ASU on the results of operations, financial condition, or cash flows. Accounting for Breakage In March 2016, the FASB issued ASU 2016-04, “Liabilities-Extinguishments of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products”, which requires entities that sell prepaid stored value products redeemable for goods, services or cash at third-party merchants to derecognize liabilities related to those products for breakage. This ASU is effective for the Company for reporting periods beginning after December 15, 2017. Early adoption is permitted. The ASU must be adopted using either a modified retrospective approach with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption or a full retrospective approach. The Company’s adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows. Cash Flow Classification In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments", which amends the guidance in ASC 230, Statement of Cash Flows. This amended guidance reduces the diversity in practice that has resulted from the lack of consistent principles related to the classification of certain cash receipts and payments in the statement of cash flows. This ASU is effective for the Company for reporting periods beginning after December 15, 2017. Early adoption is permitted. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The Company’s adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash", which amends the guidance in ASC 230, Statement of Cash Flows, on the classification and presentation of restricted cash in the statement of cash flows. This ASU is effective for the Company for reporting periods beginning after December 15, 2017. Early adoption is permitted. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this ASU should be applied using a retrospective transition method to each period presented. The Company’s adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Revenue from External Customers by Products and Services | Set forth below is a breakdown of revenue by product for the years ended December 31, 2016 and 2015 (in millions): Year Ended December 31, 2016 2015 Revenue by Product Category* Revenues, net Revenues, net Fuel cards $ 1,124 $ 1,116 Gift 185 170 Corporate payments 180 162 Tolls 103 9 Lodging 101 92 Other 140 154 Consolidated revenues, net $ 1,832 $ 1,703 |
Company's Accounts Receivable and Securitized Accounts Receivable | The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands): 2016 2015 Gross domestic accounts receivables $ 529,885 $ 338,275 Gross domestic securitized accounts receivable 591,000 614,000 Gross foreign receivables 704,630 322,582 Total gross receivables 1,825,515 1,274,857 Less allowance for doubtful accounts (32,506 ) (21,903 ) Net accounts and securitized accounts receivable $ 1,793,009 $ 1,252,954 |
Allowance for Doubtful Accounts Related to Accounts Receivable | A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for the years ended December 31 is as follows (in thousands): 2016 2015 2014 Allowance for doubtful accounts beginning of year $ 21,903 $ 23,842 $ 22,416 Provision for bad debts 35,885 24,629 24,412 Write-offs (25,282 ) (26,568 ) (22,986 ) Allowance for doubtful accounts end of year $ 32,506 $ 21,903 $ 23,842 |
Revision of Previously Issued Financial Statements | The following table shows the impact of retrospectively applying this guidance to the Consolidated Statement of Cash flows for the three months ended March 31, 2016 and six months ended June 30, 2016 (in thousands): Three Months Ended March 31, 2016 Six Months Ended June 30, 2016 As Previously Reported Adjustments As Recast As Previously Reported Adjustments As Recast Net cash provided by operating activities $ 121,505 $ 1,118 $ 122,623 $ 208,856 $ 3,186 $ 212,042 Net cash used in investing activities (20,745 ) — (20,745 ) (37,924 ) — (37,924 ) Net cash used in financing activities (157,389 ) (1,118 ) (158,507 ) (118,303 ) (3,186 ) (121,489 ) Effect of foreign currency exchange rates on cash 8,795 — 8,795 (6,696 ) — (6,696 ) Net (decrease) increase in cash $ (47,834 ) $ — $ (47,834 ) $ 45,933 $ — $ 45,933 The following table shows the impact of retrospectively applying ASU 2016-09 to the previously issued consolidated statements of operations for the three month period ended March 31 and the three and six month periods ended June 30 (in thousands, except per share amounts): Three Months Ended March 31, 2016 Three Months Ended June 30, 2016 As Previously Reported Adjustments As Recast As Previously Reported Adjustments As Recast Income before income taxes $ 156,912 $ — $ 156,912 $ 162,348 $ — $ 162,348 Provision for income taxes 46,940 (1,118 ) 45,822 48,163 (2,068 ) 46,095 Net income $ 109,972 $ 1,118 $ 111,090 $ 114,185 $ 2,068 $ 116,253 Earnings per share: Basic earnings per share $ 1.19 $ 0.01 $ 1.20 $ 1.23 $ 0.02 $ 1.25 Diluted earnings per share $ 1.17 $ — $ 1.17 $ 1.21 $ 0.01 $ 1.22 Weighted average common shares outstanding: Basic 92,516 — 92,516 92,665 — 92,665 Diluted 94,329 701 95,030 94,549 729 95,279 Six Months Ended June 30, 2016 As Previously Reported Adjustments As Recast Income before income taxes $ 319,260 $ — $ 319,260 Provision for income taxes 95,103 (3,186 ) $ 91,917 Net income $ 224,157 $ 3,186 $ 227,343 Earnings per share: Basic earnings per share $ 2.42 $ 0.04 $ 2.46 Diluted earnings per share $ 2.37 $ 0.02 $ 2.39 Weighted average common shares outstanding: Basic 92,591 — 92,591 Diluted 94,437 700 95,137 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value | The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis as of December 31, 2016 and 2015 , (in thousands): Fair Value Level 1 Level 2 Level 3 December 31, 2016 Assets: Repurchase agreements $ 232,131 $ — $ 232,131 $ — Money market 50,179 — 50,179 — Certificates of deposit 48 — 48 — Total cash equivalents $ 282,358 $ — $ 282,358 $ — December 31, 2015 Assets: Repurchase agreements $ 144,082 $ — $ 144,082 $ — Money market 55,062 — 55,062 — Certificates of deposit 9,373 — 9,373 — Total cash equivalents $ 208,517 $ — $ 208,517 $ — |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Expense Related to Share-Based Payments | The table below summarizes the expense recognized related to share-based payments recognized for the years ended December 31 (in thousands): 2016 2015 2014 Stock options $ 35,234 $ 44,260 $ 13,267 Restricted stock 28,712 45,862 24,382 Stock-based compensation $ 63,946 $ 90,122 $ 37,649 |
Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation | The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of December 31, 2016 (cost in thousands): Unrecognized Compensation Cost Weighted Average Period of Expense Recognition (in Years) Stock options $ 53,026 1.48 Restricted stock 2,965 0.96 Total $ 55,991 |
Summary of Changes in Number of Shares of Common Stock Under Option | The following summarizes the changes in the number of shares of common stock under option for the following periods (shares and aggregate intrinsic value in thousands): Shares Weighted Average Exercise Price Options Exercisable at End of Year Weighted Average Exercise Price of Exercisable Options Weighted Average Fair Value of Options Granted During the Year Aggregate Intrinsic Value Outstanding at December 31, 2013 5,331 $ 25.68 2,589 $ 16.57 $ 487,673 Granted 1,544 135.16 $ 42.77 Exercised (1,429 ) 20.75 182,904 Forfeited (315 ) 41.72 Outstanding at December 31, 2014 5,131 58.71 2,370 21.75 461,770 Granted 654 154.56 $ 35.32 Exercised (586 ) 33.97 63,863 Forfeited (196 ) 95.16 Outstanding at December 31, 2015 5,003 72.72 2,545 26.82 351,277 Granted 1,780 133.33 $ 28.61 Exercised (500 ) 42.36 49,592 Forfeited (137 ) 140.67 Outstanding at December 31, 2016 6,146 $ 91.20 3,429 $ 55.00 $ 309,238 Expected to vest at December 31, 2016 6,146 $ 91.20 |
Schedule of Stock Options Exercise Price | The following table summarizes information about stock options outstanding at December 31, 2016 (shares in thousands): Exercise Price Options Outstanding Weighted Average Remaining Vesting Life in Years Options Exercisable $10.00 – 58.02 2,536 0.00 2,527 74.99 – 111.09 159 0.77 71 114.90 – 138.47 1,382 1.28 113 144.59 – 149.68 935 1.15 653 151.16 – 158.24 772 2.44 65 172.68 – 174.35 362 3.82 — 6,146 3,429 |
Schedule of Weighted-Average Assumptions | The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the years ended December 31 as follows: 2016 2015 2014 Risk-free interest rate 1.08 % 1.47 % 1.24 % Dividend yield — — — Expected volatility 27.29 % 27.77 % 34.61 % Expected life (in years) 3.47 4.46 3.90 |
Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units | The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the following periods (shares in thousands): Shares Weighted Outstanding at December 31, 2013 634 $ 67.83 Granted 467 146.12 Cancelled (76 ) 31.48 Issued (309 ) 74.56 Outstanding at December 31, 2014 716 121.38 Granted 126 151.33 Cancelled (52 ) 135.92 Issued (293 ) 85.40 Outstanding at December 31, 2015 497 149.40 Granted 152 128.90 Cancelled (41 ) 145.25 Issued (229 ) 151.72 Outstanding at December 31, 2016 379 $ 140.39 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Acquisition Accounting | The following table summarizes the final acquisition accounting for Comdata (in thousands): Restricted cash $ 93,312 Trade and other receivables 638,137 Prepaid expenses and other 15,443 Property and equipment 17,984 Goodwill 2,253,348 Other intangible assets 1,630,700 Notes and other liabilities assumed (804,032 ) Deferred tax liabilities (423,977 ) Other long term liabilities (6,841 ) Aggregate purchase price $ 3,414,074 The following table summarizes the final acquisition accounting for the acquisitions completed during 2015 (in thousands): Trade and other receivables $ 521 Prepaid expenses and other 996 Property and equipment 197 Goodwill 9,561 Other intangible assets 39,791 Deferred tax liabilities (2,437 ) Liabilities assumed (2,331 ) Aggregate purchase prices $ 46,298 The following table summarizes the preliminary acquisition accounting for STP (in thousands): Trade and other receivables $ 243,157 Prepaid expenses and other 6,998 Deferred tax assets 9,365 Property and equipment 38,732 Other long term assets 5,785 Goodwill 659,288 Customer relationships and other identifiable intangible assets 584,274 Liabilities assumed (320,110 ) Aggregate purchase price $ 1,227,489 During 2014 , the Company acquired Pacific Pride, a U.S. fuel card business, and a fuel card business from Shell in Germany. The following table summarizes the final acquisition accounting for these acquisitions during 2014 (in thousands): Trade and other receivables $ 62,604 Prepaid expenses and other 232 Property and equipment 71 Goodwill 30,596 Other intangible assets 47,974 Notes and other liabilities assumed (66,499 ) Aggregate purchase prices $ 74,978 |
Summary of Final Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives | The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Customer relationships and other identifiable intangible assets 10-18 $ 61,823 $ 61,823 The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Customer relationships 8.5-17 $ 349,310 Trade names and trademarks - indefinite N/A 189,547 Technology 6 45,417 $ 584,274 The final estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Customer relationships 8 $ 15,574 Trade names and trademarks—indefinite N/A 2,900 Franchisee agreements 20 29,500 $ 47,974 The final estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Customer relationships 19 $ 1,269,700 Trade names and trademarks—indefinite N/A 237,100 Software 4 – 7 123,300 Non-competes 3 600 $ 1,630,700 The final estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Customer relationships 14-20 $ 39,791 $ 39,791 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill by Reportable Business Segment | A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands): December 31, 2015 Acquisitions Acquisition Accounting Adjustments Foreign Currency December 31, 2016 Segment North America $ 2,640,409 $ — $ — $ — $ 2,640,409 International 905,625 687,828 (521 ) (38,191 ) 1,554,741 $ 3,546,034 $ 687,828 $ (521 ) $ (38,191 ) $ 4,195,150 December 31, 2014 Acquisitions Acquisition Accounting Adjustments Foreign Currency December 31, 2015 Segment North America $ 2,659,417 $ — $ (19,008 ) $ — $ 2,640,409 International 1,053,765 10,082 (2,237 ) (155,985 ) 905,625 $ 3,713,182 $ 10,082 $ (21,245 ) $ (155,985 ) $ 3,546,034 |
Schedule of Other Intangible Assets | Other intangible assets consisted of the following at December 31 (in thousands): 2016 2015 Weighted- Avg Useful Life (Years) Gross Carrying Amounts Accumulated Amortization Net Carrying Amount Gross Carrying Amounts Accumulated Amortization Net Carrying Amount Customer and vendor agreements 17.0 $ 2,449,389 $ (458,118 ) $ 1,991,271 $ 2,071,928 $ (329,664 ) $ 1,742,264 Trade names and trademarks—indefinite lived N/A 510,952 — 510,952 318,048 — 318,048 Trade names and trademarks—other 14.7 2,746 (2,021 ) 725 3,067 (2,058 ) 1,009 Software 5.3 211,331 (85,167 ) 126,164 170,085 (54,250 ) 115,835 Non-compete agreements 5.0 35,191 (11,070 ) 24,121 15,209 (8,770 ) 6,439 Total other intangibles $ 3,209,609 $ (556,376 ) $ 2,653,233 $ 2,578,337 $ (394,742 ) $ 2,183,595 |
Schedule of Future Estimated Amortization of Intangibles | The future estimated amortization of intangibles at December 31, 2016 is as follows (in thousands): 2017 $ 203,845 2018 200,021 2019 186,792 2020 167,136 2021 163,586 Thereafter 1,220,901 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment, net consisted of the following at December 31 (in thousands): Estimated Useful Lives (in Years) 2016 2015 Computer hardware and software 3 to 5 $ 197,958 $ 131,409 Card-reading equipment 4 to 6 25,553 10,887 Furniture, fixtures, and vehicles 2 to 10 15,418 10,291 Buildings and improvements 5 to 50 14,432 10,982 Property, plant and equipment, gross 253,361 163,569 Less: accumulated depreciation (110,857 ) (82,809 ) Property, plant and equipment, net $ 142,504 $ 80,760 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at December 31 (in thousands): 2016 2015 Accrued bonuses $ 15,866 $ 11,995 Accrued payroll and severance 10,704 6,479 Accrued taxes 104,623 5,977 Accrued commissions/rebates 43,467 49,157 Other 64,152 77,069 $ 238,812 $ 150,677 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Debt Instruments | The Company’s debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands): 2016 2015 Term notes payable—domestic(a), net of discounts $ 2,639,279 $ 2,157,376 Revolving line of credit A Facility—domestic(a) 465,000 160,000 Revolving line of credit A Facility—foreign(a) 123,412 — Revolving line of credit A Facility—swing line(a) 26,608 — Other(c) 12,934 3,624 Total notes payable and other obligations 3,267,233 2,321,000 Securitization Facility(b) 591,000 614,000 Total notes payable, credit agreements and Securitization Facility $ 3,858,233 $ 2,935,000 Current portion $ 1,336,506 $ 875,100 Long-term portion 2,521,727 2,059,900 Total notes payable, credit agreements and Securitization Facility $ 3,858,233 $ 2,935,000 _____________________ (a) On October 24, 2014, the Company entered into a $3.36 billion New Credit Agreement, which provides for senior secured credit facilities consisting of (a) a revolving A credit facility in the amount of $1.0 billion , with sublimits for letters of credit, swing line loans and multicurrency borrowings, (b) a revolving B facility in the amount of $35 million for loans in Australian Dollars or New Zealand Dollars, (c) a term A loan facility in the amount of $2.02 billion and (d) a term loan B facility in the amount $300 million . Proceeds from the Credit Facility may be used for working capital purposes, acquisitions, and other general corporate purposes. Interest on amounts outstanding under the New Credit Agreement (other than the term B loan ) accrues based on the British Bankers Association LIBOR Rate (the Eurocurrency Rate), plus a margin based on a leverage ratio, or our option, the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50% , (b) the prime rate announced by Bank of America, N.A., or (c) the Eurocurrency Rate plus 1.00% ) plus a margin based on a leverage ratio. Interest is payable quarterly in arrears. On August 22, 2016, the Company entered into the first Amendment to the existing New Credit Agreement, which established an incremental term A loan in the amount of $600 million under the New Credit Agreement accordion feature. The proceeds from the additional $600 million in term A loans were used to partially finance the STP acquisition. The amendment also established an accordion feature for borrowing an additional $500 million in term A, term B or revolver A debt. On January 20, 2017 , the Company entered into the second amendment to the New Credit Agreement, which established a new term B loan ("term B-2 loan") in the amount of $245 million to replace the existing Term B loan. Interest on the Term B-2 loan facility accrues based on the Eurocurrency Rate or the Base Rate, except that the applicable margin is fixed at 2.25% for Eurocurrency Loans and at 1.25% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.20% to 0.40% of the daily unused portion of the credit facility. At December 31, 2016 , the interest rate on the term A loan and the domestic revolving A facility was 2.52% , the interest rate on the foreign revolving A facility was 2.01% , the interest rate on the revolving A facility swing line of credit was 1.97% and the interest rate on the term B-2 loan was 3.77% . The unused credit facility was 0.35% for all facilities at December 31, 2016 . The stated maturity dates for the term A loan, revolving loans, and letters of credit under the New Credit Agreement is November 14, 2019 and November 14, 2021 for the term B loan. The term loans are payable in quarterly installments and are due on the last business day of each March, June, September, and December with the final principal payment due on the respective maturity date. Borrowings on the revolving line of credit are repayable at the option of one, two, three or nine months after borrowing, depending on the term of the borrowing on the facility. Borrowings on the foreign swing line of credit are due no later than ten business days after such loan is made. At December 31, 2016 , the Company had $2.4 billion in borrowings outstanding on term A loan, excluding the related debt discount, $245.0 million in borrowings outstanding on term B-2 loan, excluding the related debt discount, $465.0 million in borrowings outstanding on the domestic revolving A facility, $123.4 million in borrowings outstanding on the foreign revolving A facility and $26.6 million in borrowings outstanding on the swing line revolving A facility. The Company has unamortized debt discounts of $6.2 million related to the term A facility and $1.0 million related to the term B facility at December 31, 2016 . The effective interest rate incurred on term loans was 2.57% and 2.04% during 2016 and 2015 , respectively, related to the discount on debt. Principal payments of $118.5 million were made on the term loans during 2016 . (b) The Company is party to a $950 million receivables purchase agreement (Securitization Facility) that was amended and restated for the fifth time on November 14, 2014 in connection with the Comdata acquisition to increase the commitments from $500.0 million to $1.2 billion , to extend the term of the facility to November 14, 2017, to add financial covenants and to add additional purchasers to the facility. On November 5, 2015, the first amendment to the fifth amended and restated receivables purchase agreement was entered into which allowed the Company to enter into a new contract with BP and modified the eligible receivables definition and on December 1, 2015, the second amendment to the fifth amended and restated receivables purchase agreement was entered into which reduced the commitments from $1.2 billion to $950 million . There is a program fee equal to one month LIBOR and the Commercial Paper Rate of 0.85% plus 0.90% and 0.43% plus 0.90% as of December 31, 2016 and 2015 , respectively. The unused facility fee is payable at a rate of 0.40% as of December 31, 2016 and 2015 . The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things. (c) Other includes the long term portion of contingent consideration and deferred payments associated with certain of our businesses. |
Summary of Contractual Maturities of Notes Payable and Other Obligations | The contractual maturities of the Company’s notes payable and other obligations at December 31, 2016 are as follows (in thousands): 2017 $ 745,506 2018 273,223 2019 2,010,302 2020 1,734 2021 235,518 Thereafter 950 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Before The Provision for Income Taxes | Income before the provision for income taxes is attributable to the following jurisdictions (in thousands) for years ended December 31 : 2016 2015 2014 United States $ 383,427 $ 304,743 $ 233,933 Foreign 259,492 231,261 279,010 Total $ 642,919 $ 536,004 $ 512,943 |
Components of Income Taxes | The provision for income taxes for the years ended December 31 consists of the following (in thousands): 2016 2015 2014 Current: Federal $ 147,406 $ 82,926 $ 39,168 State 10,725 8,051 8,208 Foreign 61,084 51,970 55,144 Total current 219,215 142,947 102,520 Deferred: Federal (18,723 ) 36,723 41,814 State 1,608 1,525 (596 ) Foreign (11,566 ) (7,622 ) 498 Total deferred (28,681 ) 30,626 41,716 Total provision $ 190,534 $ 173,573 $ 144,236 |
Summary of Provision for Income Taxes and U.S. Federal Tax Rate | The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 35% to income before income taxes for the years ended December 31 due to the following (in thousands): 2016 2015 2014 Computed “expected” tax expense $ 225,022 35.0 % $ 187,601 35.0 % $ 179,530 35.0 % Changes resulting from: Change in valuation allowance 11,952 1.9 20,243 3.8 (53 ) — Foreign income tax differential (25,533 ) (4.0 ) (23,718 ) (4.4 ) (24,972 ) (4.9 ) State taxes net of federal benefits 9,439 1.5 6,711 1.2 4,492 0.9 Foreign-sourced nontaxable income (7,961 ) (1.2 ) (10,573 ) (2.0 ) (8,128 ) (1.6 ) IRC Section 199 deduction (7,731 ) (1.2 ) (10,221 ) (1.9 ) — — Excess tax benefits related to stock-based compensation (11,974 ) (1.9 ) — — — — Other (2,680 ) (0.4 ) 3,530 0.7 (6,633 ) (1.3 ) Provision for income taxes $ 190,534 29.7 % $ 173,573 32.4 % $ 144,236 28.1 % |
Summary of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31 are as follows (in thousands): 2016 2015 Deferred tax assets: Accounts receivable, principally due to the allowance for doubtful accounts $ 7,148 $ 6,277 Accrued expenses not currently deductible for tax 2,647 5,797 Stock based compensation 41,415 35,066 Income tax credits 376 3,830 Net operating loss carry forwards 45,969 39,970 Equity investment 53,379 38,760 Accrued escheat 7,290 13,497 Fixed assets, intangibles and other 15,622 14,191 Deferred tax assets before valuation allowance 173,846 157,388 Valuation allowance (76,395 ) (62,605 ) Deferred tax assets, net 97,451 94,783 Deferred tax liabilities: Intangibles—including goodwill (687,443 ) (732,017 ) Basis difference in investment in foreign subsidiaries (48,354 ) (47,737 ) Prepaid expenses (3,644 ) — Property and equipment, principally due to differences between book and tax depreciation, and other (24,157 ) (19,544 ) Deferred tax liabilities (763,598 ) (799,298 ) Net deferred tax liabilities $ (666,147 ) $ (704,515 ) |
Deferred Tax Balance Classification in Balance Sheet | The Company’s deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands): 2016 2015 Current deferred tax assets and liabilities: Current deferred tax assets $ — $ 9,585 Current deferred tax liabilities — (672 ) Net current deferred taxes — 8,913 Long term deferred tax assets and liabilities: Long term deferred tax assets 2,433 1,639 Long term deferred tax liabilities (668,580 ) (715,067 ) Net long term deferred taxes (666,147 ) (713,428 ) Net deferred tax liabilities $ (666,147 ) $ (704,515 ) |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits including interest for the years ended December 31, 2016 , 2015 and 2014 is as follows (in thousands): Unrecognized tax benefits at December 31, 2013 $ 21,601 Additions based on tax provisions related to the current year 1,676 Deductions based on settlement/expiration of prior year tax positions (4,636 ) Unrecognized tax benefits at December 31, 2014 18,641 Additions based on tax provisions related to the current year 9,079 Additions based on tax provisions related to the prior year 477 Deductions based on settlement/expiration of prior year tax positions (6,363 ) Unrecognized tax benefits at December 31, 2015 21,834 Additions based on tax provisions related to the current year 3,332 Additions based on tax provisions related to the prior year 2,496 Deductions based on settlement/expiration of prior year tax positions (1,507 ) Unrecognized tax benefits at December 31, 2016 $ 26,155 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Summary Operating Lease Future Minimum Payments | The Company enters into noncancelable operating lease agreements for equipment, buildings and vehicles. The minimum lease payments for the noncancelable operating lease agreements are as follows (in thousands): 2017 $ 18,145 2018 14,408 2019 10,561 2020 8,029 2021 7,604 Thereafter 23,033 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share, Basic and Diluted | The calculation and reconciliation of basic and diluted earnings per share for the years ended December 31 (in thousands, except per share data) follows: 2016 2015 2014 Net income $ 452,385 $ 362,431 $ 368,707 Denominator for basic earnings per share 92,597 92,023 84,317 Dilutive securities 2,616 2,116 2,665 Denominator for diluted earnings per share 95,213 94,139 86,982 Basic earnings per share $ 4.89 $ 3.94 $ 4.37 Diluted earnings per share 4.75 3.85 4.24 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Company's Segment Results | The Company’s segment results are as follows as of and for the years ended December 31 (in thousands): 2016 2015 2014 Revenues, net: North America $ 1,279,102 $ 1,231,957 $ 668,328 International 552,444 470,908 531,062 $ 1,831,546 $ 1,702,865 $ 1,199,390 Operating income: North America $ 506,414 $ 442,052 $ 287,303 International 247,739 225,482 278,146 $ 754,153 $ 667,534 $ 565,449 Depreciation and amortization: North America $ 129,653 $ 127,863 $ 39,275 International 73,603 65,590 73,086 $ 203,256 $ 193,453 $ 112,361 Capital expenditures: North America $ 39,000 $ 19,883 $ 9,407 International 20,011 21,992 17,663 $ 59,011 $ 41,875 $ 27,070 Long-lived assets (excluding goodwill): North America $ 1,664,224 $ 1,719,639 $ 1,833,311 International 1,203,465 602,941 698,925 $ 2,867,689 $ 2,322,580 $ 2,532,236 |
Schedule of Revenues and Long-Lived Assets by Geographical Area | The table below presents certain financial information related to the Company’s significant operations as of and for the years ended December 31 (in thousands): 2016 2015 2014 Revenues, net by location: United States (country of domicile) $ 1,278,828 $ 1,231,641 $ 667,878 Brazil 167,769 85,124 117,485 United Kingdom 229,125 248,598 262,613 2016 2015 1 Long-lived assets (excluding goodwill): United States (country of domicile) $ 1,664,224 $ 1,719,541 Brazil 784,816 146,596 United Kingdom 286,928 332,788 |
Selected Quarterly Financial 38
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Fiscal Quarters Year Ended December 31, 2016* First Second Third Fourth Revenues, net $ 414,262 $ 417,905 $ 484,426 $ 514,953 Operating income 175,955 171,168 191,055 215,975 Net income 111,090 116,253 129,618 95,424 Earnings per share: Basic earnings per share $ 1.20 $ 1.25 $ 1.40 $ 1.03 Diluted earnings per share 1.17 1.22 1.36 1.00 Weighted average shares outstanding: Basic weighted average shares outstanding 92,516 92,665 92,631 92,574 Diluted weighted average shares outstanding 95,030 95,279 95,307 95,235 Fiscal Quarters Year Ended December 31, 2015 First Second Third Fourth Revenues, net $ 416,166 $ 404,605 $ 451,493 $ 430,601 Operating income 163,774 169,151 188,460 146,149 Net income 94,153 98,678 116,770 52,830 Earnings per share: Basic earnings per share $ 1.03 $ 1.07 $ 1.27 $ 0.57 Diluted earnings per share 1.00 1.05 1.24 0.56 Weighted average shares outstanding: Basic weighted average shares outstanding 91,750 91,904 92,110 92,321 Diluted weighted average shares outstanding 93,934 94,050 94,157 94,350 |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2016country | |
Concentration Risk [Line Items] | |
Number of countries products sold to | 53 |
US, Brazil and UK | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 92.00% |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2014USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 14, 2014USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Cost of sales for equipment sold | $ 91,600,000 | $ 84,100,000 | $ 13,200,000 | ||
Customer payment terms (in days) | 14 days | ||||
Period due for allowance on accounts receivable | 30 days | ||||
Period past due for accounts receivable deemed as uncollectible | 40 days | ||||
Maximum allocation period (in year) | 1 year | ||||
Capitalized computer software costs | $ 33,100,000 | 23,400,000 | 17,700,000 | ||
Capitalized computer software amortization expense | $ 17,700,000 | 11,600,000 | 9,200,000 | ||
Minimum percentage of likelihood required to recognize uncertain income tax position | 50.00% | ||||
Maturity of cash equivalent, max (in months) | 3 months | ||||
Foreign exchange gain (loss) recognized | $ (2,800,000) | (2,400,000) | 1,400,000 | ||
Deferred financing costs | 13,100,000 | 18,100,000 | |||
Maximum undivided ownership interest pooled accounts receivable amount sold | 950,000,000 | ||||
Short-term debt outstanding | 591,000,000 | 614,000,000 | |||
Advertising expense | $ 22,200,000 | $ 19,900,000 | $ 14,400,000 | ||
Number of reportable segments | segment | 2 | ||||
Securitization Facility | |||||
Significant Accounting Policies [Line Items] | |||||
Payments of debt issuance costs | $ 3,100,000 | ||||
Securitized accounts receivable facility | $ 500,000,000 | ||||
Securitization Facility | Second Amendment | |||||
Significant Accounting Policies [Line Items] | |||||
Securitized accounts receivable facility | 950,000,000 | ||||
New Credit Facility | |||||
Significant Accounting Policies [Line Items] | |||||
Debt issuance costs | $ 15,800,000 | ||||
Debt issuance costs capitalized | $ 9,200,000 | ||||
Payments of debt issuance costs | $ 2,300,000 | ||||
Minimum | Stock Options | |||||
Significant Accounting Policies [Line Items] | |||||
Period of vesting provisions (in years) | 1 year | ||||
Maximum | Stock Options | |||||
Significant Accounting Policies [Line Items] | |||||
Period of vesting provisions (in years) | 6 years | ||||
Customer Concentration Risk | |||||
Significant Accounting Policies [Line Items] | |||||
Period past due for accounts receivable deemed as uncollectible | 90 days | ||||
Period past due for allowance of trade accounts receivable maximum | 90 days | ||||
Customer Concentration Risk | Accounts Receivable | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 95.00% | 98.00% | |||
Accounting Standards Update 2015-03 | Short-term Debt | |||||
Significant Accounting Policies [Line Items] | |||||
Deferred financing costs | $ 600,000 | ||||
Accounting Standards Update 2015-03 | Long-term Debt | |||||
Significant Accounting Policies [Line Items] | |||||
Deferred financing costs | 1,500,000 | ||||
Masternaut Group Holdings Limited | |||||
Significant Accounting Policies [Line Items] | |||||
Non-cash impairment charge on equity method investment | $ 36,100,000 | $ 40,000,000 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Schedule of Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 514,953 | $ 484,426 | $ 417,905 | $ 414,262 | $ 430,601 | $ 451,493 | $ 404,605 | $ 416,166 | $ 1,831,546 | $ 1,702,865 | $ 1,199,390 |
Fuel cards | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 1,124,000 | 1,116,000 | |||||||||
Gift | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 185,000 | 170,000 | |||||||||
Corporate payments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 180,000 | 162,000 | |||||||||
Tolls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 103,000 | 9,000 | |||||||||
Lodging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 101,000 | 92,000 | |||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 140,000 | $ 154,000 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Company's Accounts Receivable and Securitized Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | $ 1,825,515 | $ 1,274,857 | ||
Gross domestic securitized accounts receivable | 591,000 | 614,000 | ||
Less allowance for doubtful accounts | (32,506) | (21,903) | $ (23,842) | $ (22,416) |
Net accounts and securitized accounts receivable | 1,793,009 | 1,252,954 | ||
Accounts Receivable Domestic | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | 529,885 | 338,275 | ||
Accounts Receivable Foreign | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | $ 704,630 | $ 322,582 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Related to Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts beginning of year | $ 21,903 | $ 23,842 | $ 22,416 |
Provision for bad debts | 35,885 | 24,629 | 24,412 |
Allowance for Doubtful Accounts Receivable, Write-offs | 25,282 | 26,568 | 22,986 |
Allowance for doubtful accounts end of year | $ 32,506 | $ 21,903 | $ 23,842 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Revision of Previously Issued Financial Statements (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Income before income taxes | $ 162,348 | $ 156,912 | $ 319,260 | $ 642,919 | $ 536,004 | $ 512,943 | ||||||
Provision for income taxes | 46,095 | 45,822 | 91,917 | 190,534 | 173,573 | 144,236 | ||||||
Net income | $ 95,424 | $ 129,618 | $ 116,253 | $ 111,090 | $ 52,830 | $ 116,770 | $ 98,678 | $ 94,153 | $ 227,343 | $ 452,385 | $ 362,431 | $ 368,707 |
Basic earnings per share (in usd per share) | $ 1.03 | $ 1.40 | $ 1.25 | $ 1.20 | $ 0.57 | $ 1.27 | $ 1.07 | $ 1.03 | $ 2.46 | $ 4.89 | $ 3.94 | $ 4.37 |
Diluted earnings per share (in usd per share) | $ 1 | $ 1.36 | $ 1.22 | $ 1.17 | $ 0.56 | $ 1.24 | $ 1.05 | $ 1 | $ 2.39 | $ 4.75 | $ 3.85 | $ 4.24 |
Basic weighted average shares outstanding (in shares) | 92,574 | 92,631 | 92,665 | 92,516 | 92,321 | 92,110 | 91,904 | 91,750 | 92,591 | 92,597 | 92,023 | 84,317 |
Diluted weighted average shares outstanding (in shares) | 95,235 | 95,307 | 95,279 | 95,030 | 94,350 | 94,157 | 94,050 | 93,934 | 95,137 | 95,213 | 94,139 | 86,982 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Net cash provided by operating activities | $ 122,623 | $ 212,042 | ||||||||||
Net cash used in investing activities | (20,745) | (37,924) | ||||||||||
Net cash used in financing activities | (158,507) | (121,489) | ||||||||||
Effect of foreign currency exchange rates on cash | 8,795 | (6,696) | $ (42,430) | $ (37,022) | $ (37,548) | |||||||
Net (decrease) increase in cash | (47,834) | 45,933 | $ 27,866 | $ (29,917) | $ 138,964 | |||||||
Scenario, Previously Reported | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Income before income taxes | $ 162,348 | 156,912 | 319,260 | |||||||||
Provision for income taxes | 48,163 | 46,940 | 95,103 | |||||||||
Net income | $ 114,185 | $ 109,972 | $ 224,157 | |||||||||
Basic earnings per share (in usd per share) | $ 1.23 | $ 1.19 | $ 2.42 | |||||||||
Diluted earnings per share (in usd per share) | $ 1.21 | $ 1.17 | $ 2.37 | |||||||||
Basic weighted average shares outstanding (in shares) | 92,665 | 92,516 | 92,591 | |||||||||
Diluted weighted average shares outstanding (in shares) | 94,549 | 94,329 | 94,437 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Net cash provided by operating activities | $ 121,505 | $ 208,856 | ||||||||||
Net cash used in investing activities | (20,745) | (37,924) | ||||||||||
Net cash used in financing activities | (157,389) | (118,303) | ||||||||||
Effect of foreign currency exchange rates on cash | 8,795 | (6,696) | ||||||||||
Net (decrease) increase in cash | (47,834) | 45,933 | ||||||||||
Accounting Standards Update 2016-09 | Restatement Adjustment | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Income before income taxes | $ 0 | 0 | 0 | |||||||||
Provision for income taxes | (2,068) | (1,118) | (3,186) | |||||||||
Net income | $ 2,068 | $ 1,118 | $ 3,186 | |||||||||
Basic earnings per share (in usd per share) | $ 0.02 | $ 0.01 | $ 0.04 | |||||||||
Diluted earnings per share (in usd per share) | $ 0.01 | $ 0 | $ 0.02 | |||||||||
Basic weighted average shares outstanding (in shares) | 0 | 0 | 0 | |||||||||
Diluted weighted average shares outstanding (in shares) | 729 | 701 | 700 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Net cash provided by operating activities | $ 1,118 | $ 3,186 | ||||||||||
Net cash used in investing activities | 0 | 0 | ||||||||||
Net cash used in financing activities | (1,118) | (3,186) | ||||||||||
Effect of foreign currency exchange rates on cash | 0 | 0 | ||||||||||
Net (decrease) increase in cash | $ 0 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | $ 282,358 | $ 208,517 |
Repurchase Agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 232,131 | 144,082 |
Money Markets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 50,179 | 55,062 |
Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 48 | 9,373 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 282,358 | 208,517 |
Level 2 | Repurchase Agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 232,131 | 144,082 |
Level 2 | Money Markets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 50,179 | 55,062 |
Level 2 | Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | $ 48 | $ 9,373 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Masternaut Group Holdings Limited - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investment, ownership percentage | 44.00% | |
Non-cash impairment charge on equity method investment | $ 36.1 | $ 40 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 04, 2016 | Nov. 14, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||||
Payment to acquire business | $ 46,300,000 | $ 3,670,000,000 | |||
Repurchase of common stock | $ 500,000,000 | $ 187,979,000 | $ 8,119,000 | $ 1,125,964,000 | |
Stock repurchase program, period in force | 18 months | ||||
Treasury stock retired (in shares) | 1,259,145 | ||||
Comdata Inc. | |||||
Class of Stock [Line Items] | |||||
Payment to acquire business | $ 3,400,000,000 | ||||
Cash consideration | $ 2,400,000,000 | ||||
Common shares issued to finance acquisition (in shares) | 7,625,380 | ||||
Repurchase Agreements | |||||
Class of Stock [Line Items] | |||||
Repurchase of common stock | $ 187,677,389 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | May 13, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized to issue grants (in shares) | 26,963,150 | |||
Shares available for grant (in shares) | 2,968,584 | |||
Tax benefits recorded on stock based compensation | $ 35 | $ 35.7 | $ 13 | |
Aggregate intrinsic value of options exercisable | $ 296.7 | |||
Weighted average remaining contractual term of options exercisable (in years) | 5 years | |||
Weighted-average remaining contractual life for options outstanding (in years) | 6 years 8 months 12 days | |||
Shares, granted (in shares) | 152,000 | 126,000 | 467,000 | |
2010 Equity Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Increase in authorized number of shares of common stock (in shares) | 6,500,000 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, granted (in shares) | 0 | 0 | 0 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Expense Related to Share-Based Payments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 31,800 | $ 34,400 | $ 63,946 | $ 90,122 | $ 37,649 |
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | 35,234 | 44,260 | 13,267 | ||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 28,712 | $ 45,862 | $ 24,382 |
Stock Based Compensation - Su50
Stock Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 55,991 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 53,026 |
Weighted average period of expense recognition (in years) | 1 year 5 months 23 days |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 2,965 |
Weighted average period of expense recognition (in years) | 11 months 16 days |
Stock Based Compensation - Su51
Stock Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options, Outstanding [Roll Forward] | ||||
Shares, outstanding, beginning balance (in shares) | 5,003 | 5,131 | 5,331 | |
Shares, granted (in shares) | 1,780 | 654 | 1,544 | |
Shares, exercised (in share) | (500) | (586) | (1,429) | |
Shares, forfeited (in shares) | (137) | (196) | (315) | |
Shares, outstanding, ending balance (in shares) | 6,146 | 5,003 | 5,131 | |
Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted average exercise price, outstanding, beginning balance (in usd per share) | $ 72.72 | $ 58.71 | $ 25.68 | |
Weighted average exercise price, granted (in usd per share) | 133.33 | 154.56 | 135.16 | |
Weighted average exercise price, exercised (in usd per share) | 42.36 | 33.97 | 20.75 | |
Weighted average exercise price, forfeited (in usd per share) | 140.67 | 95.16 | 41.72 | |
Weighted average exercise price, outstanding, ending balance (in usd per share) | $ 91.20 | $ 72.72 | $ 58.71 | |
Options, Additional Disclosures [Abstract] | ||||
Shares, expected to vest (in shares) | 6,146 | |||
Weighted average exercise price of options to vest (in usd per share) | $ 91.20 | |||
Options exercisable (in shares) | 3,429 | 2,545 | 2,370 | 2,589 |
Weighted average exercise price of options (in usd per share) | $ 55 | $ 26.82 | $ 21.75 | $ 16.57 |
Weighted average fair value of options granted in period (in usd per share) | $ 28.61 | $ 35.32 | $ 42.77 | |
Aggregate intrinsic value, options outstanding | $ 309,238 | $ 351,277 | $ 461,770 | $ 487,673 |
Aggregate intrinsic value of options exercised during period | $ 49,592 | $ 63,863 | $ 182,904 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Stock Options Exercise Price (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Class of Stock [Line Items] | |
Exercise price, options outstanding | 6,146 |
Exercise price, options exercisable | 3,429 |
$10.00 – 58.02 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 10 |
Exercise price, maximum (in usd per share) | $ / shares | $ 58.02 |
Exercise price, options outstanding | 2,536 |
Exercise price, weighted average remaining vesting life in years | 1 day |
Exercise price, options exercisable | 2,527 |
74.99 – 111.09 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 74.99 |
Exercise price, maximum (in usd per share) | $ / shares | $ 111.09 |
Exercise price, options outstanding | 159 |
Exercise price, weighted average remaining vesting life in years | 9 months 7 days |
Exercise price, options exercisable | 71 |
114.90 – 138.47 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 114.9 |
Exercise price, maximum (in usd per share) | $ / shares | $ 138.47 |
Exercise price, options outstanding | 1,382 |
Exercise price, weighted average remaining vesting life in years | 1 year 3 months 11 days |
Exercise price, options exercisable | 113 |
144.59 – 149.68 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 144.59 |
Exercise price, maximum (in usd per share) | $ / shares | $ 149.68 |
Exercise price, options outstanding | 935 |
Exercise price, weighted average remaining vesting life in years | 1 year 1 month 24 days |
Exercise price, options exercisable | 653 |
151.16 – 158.24 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 151.16 |
Exercise price, maximum (in usd per share) | $ / shares | $ 158.24 |
Exercise price, options outstanding | 772 |
Exercise price, weighted average remaining vesting life in years | 2 years 5 months 9 days |
Exercise price, options exercisable | 65 |
172.68 – 174.35 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 172.68 |
Exercise price, maximum (in usd per share) | $ / shares | $ 174.35 |
Exercise price, options outstanding | 362 |
Exercise price, weighted average remaining vesting life in years | 3 years 9 months 26 days |
Exercise price, options exercisable | 0 |
Stock Based Compensation - Sc53
Stock Based Compensation - Schedule of Weighted-Average Assumptions (Detail) - Stock Options | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.08% | 1.47% | 1.24% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 27.29% | 27.77% | 34.61% |
Expected life (in years) | 3 years 5 months 19 days | 4 years 5 months 16 days | 3 years 10 months 24 days |
Stock Based Compensation - Su54
Stock Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Shares Outstanding [Roll Forward] | |||
Shares, outstanding, beginning balance (in shares) | 497 | 716 | 634 |
Shares, granted (in shares) | 152 | 126 | 467 |
Shares, cancelled (in shares) | (41) | (52) | (76) |
Shares, issued (in shares) | (229) | (293) | (309) |
Shares, outstanding, ending balance (in shares) | 379 | 497 | 716 |
Restricted Stock Share Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, outstanding, beginning balance (in usd per share) | $ 149.40 | $ 121.38 | $ 67.83 |
Weighted average grant date fair value, granted (in usd per share) | 128.90 | 151.33 | 146.12 |
Weighted average grant date fair value, cancelled (in usd per share) | 145.25 | 135.92 | 31.48 |
Weighted average grant date fair value, issued (in usd per share) | 151.72 | 85.40 | 74.56 |
Weighted average grant date fair value, outstanding, ending balance (in usd per share) | $ 140.39 | $ 149.40 | $ 121.38 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 31, 2016 | Nov. 14, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||||||
Purchase price, net of cash acquired | [1] | $ 1,331,985 | $ 49,069 | $ 2,395,778 | ||
Cash acquired | 51,300 | 165,800 | ||||
Deferred payments of previous acquisitions | 6,100 | |||||
Equity method investments | 36,200 | 76,568 | ||||
Aggregate purchase price | 46,300 | 3,670,000 | ||||
Issuance of new debt in acquisition | $ 2,400,000 | |||||
Transaction costs | 3,300 | 1,700 | $ 3,200 | |||
Shell | ||||||
Business Acquisition [Line Items] | ||||||
Cash acquired | 11,100 | |||||
Aggregate purchase price | 76,700 | |||||
Masternaut Group Holdings Limited | ||||||
Business Acquisition [Line Items] | ||||||
Equity method investments | 7,900 | 8,400 | ||||
Return on equity method investment | $ 9,200 | |||||
Equity method investment, ownership percentage | 44.00% | |||||
Series of Individually Immaterial Business Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 61,823 | |||||
Servicos e Technologia de Pagamentos S.A. | ||||||
Business Acquisition [Line Items] | ||||||
Cash acquired | $ 40,200 | |||||
Aggregate purchase price | 1,230,000 | |||||
Intangible assets | 584,274 | |||||
Liabilities arising from contingencies | 20,000 | |||||
Indemnification assets | $ 4,800 | |||||
Two Thousand Fourteen Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Deferred payments of previous acquisitions | 3,400 | |||||
Comdata Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 3,400,000 | |||||
Intangible assets | 1,630,700 | |||||
Common shares issued to finance acquisition (in shares) | 7,625,380 | |||||
Comdata Inc. | Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Common shares issued to finance acquisition (in shares) | 7,600,000 | |||||
Non-compete agreements | Servicos e Technologia de Pagamentos S.A. | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 21,600 | |||||
Non-compete agreements | Comdata Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 600 | |||||
[1] | Amounts reported in acquisitions and investment, net of cash acquired, includes debt assumed and immediately repaid in acquisitions. |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Aug. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 14, 2014 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 4,195,150 | $ 3,546,034 | $ 3,713,182 | ||
Servicos e Technologia de Pagamentos S.A. | |||||
Business Acquisition [Line Items] | |||||
Trade and other receivables | $ 243,157 | ||||
Prepaid expenses and other | 6,998 | ||||
Deferred tax assets | 9,365 | ||||
Property and equipment | 38,732 | ||||
Other long term assets | 5,785 | ||||
Goodwill | 659,288 | ||||
Other intangible assets | 584,274 | ||||
Liabilities assumed | (320,110) | ||||
Aggregate purchase price | $ 1,227,489 | ||||
Series of Individually Immaterial Business Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Trade and other receivables | 27,810 | ||||
Prepaid expenses and other | 5,097 | ||||
Deferred tax assets | 146 | ||||
Deferred tax liabilities | 5,123 | ||||
Property and equipment | 992 | ||||
Goodwill | 28,540 | ||||
Other intangible assets | 61,823 | ||||
Liabilities assumed | (42,550) | ||||
Aggregate purchase price | $ 76,735 | ||||
2015 Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Trade and other receivables | 521 | ||||
Prepaid expenses and other | 996 | ||||
Deferred tax liabilities | 2,437 | ||||
Property and equipment | 197 | ||||
Goodwill | 9,561 | ||||
Other intangible assets | 39,791 | ||||
Liabilities assumed | (2,331) | ||||
Aggregate purchase price | 46,298 | ||||
Comdata Inc. | |||||
Business Acquisition [Line Items] | |||||
Restricted cash | $ 93,312 | ||||
Trade and other receivables | 638,137 | ||||
Prepaid expenses and other | 15,443 | ||||
Deferred tax liabilities | 423,977 | ||||
Other long term liabilities | 6,841 | ||||
Property and equipment | 17,984 | ||||
Goodwill | 2,253,348 | ||||
Other intangible assets | 1,630,700 | ||||
Notes and other liabilities assumed | 804,032 | ||||
Aggregate purchase price | $ 3,414,074 | ||||
Other Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Trade and other receivables | 62,604 | ||||
Prepaid expenses and other | 232 | ||||
Property and equipment | 71 | ||||
Goodwill | 30,596 | ||||
Other intangible assets | 47,974 | ||||
Notes and other liabilities assumed | 66,499 | ||||
Aggregate purchase price | $ 74,978 |
Acquisitions - Summary of Final
Acquisitions - Summary of Final Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Software | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 5 years 3 months 18 days | |
Non-compete agreements | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 5 years | |
Servicos e Technologia de Pagamentos S.A. | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 584,274 | |
Servicos e Technologia de Pagamentos S.A. | Trade names and trademarks—indefinite lived | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 189,547 | |
Servicos e Technologia de Pagamentos S.A. | Customer Relationships | Minimum | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 8 years 6 months | |
Servicos e Technologia de Pagamentos S.A. | Customer Relationships | Maximum | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 17 years | |
Servicos e Technologia de Pagamentos S.A. | Customer Relationships And Other Intangibles | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 349,310 | |
Servicos e Technologia de Pagamentos S.A. | Non-compete agreements | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 21,600 | |
Servicos e Technologia de Pagamentos S.A. | Technology | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 6 years | |
Intangible assets | $ 45,417 | |
Series of Individually Immaterial Business Acquisitions | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 61,823 | |
Series of Individually Immaterial Business Acquisitions | Customer Relationships | Minimum | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 10 years | |
Series of Individually Immaterial Business Acquisitions | Customer Relationships | Maximum | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 18 years | |
Series of Individually Immaterial Business Acquisitions | Customer Relationships And Other Intangibles | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 61,823 | |
2015 Acquisitions | ||
Business Acquisition [Line Items] | ||
Intangible assets | 39,791 | |
2015 Acquisitions | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 39,791 | |
2015 Acquisitions | Customer Relationships | Minimum | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 14 years | |
2015 Acquisitions | Customer Relationships | Maximum | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 20 years | |
Comdata Inc. | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 1,630,700 | |
Comdata Inc. | Trade names and trademarks—indefinite lived | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 237,100 | |
Comdata Inc. | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 19 years | |
Intangible assets | $ 1,269,700 | |
Comdata Inc. | Software | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 123,300 | |
Comdata Inc. | Software | Minimum | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 4 years | |
Comdata Inc. | Software | Maximum | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 7 years | |
Comdata Inc. | Non-compete agreements | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 3 years | |
Intangible assets | $ 600 | |
Other Acquisitions | ||
Business Acquisition [Line Items] | ||
Intangible assets | 47,974 | |
Other Acquisitions | Trade names and trademarks—indefinite lived | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 2,900 | |
Other Acquisitions | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 8 years | |
Intangible assets | $ 15,574 | |
Other Acquisitions | Franchisee Agreement | ||
Business Acquisition [Line Items] | ||
Useful lives (in years) | 20 years | |
Intangible assets | $ 29,500 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets - Summary of Changes in Goodwill by Reportable Business Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill | $ 4,195,150 | $ 3,546,034 | $ 3,713,182 |
Goodwill [Roll Forward] | |||
Acquisitions | 687,828 | 10,082 | |
Acquisition Accounting Adjustments | (521) | (21,245) | |
Foreign Currency | (38,191) | (155,985) | |
North America | |||
Goodwill [Line Items] | |||
Goodwill | 2,640,409 | 2,640,409 | 2,659,417 |
Goodwill [Roll Forward] | |||
Acquisitions | 0 | ||
Acquisition Accounting Adjustments | 0 | (19,008) | |
International | |||
Goodwill [Line Items] | |||
Goodwill | 1,554,741 | 905,625 | $ 1,053,765 |
Goodwill [Roll Forward] | |||
Acquisitions | 687,828 | 10,082 | |
Acquisition Accounting Adjustments | (521) | (2,237) | |
Foreign Currency | $ (38,191) | $ (155,985) |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill deductible for income tax purposes | $ 362,600 | $ 351,000 | |
Impact of foreign exchange rates on intangible assets | 36,800 | ||
Amortization expense of intangible assets | $ 161,635 | $ 159,740 | $ 86,149 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amounts | $ 3,209,609 | $ 2,578,337 |
Accumulated Amortization | (556,376) | (394,742) |
Net Carrying Amount | 2,653,233 | 2,183,595 |
Trade names and trademarks—indefinite lived | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amounts | 510,952 | 318,048 |
Net Carrying Amount | $ 510,952 | 318,048 |
Customer and vendor agreements | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Life (Years) | 17 years | |
Gross Carrying Amounts | $ 2,449,389 | 2,071,928 |
Accumulated Amortization | (458,118) | (329,664) |
Net Carrying Amount | $ 1,991,271 | 1,742,264 |
Trade names and trademarks—other | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Life (Years) | 14 years 8 months 12 days | |
Gross Carrying Amounts | $ 2,746 | 3,067 |
Accumulated Amortization | (2,021) | (2,058) |
Net Carrying Amount | $ 725 | 1,009 |
Software | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Life (Years) | 5 years 3 months 18 days | |
Gross Carrying Amounts | $ 211,331 | 170,085 |
Accumulated Amortization | (85,167) | (54,250) |
Net Carrying Amount | $ 126,164 | 115,835 |
Non-compete agreements | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Life (Years) | 5 years | |
Gross Carrying Amounts | $ 35,191 | 15,209 |
Accumulated Amortization | (11,070) | (8,770) |
Net Carrying Amount | $ 24,121 | $ 6,439 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets - Schedule of Future Estimated Amortization of Intangibles (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 203,845 |
2,018 | 200,021 |
2,019 | 186,792 |
2,020 | 167,136 |
2,021 | 163,586 |
Thereafter | $ 1,220,901 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Computer hardware and software | $ 197,958 | $ 131,409 |
Card reading equipment | 25,553 | 10,887 |
Furniture fixtures and Vehicles | 15,418 | 10,291 |
Buildings and improvements | 14,432 | 10,982 |
Property, plant and equipment, gross | 253,361 | 163,569 |
Less: accumulated depreciation | (110,857) | (82,809) |
Net property and equipment | $ 142,504 | $ 80,760 |
Minimum | Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 3 years | |
Minimum | Card-reading equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 4 years | |
Minimum | Furniture, fixtures, and vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 2 years | |
Minimum | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 5 years | |
Maximum | Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 5 years | |
Maximum | Card-reading equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 6 years | |
Maximum | Furniture, fixtures, and vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 10 years | |
Maximum | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 50 years |
Property, Plant and Equipment63
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant and Equipment Useful Life and Values [Abstract] | |||
Depreciation | $ 36,456 | $ 30,462 | $ 21,097 |
Capitalized computer software amortization expense | 17,700 | 11,600 | $ 9,200 |
Unamortized computer software costs | $ 60,200 | $ 44,900 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued bonuses | $ 15,866 | $ 11,995 |
Accrued payroll and severance | 10,704 | 6,479 |
Accrued taxes | 104,623 | 5,977 |
Accrued commissions/rebates | 43,467 | 49,157 |
Other | 64,152 | 77,069 |
Total | $ 238,812 | $ 150,677 |
Debt - Summary of Debt Instrume
Debt - Summary of Debt Instruments (Detail) - USD ($) | Oct. 24, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 20, 2017 | Aug. 22, 2016 |
Debt Instrument [Line Items] | |||||
Term notes payable-domestic, net of discounts | $ 2,639,279,000 | $ 2,157,376,000 | |||
Other debt | 12,934,000 | 3,624,000 | |||
Total notes payable and other obligations | 3,267,233,000 | 2,321,000,000 | |||
Securitization facility | 591,000,000 | 614,000,000 | |||
Total notes payable, credit agreements and Securitization Facility | 3,858,233,000 | 2,935,000,000 | |||
Current portion | 1,336,506,000 | 875,100,000 | |||
Long-term portion | $ 2,521,727,000 | $ 2,059,900,000 | |||
Line of credit facility, unused capacity, commitment fee percentage | 0.35% | ||||
Securitization Facility | |||||
Debt Instrument [Line Items] | |||||
Securitized accounts receivable facility | $ 500,000,000 | ||||
Line of credit facility, unused capacity, commitment fee percentage | 0.40% | 0.40% | |||
Description of variable rate basis | one month LIBOR | ||||
Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Securitized accounts receivable facility | $ 3,355,000,000 | ||||
Line of credit facility additional available borrowing capacity | $ 500,000,000 | ||||
Secured Debt | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | ||||
Secured Debt | Minimum | Federal Funds Rate Plus | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.50% | ||||
Secured Debt | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.40% | ||||
Secured Debt | Maximum | Eurodollar | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Revolving A Facility | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Securitized accounts receivable facility | $ 1,000,000,000 | ||||
Domestic Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Revolving line of credit | $ 465,000,000 | $ 160,000,000 | |||
Foreign Revolving Line of Credit Facility A | |||||
Debt Instrument [Line Items] | |||||
Revolving line of credit | 123,412,000 | 0 | |||
Swing Line | |||||
Debt Instrument [Line Items] | |||||
Revolving line of credit | 26,608,000 | $ 0 | |||
Revolving B Facility | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Securitized accounts receivable facility | 35,000,000 | ||||
Term Loan A | |||||
Debt Instrument [Line Items] | |||||
Revolving line of credit | $ 2,400,000,000 | ||||
Line of credit facility additional available borrowing capacity | $ 600,000,000 | ||||
Debt instrument, maturity date | Nov. 14, 2019 | ||||
Unamortized discount | $ 6,200,000 | ||||
Term Loan A | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Securitized accounts receivable facility | 2,020,000,000 | ||||
Term Loan A | Domestic Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate during period | 2.52% | ||||
Term Loan A | Swing Line | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate during period | 1.97% | ||||
Foreign Revolving A Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate during period | 2.01% | ||||
Term B-2 Loan | Secured Debt | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Securitized accounts receivable facility | $ 245,000,000 | ||||
Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Revolving line of credit | $ 245,000,000 | ||||
Debt instrument, maturity date | Nov. 14, 2021 | ||||
Line of credit facility, interest rate during period | 3.77% | ||||
Unamortized discount | $ 1,000,000 | ||||
Term Loan B | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Securitized accounts receivable facility | $ 300,000,000 | ||||
Term Loan B | Secured Debt | Eurodollar | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 2.25% | ||||
Term Loan B | Secured Debt | Base Rate | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 1.25% | ||||
Foreign Swing Line | |||||
Debt Instrument [Line Items] | |||||
Interest rate, effective percentage | 2.57% | 2.04% | |||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Annual principal payment | $ 118,500,000 | ||||
Second Amendment | Securitization Facility | |||||
Debt Instrument [Line Items] | |||||
Securitized accounts receivable facility | 950,000,000 | ||||
First Amendment | Securitization Facility | |||||
Debt Instrument [Line Items] | |||||
Securitized accounts receivable facility | $ 1,200,000,000 | ||||
Commercial Paper | Securitization Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.90% | 0.90% | |||
Line of credit facility, commitment fee percentage | 0.8484% | 0.43% |
Debt - Summary of Contractual M
Debt - Summary of Contractual Maturities of Notes Payable and Other Obligations (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 745,506 |
2,018 | 273,223 |
2,019 | 2,010,302 |
2,020 | 1,734 |
2,021 | 235,518 |
Thereafter | $ 950 |
Income Taxes - Income Before Pr
Income Taxes - Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||||
United States | $ 383,427 | $ 304,743 | $ 233,933 | |||
Foreign | 259,492 | 231,261 | 279,010 | |||
Income before income taxes | $ 162,348 | $ 156,912 | $ 319,260 | $ 642,919 | $ 536,004 | $ 512,943 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||||
Current income taxes, Federal | $ 147,406 | $ 82,926 | $ 39,168 | |||
Current income taxes, State | 10,725 | 8,051 | 8,208 | |||
Current income taxes, Foreign | 61,084 | 51,970 | 55,144 | |||
Total current | 219,215 | 142,947 | 102,520 | |||
Deferred income taxes, Federal | (18,723) | 36,723 | 41,814 | |||
Deferred income taxes, State | 1,608 | 1,525 | (596) | |||
Deferred income taxes, Foreign | (11,566) | (7,622) | 498 | |||
Total deferred | (28,681) | 30,626 | 41,716 | |||
Total provision | $ 46,095 | $ 45,822 | $ 91,917 | $ 190,534 | $ 173,573 | $ 144,236 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense at federal statutory rate, rate | 35.00% | 35.00% | 35.00% | |
Excess tax benefits | $ 12,000 | $ 26,400 | $ 56,800 | |
Cumulative undistributed earnings of non-U.S. subsidiaries | 1,356,600 | |||
Valuation allowance for deferred tax assets | 76,400 | 62,600 | ||
Net change in the total valuation allowance | 13,800 | 35,500 | ||
Net operating loss carryforwards for state income tax purposes | 697,000 | |||
Federal operating loss carry forwards | 43,500 | |||
Accrued interest and penalties related to the unrecognized tax benefits | 5,900 | 5,400 | ||
Total unrecognized tax benefits | 26,155 | $ 21,834 | $ 18,641 | $ 21,601 |
Unrecognized tax benefits that would affect effective tax rate | $ 20,700 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||||
Computed “expected” tax expense | $ 225,022 | $ 187,601 | $ 179,530 | |||
Change in valuation allowance | 11,952 | 20,243 | (53) | |||
Foreign income tax differential | (25,533) | (23,718) | (24,972) | |||
State taxes net of federal benefits | 9,439 | 6,711 | 4,492 | |||
Foreign-sourced nontaxable income | (7,961) | (10,573) | (8,128) | |||
IRC Section 199 deduction | (7,731) | (10,221) | 0 | |||
Excess tax benefits related to stock-based compensation | (11,974) | 0 | 0 | |||
Other | (2,680) | 3,530 | (6,633) | |||
Total provision | $ 46,095 | $ 45,822 | $ 91,917 | $ 190,534 | $ 173,573 | $ 144,236 |
Computed "expected" tax expense, rate | 35.00% | 35.00% | 35.00% | |||
Change in valuation allowance, rate | 1.90% | 3.80% | 0.00% | |||
Foreign income tax differential, rate | 4.00% | 4.40% | 4.90% | |||
State taxes net of federal benefits, rate | 1.50% | 1.20% | 0.90% | |||
Foreign-sourced nontaxable income, rate | (1.20%) | (2.00%) | (1.60%) | |||
IRC Section 199 deduction, rate | (1.20%) | (1.90%) | (0.00%) | |||
Excess tax benefits related to stock-based compensation, rate | (1.90%) | 0.00% | 0.00% | |||
Other, rate | (0.40%) | 0.70% | (1.30%) | |||
Provision for income taxes, rate | 29.70% | 32.40% | 28.10% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Accounts receivable, principally due to the allowance for doubtful accounts | $ 7,148 | $ 6,277 |
Accrued expenses not currently deductible for tax | 2,647 | 5,797 |
Stock based compensation | 41,415 | 35,066 |
Income tax credits | 376 | 3,830 |
Net operating loss carry forwards | 45,969 | 39,970 |
Equity investment | 53,379 | 38,760 |
Accrued escheat | 7,290 | 13,497 |
Fixed assets, intangibles and other | 15,622 | 14,191 |
Deferred tax assets before valuation allowance | 173,846 | 157,388 |
Valuation allowance | (76,395) | (62,605) |
Deferred tax assets, net | 97,451 | 94,783 |
Deferred tax liabilities: | ||
Intangibles—including goodwill | (687,443) | (732,017) |
Basis difference in investment in foreign subsidiaries | (48,354) | (47,737) |
Prepaid expenses | (3,644) | 0 |
Property and equipment, principally due to differences between book and tax depreciation, and other | (24,157) | (19,544) |
Deferred tax liabilities | (763,598) | (799,298) |
Net deferred tax liabilities | $ (666,147) | $ (704,515) |
Income Taxes - Deferred Tax Bal
Income Taxes - Deferred Tax Balance Classification in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Current deferred tax assets | $ 0 | $ 9,585 |
Current deferred tax liabilities | 0 | (672) |
Net current deferred taxes | 0 | 8,913 |
Long term deferred tax assets | 2,433 | 1,639 |
Long term deferred tax liabilities | (668,580) | (715,067) |
Net long term deferred taxes | (713,428) | |
Net deferred tax liabilities | $ (666,147) | $ (704,515) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrecognized Income Tax Benefit [Roll Forward] | |||
Beginning balance, unrecognized tax benefits | $ 21,834 | $ 18,641 | $ 21,601 |
Additions based on tax provisions related to the current year | 3,332 | 9,079 | 1,676 |
Additions based on tax provisions related to the prior year | 2,496 | 477 | |
Deductions based on settlement/expiration of prior year tax positions | (1,507) | (6,363) | (4,636) |
Ending balance, unrecognized tax benefits | $ 26,155 | $ 21,834 | $ 18,641 |
Leases - Summary Operating Leas
Leases - Summary Operating Lease Future Minimum Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 18,145 |
2,018 | 14,408 |
2,019 | 10,561 |
2,020 | 8,029 |
2,021 | 7,604 |
Thereafter | $ 23,033 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||||||||||
Revenues, net | $ 514,953 | $ 484,426 | $ 417,905 | $ 414,262 | $ 430,601 | $ 451,493 | $ 404,605 | $ 416,166 | $ 1,831,546 | $ 1,702,865 | $ 1,199,390 |
Rent expense for noncancelable operating leases | $ 15,100 | $ 14,100 | $ 12,500 | ||||||||
Minimum | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Lease renewable period, maximum (in years) | 1 year | ||||||||||
Maximum | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Lease renewable period, maximum (in years) | 5 years |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||||||||||||
Net income | $ 95,424 | $ 129,618 | $ 116,253 | $ 111,090 | $ 52,830 | $ 116,770 | $ 98,678 | $ 94,153 | $ 227,343 | $ 452,385 | $ 362,431 | $ 368,707 |
Denominator for basic earnings per share | 92,574 | 92,631 | 92,665 | 92,516 | 92,321 | 92,110 | 91,904 | 91,750 | 92,591 | 92,597 | 92,023 | 84,317 |
Dilutive securities | 2,616 | 2,116 | 2,665 | |||||||||
Denominator for diluted earnings per share | 95,235 | 95,307 | 95,279 | 95,030 | 94,350 | 94,157 | 94,050 | 93,934 | 95,137 | 95,213 | 94,139 | 86,982 |
Basic earnings per share (in usd per share) | $ 1.03 | $ 1.40 | $ 1.25 | $ 1.20 | $ 0.57 | $ 1.27 | $ 1.07 | $ 1.03 | $ 2.46 | $ 4.89 | $ 3.94 | $ 4.37 |
Diluted earnings per share (in usd per share) | $ 1 | $ 1.36 | $ 1.22 | $ 1.17 | $ 0.56 | $ 1.24 | $ 1.05 | $ 1 | $ 2.39 | $ 4.75 | $ 3.85 | $ 4.24 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted earnings per share excludes antidilutive effect (in shares) | 100,000 | 100,000 | 0 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted earnings per share excludes antidilutive effect (in shares) | 400,000 | 1,400,000 | |
Performance Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted earnings per share excludes antidilutive effect (in shares) | 200,000 | 200,000 | 500,000 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segments - Schedule of Company'
Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 514,953 | $ 484,426 | $ 417,905 | $ 414,262 | $ 430,601 | $ 451,493 | $ 404,605 | $ 416,166 | $ 1,831,546 | $ 1,702,865 | $ 1,199,390 |
Operating income | 215,975 | $ 191,055 | $ 171,168 | $ 175,955 | 146,149 | $ 188,460 | $ 169,151 | $ 163,774 | 754,153 | 667,534 | 565,449 |
Depreciation and amortization | 203,256 | 193,453 | 112,361 | ||||||||
Capital expenditures | 59,011 | 41,875 | 27,070 | ||||||||
Long-lived assets (excluding goodwill) | 2,867,689 | 2,322,580 | 2,867,689 | 2,322,580 | 2,532,236 | ||||||
North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 1,279,102 | 1,231,957 | 668,328 | ||||||||
Operating income | 506,414 | 442,052 | 287,303 | ||||||||
Depreciation and amortization | 129,653 | 127,863 | 39,275 | ||||||||
Capital expenditures | 39,000 | 19,883 | 9,407 | ||||||||
Long-lived assets (excluding goodwill) | 1,664,224 | 1,719,639 | 1,664,224 | 1,719,639 | 1,833,311 | ||||||
International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 552,444 | 470,908 | 531,062 | ||||||||
Operating income | 247,739 | 225,482 | 278,146 | ||||||||
Depreciation and amortization | 73,603 | 65,590 | 73,086 | ||||||||
Capital expenditures | 20,011 | 21,992 | 17,663 | ||||||||
Long-lived assets (excluding goodwill) | $ 1,203,465 | $ 602,941 | $ 1,203,465 | $ 602,941 | $ 698,925 |
Segments - Schedule of Revenues
Segments - Schedule of Revenues and Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 514,953 | $ 484,426 | $ 417,905 | $ 414,262 | $ 430,601 | $ 451,493 | $ 404,605 | $ 416,166 | $ 1,831,546 | $ 1,702,865 | $ 1,199,390 |
Long-lived assets (excluding goodwill) | 2,867,689 | 2,322,580 | 2,867,689 | 2,322,580 | 2,532,236 | ||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 1,278,828 | 1,231,641 | 667,878 | ||||||||
Long-lived assets (excluding goodwill) | 1,664,224 | 1,719,541 | 1,664,224 | 1,719,541 | |||||||
Brazil | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 167,769 | 85,124 | 117,485 | ||||||||
Long-lived assets (excluding goodwill) | 784,816 | 146,596 | 784,816 | 146,596 | |||||||
United Kingdom | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 229,125 | 248,598 | $ 262,613 | ||||||||
Long-lived assets (excluding goodwill) | $ 286,928 | $ 332,788 | $ 286,928 | $ 332,788 |
Selected Quarterly Financial 81
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenues, net | $ 514,953 | $ 484,426 | $ 417,905 | $ 414,262 | $ 430,601 | $ 451,493 | $ 404,605 | $ 416,166 | $ 1,831,546 | $ 1,702,865 | $ 1,199,390 | |
Operating income | 215,975 | 191,055 | 171,168 | 175,955 | 146,149 | 188,460 | 169,151 | 163,774 | 754,153 | 667,534 | 565,449 | |
Net income | $ 95,424 | $ 129,618 | $ 116,253 | $ 111,090 | $ 52,830 | $ 116,770 | $ 98,678 | $ 94,153 | $ 227,343 | $ 452,385 | $ 362,431 | $ 368,707 |
Earnings per share: | ||||||||||||
Basic earnings per share (in usd per share) | $ 1.03 | $ 1.40 | $ 1.25 | $ 1.20 | $ 0.57 | $ 1.27 | $ 1.07 | $ 1.03 | $ 2.46 | $ 4.89 | $ 3.94 | $ 4.37 |
Diluted earnings per share (in usd per share) | $ 1 | $ 1.36 | $ 1.22 | $ 1.17 | $ 0.56 | $ 1.24 | $ 1.05 | $ 1 | $ 2.39 | $ 4.75 | $ 3.85 | $ 4.24 |
Weighted average shares outstanding: | ||||||||||||
Basic weighted average shares outstanding (in shares) | 92,574 | 92,631 | 92,665 | 92,516 | 92,321 | 92,110 | 91,904 | 91,750 | 92,591 | 92,597 | 92,023 | 84,317 |
Diluted weighted average shares outstanding (in shares) | 95,235 | 95,307 | 95,279 | 95,030 | 94,350 | 94,157 | 94,050 | 93,934 | 95,137 | 95,213 | 94,139 | 86,982 |
Selected Quarterly Financial 82
Selected Quarterly Financial Data (Unaudited) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Quarterly Financial Data [Line Items] | |||||
Non-cash stock based compensation expense | $ 31,800 | $ 34,400 | $ 63,946 | $ 90,122 | $ 37,649 |
Masternaut | |||||
Selected Quarterly Financial Data [Line Items] | |||||
Quarterly charges and credits, amount affecting comparability | 4,300 | 74,400 | |||
Non-cash impairment charge on equity method investment | $ 40,000 | ||||
Masternaut Group Holdings Limited | |||||
Selected Quarterly Financial Data [Line Items] | |||||
Non-cash impairment charge on equity method investment | $ 36,100 |