Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 07, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-35004 | ||
Entity Registrant Name | FLEETCOR TECHNOLOGIES, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 72-1074903 | ||
Entity Address, Address Line One | 3280 Peachtree Road, Suite 2400, | ||
Entity Address, City or Town | Atlanta, | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30305 | ||
City Area Code | 770 | ||
Local Phone Number | 449-0479 | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | FLT | ||
Security Exchange Name | NYSE | ||
Entity Well-know Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 23,926,076,537 | ||
Entity Common Stock, Shares Outstanding | 85,429,057 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001175454 | ||
Current Fiscal Year End Date | --12-31 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement to be delivered to shareholders in connection with the Annual Meeting of Shareholders to be held on June 11, 2020 are incorporated by reference into Part III of this report. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | [1] | Dec. 31, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 1,271,494 | $ 1,031,145 | |
Restricted cash | 403,743 | 333,748 | |
Accounts and other receivables (less allowance for doubtful accounts of $70,890 at December 31, 2019 and $59,963 at December 31, 2018) | 1,568,961 | 1,425,815 | |
Securitized accounts receivable—restricted for securitization investors | 970,973 | 886,000 | |
Prepaid expenses and other current assets | 403,400 | 199,278 | |
Total current assets | 4,618,571 | 3,875,986 | |
Property, plant and equipment, net | 199,825 | 186,201 | |
Goodwill | 4,833,047 | 4,542,074 | |
Other intangibles, net | 2,341,882 | 2,407,910 | |
Investments | 30,440 | 42,674 | |
Other assets | 224,776 | 147,632 | |
Total assets | 12,248,541 | 11,202,477 | |
Current liabilities: | |||
Accounts payable | 1,249,586 | 1,117,649 | |
Accrued expenses | 275,511 | 261,594 | |
Customer deposits | 1,007,631 | 926,685 | |
Securitization facility | 970,973 | 886,000 | |
Current portion of notes payable and lines of credit | 775,865 | 1,184,616 | |
Other current liabilities | 183,502 | 118,669 | |
Total current liabilities | 4,463,068 | 4,495,213 | |
Notes payable and other obligations, less current portion | 3,289,947 | 2,748,431 | |
Deferred income taxes | 519,980 | 491,946 | |
Other noncurrent liabilities | 263,930 | 126,707 | |
Total noncurrent liabilities | 4,073,857 | 3,367,084 | |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Common stock, $0.001 par value; 475,000,000 shares authorized; 124,626,786 shares issued and 85,342,156 shares outstanding at December 31, 2019; and 123,035,859 shares issued and 85,845,344 shares outstanding at December 31, 2018 | 124 | 123 | |
Additional paid-in capital | 2,494,721 | 2,306,843 | |
Retained earnings | 4,712,729 | 3,817,656 | |
Accumulated other comprehensive loss | (972,465) | (913,858) | |
Less treasury stock (39,284,630 shares and 37,190,515 shares at December 31, 2019 and 2018, respectively) | (2,523,493) | (1,870,584) | |
Total stockholders’ equity | 3,711,616 | 3,340,180 | |
Total liabilities and stockholders’ equity | $ 12,248,541 | $ 11,202,477 | |
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 70,890 | $ 59,963 |
Par value (in usd per share) | $ 0.001 | $ 0.001 |
Shares authorized (in shares) | 475,000,000 | 475,000,000 |
Shares issued (in shares) | 124,626,786 | 123,035,859 |
Shares outstanding (in shares) | 85,342,156 | 85,845,344 |
Treasury stock, shares | 39,284,630 | 37,190,515 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | [1] | Dec. 31, 2018 | Dec. 31, 2017 | [2] | |
Income Statement [Abstract] | |||||
Revenues, net | $ 2,648,848 | $ 2,433,492 | $ 2,249,538 | ||
Expenses: | |||||
Merchant commissions | 0 | 0 | 113,133 | ||
Processing | 530,669 | 487,695 | 429,613 | ||
Selling | 204,806 | 182,593 | 170,717 | ||
General and administrative | 407,210 | 389,172 | 387,694 | ||
Depreciation and amortization | 274,210 | 274,609 | 264,560 | ||
Other operating expense, net | 523 | 8,725 | 61 | ||
Operating income | 1,231,430 | 1,090,698 | 883,760 | ||
Investment loss, net | 3,470 | [3] | 7,147 | 53,164 | [4] |
Other expense (income), net | 93 | (152,166) | (173,436) | ||
Interest expense, net | 150,048 | 138,494 | 107,146 | ||
Loss on extinguishment of debt | 0 | [3] | 2,098 | 3,296 | [4] |
Total other expense (income) | 153,611 | (4,427) | (9,830) | ||
Income before income taxes | 1,077,819 | 1,095,125 | 893,590 | ||
Provision for income taxes | 182,746 | 283,642 | 153,390 | ||
Net income | $ 895,073 | [3] | $ 811,483 | $ 740,200 | [4] |
Earnings per share: | |||||
Basic earnings per share (in usd per share) | $ 10.36 | $ 9.14 | $ 8.12 | ||
Diluted earnings per share (in usd per share) | $ 9.94 | $ 8.81 | $ 7.91 | ||
Weighted average shares outstanding: | |||||
Basic (in shares) | 86,401 | 88,750 | 91,129 | ||
Diluted (in shares) | 90,070 | 92,151 | 93,594 | ||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||
[2] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. | ||||
[3] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||
[4] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 895,073 | [1],[2] | $ 811,483 | $ 740,200 | [3],[4] |
Other comprehensive (loss) income: | |||||
Foreign currency translation (losses) gains, net of tax | (15,855) | (362,001) | 83,165 | ||
Reclassification of foreign currency translation loss to investment, net of tax | 0 | 0 | 31,381 | ||
Net change in derivative contracts, net of tax | (42,752) | 0 | 0 | ||
Total other comprehensive (loss) income | (58,607) | (362,001) | 114,546 | ||
Total comprehensive income | $ 836,466 | $ 449,482 | $ 854,746 | ||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||
[2] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||
[3] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. | ||||
[4] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. |
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, 2016 | $ 3,084,038 | $ 121 | $ 2,074,094 | $ 2,218,721 | $ (666,403) | $ (542,495) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 740,200 | [1],[2] | 740,200 | |||||
Other comprehensive income from currency exchange, net of tax | 114,546 | 114,546 | ||||||
Other comprehensive income, net of tax | 114,546 | |||||||
Acquisition of common stock | (402,393) | (402,393) | ||||||
Share-based compensation expense | [3] | 93,297 | 93,297 | |||||
Issuance of common stock | 46,834 | 1 | 46,833 | |||||
Ending Balance at Dec. 31, 2017 | 3,676,522 | 122 | 2,214,224 | 2,958,921 | (551,857) | (944,888) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 811,483 | 811,483 | ||||||
Other comprehensive income from currency exchange, net of tax | (362,001) | (362,001) | ||||||
Other comprehensive income, net of tax | (362,001) | |||||||
Acquisition of common stock | (958,696) | (33,000) | (925,696) | |||||
Share-based compensation expense | [3] | 69,939 | 69,939 | |||||
Issuance of common stock | 55,681 | 1 | 55,680 | |||||
Ending Balance at Dec. 31, 2018 | 3,340,180 | 123 | 2,306,843 | 3,817,656 | (913,858) | (1,870,584) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 895,073 | [4],[5] | 895,073 | |||||
Other comprehensive income, net of tax | (58,607) | (58,607) | ||||||
Acquisition of common stock | (694,909) | (42,000) | (652,909) | |||||
Share-based compensation expense | 60,953 | 60,953 | ||||||
Issuance of common stock | 168,926 | 1 | 168,925 | |||||
Ending Balance at Dec. 31, 2019 | $ 3,711,616 | [6] | $ 124 | $ 2,494,721 | $ 4,712,729 | $ (972,465) | $ (2,523,493) | |
[1] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. | |||||||
[2] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. | |||||||
[3] | Comparable disclosure provided to align with 2019 presentation. Activity previously included with issuance of common stock. | |||||||
[4] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | |||||||
[5] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | |||||||
[6] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Other comprehensive income from foreign exchange, tax | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [3] | ||||
Operating activities | |||||||
Net income | $ 895,073 | [1],[2] | $ 811,483 | $ 740,200 | [4] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 62,784 | [1] | 52,936 | 46,599 | |||
Stock-based compensation | 60,953 | [1] | 69,939 | 93,297 | |||
Provision for losses on accounts receivable | 74,309 | [1] | 64,377 | 44,857 | |||
Amortization of deferred financing costs and discounts | 5,106 | [1] | 5,342 | 6,952 | |||
Amortization of intangible assets and premium on receivables | 211,426 | [1] | 221,673 | 217,961 | |||
Loss on extinguishment of debt | 0 | [1],[2] | 2,098 | 3,296 | [4] | ||
Loss on write-off of fixed assets | 1,819 | [1] | 8,793 | 0 | |||
Deferred income taxes | 37,883 | [1] | (2,750) | (247,712) | |||
Investment loss, net | 3,470 | [1],[2] | 7,147 | 53,164 | [4] | ||
Gain on sale of assets/business | 0 | [1] | (152,750) | (174,983) | |||
Other non-cash operating income | (1,297) | [1] | (186) | (61) | |||
Changes in operating assets and liabilities (net of acquisitions/disposition): | |||||||
Accounts receivable and other receivables | (196,028) | [1] | (159,024) | (431,003) | |||
Prepaid expenses and other current assets | (185,391) | [1] | (27,650) | 26,102 | |||
Other assets | (6,792) | [1] | (25,432) | (20,957) | |||
Accounts payable, accrued expenses and customer deposits | 198,756 | [1] | 27,386 | 322,346 | |||
Net cash provided by operating activities | 1,162,071 | [1] | 903,382 | 680,058 | |||
Investing activities | |||||||
Acquisitions, net of cash acquired | (448,277) | [1] | (20,843) | (705,257) | |||
Purchases of property and equipment | (75,170) | [1] | (81,387) | (70,093) | |||
Proceeds from disposal of an asset/business | 0 | [1] | 98,735 | 316,501 | |||
Other | (255) | [1] | (22,775) | (38,953) | |||
Net cash used in investing activities | (523,702) | [1] | (26,270) | (497,802) | |||
Financing activities | |||||||
Proceeds from issuance of common stock | 168,925 | [1] | 55,680 | 44,690 | |||
Repurchase of common stock | (694,909) | [1] | (958,696) | (402,393) | |||
Borrowings (payments) on securitization facility, net | 84,973 | [1] | 75,000 | 220,000 | |||
Deferred financing costs paid and debt discount | (2,868) | [1] | (4,927) | (12,908) | |||
Proceeds from issuance of notes payable | 700,000 | [1] | 363,430 | 780,656 | |||
Principal payments on notes payable | (138,500) | [1] | (498,305) | (423,156) | |||
Borrowings from revolver | 1,811,509 | [1] | 1,493,091 | 1,100,000 | |||
Payments on revolver | (2,292,349) | [1] | (1,099,040) | (1,031,722) | |||
Borrowings from (payments on) swing line of credit, net | [1] | 52,996 | |||||
Borrowings from (payments on) swing line of credit, net | (4,935) | (23,686) | |||||
Other | 52 | [1] | 887 | 457 | |||
Net cash (used in) provided by financing activities | (310,171) | [1] | (577,815) | 251,938 | |||
Effect of foreign currency exchange rates on cash | (17,854) | [1] | (65,274) | 52,906 | |||
Net increase in cash and cash equivalents and restricted cash | 310,344 | [1] | 234,023 | 487,100 | |||
Cash and cash equivalents and restricted cash, beginning of year | 1,364,893 | [1] | 1,130,870 | [3] | 643,770 | ||
Cash and cash equivalents and restricted cash, end of year | 1,675,237 | [1] | 1,364,893 | [1] | 1,130,870 | ||
Supplemental cash flow information | |||||||
Cash paid for interest | 178,417 | [1] | 156,749 | 113,416 | |||
Cash paid for income taxes | 200,525 | [1] | 207,504 | 392,192 | |||
Non cash investing activity, notes assumed in acquisitions | $ 0 | [1] | $ 0 | $ 29,341 | |||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||||
[2] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||||
[3] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. | ||||||
[4] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business FLEETCOR Technologies, Inc. and its subsidiaries (the Company) is a leading global business payment solutions company that simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitize and control payments on behalf of their employees and suppliers. The Company serves businesses, partners, merchants and consumers and payment networks in North America, Latin America, Europe, and Asia Pacific. The Company has two reportable segments, North America and International. The Company reports these two segments as they reflect how the Company organizes and manages its employees around the world, manages operating performance, contemplates the differing regulatory environments in North America versus other geographies, and helps the Company isolate the impact of foreign exchange fluctuations on its financial results. The Company's solutions are comprised of payment products, networks and associated services. The Company's payment products generally function like a charge card, prepaid card, one-time use virtual card and electronic RFID (radio-frequency identification,), etc. While the actual payment mechanisms vary from category to category, they are structured to afford control and reporting to the end customer. The Company groups its payments solutions into five primary categories: Fuel, Lodging, Tolls, Corporate Payments and Gift. Additionally, the Company provides other complementary payment products including fleet maintenance, employee benefits and long haul transportation-related services. The Company's payment solutions are used in more than 100 countries around the world, with its primary geographies being the U.S., Brazil and the United Kingdom, which combined accounted for approximately 87% of the Company's revenue in 2019 . The Company uses both proprietary and third-party networks to deliver its payment solutions. FLEETCOR owns and operates proprietary networks with well-established brands throughout the world, bringing incremental sales and loyalty to affiliated merchants. Third-party networks are used to broaden payment product acceptance and use. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies 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 2019 , 2018 , and 2017 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 or less of billing. The Company routinely reviews its accounts receivable balances and makes provisions from the customer probable doubtful accounts based primarily on the aging of those balances. Accounts receivable are deemed uncollectible from the customer once they age past 90 days. 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, 2019 and 2018 , approximately 98% and 99% , 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. 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 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 Investments The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of property and equipment and finite-life intangible assets may not be recoverable. When factors indicate that these long-lived assets should be evaluated for possible impairment, the Company assesses the potential impairment by determining whether the carrying amount of such long-lived assets will be recovered through the future undiscounted cash flows expected from use of the asset and its eventual disposition. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market prices or discounted cash flow analysis as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives of property and equipment and finite-life intangible assets may warrant revision. 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. The Company first performs a qualitative assessment of certain of its reporting units. Factors considered in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of the net assets of our reporting units, sustained decrease in our share price, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or if it determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. The Company then performs the goodwill impairment test for each reporting unit by comparing the reporting unit’s carrying amount, including goodwill, 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. Estimates critical to the Company’s evaluation of goodwill for impairment include the discount rate, projected revenue and earnings before interest taxes depreciation and amortization (EBITDA) growth, and projected long-term growth rates in the determination of terminal values. If the carrying amount of the reporting unit is greater than its fair value, goodwill is considered impaired. Based on the goodwill asset impairment analysis performed quantitatively as of October 1, 2019 , the Company determined that the fair value of each of its 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 evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company 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 investments, which are not carried at fair value, for impairment. The company has elected to measure certain investments in equity instruments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes for similar investments of the issuer. Investments classified as trading securities are carried at fair value with any unrealized gain or loss being recorded in the Consolidated Statements of Income. 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 $49.8 million , $37.3 million and $37.4 million in 2019 , 2018 and 2017 , respectively. Amortization expense for software totaled $37.2 million , $24.2 million and $21.8 million in 2019 , 2018 and 2017 , 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 Company has elected to treat the Global Intangible Low Taxed Income (GILTI) inclusion as a current period expense. 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 become 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 accounts 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. 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. See Note 13 for further information regarding income taxes. Cash, Cash Equivalents, and Restricted Cash 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 recorded 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 gain of $0.7 million for the year ended December 31, 2019 and foreign exchange losses of $0.1 million and $0.2 million for the years ended December 31, 2018 and 2017 respectively, which are recorded within other expense, net in the Consolidated Statements of Income. The Company recorded foreign currency losses on long-term intra-entity transactions of $88.1 million and $79.6 million for the years ended December 31, 2019 and 2018 , respectively, included as a component of foreign currency translation (losses) gains, net of tax, on the Consolidated Statements of Comprehensives Income. Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates and facilitate cross-currency corporate payments by writing derivatives to customers. The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company hedges a portion of its variable rate debt utilizing derivatives designated as cash flow hedges. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded in other assets or other noncurrent liabilities and offset against accumulated other comprehensive income/loss, net of tax. Derivative fair value changes that are recorded in accumulated other comprehensive income/loss are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is effective in offsetting the change in cash flows attributable to the hedged risk. The portions of the change in fair value that are either considered ineffective or are excluded from the measure of effectiveness are recognized immediately within earnings. In the Company's cross-border payments business, the majority of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. In addition, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments. The duration of these derivative contracts at inception is generally less than one year . The Company aggregates its foreign exchange exposures arising from customer contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The changes in fair value related to these derivatives are recorded in revenues, net in the Consolidated Statements of Income. The Company recognizes all cross-border payments derivatives in "prepaid expenses and other current assets" and "other current liabilities" in the accompanying Consolidated Balance Sheets at their fair value. All cash flows associated with derivatives are included in cash flows from operating activities in the Consolidated Statements of Cash Flows. Refer to footnote 17. 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 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 five 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. 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. Option forfeitures are accounted for upon occurrence. 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 over 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 to four years. 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 units granted with market based vesting conditions is estimated using the Monte Carlo simulation valuation model. The risk-free interest rate and volatility assumptions used within the Monte Carlo simulation valuation 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 units and 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 are amortized over the term of the related debt, using the effective interest method and are included within interest expense. The Company capitalized additional debt issuance costs of $2.9 million associated with refinancing its Credit Facility and Securitization Facilities in 2019 and $4.9 million with refinancing its Credit Facility in 2018 . At December 31, 2019 and 2018 , the Company had net deferred financing costs of $7.4 million and $10.4 million , respectively, related to the revolver under the Credit Facility and the Securitization Facility, each recorded within prepaid and other assets, respectively, on the Consolidated Balance Sheets. At December 31, 2019 and 2018 , the Company had deferred financing costs of $7.9 million and $10.9 million , respectively, related to the term notes under the Credit Facility, recorded as a discount to the term debt outstanding within the current portion of notes payable and lines of credit and notes payable and other obligations, less current portion, respectively, in the Consolidated Balance Sheets. 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 $1.2 billion revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to trade receivables resulting from charge card activity in the U.S. 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 transfers, without recourse, on a revolving basis, an undivided ownership interest 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 transferred assets 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 transferred asset 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. The maturity date for the Company's Securitization Facility is November 14, 2020. The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands): 2019 2018 Gross domestic unsecuritized accounts receivables $ 734,410 $ 668,154 Gross domestic securitized accounts receivable 970,973 886,000 Gross foreign receivables 905,441 817,624 Total gross receivables 2,610,824 2,371,778 Less allowance for doubtful accounts (70,890 ) (59,963 ) Net accounts and securitized accounts receivable $ 2,539,934 $ 2,311,815 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): 2019 2018 2017 Allowance for doubtful accounts beginning of year $ 59,963 $ 46,031 $ 32,506 Provision for bad debts 74,309 64,377 44,857 Write-offs (63,382 ) (50,445 ) (31,332 ) Allowance for doubtful accounts end of year $ 70,890 $ 59,963 $ 46,031 Advertising The Company expenses advertising costs as incurred. Advertising expense was $33.7 million , $26.3 million and $26.1 million for the years ended December 31, 2019 , 2018 and 2017 , 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. Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments in its Cambridge business. Timing in the receipt of cash from the customer results in intermediary balances in the receivable from the customer and the payment to the customer's counterparty. In accordance with ASC Subtopic 210-20, "Offsetting," the Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted the Company's exposure with these customer's counterparties, with the receivables from the customer. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value. The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2019 and 2018 (in millions): December 31, 2019 December 31, 2018 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 1,139.1 $ (1,084.6 ) $ 54.5 $ 815.7 $ (745.2 ) $ 70.5 Liabilities Accounts Payable $ 1,140.4 $ (1,084.6 ) $ 55.8 $ 760.8 $ (745.2 ) $ 15.6 Adoption of New Accounting Standards Accounting for Leases In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842), 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. Effective January 1, 2019, the Company adopted Topic 842 using a modified retrospective approach, as discussed further in Footnote 14. Accounting for Derivative Financial Instruments In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which amends the hedge accounting recognition and presentation requirements in ASC 815. The FASB issued accounting guidance to better align hedge accounting with a company’s risk management activities, simplify the application of hedge accounting and improve the disclosures of hedging arrangements. The guidance is effective for the Company for reporting periods beginning after December 15, 2018, and interim periods within those years. The Company adopted this guidance on January 1, 2019, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. The guidance did simplify the Company's accounting for interest rate swap hedges, allowing more time for the initial hedge effectiveness documentation and a qualitative hedge effectiveness assessment at each quarter end. In October 2018, the FASB issued ASU 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate, Overnight Index Swap Rate as a Benchmark Interest Rate for Hedge Accounting Purposes", which amends the hedge accounting to add overnight index swap rates based on the secured overnight financing rate as a fifth U.S. benchmark interest rate. The Company adopted this guidance on January 1, 2019, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. Comprehensive Income Classification In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", that gives entities the option to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (the "Tax Act"). An entity that elects to reclassify these amounts must reclassify stranded tax effects related to the Tax Act’s change in U.S. federal tax rate for all items accounted for in other comprehensive income. These entities can also elect to reclassify other stranded effects that relate to the Tax Act but do not directly relate to the change in the federal rate. The Company adopted this guidance on January 1, 2019 and elected to not reclassify any items to retained earnings. Non-Employee Share-Based Payments In June 2018, the FASB issued ASU 2018-07, "Compensation—Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting", that supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both non-employees and employees. Under the new guidance, the existing employee guidance will apply to non-employee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of non-employee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for non-employee awards. The Company adopted this guidance on January 1, 2019, which had no impact on the Company's 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. Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which changes how companies measure and recognize credit impairment for many financial assets. The new expected credit loss model will require companies to immediately recognize an estimate of credit losses expected to occur over the remaining life of the financial assets (including trade receivables) that are in the scope of the update. The update also made amendments to the current impairment model for held-to-maturity and available-for-sale debt securities and certain guarantees. The ASU is effective for the Company on January 1, 2020. In April 2019, the FASB issued ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments", which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. For clarifications around credit losses, the effective date will be the same as the effective date in ASU 2016-13. For entities that have adopted ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", ASU 2019-04 is effective the first annual reporting period beginning after the date of issuance of ASU 2019-04 and may be early adopted. The amendments in ASU 2019-04 related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. Upon adoption of the new standard on January 1, 2020, the Company will recognize an allowance for credit losses based on the estimated lifetime expected credit loss related to our financial assets. The Company is analyzing our credit policies and updating our accounting policies and internal controls that will be impacted by the new guidance. We do not anticipate that the adoption of this new standard will have a material impact on the results of operations, financial condition, or cash flows due to the relatively fast turnover of our trade receivables accounts and limited other asset balances to which this standard applies. Cloud Computing Arrangements On August 29, 2018, the FASB issued ASU 2018-15, "Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract", that provides guidance on implementation costs incurred in a cloud computi |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including fuel, lodging, tolls, and general corporate payments, as well as gift card solutions (stored value cards and e-cards). The Company provides products that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Payment Services The Company’s primary performance obligation for the majority of its payment solution products (fuel, lodging, corporate payments, among others) is to stand-ready to provide authorization and processing services ("payment services") for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use (e.g., number of transactions submitted and processed) of the related payment services. Accordingly, the total transaction price is variable. Payment services involve a series of distinct daily services that are substantially the same, with the same pattern of transfer to the customer. As a result, the Company allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. For the tolls payment solution, the Company's primary performance obligation is to stand-ready each month to provide access to the toll network and process toll transactions. Each period of access is determined to be distinct and substantially the same as the customer benefits over the period of access. The Company records revenue for its payment services net of (i) the cost of the underlying products and services; (ii) assessments and other fees charged by the credit and debit payment networks (along with any rebates provided by them); (iii) customer rebates and other discounts; and (iv) taxes assessed (e.g. VAT and VAT-like taxes) by a government, imposed concurrent with, a revenue producing transaction. The majority of the transaction price the Company receives for fulfilling the Payment Services performance obligation are comprised of one or a combination of the following: 1) interchange fees earned from the payment networks; 2) discount fees earned from merchants; 3) fees calculated based on a number of transactions processed; 4) fees calculated based upon a percentage of the transaction value for the underlying goods or services (i.e. fuel, food, toll and transportation cards and vouchers); and 5) monthly access fees. The Company recognizes revenue when the underlying transactions are complete and its performance obligations are satisfied. Transactions are considered complete depending upon the related payment solution but generally when the Company has authorized the transaction, validated that the transaction has no errors and accepted and posted the data to the Company’s records. The Company's performance obligation for its foreign exchange payment services is providing a foreign currency payment to a customer’s designated recipient and therefore, the Company recognizes revenue on foreign exchange payment services when the underlying payment is made. Revenues from foreign exchange payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market. Gift Card Products and Services The Company’s Gift product line delivers both stored value cards and e-cards (cards), and card-based services primarily in the form of gift cards to retailers. These activities each represent performance obligations that are separate and distinct. Revenue for stored valued cards are recognized (gross of the underlying cost of the related card, recorded within processing expense within the Consolidated Statements of Income) at the point in time when control passes to the Company's customer, which is generally upon shipment. Card-based services consist of transaction processing and reporting of gift card transactions where the Company recognizes revenue based on an output measure of elapsed time for an unknown or unspecified quantity of transactions. As a result, the Company allocates and recognizes variable consideration over the estimated period of time over which the performance obligation is satisfied. Other The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". 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 writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies, and recognizes revenue in accordance with authoritative fair value and derivative accounting (ASC 815, "Derivatives"). 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 control has passed to the customer. 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" in the Consolidated Statements of Income. Revenues from contracts with customers, within the scope of Topic 606, represents approximately 75% of total consolidated revenues, net, for the year ended December 31, 2019 . Disaggregation of Revenues The Company provides its services to customers across different payment solutions and geographies. Revenue by product (in millions) as of and for the years ended December 31 (in thousands): Year Ended December 31, 2019 2018 2017 Revenue by Product Category Revenues, net Revenues, net Revenues, net Fuel 1 $ 1,172,954 $ 1,125,532 $ 1,131,684 Corporate payments 516,173 415,856 261,822 Tolls 1 357,209 332,689 320,880 Lodging 212,597 175,505 126,657 Gift 180,236 186,646 194,099 Other 1 209,679 197,264 214,396 Consolidated revenues, net $ 2,648,848 $ 2,433,492 $ 2,249,538 1 Reflects certain reclassifications of revenue in 2018 and 2017 between product categories for comparability, as the Company realigned its Brazil business into product lines, resulting in refinement of revenue classified as fuel versus tolls and the eCash/OnRoad product being fuel versus other, as a complimentary fuel product. The table below presents the Company's revenues, net by geography as of and for the years ended December 31 (in thousands). 2019 2018 2017 Revenues, net by location: United States (country of domicile) $ 1,595,266 $ 1,481,785 $ 1,400,801 Brazil 427,918 400,111 394,550 United Kingdom 275,218 257,651 236,550 Other 350,446 293,945 217,637 Consolidated Revenues, net $ 2,648,848 $ 2,433,492 $ 2,249,538 Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $71.8 million and $30.6 million as of December 31, 2019 and 2018, respectively. The Company expects to recognize substantially all of these amounts in revenues within approximately 12 months. Revenue recognized for the year ended December 31, 2019 , that was included in the deferred revenue contract liability as of January 1, 2019 , was approximately $27.5 million . Costs to Obtain or Fulfill a Contract With the adoption of ASC 606, the Company began capitalizing the incremental costs of obtaining a contract with a customer if the Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales commission). Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria: a. The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. b. The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. c. The costs are expected to be recovered. In order to determine the appropriate amortization period for contract costs, the Company considered a combination of factors, including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the Company to provide products and services to its customers, whether further contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the straight-line method over the expected period of benefit (ranging from five to ten years ). Costs to obtain a contract with an expected period of benefit of one year or less are recognized as an expense when incurred. The amortization of contract acquisition costs associated with sales commissions that qualify for capitalization will be recorded as selling expense in the Company’s Consolidated Statements of Income. The amortization of contract acquisition costs associated with cash payments for client incentives is included as a reduction of revenues in the Company’s Consolidated Statements of Income. Amortization of capitalized contract costs recorded in selling expense was $14.3 million and $12.0 million for the years ended December 31, 2019 and 2018 , respectively. Costs to obtain or fulfill a contract are classified as contract cost assets within "prepaid expenses and other current assets" and "other assets" in the Company’s Consolidated Balance Sheets. The Company had capitalized costs to obtain a contract of $14.8 million and $12.7 million within prepaid expenses and $39.7 million and $34.5 million within "other assets" in the Company’s Consolidated Balance Sheets, for the years ended December 31, 2019 and 2018 , respectively. The Company has recorded $76.4 million , $83.9 million and $96.9 million of expenses related to sales of equipment within the processing expenses line of the Consolidated Statements of Income for the years ended December 31, 2019 , 2018 and 2017 , respectively. Practical Expedients ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as allowed by ASC 606, the Company elected to exclude this disclosure for any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company's most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. The Company elected to exclude all sales taxes and other similar taxes from the transaction price. Accordingly, the Company presents all collections from customers for these taxes on a net basis, rather than having to assess whether the Company is acting as an agent or a principal in each taxing jurisdiction. In certain arrangements with customers, the Company has determined that certain promised services and products are immaterial in the context of the contract, both quantitatively and qualitatively. As a practical expedient, the Company is not required to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised service or product to a customer and when the customer pays for the service or product will be one year or less. As of December 31, 2019 , the Company’s contracts with customers did not contain a significant financing component. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is a market-based measurement that reflects 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 following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis as of December 31, 2019 and 2018 , (in thousands): Fair Value Level 1 Level 2 Level 3 December 31, 2019 Assets: Repurchase agreements $ 833,658 $ — $ 833,658 $ — Money market 54,978 — 54,978 — Certificates of deposit 27,022 — 27,022 — Trading Securities 22,955 22,955 — — Foreign exchange contracts 72,076 — 72,076 — Total assets $ 1,010,689 $ 22,955 $ 987,734 $ — Cash collateral for foreign exchange contracts $ 6,086 $ — $ — $ — Liabilities: Interest Rate Swaps $ 56,418 $ — $ 56,418 $ — Foreign exchange contracts 60,909 — 60,909 $ — Total liabilities $ 117,327 $ — $ 117,327 $ — Cash collateral obligation for foreign exchange contracts $ 25,618 $ — $ — $ — December 31, 2018 Assets: Repurchase agreements $ 581,293 $ — $ 581,293 $ — Money market 50,644 — 50,644 — Certificates of deposit 22,412 — 22,412 — Foreign exchange contracts 68,814 21 68,793 — Total assets $ 723,163 $ 21 $ 723,142 $ — Cash collateral for foreign exchange contracts $ 9,644 $ — $ — $ — Liabilities: Foreign exchange contracts $ 72,125 $ — $ 72,125 Total liabilities $ 72,125 $ — $ 72,125 Cash collateral obligation for foreign exchange contracts $ 73,140 $ — $ — $ — The Company utilizes Level 1 fair value for financial assets designated as trading securities for which there are quoted market prices. Net unrealized gains on equity securities held during the period ended December 31, 2019 totaled $13.0 million . No securities were sold during the period. 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. Foreign exchange derivative contracts are carried at fair value, with changes in fair value recognized in the Consolidated Statements of Income. The fair value of the Company's derivatives is derived with reference to a valuation from a derivatives dealer operating in an active market, which approximates the fair value of these instruments. The fair value represents the net settlement if the contracts were terminated as of the reporting date. Cash collateral received for foreign exchange derivatives is recorded within customer deposits in our Consolidated Balance Sheet at December 31, 2019 . Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheet at December 31, 2019 . 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 the quarter. There were no transfers between fair value levels during the periods presented for 2019 and 2018 . The Company’s assets that are measured at fair value on a nonrecurring basis and are evaluated with periodic testing for impairment include property, plant and equipment, investments, goodwill and other intangible assets. Estimates of the fair value of assets acquired and liabilities assumed in business combinations are generally developed using key inputs such as management’s projections of cash flows on a held-and-used basis (if applicable), discounted as appropriate, 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. For derivatives accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. The Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in cash flows of the related underlying exposures. Any ineffective portion of a financial instrument's change in fair value is immediately recognized into earnings. The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company's derivatives are over-the-counter instruments with liquid markets. The Company regularly evaluates the carrying value of its investments and during the first quarter of 2019, determined that the fair value of its telematics investment was below cost and recorded an impairment of the investment of $15.7 million based on observable price changes. Since initial date of the telematics investments, the Company has recorded cumulative impairment losses of $136.3 million. The Company sold its remaining investment in the second quarter of 2019. Refer to footnote 16. The carrying amount of investments without readily determinable fair values is $7.4 million at December 31, 2019. In 2018, the fair value of the Company's investment in Qui was impaired as a result of a decline in operating results and difficulty in obtaining financing. The Company concluded that this decline in fair value was below cost and recorded a $7.1 million impairment loss in investment loss related to the Qui investment. 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, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity The Company's Board of Directors has approved a stock repurchase program (as updated from time to time, the "Program") authorizing the Company to repurchase its common stock from time to time until February 1, 2023. On October 22, 2019, our Board increased the aggregate size of the Program by $1 billion , to $3.1 billion . Since the beginning of the Program, 11,119,657 shares have been repurchased for an aggregate purchase price of $2.2 billion , leaving the Company up to $857 million available under the Program for future repurchases in shares of its common stock, taking into account the full $500 million committed with the 2019 ASR Agreement (defined below), which completed on February 20, 2020. There were 2,094,115 common shares totaling $603.8 million in 2019 ; 4,911,438 common shares totaling $958.7 million in 2018 , and 2,854,959 common shares totaling $402.4 million in 2017 ; repurchased under the Program. 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 we may possess. Any repurchases have been and are expected to be funded by a combination of available cash flow from the business, working capital and debt. On December 14, 2018, as part of the Program, the Company entered an accelerated share repurchase ("ASR') agreement ("2018 ASR Agreement") with a third-party financial institution to repurchase $220 million of its common stock. Pursuant to the 2018 ASR Agreement, the Company delivered $220 million in cash and received 1,057,035 shares based on a stock price of $176.91 on December 14, 2018. The 2018 ASR Agreement was completed on January 29, 2019, at which time the Company received 117,751 additional shares based on a final weighted average per share purchase price during the repurchase period of $187.27 . On December 18, 2019, the Company entered into another ASR Agreement ("2019 ASR Agreement") with a third-party financial institution to repurchase $500 million of its common stock. Pursuant to the 2019 ASR Agreement, the Company delivered $500 million in cash and received 1,431,989 shares based on a stock price of $285.70 on December 18, 2019. The 2019 ASR Agreement was completed February 20, 2020, at which time we received 175,340 additional shares based on a final weighted average per share purchase price during the repurchase period of $306.81 . The Company accounted for the 2018 ASR Agreement and the 2019 ASR Agreement as two |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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 30,463,150 shares for the years ended December 31, 2019 and 2018 , respectively, and 26,963,150 shares for the year ended December 31, 2017 . On February 7, 2018, the stockholders of the Company approved the FLEETCOR Technologies, Inc. Amended and Restated 2010 Equity Incentive Plan (the "Amended Plan"). The Amended Plan was authorized and approved by the Company's Board of Directors on December 20, 2017, and Company's stockholders at a special meeting held on February 7, 2018. The Amended Plan amends the Registrant’s existing 2010 Equity Incentive Plan (as amended, the "Prior Plan") to, among other things, increase the number of shares of common stock available for issuance from 13.25 million to 16.75 million and make certain other amendments to the Prior Plan. Giving effect to this increase, there were 3.1 million additional shares remaining available for grant under the Plans at December 31, 2019 . The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements of Income related to share-based payments recognized for the years ended December 31 (in thousands): 2019 2018 2017 Stock options $ 32,736 $ 43,443 $ 56,400 Restricted stock 28,217 26,496 36,897 Stock-based compensation $ 60,953 $ 69,939 $ 93,297 The tax benefits recorded on stock based compensation expense and upon the exercises of options were $61.6 million , $37.3 million and $48.6 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of December 31, 2019 (cost in thousands): Unrecognized Compensation Cost Weighted Average Period of Expense Recognition (in Years) Stock options $ 37,349 1.15 Restricted stock 36,936 1.44 Total $ 74,285 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, 2016 6,146 $ 91.20 3,429 $ 55.00 $ 309,238 Granted 2,885 145.35 $ 32.57 Exercised (633 ) 71.43 76,546 Forfeited (367 ) 144.51 Outstanding at December 31, 2017 8,031 109.78 4,029 75.80 663,815 Granted 412 204.59 $ 50.07 Exercised (708 ) 73.26 79,588 Forfeited (119 ) 155.41 Outstanding at December 31, 2018 7,616 117.58 5,174 98.39 518,954 Granted 431 244.35 $ 57.99 Exercised (1,482 ) 115.53 255,242 Forfeited (302 ) 167.35 Outstanding at December 31, 2019 6,263 $ 124.38 5,137 $ 109.03 $ 1,022,860 Expected to vest at December 31, 2019 1,126 $ 194.44 The following table summarizes information about stock options outstanding at December 31, 2019 (shares in thousands): Exercise Price Options Outstanding Weighted Average Remaining Vesting Life in Years Options Exercisable $10.00 – $114.90 2,242 0.00 2,242 121.76 – 150.74 2,834 0.21 2,516 151.16 – 165.96 352 0.61 227 172.68 – 199.75 342 1.29 124 202.02 – 209.05 69 2.28 7 216.18 – 231.70 144 2.82 21 252.50 – 288.37 280 2.88 — 6,263 5,137 The aggregate intrinsic value of stock options exercisable at December 31, 2019 was $917.9 million . The weighted average remaining contractual term of options exercisable at December 31, 2019 was 4.9 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: 2019 2018 2017 Risk-free interest rate 2.40 % 2.57 % 1.65 % Dividend yield — — — Expected volatility 26.40 % 26.92 % 28.00 % Expected life (in years) 3.7 3.8 3.4 The weighted-average remaining contractual life for options outstanding was 5.4 years at December 31, 2019 . Restricted Stock The fair value of restricted stock units granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during 2019. There were no restricted stock shares granted with market based vesting conditions in 2018 and 2017 . 2019 Risk-free interest rate 1.48 % Dividend yield — Expected volatility 25.40 % Expected life (in years) 2.36 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, 2016 379 $ 140.39 Granted 238 141.99 Cancelled (48 ) 152.95 Issued (204 ) 136.85 Outstanding at December 31, 2017 365 155.58 Granted 107 200.71 Cancelled (47 ) 339.34 Issued (251 ) 154.85 Outstanding at December 31, 2018 174 190.73 Granted 232 212.79 Cancelled (49 ) 225.96 Issued (114 ) 206.05 Outstanding at December 31, 2019 243 $ 246.34 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2019 Acquisitions During 2019, the Company completed acquisitions with an aggregate purchase price of $416 million . NvoicePay On April 1, 2019, the Company completed the acquisition of NvoicePay, a provider of full accounts payable automation for business. The aggregate purchase price of this acquisition was approximately $208 million , net of cash acquired of $4.1 million . The purpose of this acquisition is to further expand the Company's corporate payments product. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from NvoicePay are reported in the North America segment. The Company signed noncompete agreements with certain parties with an estimated fair value of $10.7 million that were accounted for separately from the business acquisition. Acquisition accounting for NvoicePay is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, noncompete agreements, and evaluation of acquired contingencies. The following table summarizes the preliminary acquisition accounting for NvoicePay (in thousands): Trade and other receivables $ 1,513 Prepaid expenses and other current assets 396 Property, plant and equipment 1,030 Other long term assets 5,612 Goodwill 168,990 Intangibles 44,750 Liabilities (4,415 ) Other noncurrent liabilities (6,130 ) Deferred tax liabilities (4,178 ) Aggregate purchase price $ 207,568 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 Trade Name and Trademarks Indefinite $ 8,700 Proprietary Technology 6 15,600 Referral Partners 10 810 Supplier Network 10 2,640 Customer Relationships 20 17,000 $ 44,750 Other During 2019, the Company acquired SOLE Financial, a payroll card provider in the U.S.; r2c, a fleet maintenance, compliance and workshop management software provider in the U.K.; and Travelliance, an airline lodging provider in the U.S. The aggregate purchase price of these acquisitions was approximately $209 million , net of cash. Th e Company signed noncompete agreements with certain parties with an estimated fair value of $8.1 million that were accounted for separately from the business acquisitions. The following table summarizes the preliminary acquisition accounting for these acquisitions (in thousands): Trade and other receivables $ 91,912 Prepaid expenses and other current assets 2,059 Property, plant and equipment 2,879 Other long term assets 4,593 Goodwill 119,408 Intangibles 82,925 Liabilities (78,579 ) Other noncurrent liabilities (4,657 ) Deferred tax liabilities (11,647 ) Aggregate purchase price $ 208,893 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 Trade Names and Trademarks 2 - Indefinite $ 10,140 Technology 5 - 10 14,032 Lodging Network 10 300 Referral Partners 20 2,000 Customer Relationships Varies 56,453 $ 82,925 The accounting for these acquisitions is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and evaluation of acquired contingencies. 2018 Acquisitions During 2018, the Company completed an acquisition with an aggregate purchase price of $21.2 million , net of cash acquired of $11.0 million and made deferred payments of $3.8 million related to acquisitions occurring in prior years. During 2018, the Company made investments in other businesses of $17.0 million and payments on a seller note of $1.6 million . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
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 segment is as follows (in thousands): December 31, 2018 Acquisitions Acquisition Accounting Adjustments Foreign Currency December 31, 2019 Segment North America $ 3,087,875 $ 268,866 $ 2,914 $ 9,518 $ 3,369,173 International 1,454,199 19,531 — (9,856 ) 1,463,874 $ 4,542,074 $ 288,397 $ 2,914 $ (338 ) $ 4,833,047 December 31, 2017 Acquisitions Acquisition Accounting Adjustments Foreign Currency December 31, 2018 Segment North America $ 3,084,123 $ 16,184 $ 4,036 $ (16,468 ) $ 3,087,875 International 1,631,700 — 20 (177,521 ) 1,454,199 $ 4,715,823 $ 16,184 $ 4,056 $ (193,989 ) $ 4,542,074 At December 31, 2019 and 2018 , approximately $861.4 million and $882.3 million of the Company’s goodwill is deductible for tax purposes, respectively. Acquisition accounting adjustments recorded in 2019 and 2018 are a result of the Company completing its acquisition accounting and working capital adjustments for certain prior year acquisitions. Other intangible assets consisted of the following at December 31 (in thousands): 2019 2018 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 $ 2,698,327 $ (943,537 ) $ 1,754,790 $ 2,625,270 $ (776,383 ) $ 1,848,887 Trade names and trademarks—indefinite lived N/A 496,306 — 496,306 479,555 — 479,555 Trade names and trademarks—other 13.4 5,384 (2,877 ) 2,507 2,957 (2,501 ) 456 Software 6.0 242,783 (180,839 ) 61,944 212,733 (152,416 ) 60,317 Non-compete agreements 4.1 65,560 (39,225 ) 26,335 47,009 (28,314 ) 18,695 Total other intangibles $ 3,508,360 $ (1,166,478 ) $ 2,341,882 $ 3,367,524 $ (959,614 ) $ 2,407,910 Changes in foreign exchange rates resulted in $2.0 million and $117 million decreases to the carrying values of other intangible assets in the years ended December 31, 2019 and 2018 , respectively. Amortization expense related to intangible assets for the years ended December 31, 2019 , 2018 and 2017 was $206.9 million , $216.3 million and $211.8 million , respectively. The future estimated amortization of intangibles at December 31, 2019 is as follows (in thousands): 2020 $ 192,314 2021 183,440 2022 170,757 2023 163,926 2024 157,125 Thereafter 978,014 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 Computer hardware and software 3 to 5 $ 341,282 $ 291,404 Card-reading equipment 4 to 6 24,077 20,117 Furniture, fixtures, and vehicles 2 to 10 19,319 18,308 Buildings and improvements 5 to 50 29,127 21,854 Property, plant and equipment, gross 413,805 351,683 Less: accumulated depreciation (213,980 ) (165,482 ) Property, plant and equipment, net $ 199,825 $ 186,201 Depreciation expense related to property and equipment for the years ended December 31, 2019 , 2018 , and 2017 was $62.8 million , $52.9 million and $46.6 million , respectively. Amortization expense includes $37.2 million , $24.2 million and $21.8 million for capitalized computer software costs for the years ended December 31, 2019 , 2018 and 2017 , respectively. At December 31, 2019 and 2018 , the Company had unamortized computer software costs of $118.8 million and $86.5 million , respectively. The Company recorded write-offs of property, plant and equipment of $1.8 million and $8.7 million , within other operating expense, net within its Consolidated Statements of Income for the years ended 2019 and 2018 . The Company did not record any write-offs of property, plant and equipment in 2017 . |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following at December 31 (in thousands): 2019 2018 Accrued bonuses $ 23,595 $ 20,553 Accrued payroll and severance 23,718 15,932 Accrued taxes 70,350 85,346 Accrued commissions/rebates 77,430 60,593 Other 80,418 79,170 $ 275,511 $ 261,594 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
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): 2019 2018 Term Loan A note payable (a), net of discounts $ 3,080,789 $ 2,515,519 Term Loan B note payable (a), net of discounts 340,481 344,180 Revolving line of credit A Facility(a) 325,000 655,000 Revolving line of credit B Facility(a) 225,477 345,446 Revolving line of credit C Facility(a) — 35,000 Revolving line of credit B Facility —foreign swing line(a) 52,038 — Other debt(c) 42,027 37,902 Total notes payable and other obligations 4,065,812 3,933,047 Securitization Facility(b) 970,973 886,000 Total notes payable, credit agreements and Securitization Facility $ 5,036,785 $ 4,819,047 Current portion $ 1,746,838 $ 2,070,616 Long-term portion 3,289,947 2,748,431 Total notes payable, credit agreements and Securitization Facility $ 5,036,785 $ 4,819,047 _____________________ (a) The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion , a term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $350 million as of December 31, 2019 . The revolving credit facility consists of (a) a revolving A credit facility in the amount of $800 million with sublimits for letters of credit and swing line loans, (b) a revolving B facility in the amount of $450 million with borrowings in U.S. Dollars, Euros, British Pounds, Japanese Yen or other currently as agreed in advance and a sublimit for foreign swing line loans and, (c) a revolving C facility in the amount of $35 million with borrowings in U.S. Dollars, Australian Dollars or New Zealand Dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolver A or revolver B debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. On August 2, 2019, the Company entered into the sixth amendment to the Credit Agreement, which included an incremental term loan A in the amount of $700 million and changes to the consolidated leverage ratio definition and negative covenant related to indebtedness. The maturity date for the term loan A and revolving credit facilities is December 19, 2023 . On November 14, 2019, the Company entered into the seventh amendment to the Credit Agreement, to lower the margin for term loan B from 2.00% to 1.75% . The maturity date for the term B loan is August 2, 2024 . Interest on amounts outstanding under the Credit Agreement (other than the term loan B) 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 on the term B loan facility accrues based on the Eurocurrency Rate plus 1.75% for Eurocurrency Loans and at the Base Rate plus 0.75% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the credit facility. At December 31, 2019 , the interest rate on the term A loan was 3.05% and the interest rate on borrowings under revolving A facility was 3.03% , the interest rate on the revolving B facility GBP Borrowings was 1.96% , the interest rate on the term loan B was 3.55% and the interest rate on the foreign swing line was 1.93% . The unused credit facility fee was 0.25% for all revolving facilities at December 31, 2019 . The term loans are payable in quarterly installments 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 six 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 twenty business days after such loan is made. The Company has unamortized debt issuance costs of $6.7 million related to the revolving credit facility at December 31, 2019 . The Company has unamortized debt discounts of $7.4 million related to the term A facility and $0.5 million related to the term B facility and deferred financing costs of $1.8 million related to the term A facility and $1.2 million related to the term B facility at December 31, 2019 . The effective interest rate incurred on term loans was 4.00% during 2019 related to the discount on debt. Principal payments of $138.5 million were made on the term loans during 2019 . (b) The Company is party to a $1.2 billion receivables purchase agreement (Securitization Facility) that was amended on February 8, 2019 and April 22, 2019. There is a program fee equal to one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80% as of December 31, 2019 and 2018 . The program fee was 1.80% plus 0.88% as of December 31, 2019 and 2.52% plus 0.89% as of December 31, 2018 . The unused facility fee is payable at a rate of 0.40% as of December 31, 2019 and 2018 . The Company has unamortized debt issuance costs of $0.7 million related to the Securitization Facility as of December 31, 2019 recorded within other assets in the consolidated balance sheet. 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 deferred payments associated with business acquisitions, deferred revenue, and deferred rent for the prior period presented. The Company was in compliance with all financial and non-financial covenants at December 31, 2019 . The contractual maturities of the Company’s notes payable and other obligations at December 31, 2019 are as follows (in thousands): 2020 $ 775,865 2021 192,577 2022 162,156 2023 2,607,293 2024 327,921 Thereafter — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (AOCI) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss (AOCI) | Accumulated Other Comprehensive Loss (AOCI) The changes in the components of AOCI for the years ended December 31, 2019 , 2018 and 2017 are as follows (in thousands): Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2016 $ (666,403 ) $ — $ (666,403 ) Other comprehensive income before reclassifications 83,165 — 83,165 Amounts reclassified from AOCI 31,381 31,381 Tax effect — — — Other comprehensive income 114,546 — 114,546 Balance at December 31, 2017 (551,857 ) — (551,857 ) Other comprehensive loss before reclassifications (362,001 ) — (362,001 ) Amounts reclassified from AOCI — — — Tax effect — — — Other comprehensive loss (362,001 ) — (362,001 ) Balance at December 31, 2018 (913,858 ) — (913,858 ) Other comprehensive loss before reclassifications (15,855 ) (68,928 ) (84,783 ) Amounts reclassified from AOCI — 5,828 5,828 Tax effect — 20,348 20,348 Other comprehensive loss (15,855 ) (42,752 ) (58,607 ) Balance at December 31, 2019 $ (929,713 ) $ (42,752 ) $ (972,465 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before the provision for income taxes is attributable to the following jurisdictions for years ended December 31 (in thousands): 2019 2018 2017 United States $ 505,818 $ 622,214 $ 524,669 Foreign 572,001 472,911 368,921 Total $ 1,077,819 $ 1,095,125 $ 893,590 The provision for income taxes for the years ended December 31 consists of the following (in thousands): 2019 2018 2017 Current: Federal $ 50,145 $ 165,303 $ 303,514 State 10,285 26,036 19,234 Foreign 84,433 95,053 78,354 Total current 144,863 286,392 401,102 Deferred: Federal (10,479 ) (19,688 ) (255,188 ) State 3,745 8,727 276 Foreign 44,617 8,211 7,200 Total deferred 37,883 (2,750 ) (247,712 ) Total provision $ 182,746 $ 283,642 $ 153,390 The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2019 and 2018 and 35% 2017 , respectively, to income before income taxes for the years ended December 31, 2019 , 2018 and 2017 due to the following (in thousands): 2019 2018 2017 Computed “expected” tax expense $ 226,342 21.0 % $ 229,976 21.0 % $ 312,756 35.0 % Changes resulting from: Change in valuation allowance (28,614 ) (2.7 ) 25,193 2.8 18,289 2.0 Foreign income tax differential (15,816 ) (1.4 ) 9,921 0.9 (38,695 ) (4.3 ) State taxes net of federal benefits 12,482 1.2 20,480 1.9 12,884 1.4 Foreign-sourced nontaxable income — (28,861 ) (2.6 ) (8,836 ) (1.0 ) Foreign withholding tax 20,360 1.9 20,569 1.9 9,362 1.0 IRC Section 199 deduction — — — — (8,844 ) (1.0 ) Excess tax benefits related to stock-based compensation (38,156 ) (3.5 ) (19,255 ) (1.8 ) (18,058 ) (2.0 ) Revaluation of capital loss deferred tax asset (24,279 ) (2.3 ) — — — — Impact of the Tax Act: One-time transition tax — — — — 195,779 21.9 Foreign tax credit- one-time transition tax — — 17,385 1.6 (113,955 ) (12.8 ) Deferred tax effects — — 7,128 0.1 (209,965 ) (23.5 ) Sub-part F Income/GILTI 49,859 4.6 40,200 3.7 3,741 0.4 Foreign tax credits (38,657 ) (3.6 ) (52,095 ) (4.8 ) — — Other 19,225 1.8 13,001 1.2 (1,068 ) 0.1 Provision for income taxes $ 182,746 17.0 % $ 283,642 25.9 % $ 153,390 17.2 % 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): 2019 2018 Deferred tax assets: Accounts receivable, principally due to the allowance for doubtful accounts $ 9,586 $ 8,518 Accrued expenses not currently deductible for tax 2,305 6,734 Lease deferral 24,713 — Interest rate swap 13,781 — Stock based compensation 39,779 40,081 Income tax credits 35,845 26,770 Net operating loss carry forwards 67,108 53,221 Investments — 39,062 Accrued escheat 3,098 3,608 Other 3,522 4,240 Deferred tax assets before valuation allowance 199,737 182,234 Valuation allowance (64,482 ) (90,366 ) Deferred tax assets, net 135,255 91,868 Deferred tax liabilities: Intangibles—including goodwill (499,525 ) (483,361 ) Basis difference in investment in subsidiaries (42,314 ) (38,200 ) Lease deferral (21,810 ) — Mark to Market (3,213 ) — Accrued Expense Liability (4,023 ) — Prepaid expenses (2,075 ) Property and equipment, prepaid expenses and other (79,620 ) (59,101 ) Deferred tax liabilities (652,580 ) (580,662 ) Net deferred tax liabilities $ (517,325 ) $ (488,794 ) The Company’s deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands): 2019 2018 Long term deferred tax assets and liabilities: Long term deferred tax assets $ 2,655 $ 3,152 Long term deferred tax liabilities (519,980 ) (491,946 ) Net deferred tax liabilities $ (517,325 ) $ (488,794 ) The valuation allowance for deferred tax assets changed during 2019 as follows (in thousands): Balance at December 31, 2016 $ 76,395 Additions based on changes in deferred tax assets in 2017 5,332 Reduction in valuation allowance due to rate change from Tax Act (22,378 ) Balance at December 31, 2017 (after impact of tax reform) 59,349 Additions based on changes in deferred tax assets 25,193 Increase in valuation allowance due to rate change from Tax Act 5,824 Balance at December 31, 2018 90,366 Reductions based on changes in deferred tax assets (28,601 ) Additions based on changes in deferred tax assets 2,717 Balance at December 31, 2019 $ 64,482 The valuation allowances relate to basis differences in cost method investments, capital loss carryforwards, income tax credits, foreign net operating loss carryforwards and state net operating loss carryforwards. The net change in the total valuation allowance for the year ended December 31, 2019 , was a decrease of $28.6 million . The valuation decrease from the prior year was primarily due to the sale of our investment in Masternaut, which will allow the Company to carryback the capital loss on its investment in Masternaut and offset it against a previously recorded capital gain from the sale of Nextraq in the third quarter of 2017. As the loss was not realizable in prior years based upon the available sources of taxable income in prior periods, a valuation allowance was recorded against the deferred tax asset. The valuation allowance was reversed during the three months ended June 30, 2019 resulting in a recognized tax benefit. As of December 31, 2019 , the Company had a net operating loss carryforward for state income tax purposes of approximately $671.1 million that is available to offset future state taxable income through 2038 . Additionally, the Company had $68.1 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 has provided a valuation allowance against $474.1 million of the net operating losses as it does not anticipate utilizing the losses in the foreseeable future. During 2019 and 2018 , the Company had recorded accrued interest and penalties related to the unrecognized tax benefits of $3.4 million and $1.5 million , respectively. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits including interest and penalties for the years ended December 31, 2019 , 2018 and 2017 is as follows (in thousands): Unrecognized tax benefits at December 31, 2016 $ 26,155 Additions based on tax provisions related to the current year 4,143 Additions for tax positions due to acquisitions 9,208 Deductions based on settlement/expiration of prior year tax positions (9,119 ) Additions based on tax provisions related to the prior year 1,171 Unrecognized tax benefits at December 31, 2017 31,558 Additions based on tax provisions related to the current year 3,755 Additions based on tax provisions related to the prior year 3,000 Deductions based on settlement/expiration of prior year tax positions (4,161 ) Unrecognized tax benefits at December 31, 2018 34,152 Additions based on tax provisions related to the current year 4,284 Additions based on tax provisions related to the prior year 11,679 Deductions based on settlement/expiration of prior year tax positions (7,342 ) Unrecognized tax benefits at December 31, 2019 $ 42,773 As of December 31, 2019 , the Company had total unrecognized tax benefits of $42.8 million all of which, 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 has immaterial outside basis differences in investments in foreign subsidiaries and has not recorded incremental income taxes for any additional outside basis differences, as these amounts continue to be indefinitely reinvested in foreign operations. 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 2014. The statute of limitations for the Company’s U.K. income tax returns has expired for years prior to 2017 . The statute of limitations has expired for years prior to 2016 for the Company’s Czech Republic income tax returns, 2016 for the Company’s Russian income tax returns, 2014 for the Company’s Mexican income tax returns, 2014 for the Company’s Brazilian income tax returns, 2014 for the Company’s Luxembourg income tax returns, 2015 for the Company’s New Zealand income tax returns, and 2017 for the Company’s Australian income tax returns. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Effective January 1, 2019, the Company adopted Topic 842 using a modified retrospective method. Under this transition method, the Company has not restated comparative periods, and prior comparative periods will continue to be reported in conformity with ASC 840. On January 1, 2019, based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use (“ROU”) assets of $55.9 million and lease liabilities for operating leases of $65.5 million . At December 31, 2019 , other assets include an ROU asset of $84.3 million , other current liabilities include short-term operating lease liabilities of $16.9 million , and other non-current liabilities include long term lease liabilities of $81.7 million . Finance leases are immaterial. The Company primarily leases office space, data centers, vehicles, and equipment. Some of our leases contain variable lease payments, typically payments based on an index. The Company’s leases have remaining lease terms of one year to thirty years , some of which include options to extend from one to five years or more. The exercise of lease renewal options is typically at the Company's sole discretion; therefore, the majority of renewals to extend the lease terms are not reasonably certain to exercise and are not included in ROU assets and lease liabilities. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement, for the purposes of transition, the rate in effect at January 1, 2019. Additional payments based on the change in an index or rate are recorded as a period expense when incurred. Lease modifications result in remeasurement of the lease liability as of the modification date. For contracts entered into on or after the effective date or at the inception of a contract, the Company assessed whether the contract is, or contains, a lease. The assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset. The Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs for all leases. Therefore, leases entered into prior to January 1, 2019, are accounted for under the prior accounting standard and were not reassessed. The Company has also elected not to recognize ROU assets and lease liabilities for short-term leases that have a term of twelve months or less. The effect of short-term leases would not be material to the ROU assets and lease liabilities. Under ASC 842, a Company discounts future lease obligations by the rate implicit in the contract, unless the rate cannot be readily determined. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. In determining the borrowing rate, the Company considered the applicable lease terms, the Company's cost of borrowing, and for leases denominated in a foreign currency, the collateralized borrowing rate that the Company would obtain to borrow in the same currency in which the lease is denominated. Total lease costs for the year ended December 31, 2019 were $20.5 million . The supplementary cash and non-cash disclosures for the year ended December 31, 2019 are as follows (in thousands): December 31, 2019 Cash paid for operating lease liabilities $ 19,763 Right-of-use assets obtained in exchange for new operating lease obligations 1 $ 102,586 Weighted-average remaining lease term (years) 7.54 Weighted-average discount rate 4.64 % 1 Includes $55.9 million for operating leases existing on January 1, 2019 Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands): 2020 $ 19,785 2021 17,813 2022 14,438 2023 13,403 2024 12,824 Thereafter 38,992 Total lease payments 117,255 Less imputed interest 18,700 Present value of lease liabilities $ 98,555 Disclosures related to periods prior to the adoption of the new lease standard 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): 2019 $ 19,678 2020 16,658 2021 14,826 2022 11,733 2023 11,017 Thereafter 24,374 Rent expense for noncancelable operating leases approximated $22.4 million and $18.4 million for the years ended December 31, 2018 and 2017 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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, arbitration proceedings, claims, subpoenas, and matters relating to compliance with laws and regulations (collectively, legal proceedings). Based on our current knowledge, management presently does not believe that the liabilities arising from these legal proceedings will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal proceedings could have a material adverse effect on our results of operations and financial condition for any particular period. The probability of loss for such contingencies is assessed and accrued as a liability and/or disclosed, as appropriate. Shareholder Class Action and Derivative Lawsuits On June 14, 2017, a shareholder filed a class action complaint in the United States District Court for the Northern District of Georgia against the Company and certain of its officers and directors on behalf of all persons who purchased or otherwise acquired the Company’s stock between February 5, 2016 and May 2, 2017. On October 13, 2017, the shareholder filed an amended complaint asserting claims on behalf of a class of all persons who purchased or otherwise acquired the Company's common stock between February 4, 2016 and May 3, 2017. The complaint alleges that the defendants made false or misleading statements regarding fee charges and the reasons for its earnings and growth in certain press releases and other public statements in violation of the federal securities laws. On July 17, 2019, the court granted plaintiff's motion for class certification. The complaint seeks unspecified monetary damages, costs, and attorneys’ fees. On October 3, 2019, the parties executed a term sheet to settle the case for a payment of $50 million for the benefit of the class. The full settlement amount is covered by the Company’s insurance policies. On December 12, 2019, the court granted the lead plaintiff’s motion for preliminary approval of the settlement. The Company disputes the allegations in the complaint and the settlement is without any admission of the allegations in the complaint. On July 10, 2017, a shareholder derivative complaint was filed against the Company and certain of the Company’s directors and officers in the United States District Court for the Northern District of Georgia (“Federal Derivative Action”) seeking recovery on behalf of the Company. The Federal Derivative Action alleges that the defendants issued a false and misleading proxy statement in violation of the federal securities laws; that defendants breached their fiduciary duties by causing or permitting the Company to make allegedly false and misleading public statements concerning the Company’s fee charges, and financial and business prospects; and that certain defendants breached their fiduciary duties through allegedly improper sales of stock. The complaint seeks unspecified monetary damages on behalf of the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, restitution, costs, and attorneys’ and experts’ fees. On September 20, 2018, the court entered an order deferring the Federal Derivative Action pending a ruling on motions for summary judgment in the shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed to by the parties. After preliminary approval of the proposed settlement of the shareholder class action was granted, the stay on the Federal Derivative Action was lifted. Plaintiffs amended their complaint on February 22, 2020 and FleetCor has an April 10, 2020 date by which to move to dismiss or otherwise respond to the amended complaint in the Federal Derivative Action. On January 9, 2019, a similar shareholder derivative complaint was filed in the Superior Court of Gwinnett County, Georgia (“State Derivative Action”), which was stayed pending a ruling on motions for summary judgment in the shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed by the parties. On the parties’ joint motion, the court has continued the stay of the State Derivative Action “pending further developments in the first-filed Federal Derivative Action.” The defendants dispute the allegations in the derivative complaints and intend to vigorously defend against the claims. FTC Investigation In October 2017, the Federal Trade Commission (“FTC”) issued a Notice of Civil Investigative Demand to the Company for the production of documentation and a request for responses to written interrogatories. After discussions with the Company, the FTC proposed in October 2019 to resolve potential claims relating the Company’s advertising and marketing practices, principally in its U.S. direct fuel card business within its North American Fuel Card business. The parties reached impasse primarily related to what the Company believes are unreasonable demands for redress made by the FTC. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions Telematics Businesses As part of the Company's plans to exit the telematics business, the Company sold its investment in Masternaut to Michelin Group during the second quarter of 2019. The Company impaired its investments in Masternaut by an additional $15.6 million during 2019, resulting in no gain or loss when the investment was sold. The Company has recorded cumulative impairment losses associated with its former investment in Masternaut of $136.3 million . On September 30, 2017, we entered into an amended Masternaut investment agreement that resulted in the loss of significant influence, and we began accounting for the Masternaut investment by applying the cost method. As a result of our loss of significant influence and the operating results of Masternaut, we determined that the carrying value of our investment exceeded its fair value, and concluded that this decline in value was other than temporary. We recorded a $44.6 million impairment loss in the Masternaut investment that included an adjustment for $31.4 million of currency translation losses previously recognized in accumulated other comprehensive income, in the accompanying Consolidated Statements of Income in 2017. On July 27, 2017, the Company sold NexTraq, a U.S. fleet telematics business, to Michelin Group for $316.5 million . The Company recorded a pre-tax gain on the disposal of NexTraq of $175.0 million during the third quarter of 2017, which is net of transaction closing costs. The Company recorded tax on the gain of disposal of $65.8 million . The gain on the disposal is included in other (income) expense, net in the accompanying Consolidated Statements of Income. NexTraq had historically been included in the Company's North America segment. Chevron Portfolio The Company completed the sale of the Chevron customer portfolio to WEX inc. resulting in a pre-tax gain of $152.8 million |
Derivative Financial Instrument
Derivative Financial Instruments Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers within its Cambridge business. The Company writes derivatives, primarily foreign currency forward contracts, option contracts, and swaps, mostly with small and medium size enterprises that are customers and derives a currency spread from this activity. Derivative transactions associated with the Company's Cambridge business include: • Forward contracts , which are commitments to buy or sell at a future date a currency at a contract price and will be settled in cash. • Option contracts, which gives the purchaser, the right, but not the obligation to buy or sell within a specified time a currency at a contracted price that may be settled in cash. • Swap contracts, which are commitments to settlement in cash at a future date or dates, usually on an overnight basis. The credit risk inherent in derivative agreements represents the possibility that a loss may occur from the nonperformance of a counterparty to the agreements. The Company performs a review of the credit risk of these counterparties at the inception of the contract and on an ongoing basis. The Company also monitors the concentration of its contracts with any individual counterparty against limits at the individual counterparty level. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements, but takes action when doubt arises about the counterparties' ability to perform. These actions may include requiring customers to post or increase collateral, and for all counterparties, the possible termination of the related contracts. The Company does not designate any of its foreign exchange derivatives as hedging instruments in accordance with ASC 815. The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of December 31, 2019 and 2018 (in millions) is presented in the table below. Notional amounts do not reflect the netting of offsetting trades, although these offsetting positions may result in minimal overall market risk. Aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on market conditions, levels of customer activity and other factors. Net Notional 2019 2018 Foreign exchange contracts: Swaps $ 599.5 $ 929.5 Futures, forwards and spot 3,017.1 3,249.9 Written options 6,393.9 3,688.8 Purchased options 5,830.8 2,867.2 Total $ 15,841.3 $ 10,735.4 The majority of customer foreign exchange contracts are written in major currencies such as the U.S. Dollar, Canadian Dollar, British Pound, Euro and Australian Dollar. The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions): December 31, 2019 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 114.9 $ 103.8 $ 72.1 $ 60.9 Cash collateral 6.1 25.6 6.1 25.6 Total net derivative assets and liabilities $ 108.8 $ 78.2 $ 66.0 $ 35.3 December 31, 2018 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts 109.5 112.9 68.8 72.1 Cash collateral 9.6 73.1 9.6 73.1 Total net derivative assets and liabilities $ 99.9 $ 39.8 $ 59.2 $ (1.0 ) The fair values of derivative assets and liabilities associated with contracts that include netting language that the Company believes to be enforceable have been netted to present the Company's net exposure with these counterparties. The Company recognizes all derivative assets, net in prepaid expense and other current assets and all derivative liabilities, net in other current liabilities, both net at the customer level as right of offset exists, in its Consolidated Balance Sheets at their fair value. The gain or loss on the fair value is recognized immediately within revenues, net in the Consolidated Statements of Income. The Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral. At December 31, 2019 , $72.1 million derivative assets and $ 60.9 million derivative liabilities were recorded in other current assets and other current liabilities, respectively, in the Consolidated Balance Sheet. At December 31, 2018 , $39.0 million derivative assets and $26.9 million derivative liabilities were recorded in other current assets and other current liabilities, respectively, in the Consolidated Balance Sheet. The Company receives cash from customers as collateral for trade exposures, which is recorded within restricted cash and customer deposits in the Consolidated Balance Sheet. The customer has the right to recall their collateral in the event exposures move in their favor, they unwind all outstanding trades or they cease to do business with the Company. Cash Flow Hedges On January 22, 2019, the Company entered into three interest rate swap cash flow contracts (the "swap contracts"). The objective of these swap contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt, the sole source of which is due to changes in the LIBOR benchmark interest rate. As of December 31, 2019 , the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions): Notional Amount as of Fixed Rates Maturity Date December 31, 2019 Interest Rate Derivative: Interest Rate Swap $ 1,000 2.56% 1/31/2022 Interest Rate Swap 500 2.56% 1/31/2023 Interest Rate Swap 500 2.55% 12/19/2023 For each of these swap contracts, the Company will pay a fixed monthly rate and receive one month LIBOR. The table below presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the Consolidated Balance Sheets, as of December 31, 2019 (in millions). See footnote 4 for additional information on the fair value of the Company’s swap contracts. December 31, 2019 Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Swap contracts Other liabilities $ 56.4 The table below displays the effect of the Company’s derivative financial instruments in the Consolidated Statement of Income and other comprehensive loss for the twelve months ended December 31, 2019 (in millions): 2019 Interest Rate Swaps: Amount of loss recognized in other comprehensive income on derivatives, net of tax of $20.3 million $ 42.8 Amount of loss reclassified from accumulated other comprehensive income into interest expense 5.8 The estimated net amount of the existing losses expected to be reclassified into earnings within the next 12 months is approximately $19.5 million at December 31, 2019 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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: 2019 2018 2017 Net income $ 895,073 $ 811,483 $ 740,200 Denominator for basic earnings per share 86,401 88,750 91,129 Dilutive securities 3,669 3,401 2,465 Denominator for diluted earnings per share 90,070 92,151 93,594 Basic earnings per share $ 10.36 $ 9.14 $ 8.12 Diluted earnings per share 9.94 8.81 7.91 Diluted earnings per share for the years ended December 31, 2019 , 2018 , and 2017 excludes the effect of 19 thousand , 0.4 million and 0.1 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be antidilutive. Diluted earnings per share also excludes the effect of 0.1 million , 0.1 million and 0.3 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2019 | |
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 inter-segment sales. The Company’s segment results are as follows as of and for the years ended December 31 (in thousands): 2019 2018 2017 1 Revenues, net: North America $ 1,708,546 $ 1,571,466 $ 1,428,711 International 940,302 862,026 820,827 $ 2,648,848 $ 2,433,492 $ 2,249,538 Operating income: North America $ 755,867 $ 673,867 $ 541,598 International 475,563 416,831 342,162 $ 1,231,430 $ 1,090,698 $ 883,760 Depreciation and amortization: North America $ 160,246 $ 154,405 $ 139,418 International 113,964 120,204 125,142 $ 274,210 $ 274,609 $ 264,560 Capital expenditures: North America $ 44,238 $ 36,514 $ 40,747 International 30,932 44,873 29,346 $ 75,170 $ 81,387 $ 70,093 Long-lived assets (excluding goodwill and investments): 2 North America $ 1,860,708 $ 1,799,149 $ 1,888,599 International 905,775 942,594 1,131,610 $ 2,766,483 $ 2,741,743 $ 3,020,209 1 The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. 2 The Company applied the modified retrospective transition method when adopting ASC 842, therefore the Company's 2018 and 2017 prior period results were not restated to reflect ASC 842. The table below presents the Company's long-lived assets (excluding goodwill and investments) at December 31 (in thousands). 2019 2018 Long-lived assets (excluding goodwill): United States (country of domicile) $ 1,860,708 $ 1,721,419 Brazil 487,464 541,891 United Kingdom 282,351 274,530 No single customer represented more than 10% of the Company’s consolidated revenue in 2019 , 2018 and 2017 . |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Fiscal Quarters Year Ended December 31, 2019 First Second Third Fourth Revenues, net $ 621,825 $ 647,094 $ 681,048 $ 698,881 Operating income 284,176 297,317 329,141 320,796 Net income 172,107 261,651 225,805 235,510 Basic earnings per share $ 2.00 $ 3.03 $ 2.61 $ 2.72 Diluted earnings per share 1.93 2.90 2.49 2.60 Weighted average shares outstanding: Basic shares 85,941 86,360 86,662 86,600 Diluted shares 89,244 90,131 90,522 90,427 Fiscal Quarters Year Ended December 31, 2018* First Second Third Fourth Revenues, net $ 585,500 $ 584,985 $ 619,586 $ 643,422 Operating income 260,087 264,783 281,090 284,738 Net income 174,937 176,852 157,694 302,000 Earnings per share: Basic earnings per share $ 1.95 $ 1.98 $ 1.78 $ 3.45 Diluted earnings per share 1.88 1.91 1.71 3.33 Weighted average shares outstanding: Basic shares 89,765 89,169 88,456 87,636 Diluted shares 93,250 92,702 92,081 90,703 *2018 quarterly amounts reflect the impact of the Company's adoption of ASC 606 and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The sum of the quarterly earnings per common share amounts for 2019 and 2018 may not equal the earnings per common share for the 2019 and 2018 due to rounding. The fourth quarter of 2019 includes: a gain of $13.0 million related to the fair value adjustment of a minority investment, a write-off of property, plant and equipment costs of $1.8 million and restructuring related costs of $2.8 million . The fourth quarter of 2018 includes: the $152.8 million gain as a result of the sale of the Chevron portfolio, a write-off of capitalized software costs of $8.8 million , a legal settlement of $5.5 million and restructuring costs of $1.1 million |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
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 2019 , 2018 , and 2017 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 or less of billing. The Company routinely reviews its accounts receivable balances and makes provisions from the customer probable doubtful accounts based primarily on the aging of those balances. Accounts receivable are deemed uncollectible from the customer once they age past 90 days. 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, 2019 and 2018 , approximately 98% and 99% , 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. 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 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 |
Impairment of Long-Lived Assets, Goodwill, Intangibles and Equity Method Investment | Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of property and equipment and finite-life intangible assets may not be recoverable. When factors indicate that these long-lived assets should be evaluated for possible impairment, the Company assesses the potential impairment by determining whether the carrying amount of such long-lived assets will be recovered through the future undiscounted cash flows expected from use of the asset and its eventual disposition. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market prices or discounted cash flow analysis as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives of property and equipment and finite-life intangible assets may warrant revision. 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. The Company first performs a qualitative assessment of certain of its reporting units. Factors considered in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of the net assets of our reporting units, sustained decrease in our share price, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or if it determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. The Company then performs the goodwill impairment test for each reporting unit by comparing the reporting unit’s carrying amount, including goodwill, 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. Estimates critical to the Company’s evaluation of goodwill for impairment include the discount rate, projected revenue and earnings before interest taxes depreciation and amortization (EBITDA) growth, and projected long-term growth rates in the determination of terminal values. If the carrying amount of the reporting unit is greater than its fair value, goodwill is considered impaired. Based on the goodwill asset impairment analysis performed quantitatively as of October 1, 2019 , the Company determined that the fair value of each of its 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 evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company 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 investments, which are not carried at fair value, for impairment. The company has elected to measure certain investments in equity instruments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes for similar investments of the issuer. Investments classified as trading securities are carried at fair value with any unrealized gain or loss being recorded in the Consolidated Statements of Income. |
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. |
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 Company has elected to treat the Global Intangible Low Taxed Income (GILTI) inclusion as a current period expense. 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 become 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 accounts 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. 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 |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months |
Foreign Currency Translation | Foreign Currency Translation |
Derivatives | Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates and facilitate cross-currency corporate payments by writing derivatives to customers. The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company hedges a portion of its variable rate debt utilizing derivatives designated as cash flow hedges. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded in other assets or other noncurrent liabilities and offset against accumulated other comprehensive income/loss, net of tax. Derivative fair value changes that are recorded in accumulated other comprehensive income/loss are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is effective in offsetting the change in cash flows attributable to the hedged risk. The portions of the change in fair value that are either considered ineffective or are excluded from the measure of effectiveness are recognized immediately within earnings. In the Company's cross-border payments business, the majority of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. In addition, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments. The duration of these derivative contracts at inception is generally less than one year . The Company aggregates its foreign exchange exposures arising from customer contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The changes in fair value related to these derivatives are recorded in revenues, net in the Consolidated Statements of 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 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 five 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. 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. Option forfeitures are accounted for upon occurrence. 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 over 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 to four years. 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 units granted with market based vesting conditions is estimated using the Monte Carlo simulation valuation model. The risk-free interest rate and volatility assumptions used within the Monte Carlo simulation valuation 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 units and 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 are amortized over the term of the related debt, using the effective interest method and are included within interest expense. The Company capitalized additional debt issuance costs of $2.9 million associated with refinancing its Credit Facility and Securitization Facilities in 2019 and $4.9 million with refinancing its Credit Facility in 2018 . At December 31, 2019 and 2018 , the Company had net deferred financing costs of $7.4 million and $10.4 million , respectively, related to the revolver under the Credit Facility and the Securitization Facility, each recorded within prepaid and other assets, respectively, on the Consolidated Balance Sheets. At December 31, 2019 and 2018 , the Company had deferred financing costs of $7.9 million and $10.9 million , respectively, related to the term notes under the Credit Facility, recorded as a discount to the term debt outstanding within the current portion of notes payable and lines of credit and notes payable and other obligations, less current portion, respectively, in the Consolidated Balance Sheets. |
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 $1.2 billion revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to trade receivables resulting from charge card activity in the U.S. 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 transfers, without recourse, on a revolving basis, an undivided ownership interest 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 transferred assets 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 transferred asset 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. The maturity date for the Company's Securitization Facility is November 14, 2020. |
Advertising | Advertising |
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. |
Spot Trade Offsetting | Spot Trade Offsetting |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Accounting for Leases In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842), 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. Effective January 1, 2019, the Company adopted Topic 842 using a modified retrospective approach, as discussed further in Footnote 14. Accounting for Derivative Financial Instruments In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which amends the hedge accounting recognition and presentation requirements in ASC 815. The FASB issued accounting guidance to better align hedge accounting with a company’s risk management activities, simplify the application of hedge accounting and improve the disclosures of hedging arrangements. The guidance is effective for the Company for reporting periods beginning after December 15, 2018, and interim periods within those years. The Company adopted this guidance on January 1, 2019, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. The guidance did simplify the Company's accounting for interest rate swap hedges, allowing more time for the initial hedge effectiveness documentation and a qualitative hedge effectiveness assessment at each quarter end. In October 2018, the FASB issued ASU 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate, Overnight Index Swap Rate as a Benchmark Interest Rate for Hedge Accounting Purposes", which amends the hedge accounting to add overnight index swap rates based on the secured overnight financing rate as a fifth U.S. benchmark interest rate. The Company adopted this guidance on January 1, 2019, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. Comprehensive Income Classification In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", that gives entities the option to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (the "Tax Act"). An entity that elects to reclassify these amounts must reclassify stranded tax effects related to the Tax Act’s change in U.S. federal tax rate for all items accounted for in other comprehensive income. These entities can also elect to reclassify other stranded effects that relate to the Tax Act but do not directly relate to the change in the federal rate. The Company adopted this guidance on January 1, 2019 and elected to not reclassify any items to retained earnings. Non-Employee Share-Based Payments In June 2018, the FASB issued ASU 2018-07, "Compensation—Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting", that supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both non-employees and employees. Under the new guidance, the existing employee guidance will apply to non-employee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of non-employee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for non-employee awards. The Company adopted this guidance on January 1, 2019, which had no impact on the Company's 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. Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which changes how companies measure and recognize credit impairment for many financial assets. The new expected credit loss model will require companies to immediately recognize an estimate of credit losses expected to occur over the remaining life of the financial assets (including trade receivables) that are in the scope of the update. The update also made amendments to the current impairment model for held-to-maturity and available-for-sale debt securities and certain guarantees. The ASU is effective for the Company on January 1, 2020. In April 2019, the FASB issued ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments", which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. For clarifications around credit losses, the effective date will be the same as the effective date in ASU 2016-13. For entities that have adopted ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", ASU 2019-04 is effective the first annual reporting period beginning after the date of issuance of ASU 2019-04 and may be early adopted. The amendments in ASU 2019-04 related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. Upon adoption of the new standard on January 1, 2020, the Company will recognize an allowance for credit losses based on the estimated lifetime expected credit loss related to our financial assets. The Company is analyzing our credit policies and updating our accounting policies and internal controls that will be impacted by the new guidance. We do not anticipate that the adoption of this new standard will have a material impact on the results of operations, financial condition, or cash flows due to the relatively fast turnover of our trade receivables accounts and limited other asset balances to which this standard applies. Cloud Computing Arrangements On August 29, 2018, the FASB issued ASU 2018-15, "Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract", that provides guidance on implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. The ASU, which was released in response to a consensus reached by the EITF at its June 2018 meeting, aligns the accounting for such costs with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350 to include in its scope implementation costs of a CCA that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in such a CCA. The guidance is effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is updating the accounting policies and internal controls that will be impacted by the new guidance. The Company's adoption of this ASU on January 1, 2020, is not expected to have a material impact on the results of operations, financial condition, or cash flows. Fair Value Measurement On August 28, 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement", which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. The guidance is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The guidance on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other guidance should be applied retrospectively to all periods presented upon their effective date. The Company's adoption of this ASU on January 1, 2020, is not expected to have a material impact on the results of operations, financial condition, or cash flows. Income Taxes |
Revenue | The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including fuel, lodging, tolls, and general corporate payments, as well as gift card solutions (stored value cards and e-cards). The Company provides products that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Payment Services The Company’s primary performance obligation for the majority of its payment solution products (fuel, lodging, corporate payments, among others) is to stand-ready to provide authorization and processing services ("payment services") for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use (e.g., number of transactions submitted and processed) of the related payment services. Accordingly, the total transaction price is variable. Payment services involve a series of distinct daily services that are substantially the same, with the same pattern of transfer to the customer. As a result, the Company allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. For the tolls payment solution, the Company's primary performance obligation is to stand-ready each month to provide access to the toll network and process toll transactions. Each period of access is determined to be distinct and substantially the same as the customer benefits over the period of access. The Company records revenue for its payment services net of (i) the cost of the underlying products and services; (ii) assessments and other fees charged by the credit and debit payment networks (along with any rebates provided by them); (iii) customer rebates and other discounts; and (iv) taxes assessed (e.g. VAT and VAT-like taxes) by a government, imposed concurrent with, a revenue producing transaction. The majority of the transaction price the Company receives for fulfilling the Payment Services performance obligation are comprised of one or a combination of the following: 1) interchange fees earned from the payment networks; 2) discount fees earned from merchants; 3) fees calculated based on a number of transactions processed; 4) fees calculated based upon a percentage of the transaction value for the underlying goods or services (i.e. fuel, food, toll and transportation cards and vouchers); and 5) monthly access fees. The Company recognizes revenue when the underlying transactions are complete and its performance obligations are satisfied. Transactions are considered complete depending upon the related payment solution but generally when the Company has authorized the transaction, validated that the transaction has no errors and accepted and posted the data to the Company’s records. The Company's performance obligation for its foreign exchange payment services is providing a foreign currency payment to a customer’s designated recipient and therefore, the Company recognizes revenue on foreign exchange payment services when the underlying payment is made. Revenues from foreign exchange payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market. Gift Card Products and Services The Company’s Gift product line delivers both stored value cards and e-cards (cards), and card-based services primarily in the form of gift cards to retailers. These activities each represent performance obligations that are separate and distinct. Revenue for stored valued cards are recognized (gross of the underlying cost of the related card, recorded within processing expense within the Consolidated Statements of Income) at the point in time when control passes to the Company's customer, which is generally upon shipment. Card-based services consist of transaction processing and reporting of gift card transactions where the Company recognizes revenue based on an output measure of elapsed time for an unknown or unspecified quantity of transactions. As a result, the Company allocates and recognizes variable consideration over the estimated period of time over which the performance obligation is satisfied. Other The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". 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 writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies, and recognizes revenue in accordance with authoritative fair value and derivative accounting (ASC 815, "Derivatives"). 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 control has passed to the customer. 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" in the Consolidated Statements of Income. Revenues from contracts with customers, within the scope of Topic 606, represents approximately 75% of total consolidated revenues, net, for the year ended December 31, 2019 Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $71.8 million and $30.6 million as of December 31, 2019 and 2018, respectively. The Company expects to recognize substantially all of these amounts in revenues within approximately 12 months. Revenue recognized for the year ended December 31, 2019 , that was included in the deferred revenue contract liability as of January 1, 2019 , was approximately $27.5 million . Costs to Obtain or Fulfill a Contract With the adoption of ASC 606, the Company began capitalizing the incremental costs of obtaining a contract with a customer if the Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales commission). Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria: a. The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. b. The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. c. The costs are expected to be recovered. In order to determine the appropriate amortization period for contract costs, the Company considered a combination of factors, including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the Company to provide products and services to its customers, whether further contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the straight-line method over the expected period of benefit (ranging from five to ten years ). Costs to obtain a contract with an expected period of benefit of one year or less are recognized as an expense when incurred. The amortization of contract acquisition costs associated with sales commissions that qualify for capitalization will be recorded as selling expense in the Company’s Consolidated Statements of Income. The amortization of contract acquisition costs associated with cash payments for client incentives is included as a reduction of revenues in the Company’s Consolidated Statements of Income. Amortization of capitalized contract costs recorded in selling expense was $14.3 million and $12.0 million for the years ended December 31, 2019 and 2018 , respectively. Costs to obtain or fulfill a contract are classified as contract cost assets within "prepaid expenses and other current assets" and "other assets" in the Company’s Consolidated Balance Sheets. The Company had capitalized costs to obtain a contract of $14.8 million and $12.7 million within prepaid expenses and $39.7 million and $34.5 million within "other assets" in the Company’s Consolidated Balance Sheets, for the years ended December 31, 2019 and 2018 , respectively. The Company has recorded $76.4 million , $83.9 million and $96.9 million of expenses related to sales of equipment within the processing expenses line of the Consolidated Statements of Income for the years ended December 31, 2019 , 2018 and 2017 , respectively. Practical Expedients ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as allowed by ASC 606, the Company elected to exclude this disclosure for any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company's most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. The Company elected to exclude all sales taxes and other similar taxes from the transaction price. Accordingly, the Company presents all collections from customers for these taxes on a net basis, rather than having to assess whether the Company is acting as an agent or a principal in each taxing jurisdiction. In certain arrangements with customers, the Company has determined that certain promised services and products are immaterial in the context of the contract, both quantitatively and qualitatively. As a practical expedient, the Company is not required to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised service or product to a customer and when the customer pays for the service or product will be one year or less. As of December 31, 2019 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
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): 2019 2018 Gross domestic unsecuritized accounts receivables $ 734,410 $ 668,154 Gross domestic securitized accounts receivable 970,973 886,000 Gross foreign receivables 905,441 817,624 Total gross receivables 2,610,824 2,371,778 Less allowance for doubtful accounts (70,890 ) (59,963 ) Net accounts and securitized accounts receivable $ 2,539,934 $ 2,311,815 |
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): 2019 2018 2017 Allowance for doubtful accounts beginning of year $ 59,963 $ 46,031 $ 32,506 Provision for bad debts 74,309 64,377 44,857 Write-offs (63,382 ) (50,445 ) (31,332 ) Allowance for doubtful accounts end of year $ 70,890 $ 59,963 $ 46,031 |
Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2019 and 2018 (in millions): December 31, 2019 December 31, 2018 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 1,139.1 $ (1,084.6 ) $ 54.5 $ 815.7 $ (745.2 ) $ 70.5 Liabilities Accounts Payable $ 1,140.4 $ (1,084.6 ) $ 55.8 $ 760.8 $ (745.2 ) $ 15.6 The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions): December 31, 2019 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 114.9 $ 103.8 $ 72.1 $ 60.9 Cash collateral 6.1 25.6 6.1 25.6 Total net derivative assets and liabilities $ 108.8 $ 78.2 $ 66.0 $ 35.3 December 31, 2018 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts 109.5 112.9 68.8 72.1 Cash collateral 9.6 73.1 9.6 73.1 Total net derivative assets and liabilities $ 99.9 $ 39.8 $ 59.2 $ (1.0 ) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The Company provides its services to customers across different payment solutions and geographies. Revenue by product (in millions) as of and for the years ended December 31 (in thousands): Year Ended December 31, 2019 2018 2017 Revenue by Product Category Revenues, net Revenues, net Revenues, net Fuel 1 $ 1,172,954 $ 1,125,532 $ 1,131,684 Corporate payments 516,173 415,856 261,822 Tolls 1 357,209 332,689 320,880 Lodging 212,597 175,505 126,657 Gift 180,236 186,646 194,099 Other 1 209,679 197,264 214,396 Consolidated revenues, net $ 2,648,848 $ 2,433,492 $ 2,249,538 |
Revenue from External Customers by Geographic Areas | The table below presents the Company's revenues, net by geography as of and for the years ended December 31 (in thousands). 2019 2018 2017 Revenues, net by location: United States (country of domicile) $ 1,595,266 $ 1,481,785 $ 1,400,801 Brazil 427,918 400,111 394,550 United Kingdom 275,218 257,651 236,550 Other 350,446 293,945 217,637 Consolidated Revenues, net $ 2,648,848 $ 2,433,492 $ 2,249,538 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 , (in thousands): Fair Value Level 1 Level 2 Level 3 December 31, 2019 Assets: Repurchase agreements $ 833,658 $ — $ 833,658 $ — Money market 54,978 — 54,978 — Certificates of deposit 27,022 — 27,022 — Trading Securities 22,955 22,955 — — Foreign exchange contracts 72,076 — 72,076 — Total assets $ 1,010,689 $ 22,955 $ 987,734 $ — Cash collateral for foreign exchange contracts $ 6,086 $ — $ — $ — Liabilities: Interest Rate Swaps $ 56,418 $ — $ 56,418 $ — Foreign exchange contracts 60,909 — 60,909 $ — Total liabilities $ 117,327 $ — $ 117,327 $ — Cash collateral obligation for foreign exchange contracts $ 25,618 $ — $ — $ — December 31, 2018 Assets: Repurchase agreements $ 581,293 $ — $ 581,293 $ — Money market 50,644 — 50,644 — Certificates of deposit 22,412 — 22,412 — Foreign exchange contracts 68,814 21 68,793 — Total assets $ 723,163 $ 21 $ 723,142 $ — Cash collateral for foreign exchange contracts $ 9,644 $ — $ — $ — Liabilities: Foreign exchange contracts $ 72,125 $ — $ 72,125 Total liabilities $ 72,125 $ — $ 72,125 Cash collateral obligation for foreign exchange contracts $ 73,140 $ — $ — $ — |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Expense Related to Share-Based Payments | The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements of Income related to share-based payments recognized for the years ended December 31 (in thousands): 2019 2018 2017 Stock options $ 32,736 $ 43,443 $ 56,400 Restricted stock 28,217 26,496 36,897 Stock-based compensation $ 60,953 $ 69,939 $ 93,297 |
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, 2019 (cost in thousands): Unrecognized Compensation Cost Weighted Average Period of Expense Recognition (in Years) Stock options $ 37,349 1.15 Restricted stock 36,936 1.44 Total $ 74,285 |
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, 2016 6,146 $ 91.20 3,429 $ 55.00 $ 309,238 Granted 2,885 145.35 $ 32.57 Exercised (633 ) 71.43 76,546 Forfeited (367 ) 144.51 Outstanding at December 31, 2017 8,031 109.78 4,029 75.80 663,815 Granted 412 204.59 $ 50.07 Exercised (708 ) 73.26 79,588 Forfeited (119 ) 155.41 Outstanding at December 31, 2018 7,616 117.58 5,174 98.39 518,954 Granted 431 244.35 $ 57.99 Exercised (1,482 ) 115.53 255,242 Forfeited (302 ) 167.35 Outstanding at December 31, 2019 6,263 $ 124.38 5,137 $ 109.03 $ 1,022,860 Expected to vest at December 31, 2019 1,126 $ 194.44 |
Schedule of Stock Options Exercise Price | The following table summarizes information about stock options outstanding at December 31, 2019 (shares in thousands): Exercise Price Options Outstanding Weighted Average Remaining Vesting Life in Years Options Exercisable $10.00 – $114.90 2,242 0.00 2,242 121.76 – 150.74 2,834 0.21 2,516 151.16 – 165.96 352 0.61 227 172.68 – 199.75 342 1.29 124 202.02 – 209.05 69 2.28 7 216.18 – 231.70 144 2.82 21 252.50 – 288.37 280 2.88 — 6,263 5,137 |
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: 2019 2018 2017 Risk-free interest rate 2.40 % 2.57 % 1.65 % Dividend yield — — — Expected volatility 26.40 % 26.92 % 28.00 % Expected life (in years) 3.7 3.8 3.4 2019 Risk-free interest rate 1.48 % Dividend yield — Expected volatility 25.40 % Expected life (in years) 2.36 |
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, 2016 379 $ 140.39 Granted 238 141.99 Cancelled (48 ) 152.95 Issued (204 ) 136.85 Outstanding at December 31, 2017 365 155.58 Granted 107 200.71 Cancelled (47 ) 339.34 Issued (251 ) 154.85 Outstanding at December 31, 2018 174 190.73 Granted 232 212.79 Cancelled (49 ) 225.96 Issued (114 ) 206.05 Outstanding at December 31, 2019 243 $ 246.34 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Acquisition Accounting | The following table summarizes the preliminary acquisition accounting for these acquisitions (in thousands): Trade and other receivables $ 91,912 Prepaid expenses and other current assets 2,059 Property, plant and equipment 2,879 Other long term assets 4,593 Goodwill 119,408 Intangibles 82,925 Liabilities (78,579 ) Other noncurrent liabilities (4,657 ) Deferred tax liabilities (11,647 ) Aggregate purchase price $ 208,893 The following table summarizes the preliminary acquisition accounting for NvoicePay (in thousands): Trade and other receivables $ 1,513 Prepaid expenses and other current assets 396 Property, plant and equipment 1,030 Other long term assets 5,612 Goodwill 168,990 Intangibles 44,750 Liabilities (4,415 ) Other noncurrent liabilities (6,130 ) Deferred tax liabilities (4,178 ) Aggregate purchase price $ 207,568 |
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 Trade Name and Trademarks Indefinite $ 8,700 Proprietary Technology 6 15,600 Referral Partners 10 810 Supplier Network 10 2,640 Customer Relationships 20 17,000 $ 44,750 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 Trade Names and Trademarks 2 - Indefinite $ 10,140 Technology 5 - 10 14,032 Lodging Network 10 300 Referral Partners 20 2,000 Customer Relationships Varies 56,453 $ 82,925 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 segment is as follows (in thousands): December 31, 2018 Acquisitions Acquisition Accounting Adjustments Foreign Currency December 31, 2019 Segment North America $ 3,087,875 $ 268,866 $ 2,914 $ 9,518 $ 3,369,173 International 1,454,199 19,531 — (9,856 ) 1,463,874 $ 4,542,074 $ 288,397 $ 2,914 $ (338 ) $ 4,833,047 December 31, 2017 Acquisitions Acquisition Accounting Adjustments Foreign Currency December 31, 2018 Segment North America $ 3,084,123 $ 16,184 $ 4,036 $ (16,468 ) $ 3,087,875 International 1,631,700 — 20 (177,521 ) 1,454,199 $ 4,715,823 $ 16,184 $ 4,056 $ (193,989 ) $ 4,542,074 |
Schedule of Other Intangible Assets | Other intangible assets consisted of the following at December 31 (in thousands): 2019 2018 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 $ 2,698,327 $ (943,537 ) $ 1,754,790 $ 2,625,270 $ (776,383 ) $ 1,848,887 Trade names and trademarks—indefinite lived N/A 496,306 — 496,306 479,555 — 479,555 Trade names and trademarks—other 13.4 5,384 (2,877 ) 2,507 2,957 (2,501 ) 456 Software 6.0 242,783 (180,839 ) 61,944 212,733 (152,416 ) 60,317 Non-compete agreements 4.1 65,560 (39,225 ) 26,335 47,009 (28,314 ) 18,695 Total other intangibles $ 3,508,360 $ (1,166,478 ) $ 2,341,882 $ 3,367,524 $ (959,614 ) $ 2,407,910 |
Schedule of Future Estimated Amortization of Intangibles | The future estimated amortization of intangibles at December 31, 2019 is as follows (in thousands): 2020 $ 192,314 2021 183,440 2022 170,757 2023 163,926 2024 157,125 Thereafter 978,014 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 Computer hardware and software 3 to 5 $ 341,282 $ 291,404 Card-reading equipment 4 to 6 24,077 20,117 Furniture, fixtures, and vehicles 2 to 10 19,319 18,308 Buildings and improvements 5 to 50 29,127 21,854 Property, plant and equipment, gross 413,805 351,683 Less: accumulated depreciation (213,980 ) (165,482 ) Property, plant and equipment, net $ 199,825 $ 186,201 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at December 31 (in thousands): 2019 2018 Accrued bonuses $ 23,595 $ 20,553 Accrued payroll and severance 23,718 15,932 Accrued taxes 70,350 85,346 Accrued commissions/rebates 77,430 60,593 Other 80,418 79,170 $ 275,511 $ 261,594 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): 2019 2018 Term Loan A note payable (a), net of discounts $ 3,080,789 $ 2,515,519 Term Loan B note payable (a), net of discounts 340,481 344,180 Revolving line of credit A Facility(a) 325,000 655,000 Revolving line of credit B Facility(a) 225,477 345,446 Revolving line of credit C Facility(a) — 35,000 Revolving line of credit B Facility —foreign swing line(a) 52,038 — Other debt(c) 42,027 37,902 Total notes payable and other obligations 4,065,812 3,933,047 Securitization Facility(b) 970,973 886,000 Total notes payable, credit agreements and Securitization Facility $ 5,036,785 $ 4,819,047 Current portion $ 1,746,838 $ 2,070,616 Long-term portion 3,289,947 2,748,431 Total notes payable, credit agreements and Securitization Facility $ 5,036,785 $ 4,819,047 _____________________ (a) The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion , a term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $350 million as of December 31, 2019 . The revolving credit facility consists of (a) a revolving A credit facility in the amount of $800 million with sublimits for letters of credit and swing line loans, (b) a revolving B facility in the amount of $450 million with borrowings in U.S. Dollars, Euros, British Pounds, Japanese Yen or other currently as agreed in advance and a sublimit for foreign swing line loans and, (c) a revolving C facility in the amount of $35 million with borrowings in U.S. Dollars, Australian Dollars or New Zealand Dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolver A or revolver B debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. On August 2, 2019, the Company entered into the sixth amendment to the Credit Agreement, which included an incremental term loan A in the amount of $700 million and changes to the consolidated leverage ratio definition and negative covenant related to indebtedness. The maturity date for the term loan A and revolving credit facilities is December 19, 2023 . On November 14, 2019, the Company entered into the seventh amendment to the Credit Agreement, to lower the margin for term loan B from 2.00% to 1.75% . The maturity date for the term B loan is August 2, 2024 . Interest on amounts outstanding under the Credit Agreement (other than the term loan B) 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 on the term B loan facility accrues based on the Eurocurrency Rate plus 1.75% for Eurocurrency Loans and at the Base Rate plus 0.75% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the credit facility. At December 31, 2019 , the interest rate on the term A loan was 3.05% and the interest rate on borrowings under revolving A facility was 3.03% , the interest rate on the revolving B facility GBP Borrowings was 1.96% , the interest rate on the term loan B was 3.55% and the interest rate on the foreign swing line was 1.93% . The unused credit facility fee was 0.25% for all revolving facilities at December 31, 2019 . The term loans are payable in quarterly installments 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 six 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 twenty business days after such loan is made. The Company has unamortized debt issuance costs of $6.7 million related to the revolving credit facility at December 31, 2019 . The Company has unamortized debt discounts of $7.4 million related to the term A facility and $0.5 million related to the term B facility and deferred financing costs of $1.8 million related to the term A facility and $1.2 million related to the term B facility at December 31, 2019 . The effective interest rate incurred on term loans was 4.00% during 2019 related to the discount on debt. Principal payments of $138.5 million were made on the term loans during 2019 . (b) The Company is party to a $1.2 billion receivables purchase agreement (Securitization Facility) that was amended on February 8, 2019 and April 22, 2019. There is a program fee equal to one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80% as of December 31, 2019 and 2018 . The program fee was 1.80% plus 0.88% as of December 31, 2019 and 2.52% plus 0.89% as of December 31, 2018 . The unused facility fee is payable at a rate of 0.40% as of December 31, 2019 and 2018 . The Company has unamortized debt issuance costs of $0.7 million related to the Securitization Facility as of December 31, 2019 recorded within other assets in the consolidated balance sheet. 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 deferred payments associated with business acquisitions, deferred revenue, and deferred rent for the prior period presented. |
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, 2019 are as follows (in thousands): 2020 $ 775,865 2021 192,577 2022 162,156 2023 2,607,293 2024 327,921 Thereafter — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (AOCI) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in the components of AOCI for the years ended December 31, 2019 , 2018 and 2017 are as follows (in thousands): Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2016 $ (666,403 ) $ — $ (666,403 ) Other comprehensive income before reclassifications 83,165 — 83,165 Amounts reclassified from AOCI 31,381 31,381 Tax effect — — — Other comprehensive income 114,546 — 114,546 Balance at December 31, 2017 (551,857 ) — (551,857 ) Other comprehensive loss before reclassifications (362,001 ) — (362,001 ) Amounts reclassified from AOCI — — — Tax effect — — — Other comprehensive loss (362,001 ) — (362,001 ) Balance at December 31, 2018 (913,858 ) — (913,858 ) Other comprehensive loss before reclassifications (15,855 ) (68,928 ) (84,783 ) Amounts reclassified from AOCI — 5,828 5,828 Tax effect — 20,348 20,348 Other comprehensive loss (15,855 ) (42,752 ) (58,607 ) Balance at December 31, 2019 $ (929,713 ) $ (42,752 ) $ (972,465 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Before The Provision for Income Taxes | Income before the provision for income taxes is attributable to the following jurisdictions for years ended December 31 (in thousands): 2019 2018 2017 United States $ 505,818 $ 622,214 $ 524,669 Foreign 572,001 472,911 368,921 Total $ 1,077,819 $ 1,095,125 $ 893,590 |
Components of Income Taxes | The provision for income taxes for the years ended December 31 consists of the following (in thousands): 2019 2018 2017 Current: Federal $ 50,145 $ 165,303 $ 303,514 State 10,285 26,036 19,234 Foreign 84,433 95,053 78,354 Total current 144,863 286,392 401,102 Deferred: Federal (10,479 ) (19,688 ) (255,188 ) State 3,745 8,727 276 Foreign 44,617 8,211 7,200 Total deferred 37,883 (2,750 ) (247,712 ) Total provision $ 182,746 $ 283,642 $ 153,390 |
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 21% for 2019 and 2018 and 35% 2017 , respectively, to income before income taxes for the years ended December 31, 2019 , 2018 and 2017 due to the following (in thousands): 2019 2018 2017 Computed “expected” tax expense $ 226,342 21.0 % $ 229,976 21.0 % $ 312,756 35.0 % Changes resulting from: Change in valuation allowance (28,614 ) (2.7 ) 25,193 2.8 18,289 2.0 Foreign income tax differential (15,816 ) (1.4 ) 9,921 0.9 (38,695 ) (4.3 ) State taxes net of federal benefits 12,482 1.2 20,480 1.9 12,884 1.4 Foreign-sourced nontaxable income — (28,861 ) (2.6 ) (8,836 ) (1.0 ) Foreign withholding tax 20,360 1.9 20,569 1.9 9,362 1.0 IRC Section 199 deduction — — — — (8,844 ) (1.0 ) Excess tax benefits related to stock-based compensation (38,156 ) (3.5 ) (19,255 ) (1.8 ) (18,058 ) (2.0 ) Revaluation of capital loss deferred tax asset (24,279 ) (2.3 ) — — — — Impact of the Tax Act: One-time transition tax — — — — 195,779 21.9 Foreign tax credit- one-time transition tax — — 17,385 1.6 (113,955 ) (12.8 ) Deferred tax effects — — 7,128 0.1 (209,965 ) (23.5 ) Sub-part F Income/GILTI 49,859 4.6 40,200 3.7 3,741 0.4 Foreign tax credits (38,657 ) (3.6 ) (52,095 ) (4.8 ) — — Other 19,225 1.8 13,001 1.2 (1,068 ) 0.1 Provision for income taxes $ 182,746 17.0 % $ 283,642 25.9 % $ 153,390 17.2 % |
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): 2019 2018 Deferred tax assets: Accounts receivable, principally due to the allowance for doubtful accounts $ 9,586 $ 8,518 Accrued expenses not currently deductible for tax 2,305 6,734 Lease deferral 24,713 — Interest rate swap 13,781 — Stock based compensation 39,779 40,081 Income tax credits 35,845 26,770 Net operating loss carry forwards 67,108 53,221 Investments — 39,062 Accrued escheat 3,098 3,608 Other 3,522 4,240 Deferred tax assets before valuation allowance 199,737 182,234 Valuation allowance (64,482 ) (90,366 ) Deferred tax assets, net 135,255 91,868 Deferred tax liabilities: Intangibles—including goodwill (499,525 ) (483,361 ) Basis difference in investment in subsidiaries (42,314 ) (38,200 ) Lease deferral (21,810 ) — Mark to Market (3,213 ) — Accrued Expense Liability (4,023 ) — Prepaid expenses (2,075 ) Property and equipment, prepaid expenses and other (79,620 ) (59,101 ) Deferred tax liabilities (652,580 ) (580,662 ) Net deferred tax liabilities $ (517,325 ) $ (488,794 ) |
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): 2019 2018 Long term deferred tax assets and liabilities: Long term deferred tax assets $ 2,655 $ 3,152 Long term deferred tax liabilities (519,980 ) (491,946 ) Net deferred tax liabilities $ (517,325 ) $ (488,794 ) |
Summary of Valuation Allowance | The valuation allowance for deferred tax assets changed during 2019 as follows (in thousands): Balance at December 31, 2016 $ 76,395 Additions based on changes in deferred tax assets in 2017 5,332 Reduction in valuation allowance due to rate change from Tax Act (22,378 ) Balance at December 31, 2017 (after impact of tax reform) 59,349 Additions based on changes in deferred tax assets 25,193 Increase in valuation allowance due to rate change from Tax Act 5,824 Balance at December 31, 2018 90,366 Reductions based on changes in deferred tax assets (28,601 ) Additions based on changes in deferred tax assets 2,717 Balance at December 31, 2019 $ 64,482 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits including interest and penalties for the years ended December 31, 2019 , 2018 and 2017 is as follows (in thousands): Unrecognized tax benefits at December 31, 2016 $ 26,155 Additions based on tax provisions related to the current year 4,143 Additions for tax positions due to acquisitions 9,208 Deductions based on settlement/expiration of prior year tax positions (9,119 ) Additions based on tax provisions related to the prior year 1,171 Unrecognized tax benefits at December 31, 2017 31,558 Additions based on tax provisions related to the current year 3,755 Additions based on tax provisions related to the prior year 3,000 Deductions based on settlement/expiration of prior year tax positions (4,161 ) Unrecognized tax benefits at December 31, 2018 34,152 Additions based on tax provisions related to the current year 4,284 Additions based on tax provisions related to the prior year 11,679 Deductions based on settlement/expiration of prior year tax positions (7,342 ) Unrecognized tax benefits at December 31, 2019 $ 42,773 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The supplementary cash and non-cash disclosures for the year ended December 31, 2019 are as follows (in thousands): December 31, 2019 Cash paid for operating lease liabilities $ 19,763 Right-of-use assets obtained in exchange for new operating lease obligations 1 $ 102,586 Weighted-average remaining lease term (years) 7.54 Weighted-average discount rate 4.64 % 1 Includes $55.9 million for operating leases existing on January 1, 2019 |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands): 2020 $ 19,785 2021 17,813 2022 14,438 2023 13,403 2024 12,824 Thereafter 38,992 Total lease payments 117,255 Less imputed interest 18,700 Present value of lease liabilities $ 98,555 |
Summary Operating Lease Future Minimum Payments | The minimum lease payments for the noncancelable operating lease agreements are as follows (in thousands): 2019 $ 19,678 2020 16,658 2021 14,826 2022 11,733 2023 11,017 Thereafter 24,374 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of December 31, 2019 , the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions): Notional Amount as of Fixed Rates Maturity Date December 31, 2019 Interest Rate Derivative: Interest Rate Swap $ 1,000 2.56% 1/31/2022 Interest Rate Swap 500 2.56% 1/31/2023 Interest Rate Swap 500 2.55% 12/19/2023 The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of December 31, 2019 and 2018 (in millions) is presented in the table below. Notional amounts do not reflect the netting of offsetting trades, although these offsetting positions may result in minimal overall market risk. Aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on market conditions, levels of customer activity and other factors. Net Notional 2019 2018 Foreign exchange contracts: Swaps $ 599.5 $ 929.5 Futures, forwards and spot 3,017.1 3,249.9 Written options 6,393.9 3,688.8 Purchased options 5,830.8 2,867.2 Total $ 15,841.3 $ 10,735.4 |
Schedule of Derivative Liabilities at Fair Value | The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions): December 31, 2019 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 114.9 $ 103.8 $ 72.1 $ 60.9 Cash collateral 6.1 25.6 6.1 25.6 Total net derivative assets and liabilities $ 108.8 $ 78.2 $ 66.0 $ 35.3 December 31, 2018 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts 109.5 112.9 68.8 72.1 Cash collateral 9.6 73.1 9.6 73.1 Total net derivative assets and liabilities $ 99.9 $ 39.8 $ 59.2 $ (1.0 ) |
Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2019 and 2018 (in millions): December 31, 2019 December 31, 2018 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 1,139.1 $ (1,084.6 ) $ 54.5 $ 815.7 $ (745.2 ) $ 70.5 Liabilities Accounts Payable $ 1,140.4 $ (1,084.6 ) $ 55.8 $ 760.8 $ (745.2 ) $ 15.6 The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions): December 31, 2019 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 114.9 $ 103.8 $ 72.1 $ 60.9 Cash collateral 6.1 25.6 6.1 25.6 Total net derivative assets and liabilities $ 108.8 $ 78.2 $ 66.0 $ 35.3 December 31, 2018 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts 109.5 112.9 68.8 72.1 Cash collateral 9.6 73.1 9.6 73.1 Total net derivative assets and liabilities $ 99.9 $ 39.8 $ 59.2 $ (1.0 ) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The table below presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the Consolidated Balance Sheets, as of December 31, 2019 (in millions). See footnote 4 for additional information on the fair value of the Company’s swap contracts. December 31, 2019 Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Swap contracts Other liabilities $ 56.4 |
Derivative Instruments, Gain (Loss) | The table below displays the effect of the Company’s derivative financial instruments in the Consolidated Statement of Income and other comprehensive loss for the twelve months ended December 31, 2019 (in millions): 2019 Interest Rate Swaps: Amount of loss recognized in other comprehensive income on derivatives, net of tax of $20.3 million $ 42.8 Amount of loss reclassified from accumulated other comprehensive income into interest expense 5.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: 2019 2018 2017 Net income $ 895,073 $ 811,483 $ 740,200 Denominator for basic earnings per share 86,401 88,750 91,129 Dilutive securities 3,669 3,401 2,465 Denominator for diluted earnings per share 90,070 92,151 93,594 Basic earnings per share $ 10.36 $ 9.14 $ 8.12 Diluted earnings per share 9.94 8.81 7.91 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): 2019 2018 2017 1 Revenues, net: North America $ 1,708,546 $ 1,571,466 $ 1,428,711 International 940,302 862,026 820,827 $ 2,648,848 $ 2,433,492 $ 2,249,538 Operating income: North America $ 755,867 $ 673,867 $ 541,598 International 475,563 416,831 342,162 $ 1,231,430 $ 1,090,698 $ 883,760 Depreciation and amortization: North America $ 160,246 $ 154,405 $ 139,418 International 113,964 120,204 125,142 $ 274,210 $ 274,609 $ 264,560 Capital expenditures: North America $ 44,238 $ 36,514 $ 40,747 International 30,932 44,873 29,346 $ 75,170 $ 81,387 $ 70,093 Long-lived assets (excluding goodwill and investments): 2 North America $ 1,860,708 $ 1,799,149 $ 1,888,599 International 905,775 942,594 1,131,610 $ 2,766,483 $ 2,741,743 $ 3,020,209 1 The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. 2 The Company applied the modified retrospective transition method when adopting ASC 842, therefore the Company's 2018 and 2017 prior period results were not restated to reflect ASC 842. |
Schedule of Revenues and Long-Lived Assets by Geographical Area | The table below presents the Company's long-lived assets (excluding goodwill and investments) at December 31 (in thousands). 2019 2018 Long-lived assets (excluding goodwill): United States (country of domicile) $ 1,860,708 $ 1,721,419 Brazil 487,464 541,891 United Kingdom 282,351 274,530 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Fiscal Quarters Year Ended December 31, 2019 First Second Third Fourth Revenues, net $ 621,825 $ 647,094 $ 681,048 $ 698,881 Operating income 284,176 297,317 329,141 320,796 Net income 172,107 261,651 225,805 235,510 Basic earnings per share $ 2.00 $ 3.03 $ 2.61 $ 2.72 Diluted earnings per share 1.93 2.90 2.49 2.60 Weighted average shares outstanding: Basic shares 85,941 86,360 86,662 86,600 Diluted shares 89,244 90,131 90,522 90,427 Fiscal Quarters Year Ended December 31, 2018* First Second Third Fourth Revenues, net $ 585,500 $ 584,985 $ 619,586 $ 643,422 Operating income 260,087 264,783 281,090 284,738 Net income 174,937 176,852 157,694 302,000 Earnings per share: Basic earnings per share $ 1.95 $ 1.98 $ 1.78 $ 3.45 Diluted earnings per share 1.88 1.91 1.71 3.33 Weighted average shares outstanding: Basic shares 89,765 89,169 88,456 87,636 Diluted shares 93,250 92,702 92,081 90,703 *2018 quarterly amounts reflect the impact of the Company's adoption of ASC 606 and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2019segmentproduct_linecountry | |
Concentration Risk [Line Items] | |
Number of reportable segments | segment | 2 |
Number of product lines | product_line | 5 |
US, Brazil and UK | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 87.00% |
Minimum | |
Concentration Risk [Line Items] | |
Number of countries where products are sold | country | 100 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 30, 2018 | |
Significant Accounting Policies [Line Items] | ||||
Maximum allocation period (in year) | 1 year | |||
Capitalized computer software costs | $ 49,800,000 | $ 37,300,000 | $ 37,400,000 | |
Capitalized computer software amortization expense | $ 37,200,000 | 24,200,000 | 21,800,000 | |
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 | $ 700,000 | (100,000) | (200,000) | |
Foreign currency losses on long-term intra-entity transactions | 88,100,000 | 79,600,000 | ||
Advertising expense | 33,700,000 | 26,300,000 | $ 26,100,000 | |
Term Loan | ||||
Significant Accounting Policies [Line Items] | ||||
Deferred financing costs | 7,900,000 | 10,900,000 | ||
Revolving Credit Facility and Securitization Facility | ||||
Significant Accounting Policies [Line Items] | ||||
Deferred financing costs | 7,400,000 | 10,400,000 | ||
Securitization Facility | ||||
Significant Accounting Policies [Line Items] | ||||
Securitized accounts receivable facility | $ 1,200,000,000 | |||
Securitization Facility | Second Amendment | ||||
Significant Accounting Policies [Line Items] | ||||
Securitized accounts receivable facility | 1,200,000,000 | |||
New Credit Facility | ||||
Significant Accounting Policies [Line Items] | ||||
Payments of debt issuance costs | $ 2,900,000 | $ 4,900,000 | ||
Minimum | Stock options | ||||
Significant Accounting Policies [Line Items] | ||||
Period of vesting provisions (in years) | 1 year | |||
Minimum | Restricted Stock And Restricted Stock Units | ||||
Significant Accounting Policies [Line Items] | ||||
Period of vesting provisions (in years) | 1 year | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Customer payment terms (in days) | 14 days | |||
Term of derivative contract | 1 year | |||
Maximum | Stock options | ||||
Significant Accounting Policies [Line Items] | ||||
Period of vesting provisions (in years) | 5 years | |||
Maximum | Restricted Stock And Restricted Stock Units | ||||
Significant Accounting Policies [Line Items] | ||||
Period of vesting provisions (in years) | 4 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 | 98.00% | 99.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Company's Accounts Receivable and Securitized Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | $ 2,610,824 | $ 2,371,778 | ||
Less allowance for doubtful accounts | (70,890) | (59,963) | $ (46,031) | $ (32,506) |
Net accounts and securitized accounts receivable | 2,539,934 | 2,311,815 | ||
Gross domestic unsecuritized accounts receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | 734,410 | 668,154 | ||
Gross domestic securitized accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | 970,973 | 886,000 | ||
Gross foreign receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | $ 905,441 | $ 817,624 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Related to Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for doubtful accounts beginning of year | $ 59,963 | $ 46,031 | $ 32,506 | ||
Provision for bad debts | 74,309 | [1] | 64,377 | 44,857 | [2] |
Write-offs | (63,382) | (50,445) | (31,332) | ||
Allowance for doubtful accounts end of year | $ 70,890 | $ 59,963 | $ 46,031 | ||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||
[2] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Asset [Abstract] | ||
Gross | $ 114.9 | $ 109.5 |
Net | 72.1 | 68.8 |
Derivative Liability [Abstract] | ||
Gross | 103.8 | 112.9 |
Net | 60.9 | 72.1 |
Accounts Receivable | Spot Trade | ||
Derivative Asset [Abstract] | ||
Gross | 1,139.1 | 815.7 |
Offset on the Balance Sheet | (1,084.6) | (745.2) |
Net | 54.5 | 70.5 |
Accounts Payable | Spot Trade | ||
Derivative Liability [Abstract] | ||
Gross | 1,140.4 | 760.8 |
Offset on the Balance Sheet | (1,084.6) | (745.2) |
Net | $ 55.8 | $ 15.6 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Deferred revenue contract liability | $ 71.8 | $ 30.6 | |
Exptected timing to recognize deferred revenue | The Company expects to recognize substantially all of these amounts in revenues within approximately 12 months. | ||
Revenue recognized from deferred | $ 27.5 | ||
Minimum | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Threshold period past due when Company ceases billing and accruing late fees | 30 days | ||
Capitalized contract cost amortization period | 5 years | ||
Maximum | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Threshold period past due when Company ceases billing and accruing late fees | 40 days | ||
Capitalized contract cost amortization period | 10 years | ||
Sales Revenue, Net | Contracts with Customers | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Concentration risk, percentage | 75.00% | ||
Prepaid Expenses | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Capitalized contract cost | $ 14.8 | 12.7 | |
Other Assets | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Capitalized contract cost | 39.7 | 34.5 | |
Selling Expense | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Capitalized contract cost amortization | 14.3 | 12 | |
Processing Expense | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cost of equipment sales | $ 76.4 | $ 83.9 | $ 96.9 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | $ 698,881 | $ 681,048 | $ 647,094 | $ 621,825 | $ 643,422 | $ 619,586 | $ 584,985 | $ 585,500 | $ 2,648,848 | [1] | $ 2,433,492 | $ 2,249,538 | [2] |
United States (country of domicile) | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | 1,595,266 | 1,481,785 | 1,400,801 | ||||||||||
Brazil | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | 427,918 | 400,111 | 394,550 | ||||||||||
United Kingdom | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | 275,218 | 257,651 | 236,550 | ||||||||||
Other | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | 350,446 | 293,945 | 217,637 | ||||||||||
Fuel1 | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | 1,172,954 | 1,125,532 | 1,131,684 | ||||||||||
Corporate payments | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | 516,173 | 415,856 | 261,822 | ||||||||||
Tolls | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | 357,209 | 332,689 | 320,880 | ||||||||||
Lodging Network | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | 212,597 | 175,505 | 126,657 | ||||||||||
Gift | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | 180,236 | 186,646 | 194,099 | ||||||||||
Other | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues, net | $ 209,679 | $ 197,264 | $ 214,396 | ||||||||||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||||||||||
[2] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [3],[4] | |
Assets: | |||||||
Foreign exchange contracts | $ 72,100 | $ 68,800 | |||||
Total assets | 1,010,689 | 723,163 | |||||
Cash collateral for foreign exchange contracts | 25,600 | 73,100 | |||||
Liabilities: | |||||||
Foreign exchange contracts | 60,900 | 72,100 | |||||
Total liabilities | 117,327 | 72,125 | |||||
Cash collateral obligation for foreign exchange contracts | 6,100 | 9,600 | |||||
Net unrealized gains on equity securities | 13,000 | ||||||
Impairment loss on investment | 3,470 | [1],[2] | 7,147 | $ 53,164 | |||
Repurchase agreements | |||||||
Assets: | |||||||
Cash and cash equivalents | 833,658 | 581,293 | |||||
Money market | |||||||
Assets: | |||||||
Cash and cash equivalents | 54,978 | 50,644 | |||||
Certificates of deposit | |||||||
Assets: | |||||||
Cash and cash equivalents | 27,022 | 22,412 | |||||
Trading Securities | |||||||
Assets: | |||||||
Cash and cash equivalents | 22,955 | ||||||
Level 1 | |||||||
Assets: | |||||||
Total assets | 22,955 | 21 | |||||
Liabilities: | |||||||
Total liabilities | 0 | 0 | |||||
Level 1 | Repurchase agreements | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Level 1 | Money market | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Level 1 | Certificates of deposit | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Level 1 | Trading Securities | |||||||
Assets: | |||||||
Cash and cash equivalents | 22,955 | ||||||
Level 2 | |||||||
Assets: | |||||||
Total assets | 987,734 | 723,142 | |||||
Liabilities: | |||||||
Total liabilities | 117,327 | 72,125 | |||||
Level 2 | Repurchase agreements | |||||||
Assets: | |||||||
Cash and cash equivalents | 833,658 | 581,293 | |||||
Level 2 | Money market | |||||||
Assets: | |||||||
Cash and cash equivalents | 54,978 | 50,644 | |||||
Level 2 | Certificates of deposit | |||||||
Assets: | |||||||
Cash and cash equivalents | 27,022 | 22,412 | |||||
Level 2 | Trading Securities | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | ||||||
Level 3 | |||||||
Assets: | |||||||
Total assets | 0 | 0 | |||||
Liabilities: | |||||||
Total liabilities | 0 | ||||||
Level 3 | Repurchase agreements | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Level 3 | Money market | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Level 3 | Certificates of deposit | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Level 3 | Trading Securities | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | ||||||
Interest Rate Swaps | |||||||
Liabilities: | |||||||
Foreign exchange contracts | 56,418 | ||||||
Interest Rate Swaps | Level 1 | |||||||
Liabilities: | |||||||
Foreign exchange contracts | 0 | ||||||
Interest Rate Swaps | Level 2 | |||||||
Liabilities: | |||||||
Foreign exchange contracts | 56,418 | ||||||
Interest Rate Swaps | Level 3 | |||||||
Liabilities: | |||||||
Foreign exchange contracts | 0 | ||||||
Foreign exchange contracts | |||||||
Assets: | |||||||
Foreign exchange contracts | 72,076 | 68,814 | |||||
Cash collateral for foreign exchange contracts | 6,086 | 9,644 | |||||
Liabilities: | |||||||
Foreign exchange contracts | 60,909 | 72,125 | |||||
Cash collateral obligation for foreign exchange contracts | 25,618 | 73,140 | |||||
Foreign exchange contracts | Level 1 | |||||||
Assets: | |||||||
Foreign exchange contracts | 0 | 21 | |||||
Cash collateral for foreign exchange contracts | 0 | 0 | |||||
Liabilities: | |||||||
Foreign exchange contracts | 0 | 0 | |||||
Cash collateral obligation for foreign exchange contracts | 0 | 0 | |||||
Foreign exchange contracts | Level 2 | |||||||
Assets: | |||||||
Foreign exchange contracts | 72,076 | 68,793 | |||||
Cash collateral for foreign exchange contracts | 0 | 0 | |||||
Liabilities: | |||||||
Foreign exchange contracts | 60,909 | 72,125 | |||||
Cash collateral obligation for foreign exchange contracts | 0 | 0 | |||||
Foreign exchange contracts | Level 3 | |||||||
Assets: | |||||||
Foreign exchange contracts | 0 | 0 | |||||
Cash collateral for foreign exchange contracts | 0 | 0 | |||||
Liabilities: | |||||||
Foreign exchange contracts | 0 | ||||||
Cash collateral obligation for foreign exchange contracts | 0 | 0 | |||||
Telematics | |||||||
Liabilities: | |||||||
Impairment loss on investment | $ 15,700 | ||||||
Impairment loss, cumulative amount | 136,300 | ||||||
Carrying amount of investments without readily determinable fair value | 7,400 | ||||||
Qui | |||||||
Liabilities: | |||||||
Impairment loss on investment | $ 7,100 | ||||||
Masternaut | |||||||
Liabilities: | |||||||
Impairment loss on investment | $ 44,600 | 15,600 | |||||
Impairment loss, cumulative amount | $ 136,300 | ||||||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||||
[2] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||||
[3] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. | ||||||
[4] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Feb. 20, 2020shares | Dec. 18, 2019USD ($)$ / sharesshares | Jan. 29, 2019shares | Dec. 14, 2018USD ($)$ / sharesshares | Feb. 20, 2020$ / shares | Jan. 29, 2019$ / shares | Dec. 31, 2019USD ($)transactionshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2019USD ($)shares | Oct. 22, 2019USD ($) | |||
Class of Stock [Line Items] | ||||||||||||||
Shares acquired (in shares) | shares | 1,431,989 | 117,751 | 1,057,035 | |||||||||||
Shares acquired | $ 2,523,493,000 | [1] | $ 1,870,584,000 | $ 2,523,493,000 | [1] | |||||||||
Repurchase of common stock | 694,909,000 | 958,696,000 | $ 402,393,000 | |||||||||||
Repurchase of common stock | $ 694,909,000 | [2] | $ 958,696,000 | $ 402,393,000 | [3] | |||||||||
Initial price paid (in usd per share) | $ / shares | $ 285.70 | $ 176.91 | ||||||||||||
Final price paid (in usd per share) | $ / shares | $ 187.27 | |||||||||||||
Number of transactions | transaction | 2 | |||||||||||||
Repurchase agreements | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares acquired (in shares) | shares | 11,119,657 | |||||||||||||
Repurchase of common stock | $ 2,200,000,000 | |||||||||||||
Repurchase of common stock | $ 500,000,000 | $ 220,000,000 | ||||||||||||
Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Increase in authorized amount of repurchases | $ 1,000,000,000 | |||||||||||||
Aggregate authorized repurchase amount | $ 3,100,000,000 | |||||||||||||
Shares acquired (in shares) | shares | 2,094,115 | 4,911,438 | 2,854,959 | |||||||||||
Shares acquired | $ 603,800,000 | $ 958,700,000 | $ 402,400,000 | 603,800,000 | ||||||||||
Remaining authorized repurchase amount | 857,000,000 | 857,000,000 | ||||||||||||
Common Stock | Repurchase agreements | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Aggregate authorized repurchase amount | $ 500,000,000 | $ 220,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||||||
Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares acquired (in shares) | shares | 175,340 | |||||||||||||
Final price paid (in usd per share) | $ / shares | $ 306.81 | |||||||||||||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | |||||||||||||
[2] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | |||||||||||||
[3] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 07, 2018 | Feb. 06, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant (in shares) | 3,100,000 | ||||
Tax benefits recorded on stock based compensation | $ 61.6 | $ 37.3 | $ 48.6 | ||
Aggregate intrinsic value of options exercisable | $ 917.9 | ||||
Weighted average remaining contractual term of options exercisable (in years) | 4 years 10 months 24 days | ||||
Weighted-average remaining contractual life for options outstanding (in years) | 5 years 4 months 24 days | ||||
Shares, granted (in shares) | 232,000 | 107,000 | 238,000 | ||
Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized to issue grants (in shares) | 30,463,150 | 30,463,150 | 26,963,150 | ||
Shares, granted (in shares) | 0 | 0 | 0 | ||
Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized to issue grants (in shares) | 16,750,000 | 13,250,000 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Expense Related to Share-Based Payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Document Period End Date | Dec. 31, 2019 | ||||
Stock-based compensation | $ 60,953 | [1] | $ 69,939 | $ 93,297 | [2] |
General and Administrative Expense | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | 60,953 | 69,939 | 93,297 | ||
General and Administrative Expense | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | 32,736 | 43,443 | 56,400 | ||
General and Administrative Expense | Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 28,217 | $ 26,496 | $ 36,897 | ||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||
[2] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 74,285 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 37,349 |
Weighted Average Period of Expense Recognition (in Years) | 1 year 1 month 24 days |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 36,936 |
Weighted Average Period of Expense Recognition (in Years) | 1 year 5 months 8 days |
Stock Based Compensation - Su_3
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options, Outstanding [Roll Forward] | ||||
Shares, outstanding, beginning balance (in shares) | 7,616 | 8,031 | 6,146 | |
Shares, granted (in shares) | 431 | 412 | 2,885 | |
Shares, exercised (in share) | (1,482) | (708) | (633) | |
Shares, forfeited (in shares) | (302) | (119) | (367) | |
Shares, outstanding, ending balance (in shares) | 6,263 | 7,616 | 8,031 | |
Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted average exercise price, outstanding, beginning balance (in usd per share) | $ 117.58 | $ 109.78 | $ 91.20 | |
Weighted average exercise price, granted (in usd per share) | 244.35 | 204.59 | 145.35 | |
Weighted average exercise price, exercised (in usd per share) | 115.53 | 73.26 | 71.43 | |
Weighted average exercise price, forfeited (in usd per share) | 167.35 | 155.41 | 144.51 | |
Weighted average exercise price, outstanding, ending balance (in usd per share) | $ 124.38 | $ 117.58 | $ 109.78 | |
Options, Additional Disclosures [Abstract] | ||||
Shares, expected to vest (in shares) | 1,126 | |||
Weighted average exercise price of options, expected to vest (in usd per share) | $ 194.44 | |||
Options exercisable (in shares) | 5,137 | 5,174 | 4,029 | 3,429 |
Weighted average exercise price of exercisable options, outstanding (in usd per share) | $ 109.03 | $ 98.39 | $ 75.80 | $ 55 |
Weighted average fair value of options, granted in period (in usd per share) | $ 57.99 | $ 50.07 | $ 32.57 | |
Aggregate intrinsic value, options outstanding | $ 1,022,860 | $ 518,954 | $ 663,815 | $ 309,238 |
Aggregate intrinsic value of options exercised during period | $ 255,242 | $ 79,588 | $ 76,546 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Stock Options Exercise Price (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Class of Stock [Line Items] | |
Exercise price, options outstanding (in shares) | 6,263 |
Exercise price, options exercisable (in shares) | 5,137 |
$10.00 – $114.90 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 10 |
Exercise price, maximum (in usd per share) | $ / shares | $ 114.90 |
Exercise price, options outstanding (in shares) | 2,242 |
Exercise price, weighted average remaining vesting life in years | 0 days |
Exercise price, options exercisable (in shares) | 2,242 |
121.76 – 150.74 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 121.76 |
Exercise price, maximum (in usd per share) | $ / shares | $ 150.74 |
Exercise price, options outstanding (in shares) | 2,834 |
Exercise price, weighted average remaining vesting life in years | 6 days |
Exercise price, options exercisable (in shares) | 2,516 |
151.16 – 165.96 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 151.16 |
Exercise price, maximum (in usd per share) | $ / shares | $ 165.96 |
Exercise price, options outstanding (in shares) | 352 |
Exercise price, weighted average remaining vesting life in years | 18 days |
Exercise price, options exercisable (in shares) | 227 |
172.68 – 199.75 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 172.68 |
Exercise price, maximum (in usd per share) | $ / shares | $ 199.75 |
Exercise price, options outstanding (in shares) | 342 |
Exercise price, weighted average remaining vesting life in years | 1 year 3 months 14 days |
Exercise price, options exercisable (in shares) | 124 |
202.02 – 209.05 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 202.02 |
Exercise price, maximum (in usd per share) | $ / shares | $ 209.05 |
Exercise price, options outstanding (in shares) | 69 |
Exercise price, weighted average remaining vesting life in years | 2 years 3 months 10 days |
Exercise price, options exercisable (in shares) | 7 |
216.18 – 231.70 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 216.18 |
Exercise price, maximum (in usd per share) | $ / shares | $ 231.70 |
Exercise price, options outstanding (in shares) | 144 |
Exercise price, weighted average remaining vesting life in years | 2 years 9 months 25 days |
Exercise price, options exercisable (in shares) | 21 |
252.50 – 288.37 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 252.50 |
Exercise price, maximum (in usd per share) | $ / shares | $ 288.37 |
Exercise price, options outstanding (in shares) | 280 |
Exercise price, weighted average remaining vesting life in years | 2 years 10 months 17 days |
Exercise price, options exercisable (in shares) | 0 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.40% | 2.57% | 1.65% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 26.40% | 26.92% | 28.00% |
Expected life (in years) | 3 years 8 months 12 days | 3 years 9 months 18 days | 3 years 4 months 24 days |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.48% | ||
Dividend yield | 0.00% | ||
Expected volatility | 25.40% | ||
Expected life (in years) | 2 years 4 months 9 days |
Stock Based Compensation - Su_4
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Shares Outstanding [Roll Forward] | |||
Shares, outstanding, beginning balance (in shares) | 174 | 365 | 379 |
Shares, granted (in shares) | 232 | 107 | 238 |
Shares, cancelled (in shares) | (49) | (47) | (48) |
Shares, issued (in shares) | (114) | (251) | (204) |
Shares, outstanding, ending balance (in shares) | 243 | 174 | 365 |
Restricted Stock Share Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, outstanding, beginning balance (in usd per share) | $ 190.73 | $ 155.58 | $ 140.39 |
Weighted average grant date fair value, granted (in usd per share) | 212.79 | 200.71 | 141.99 |
Weighted average grant date fair value, cancelled (in usd per share) | 225.96 | 339.34 | 152.95 |
Weighted average grant date fair value, issued (in usd per share) | 206.05 | 154.85 | 136.85 |
Weighted average grant date fair value, outstanding, ending balance (in usd per share) | $ 246.34 | $ 190.73 | $ 155.58 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [2] | |
Business Acquisition [Line Items] | ||||||
Deferred payments of previous acquisitions | $ 448,277 | [1] | $ 20,843 | $ 705,257 | ||
Investments in other businesses | 17,000 | |||||
Payments on seller notes payable | 138,500 | [1] | 498,305 | $ 423,156 | ||
2019 Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | 416,000 | |||||
NvoicePay | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 208,000 | |||||
Cash acquired | 4,100 | |||||
Series of Individually Immaterial Business Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | 209,000 | |||||
2018 Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | 21,200 | |||||
Cash acquired | 11,000 | |||||
Acquisitions Prior to 2018 | ||||||
Business Acquisition [Line Items] | ||||||
Deferred payments of previous acquisitions | 3,800 | |||||
Payments on seller notes payable | $ 1,600 | |||||
Non-compete agreements | NvoicePay | ||||||
Business Acquisition [Line Items] | ||||||
Estimated fair value, non-compete agreements | $ 10,700 | |||||
Non-compete agreements | Series of Individually Immaterial Business Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Estimated fair value, non-compete agreements | $ 8,100 | |||||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | |||||
[2] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Apr. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 4,833,047 | [1] | $ 4,542,074 | $ 4,715,823 | |
NvoicePay | |||||
Business Acquisition [Line Items] | |||||
Trade and other receivables | $ 1,513 | ||||
Prepaid expenses and other current assets | 396 | ||||
Property and equipment | 1,030 | ||||
Other long term assets | 5,612 | ||||
Goodwill | 168,990 | ||||
Intangibles | 44,750 | ||||
Liabilities | (4,415) | ||||
Other noncurrent liabilities | (6,130) | ||||
Deferred tax liabilities | (4,178) | ||||
Aggregate purchase price | $ 207,568 | ||||
Series of Individually Immaterial Business Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Trade and other receivables | 91,912 | ||||
Prepaid expenses and other current assets | 2,059 | ||||
Property and equipment | 2,879 | ||||
Other long term assets | 4,593 | ||||
Goodwill | 119,408 | ||||
Intangibles | 82,925 | ||||
Liabilities | (78,579) | ||||
Other noncurrent liabilities | (4,657) | ||||
Deferred tax liabilities | (11,647) | ||||
Aggregate purchase price | $ 208,893 | ||||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
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 | Apr. 01, 2019 | Aug. 09, 2017 | Dec. 31, 2019 |
Trade Name and Trademarks | |||
Business Acquisition [Line Items] | |||
Useful lives (in years) | 13 years 4 months 24 days | ||
NvoicePay | |||
Business Acquisition [Line Items] | |||
Total intangibles | $ 44,750 | ||
NvoicePay | Trade Name and Trademarks | |||
Business Acquisition [Line Items] | |||
Trade names and trademarks | $ 8,700 | ||
NvoicePay | Proprietary Technology | |||
Business Acquisition [Line Items] | |||
Useful lives (in years) | 6 years | ||
Other intangible assets | $ 15,600 | ||
NvoicePay | Referral Partners | |||
Business Acquisition [Line Items] | |||
Useful lives (in years) | 10 years | ||
Other intangible assets | $ 810 | ||
NvoicePay | Supplier Network | |||
Business Acquisition [Line Items] | |||
Useful lives (in years) | 10 years | ||
Other intangible assets | $ 2,640 | ||
NvoicePay | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Useful lives (in years) | 20 years | ||
Other intangible assets | $ 17,000 | ||
Series of Individually Immaterial Business Acquisitions | |||
Business Acquisition [Line Items] | |||
Total intangibles | $ 82,925 | ||
Series of Individually Immaterial Business Acquisitions | Trade Name and Trademarks | |||
Business Acquisition [Line Items] | |||
Trade names and trademarks | $ 10,140 | ||
Series of Individually Immaterial Business Acquisitions | Trade Name and Trademarks | Minimum | |||
Business Acquisition [Line Items] | |||
Useful lives (in years) | 2 years | ||
Series of Individually Immaterial Business Acquisitions | Referral Partners | |||
Business Acquisition [Line Items] | |||
Useful lives (in years) | 20 years | ||
Other intangible assets | $ 2,000 | ||
Series of Individually Immaterial Business Acquisitions | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Other intangible assets | 56,453 | ||
Series of Individually Immaterial Business Acquisitions | Technology | |||
Business Acquisition [Line Items] | |||
Other intangible assets | $ 14,032 | ||
Series of Individually Immaterial Business Acquisitions | Technology | Minimum | |||
Business Acquisition [Line Items] | |||
Useful lives (in years) | 5 years | ||
Series of Individually Immaterial Business Acquisitions | Technology | Maximum | |||
Business Acquisition [Line Items] | |||
Useful lives (in years) | 10 years | ||
Series of Individually Immaterial Business Acquisitions | Lodging Network | |||
Business Acquisition [Line Items] | |||
Useful lives (in years) | 10 years | ||
Other intangible assets | $ 300 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes in Goodwill by Reportable Business Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Goodwill [Roll Forward] | |||
Beginning Balance of Goodwill | $ 4,542,074 | $ 4,715,823 | |
Acquisitions | 288,397 | 16,184 | |
Acquisition Accounting Adjustments | 2,914 | 4,056 | |
Foreign Currency | (338) | (193,989) | |
Ending Balance of Goodwill | 4,833,047 | [1] | 4,542,074 |
North America | |||
Goodwill [Roll Forward] | |||
Beginning Balance of Goodwill | 3,087,875 | 3,084,123 | |
Acquisitions | 268,866 | 16,184 | |
Acquisition Accounting Adjustments | 2,914 | 4,036 | |
Foreign Currency | 9,518 | (16,468) | |
Ending Balance of Goodwill | 3,369,173 | 3,087,875 | |
International | |||
Goodwill [Roll Forward] | |||
Beginning Balance of Goodwill | 1,454,199 | 1,631,700 | |
Acquisitions | 19,531 | 0 | |
Acquisition Accounting Adjustments | 0 | 20 | |
Foreign Currency | (9,856) | (177,521) | |
Ending Balance of Goodwill | $ 1,463,874 | $ 1,454,199 | |
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill deductible for income tax purposes | $ 861.4 | $ 882.3 | |
Decrease to other intangible assets due to changes in foreign exchange rates | 2 | 117 | |
Amortization expense of intangible assets | $ 206.9 | $ 216.3 | $ 211.8 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Gross Carrying Amounts | $ 3,508,360 | $ 3,367,524 | |
Accumulated Amortization | (1,166,478) | (959,614) | |
Net Carrying Amount | 2,341,882 | [1] | 2,407,910 |
Trade names and trademarks—indefinite lived | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Gross Carrying Amounts | 496,306 | 479,555 | |
Net Carrying Amount | $ 496,306 | 479,555 | |
Customer and vendor agreements | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Weighted- Avg Useful Life (Years) | 17 years | ||
Gross Carrying Amounts | $ 2,698,327 | 2,625,270 | |
Accumulated Amortization | (943,537) | (776,383) | |
Net Carrying Amount | $ 1,754,790 | 1,848,887 | |
Trade names and trademarks—other | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Weighted- Avg Useful Life (Years) | 13 years 4 months 24 days | ||
Gross Carrying Amounts | $ 5,384 | 2,957 | |
Accumulated Amortization | (2,877) | (2,501) | |
Net Carrying Amount | $ 2,507 | 456 | |
Software | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Weighted- Avg Useful Life (Years) | 6 years | ||
Gross Carrying Amounts | $ 242,783 | 212,733 | |
Accumulated Amortization | (180,839) | (152,416) | |
Net Carrying Amount | $ 61,944 | 60,317 | |
Non-compete agreements | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Weighted- Avg Useful Life (Years) | 4 years 1 month 6 days | ||
Gross Carrying Amounts | $ 65,560 | 47,009 | |
Accumulated Amortization | (39,225) | (28,314) | |
Net Carrying Amount | $ 26,335 | $ 18,695 | |
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Future Estimated Amortization of Intangibles (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 192,314 |
2021 | 183,440 |
2022 | 170,757 |
2023 | 163,926 |
2024 | 157,125 |
Thereafter | $ 978,014 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Property, Plant and Equipment [Line Items] | |||
Computer hardware and software | $ 341,282 | $ 291,404 | |
Card reading equipment | 24,077 | 20,117 | |
Furniture, fixtures, and vehicles | 19,319 | 18,308 | |
Buildings and improvements | 29,127 | 21,854 | |
Property, plant and equipment, gross | 413,805 | 351,683 | |
Less: accumulated depreciation | (213,980) | (165,482) | |
Property, plant and equipment, net | $ 199,825 | [1] | $ 186,201 |
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 | ||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Property, Plant and Equipment [Abstract] | |||||
Depreciation | $ 62,784 | [1] | $ 52,936 | $ 46,599 | [2] |
Capitalized computer software amortization expense | 37,200 | 24,200 | $ 21,800 | ||
Unamortized computer software costs | 118,800 | 86,500 | |||
Capitalized computer software write down | $ 1,800 | $ 8,700 | |||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||
[2] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |||
Accrued bonuses | $ 23,595 | $ 20,553 | |
Accrued payroll and severance | 23,718 | 15,932 | |
Accrued taxes | 70,350 | 85,346 | |
Accrued commissions/rebates | 77,430 | 60,593 | |
Other | 80,418 | 79,170 | |
Total | $ 275,511 | [1] | $ 261,594 |
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
Debt - Summary of Debt Instrume
Debt - Summary of Debt Instruments (Detail) | Nov. 14, 2019 | Nov. 13, 2019 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | [3] | Aug. 02, 2019USD ($) | Aug. 30, 2018USD ($) | |
Debt Instrument [Line Items] | |||||||||
Other debt | $ 42,027,000 | $ 37,902,000 | |||||||
Total notes payable and other obligations | 4,065,812,000 | 3,933,047,000 | |||||||
Securitization facility | 970,973,000 | [1] | 886,000,000 | ||||||
Total notes payable, credit agreements and Securitization Facility | 5,036,785,000 | 4,819,047,000 | |||||||
Current portion | 1,746,838,000 | 2,070,616,000 | |||||||
Long-term portion | 3,289,947,000 | [1] | 2,748,431,000 | ||||||
Principal payments on notes payable | $ 138,500,000 | [2] | $ 498,305,000 | $ 423,156,000 | |||||
Securitization Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | $ 1,200,000,000 | ||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.40% | 0.40% | |||||||
Unamortized debt issuance costs | $ 700,000 | ||||||||
Description of variable rate basis | one month LIBOR | ||||||||
Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility additional available borrowing capacity | $ 750,000,000 | ||||||||
Debt instrument, leverage ratio | 3 | ||||||||
Secured Debt | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | ||||||||
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 | 0.35% | ||||||||
Secured Debt | Maximum | Eurodollar | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||
Term Loan A | |||||||||
Debt Instrument [Line Items] | |||||||||
Term notes payable-domestic, net of discounts | $ 3,080,789,000 | $ 2,515,519,000 | |||||||
Line of credit facility, interest rate during period | 3.05% | ||||||||
Unamortized discount | $ 7,400,000 | ||||||||
Capitalized debt issuance costs | 1,800,000 | ||||||||
Term Loan A | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | 3,225,000,000 | ||||||||
Term Loan B | |||||||||
Debt Instrument [Line Items] | |||||||||
Term notes payable-domestic, net of discounts | $ 340,481,000 | 344,180,000 | |||||||
Debt instrument, basis spread on variable rate | 1.75% | 2.00% | |||||||
Line of credit facility, interest rate during period | 3.55% | ||||||||
Unamortized discount | $ 500,000 | ||||||||
Capitalized debt issuance costs | 1,200,000 | ||||||||
Term Loan B | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | $ 350,000,000 | ||||||||
Term Loan B | Secured Debt | Eurodollar | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.75% | ||||||||
Term Loan B | Secured Debt | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.75% | ||||||||
Revolving A Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit | $ 325,000,000 | 655,000,000 | |||||||
Revolving A Credit Facility | US Dollar Borrowings | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, interest rate during period | 3.03% | ||||||||
Revolving A Credit Facility | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | $ 800,000,000 | ||||||||
Revolving B Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit | 225,477,000 | 345,446,000 | |||||||
Revolving B Credit Facility | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | 450,000,000 | ||||||||
Revolving C Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit | 0 | 35,000,000 | |||||||
Revolving C Credit Facility | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | 35,000,000 | ||||||||
Revolving line of credit B Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit | $ 52,038,000 | 0 | |||||||
Line of credit facility, interest rate during period | 1.96% | ||||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance costs | $ 6,700,000 | ||||||||
Revolving Credit Facility | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | $ 1,285,000,000 | ||||||||
Incremental Term Loan A | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | $ 700,000,000 | ||||||||
Foreign Swing Line | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, interest rate during period | 1.93% | ||||||||
Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Capitalized debt issuance costs | $ 7,900,000 | $ 10,900,000 | |||||||
Interest rate, effective percentage | 4.00% | ||||||||
Principal payments on notes payable | $ 138,500,000 | ||||||||
Commercial Paper | Securitization Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.80% | 0.80% | |||||||
Commercial Paper | Securitization Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.90% | ||||||||
Commercial Paper | Securitization Facility | Blended Rate Of LIBOR And Commercial Paper Rates Based On Weighted Average Advance | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.88% | 0.89% | |||||||
Line of credit facility, commitment fee percentage | 1.80% | 2.52% | |||||||
Period One | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Payment period | 1 month | ||||||||
Period One | Foreign Swing Line | |||||||||
Debt Instrument [Line Items] | |||||||||
Payment period | 20 days | ||||||||
Period Two | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Payment period | 2 months | ||||||||
Period Three | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Payment period | 3 months | ||||||||
Period Four | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Payment period | 6 months | ||||||||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||||||
[2] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||||||
[3] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. |
Debt - Summary of Contractual M
Debt - Summary of Contractual Maturities of Notes Payable and Other Obligations (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 775,865 |
2021 | 192,577 |
2022 | 162,156 |
2023 | 2,607,293 |
2024 | 327,921 |
Thereafter | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 3,340,180 | $ 3,676,522 | $ 3,084,038 | |
Other comprehensive income before reclassifications | (84,783) | (362,001) | 83,165 | |
Amounts reclassified from AOCI | 5,828 | 0 | 31,381 | |
Tax effect | 20,348 | 0 | 0 | |
Total other comprehensive (loss) income | (58,607) | (362,001) | 114,546 | |
Ending Balance | 3,711,616 | [1] | 3,340,180 | 3,676,522 |
Total Accumulated Other Comprehensive (Loss) Income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (913,858) | (551,857) | (666,403) | |
Total other comprehensive (loss) income | (58,607) | |||
Ending Balance | (972,465) | (913,858) | (551,857) | |
Cumulative Foreign Currency Translation | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (913,858) | (551,857) | (666,403) | |
Other comprehensive income before reclassifications | (15,855) | (362,001) | 83,165 | |
Amounts reclassified from AOCI | 0 | 0 | 31,381 | |
Tax effect | 0 | 0 | 0 | |
Total other comprehensive (loss) income | (15,855) | (362,001) | 114,546 | |
Ending Balance | (929,713) | (913,858) | (551,857) | |
Unrealized (Losses) Gains on Derivative Instruments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 0 | 0 | 0 | |
Other comprehensive income before reclassifications | (68,928) | 0 | 0 | |
Amounts reclassified from AOCI | 5,828 | 0 | ||
Tax effect | 20,348 | 0 | 0 | |
Total other comprehensive (loss) income | (42,752) | 0 | 0 | |
Ending Balance | $ (42,752) | $ 0 | $ 0 | |
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
Income Taxes - Income Before Pr
Income Taxes - Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Income Tax Disclosure [Abstract] | |||||
United States | $ 505,818 | $ 622,214 | $ 524,669 | ||
Foreign | 572,001 | 472,911 | 368,921 | ||
Income before income taxes | $ 1,077,819 | [1] | $ 1,095,125 | $ 893,590 | [2] |
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||
[2] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Income Tax Disclosure [Abstract] | |||||
Document Period End Date | Dec. 31, 2019 | ||||
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||
Federal | $ 50,145 | $ 165,303 | $ 303,514 | ||
State | 10,285 | 26,036 | 19,234 | ||
Foreign | 84,433 | 95,053 | 78,354 | ||
Total current | 144,863 | 286,392 | 401,102 | ||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||
Federal | (10,479) | (19,688) | (255,188) | ||
State | 3,745 | 8,727 | 276 | ||
Foreign | 44,617 | 8,211 | 7,200 | ||
Total deferred | 37,883 | (2,750) | (247,712) | ||
Total provision | $ 182,746 | [1] | $ 283,642 | $ 153,390 | [2] |
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||
[2] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||
Computed “expected” tax expense | $ 226,342 | $ 229,976 | $ 312,756 | ||
Change in valuation allowance | (28,614) | 25,193 | 18,289 | ||
Foreign income tax differential | (15,816) | 9,921 | (38,695) | ||
State taxes net of federal benefits | 12,482 | 20,480 | 12,884 | ||
Foreign-sourced nontaxable income | 0 | (28,861) | (8,836) | ||
Foreign withholding tax | 20,360 | 20,569 | 9,362 | ||
IRC Section 199 deduction | 0 | 0 | (8,844) | ||
Excess tax benefits related to stock-based compensation | (38,156) | (19,255) | (18,058) | ||
Revaluation of capital loss deferred tax asset | (24,279) | 0 | 0 | ||
One-time transition tax | 0 | 0 | 195,779 | ||
Foreign tax credit- one-time transition tax | 0 | 17,385 | (113,955) | ||
Deferred tax effects | 0 | 7,128 | (209,965) | ||
Sub-part F Income/GILTI | 49,859 | 40,200 | 3,741 | ||
Foreign tax credits | (38,657) | (52,095) | 0 | ||
Other | 19,225 | 13,001 | (1,068) | ||
Total provision | $ 182,746 | [1] | $ 283,642 | $ 153,390 | [2] |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent [Abstract] | |||||
Computed "expected" tax expense, rate | 21.00% | 21.00% | 35.00% | ||
Change in valuation allowance, rate | (2.70%) | 2.80% | 2.00% | ||
Foreign income tax differential, rate | (1.40%) | 0.90% | (4.30%) | ||
State taxes net of federal benefits, rate | 1.20% | 1.90% | 1.40% | ||
Foreign-sourced nontaxable income, rate | (2.60%) | (1.00%) | |||
Foreign Withholding Tax, rate | 1.90% | 1.90% | 1.00% | ||
IRC Section 199 deduction, rate | 0.00% | 0.00% | (1.00%) | ||
Excess tax benefits related to stock-based compensation, rate | (3.50%) | (1.80%) | (2.00%) | ||
Revaluation of capital loss deferred tax asset, rate | (2.30%) | 0.00% | 0.00% | ||
One-time transition tax, rate | 0.00% | 0.00% | 21.90% | ||
Foreign tax credit - one-time transition tax | 0 | 0.016 | (0.128) | ||
Deferred tax effects, rate | 0 | 0.001 | (0.235) | ||
Sub-part F Income/GILTI, rate | 4.60% | 3.70% | 0.40% | ||
Foreign tax credits, rate | (3.60%) | (4.80%) | 0.00% | ||
Other, rate | 1.80% | 1.20% | 0.10% | ||
Provision for income taxes, rate | 17.00% | 25.90% | 17.20% | ||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||
[2] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Accounts receivable, principally due to the allowance for doubtful accounts | $ 9,586 | $ 8,518 |
Accrued expenses not currently deductible for tax | 2,305 | 6,734 |
Lease deferral | 24,713 | 0 |
Interest rate swap | 13,781 | 0 |
Stock based compensation | 39,779 | 40,081 |
Income tax credits | 35,845 | 26,770 |
Net operating loss carry forwards | 67,108 | 53,221 |
Investments | 0 | 39,062 |
Accrued escheat | 3,098 | 3,608 |
Other | 3,522 | 4,240 |
Deferred tax assets before valuation allowance | 199,737 | 182,234 |
Valuation allowance | (64,482) | (90,366) |
Deferred tax assets, net | 135,255 | 91,868 |
Deferred tax liabilities: | ||
Intangibles—including goodwill | (499,525) | (483,361) |
Basis difference in investment in subsidiaries | (42,314) | (38,200) |
Lease deferral | (21,810) | 0 |
Mark to Market | (3,213) | 0 |
Accrued Expense Liability | (4,023) | 0 |
Prepaid expenses | (2,075) | |
Property and equipment, prepaid expenses and other | (79,620) | (59,101) |
Deferred tax liabilities | (652,580) | (580,662) |
Net deferred tax liabilities | $ (517,325) | $ (488,794) |
Income Taxes - Deferred Tax Bal
Income Taxes - Deferred Tax Balance Classification in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Long term deferred tax assets | $ 2,655 | $ 3,152 | |
Long term deferred tax liabilities | (519,980) | [1] | (491,946) |
Net deferred tax liabilities | $ (517,325) | $ (488,794) | |
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. |
Income Taxes - Deferred Tax Val
Income Taxes - Deferred Tax Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation Allowance [Line Items] | |||
Beginning balance | $ 90,366 | $ 59,349 | $ 76,395 |
Additions based on changes in deferred tax assets | 2,717 | 25,193 | 5,332 |
Increase (Reduction) in valuation allowance due to rate change from Tax Act | 5,824 | (22,378) | |
Reductions based on changes in deferred tax assets | (28,601) | ||
Ending balance | $ 64,482 | $ 90,366 | $ 59,349 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 64,482 | $ 90,366 | ||
Increase (decrease) in the total valuation allowance | 28,600 | |||
Net operating loss carryforwards for state income tax purposes | 671,100 | |||
Federal operating loss carry forwards | 68,100 | |||
Accrued interest and penalties related to the unrecognized tax benefits | 3,400 | 1,500 | ||
Total unrecognized tax benefits | 42,773 | $ 34,152 | $ 31,558 | $ 26,155 |
Deferred Tax Asset, Net Operating Loss Carryforward | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 474,100 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Income Tax Benefit [Roll Forward] | |||
Beginning balance, unrecognized tax benefits | $ 34,152 | $ 31,558 | $ 26,155 |
Additions based on tax provisions related to the current year | 4,284 | 3,755 | 4,143 |
Additions for tax positions due to acquisitions | 9,208 | ||
Deductions based on settlement/expiration of prior year tax positions | (7,342) | (4,161) | (9,119) |
Additions based on tax provisions related to the prior year | 11,679 | 3,000 | 1,171 |
Ending balance, unrecognized tax benefits | $ 42,773 | $ 34,152 | $ 31,558 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Operating Leased Assets [Line Items] | ||||
Operating lease, ROU asset | $ 84,300 | |||
Operating lease liabilities | 98,555 | |||
Short-term operating lease liabilities | 16,900 | |||
Long-term operating lease liabilities | 81,700 | |||
Total lease costs | $ 20,500 | |||
Rent expense for noncancelable operating leases | $ 22,400 | $ 18,400 | ||
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Remaining lease term (in years) | 1 year | |||
Lease renewable period (in years) | 1 year | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Remaining lease term (in years) | 30 years | |||
Lease renewable period (in years) | 5 years | |||
Accounting Standards Update 2016-02 | ||||
Operating Leased Assets [Line Items] | ||||
Operating lease, ROU asset | $ 55,900 | |||
Operating lease liabilities | $ 65,500 |
Leases Leases - Schedule of Sup
Leases Leases - Schedule of Supplemental Lease Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for operating lease liabilities | $ 19,763 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 102,586 |
Weighted-average remaining lease term (years) | 7 years 6 months 14 days |
Weighted-average discount rate | 4.64% |
Leases Leases - Schedule of Lea
Leases Leases - Schedule of Lease Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 19,785 |
2021 | 17,813 |
2022 | 14,438 |
2023 | 13,403 |
2024 | 12,824 |
Thereafter | 38,992 |
Total lease payments | 117,255 |
Less imputed interest | 18,700 |
Present value of lease liabilities | $ 98,555 |
Leases - Summary Operating Leas
Leases - Summary Operating Lease Future Minimum Payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 19,678 |
2020 | 16,658 |
2021 | 14,826 |
2022 | 11,733 |
2023 | 11,017 |
Thereafter | $ 24,374 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Oct. 03, 2019USD ($) |
Settled Litigation | Shareholder Class Action | |
Loss Contingencies [Line Items] | |
Settlement amount to be paid | $ 50 |
Dispositions - Narrative (Detai
Dispositions - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 27, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Reclassification of foreign currency translation loss to investment, net of tax | $ 0 | $ 0 | $ 31,381 | ||||
Chevron | Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on disposal | $ 152,800 | ||||||
NexTraq | Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration | $ 316,500 | ||||||
Gain on disposal | $ 175,000 | ||||||
Tax effect of gain from disposal | $ 65,800 | ||||||
Masternaut | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment loss on investment | $ 44,600 | 15,600 | |||||
Cumulative impairment loss on investments | $ 136,300 | ||||||
Reclassification of foreign currency translation loss to investment, net of tax | $ 31,400 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Notional Amounts (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Total | $ 15,841.3 | $ 10,735.4 |
Swaps | ||
Derivative [Line Items] | ||
Total | 599.5 | 929.5 |
Futures, forwards and spot | ||
Derivative [Line Items] | ||
Total | 3,017.1 | 3,249.9 |
Written options | ||
Derivative [Line Items] | ||
Total | 6,393.9 | 3,688.8 |
Purchased options | ||
Derivative [Line Items] | ||
Total | $ 5,830.8 | $ 2,867.2 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets, fair value gross | $ 114.9 | $ 109.5 |
Cash collateral | 6.1 | 9.6 |
Total fair value of gross derivative assets | 108.8 | 99.9 |
Derivative liabilities, fair value, gross | 103.8 | 112.9 |
Cash collateral | 25.6 | 73.1 |
Total fair value of gross derivative liabilities | 78.2 | 39.8 |
Derivative assets | 72.1 | 68.8 |
Total net derivative assets | 66 | 59.2 |
Derivative liabilities | 60.9 | 72.1 |
Total net derivative liabilities | $ 35.3 | $ (1) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Narrative (Details) $ in Millions | Dec. 31, 2019USD ($) | Jan. 22, 2019USD ($)derivative | Dec. 31, 2018USD ($) |
Derivative [Line Items] | |||
Derivative assets | $ 72.1 | $ 68.8 | |
Derivative liabilities | 60.9 | 72.1 | |
Number of cash flows entered into | derivative | 3 | ||
Gain (loss) to be reclassified during the next 12 months | $ 19.5 | ||
Variable Rate Debt | |||
Derivative [Line Items] | |||
Long-term debt | $ 2,000 | ||
Other Current Assets | |||
Derivative [Line Items] | |||
Derivative assets | 39 | ||
Other Current Liabilities | |||
Derivative [Line Items] | |||
Derivative liabilities | $ 26.9 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Cash Flow Hedges (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Notional amount | $ 15,841.3 | $ 10,735.4 |
Designated as Hedging Instrument | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 1,000 | |
Fixed Rates | 2.56% | |
Designated as Hedging Instrument | Interest Rate Swap 2 | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Fixed Rates | 2.56% | |
Designated as Hedging Instrument | Interest Rate Swap 3 | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Fixed Rates | 2.55% |
Derivative Financial Instrume_7
Derivative Financial Instruments - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative liabilities | $ 60,900 | $ 72,100 |
Swap contracts | ||
Derivative [Line Items] | ||
Derivative liabilities | 56,418 | |
Designated as Hedging Instrument | Other Liabilities | Swap contracts | ||
Derivative [Line Items] | ||
Derivative liabilities | $ 56,400 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Schedule of Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $20.3 million | $ 42,752 | $ 0 | $ 0 |
Interest Rate Swaps | |||
Derivative [Line Items] | |||
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $20.3 million | 42,800 | ||
Amount of loss recognized in other comprehensive income on derivatives, tax | 20,300 | ||
Amount of loss reclassified from accumulated other comprehensive income into interest expense | $ 5,800 |
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 | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Earnings Per Share [Abstract] | |||||||||||||
Net income | $ 235,510 | $ 225,805 | $ 261,651 | $ 172,107 | $ 302,000 | $ 157,694 | $ 176,852 | $ 174,937 | $ 895,073 | [1],[2] | $ 811,483 | $ 740,200 | [3],[4] |
Denominator for basic earnings per share (in shares) | 86,600 | 86,662 | 86,360 | 85,941 | 87,636 | 88,456 | 89,169 | 89,765 | 86,401 | [2] | 88,750 | 91,129 | [4] |
Dilutive securities (in shares) | 3,669 | 3,401 | 2,465 | ||||||||||
Denominator for diluted earnings per share (in shares) | 90,427 | 90,522 | 90,131 | 89,244 | 90,703 | 92,081 | 92,702 | 93,250 | 90,070 | [2] | 92,151 | 93,594 | [4] |
Basic earnings per share (in usd per share) | $ 2.72 | $ 2.61 | $ 3.03 | $ 2 | $ 3.45 | $ 1.78 | $ 1.98 | $ 1.95 | $ 10.36 | [2] | $ 9.14 | $ 8.12 | [4] |
Diluted earnings per share (in usd per share) | $ 2.60 | $ 2.49 | $ 2.90 | $ 1.93 | $ 3.33 | $ 1.71 | $ 1.91 | $ 1.88 | $ 9.94 | [2] | $ 8.81 | $ 7.91 | [4] |
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||||||||||
[2] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||||||||||
[3] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. | ||||||||||||
[4] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted earnings per share excludes antidilutive effect (in shares) | 19 | 400 | 100 |
Performance Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted earnings per share excludes antidilutive effect (in shares) | 100 | 100 | 300 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019segment | |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues, net | $ 698,881 | $ 681,048 | $ 647,094 | $ 621,825 | $ 643,422 | $ 619,586 | $ 584,985 | $ 585,500 | $ 2,648,848 | [1] | $ 2,433,492 | $ 2,249,538 | [2] |
Operating income | 320,796 | $ 329,141 | $ 297,317 | $ 284,176 | 284,738 | $ 281,090 | $ 264,783 | $ 260,087 | 1,231,430 | [1] | 1,090,698 | 883,760 | [2] |
Depreciation and amortization | 274,210 | [1] | 274,609 | 264,560 | [2] | ||||||||
Capital expenditures | 75,170 | [3] | 81,387 | 70,093 | [4] | ||||||||
Long-lived assets (excluding goodwill and investments) | 2,766,483 | 2,741,743 | 2,766,483 | 2,741,743 | 3,020,209 | ||||||||
North America | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues, net | 1,708,546 | 1,571,466 | 1,428,711 | ||||||||||
Operating income | 755,867 | 673,867 | 541,598 | ||||||||||
Depreciation and amortization | 160,246 | 154,405 | 139,418 | ||||||||||
Capital expenditures | 44,238 | 36,514 | 40,747 | ||||||||||
Long-lived assets (excluding goodwill and investments) | 1,860,708 | 1,799,149 | 1,860,708 | 1,799,149 | 1,888,599 | ||||||||
International | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues, net | 940,302 | 862,026 | 820,827 | ||||||||||
Operating income | 475,563 | 416,831 | 342,162 | ||||||||||
Depreciation and amortization | 113,964 | 120,204 | 125,142 | ||||||||||
Capital expenditures | 30,932 | 44,873 | 29,346 | ||||||||||
Long-lived assets (excluding goodwill and investments) | $ 905,775 | $ 942,594 | $ 905,775 | $ 942,594 | $ 1,131,610 | ||||||||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||||||||||
[2] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. | ||||||||||||
[3] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||||||||||
[4] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. |
Segments - Schedule of Long-Liv
Segments - Schedule of Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Long-lived assets (excluding goodwill and investments) | $ 2,766,483 | $ 2,741,743 | $ 3,020,209 |
United States (country of domicile) | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets (excluding goodwill and investments) | 1,860,708 | 1,721,419 | |
Brazil | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets (excluding goodwill and investments) | 487,464 | 541,891 | |
United Kingdom | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets (excluding goodwill and investments) | $ 282,351 | $ 274,530 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | Dec. 31, 2017 | [2] | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Revenues, net | $ 698,881 | $ 681,048 | $ 647,094 | $ 621,825 | $ 643,422 | $ 619,586 | $ 584,985 | $ 585,500 | $ 2,648,848 | $ 2,433,492 | $ 2,249,538 | ||
Operating income | 320,796 | 329,141 | 297,317 | 284,176 | 284,738 | 281,090 | 264,783 | 260,087 | 1,231,430 | 1,090,698 | 883,760 | ||
Net income | $ 235,510 | $ 225,805 | $ 261,651 | $ 172,107 | $ 302,000 | $ 157,694 | $ 176,852 | $ 174,937 | $ 895,073 | [3] | $ 811,483 | $ 740,200 | [4] |
Earnings per share: | |||||||||||||
Basic earnings per share (in usd per share) | $ 2.72 | $ 2.61 | $ 3.03 | $ 2 | $ 3.45 | $ 1.78 | $ 1.98 | $ 1.95 | $ 10.36 | $ 9.14 | $ 8.12 | ||
Diluted earnings per share (in usd per share) | $ 2.60 | $ 2.49 | $ 2.90 | $ 1.93 | $ 3.33 | $ 1.71 | $ 1.91 | $ 1.88 | $ 9.94 | $ 8.81 | $ 7.91 | ||
Weighted average shares outstanding: | |||||||||||||
Basic (in shares) | 86,600 | 86,662 | 86,360 | 85,941 | 87,636 | 88,456 | 89,169 | 89,765 | 86,401 | 88,750 | 91,129 | ||
Diluted (in shares) | 90,427 | 90,522 | 90,131 | 89,244 | 90,703 | 92,081 | 92,702 | 93,250 | 90,070 | 92,151 | 93,594 | ||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14. | ||||||||||||
[2] | The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606. | ||||||||||||
[3] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||||||||||
[4] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. |
Selected Quarterly Financial _4
Selected Quarterly Financial Data (Unaudited) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | Dec. 31, 2017 | [2] | |
Selected Quarterly Financial Data [Line Items] | |||||||
Gain on minority investment | $ 13,000 | ||||||
Loss on write-off of fixed assets | 1,800 | $ 8,800 | $ 1,819 | $ 8,793 | $ 0 | ||
Legal settlement | 5,500 | ||||||
Restructuring charges | $ 2,800 | 1,100 | |||||
Chevron | Disposed of by Sale | |||||||
Selected Quarterly Financial Data [Line Items] | |||||||
Gain on disposal | $ 152,800 | ||||||
[1] | Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged. | ||||||
[2] | Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. |
Uncategorized Items - flt10-k12
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 47,252,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 47,252,000 |