Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 17, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 18,017,911,567 | ||
Entity Common Stock, Shares Outstanding | 71,853,599 | ||
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 6, 2024 are incorporated by reference into Part III of this report. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001175454 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Atlanta, Georgia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,389,648 | $ 1,435,163 |
Restricted cash | 1,751,887 | 854,017 |
Accounts and other receivables (less allowance for credit losses of $180,163 at December 31, 2023 and $149,846 at December 31, 2022) | 2,161,586 | 2,064,745 |
Securitized accounts receivable—restricted for securitization investors | 1,307,000 | 1,287,000 |
Prepaid expenses and other current assets | 474,144 | 465,227 |
Total current assets | 7,084,265 | 6,106,152 |
Property and equipment, net | 343,154 | 294,692 |
Goodwill | 5,644,958 | 5,201,435 |
Other intangibles, net | 2,085,663 | 2,130,974 |
Investments | 69,521 | 74,281 |
Other assets | 248,691 | 281,726 |
Total assets | 15,476,252 | 14,089,260 |
Current liabilities: | ||
Accounts payable | 1,624,995 | 1,568,942 |
Accrued expenses | 356,118 | 351,936 |
Customer deposits | 2,397,279 | 1,505,004 |
Securitization facility | 1,307,000 | 1,287,000 |
Current portion of notes payable and lines of credit | 819,749 | 1,027,056 |
Other current liabilities | 320,612 | 303,517 |
Total current liabilities | 6,825,753 | 6,043,455 |
Notes payable and other obligations, less current portion | 4,596,156 | 4,722,838 |
Deferred income taxes | 470,232 | 527,465 |
Other noncurrent liabilities | 301,752 | 254,009 |
Total noncurrent liabilities | 5,368,140 | 5,504,312 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 475,000,000 shares authorized; 128,759,639 shares issued and 71,715,804 shares outstanding at December 31, 2023; and 127,802,590 shares issued and 73,356,709 shares outstanding at December 31, 2022 | 129 | 128 |
Additional paid-in capital | 3,266,185 | 3,049,570 |
Retained earnings | 8,192,659 | 7,210,769 |
Accumulated other comprehensive loss | (1,289,099) | (1,509,650) |
Less treasury stock (57,043,835 shares and 54,445,881 shares at December 31, 2023 and 2022, respectively) | (6,887,515) | (6,209,324) |
Total stockholders’ equity | 3,282,359 | 2,541,493 |
Total liabilities and stockholders’ equity | $ 15,476,252 | $ 14,089,260 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit losses | $ 180,163 | $ 149,846 |
Par value (in dollars per share) | $ 0.001 | $ 0.001 |
Shares authorized (in shares) | 475,000,000 | 475,000,000 |
Shares issued (in shares) | 128,759,639 | 127,802,590 |
Shares outstanding (in shares) | 71,715,804 | 73,356,709 |
Treasury stock (in shares) | 57,043,835 | 54,445,881 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||||||||
Revenues, net | $ 970,892 | $ 948,174 | $ 901,333 | $ 1,849,507 | $ 2,820,399 | $ 3,757,719 | $ 3,427,129 | $ 2,833,736 |
Expenses: | ||||||||
Processing | 208,217 | 205,265 | 204,967 | 410,232 | 618,449 | 819,908 | 764,707 | 559,819 |
Selling | 85,954 | 86,412 | 81,592 | 168,004 | 253,958 | 340,157 | 309,082 | 262,118 |
General and administrative | 147,839 | 159,356 | 154,684 | 314,040 | 461,879 | 603,424 | 584,135 | 485,830 |
Depreciation and amortization | 84,750 | 83,676 | 84,232 | 167,908 | 252,658 | 336,604 | 322,282 | 284,197 |
Other operating, net | (845) | 815 | 663 | 1,478 | 633 | 753 | 282 | (784) |
Operating income | 444,977 | 412,650 | 375,195 | 787,845 | 1,232,822 | 1,656,873 | 1,446,641 | 1,242,556 |
Investment (gain) loss, net | 30 | 18 | (190) | (172) | (142) | (116) | 1,382 | (9) |
Other (income) expense, net | (13,432) | (2,424) | 746 | (1,678) | (15,110) | (16,623) | 3,003 | 3,858 |
Interest expense, net | 88,285 | 88,486 | 79,795 | 168,281 | 256,566 | 348,607 | 164,662 | 113,705 |
Loss on extinguishment of debt | 0 | 1,934 | 16,194 | |||||
Total other expense, net | 74,883 | 86,080 | 80,351 | 166,431 | 241,314 | 331,868 | 170,981 | 133,748 |
Income before income taxes | 370,094 | 326,570 | 294,844 | 621,414 | 991,508 | 1,325,005 | 1,275,660 | 1,108,808 |
Provision for income taxes | 98,598 | 86,868 | 80,009 | 166,877 | 265,475 | 343,115 | 321,333 | 269,311 |
Net income | $ 271,496 | $ 239,702 | $ 214,835 | $ 454,537 | $ 726,033 | $ 981,890 | $ 954,327 | $ 839,497 |
Earnings per share: | ||||||||
Basic earnings per share (in dollars per share) | $ 3.71 | $ 3.24 | $ 2.92 | $ 6.17 | $ 9.87 | $ 13.42 | $ 12.62 | $ 10.23 |
Diluted earnings per share (in dollars per share) | $ 3.64 | $ 3.20 | $ 2.88 | $ 6.08 | $ 9.72 | $ 13.20 | $ 12.42 | $ 9.99 |
Weighted average shares outstanding: | ||||||||
Basic shares (in shares) | 73,165 | 73,887 | 73,521 | 73,705 | 73,523 | 73,155 | 75,598 | 82,060 |
Diluted shares (in shares) | 74,604 | 75,001 | 74,483 | 74,763 | 74,733 | 74,387 | 76,862 | 84,061 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 981,890 | $ 954,327 | $ 839,497 |
Other comprehensive income (loss): | |||
Foreign currency translation gains (losses), net of tax | 140,089 | (77,135) | (144,543) |
Reclassification of accumulated foreign currency translation losses to net income as a result of the sale of a foreign entity (see Note 19) | 120,269 | 0 | 0 |
Net change in derivative contracts, net of tax | (39,807) | 32,101 | 43,085 |
Total other comprehensive income (loss) | 220,551 | (45,034) | (101,458) |
Total comprehensive income | $ 1,202,441 | $ 909,293 | $ 738,039 |
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, 2020 | $ 3,355,411 | $ 126 | $ 2,749,900 | $ 5,416,945 | $ (1,363,158) | $ (3,448,402) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 839,497 | 839,497 | ||||
Other comprehensive income (loss), net of tax | (101,458) | (101,458) | ||||
Acquisition of common stock | (1,355,722) | (1,355,722) | ||||
Stock-based compensation | 80,071 | 80,071 | ||||
Issuance of common stock | 48,781 | 1 | 48,780 | |||
Ending Balance at Dec. 31, 2021 | 2,866,580 | 127 | 2,878,751 | 6,256,442 | (1,464,616) | (4,804,124) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 954,327 | 954,327 | ||||
Other comprehensive income (loss), net of tax | (45,034) | (45,034) | ||||
Acquisition of common stock | (1,405,200) | (1,405,200) | ||||
Stock-based compensation | 121,416 | 121,416 | ||||
Issuance of common stock | 49,404 | 1 | 49,403 | |||
Ending Balance at Dec. 31, 2022 | 2,541,493 | 128 | 3,049,570 | 7,210,769 | (1,509,650) | (6,209,324) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 214,835 | |||||
Ending Balance at Mar. 31, 2023 | 2,881,860 | |||||
Beginning Balance at Dec. 31, 2022 | 2,541,493 | 128 | 3,049,570 | 7,210,769 | (1,509,650) | (6,209,324) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 454,537 | |||||
Ending Balance at Jun. 30, 2023 | 3,263,436 | |||||
Beginning Balance at Dec. 31, 2022 | 2,541,493 | 128 | 3,049,570 | 7,210,769 | (1,509,650) | (6,209,324) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 726,033 | |||||
Ending Balance at Sep. 30, 2023 | 3,059,451 | |||||
Beginning Balance at Dec. 31, 2022 | 2,541,493 | 128 | 3,049,570 | 7,210,769 | (1,509,650) | (6,209,324) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 981,890 | 981,890 | ||||
Other comprehensive income (loss), net of tax | 220,551 | 220,551 | ||||
Acquisition of common stock | (691,403) | (13,212) | (678,191) | |||
Stock-based compensation | 116,086 | 116,086 | ||||
Issuance of common stock | 113,742 | 1 | 113,741 | |||
Ending Balance at Dec. 31, 2023 | 3,282,359 | $ 129 | $ 3,266,185 | $ 8,192,659 | $ (1,289,099) | $ (6,887,515) |
Beginning Balance at Mar. 31, 2023 | 2,881,860 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 239,702 | |||||
Ending Balance at Jun. 30, 2023 | 3,263,436 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 271,496 | |||||
Ending Balance at Sep. 30, 2023 | $ 3,059,451 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 981,890 | $ 954,327 | $ 839,497 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 109,983 | 92,010 | 75,571 |
Stock-based compensation | 116,086 | 121,416 | 80,071 |
Provision for credit losses on accounts and other receivables | 125,152 | 131,096 | 37,919 |
Amortization of deferred financing costs and discounts | 7,249 | 7,748 | 6,831 |
Amortization of intangible assets and premium on receivables | 226,621 | 230,272 | 208,625 |
Deferred income taxes | (46,678) | (33,174) | 11,026 |
Loss on extinguishment of debt | 0 | 1,934 | 16,194 |
Gain on sale of assets/business | (13,712) | 0 | 0 |
Other non-cash operating expense (income), net | 637 | 1,664 | (793) |
Changes in operating assets and liabilities (net of acquisitions/disposition): | |||
Accounts receivable and other receivables | (210,261) | (598,674) | (731,137) |
Prepaid expenses and other current assets | 69,287 | (17,543) | 141,058 |
Derivative assets and liabilities, net | (33,278) | (11,260) | (15,360) |
Other assets | 54,180 | (41,068) | 47,055 |
Accounts payable, accrued expenses and customer deposits | 713,976 | (83,951) | 480,506 |
Net cash provided by operating activities | 2,101,132 | 754,797 | 1,197,063 |
Investing activities | |||
Acquisitions, net of cash acquired | (428,327) | (216,917) | (602,120) |
Purchases of property and equipment | (153,822) | (151,428) | (111,530) |
Proceeds from disposal of a business, net of cash disposed | 197,025 | 0 | 0 |
Other | 4,401 | 0 | (2,281) |
Net cash used in investing activities | (380,723) | (368,345) | (715,931) |
Financing activities | |||
Proceeds from issuance of common stock | 113,742 | 49,404 | 48,781 |
Repurchase of common stock | (686,859) | (1,405,200) | (1,355,722) |
Borrowings on securitization facility, net | 20,000 | 169,000 | 418,000 |
Deferred financing costs | (376) | (10,355) | (38,920) |
Proceeds from notes payable | 0 | 3,000,000 | 1,900,000 |
Principal payments on notes payable | (94,000) | (2,824,000) | (507,500) |
Borrowings from revolver | 8,734,960 | 7,236,000 | 1,910,000 |
Payments on revolver | (9,118,960) | (6,526,000) | (1,978,851) |
Borrowings (payments) on swing line of credit, net | 135,568 | 194 | (51,049) |
Other | (2,286) | (271) | (811) |
Net cash (used in) provided by financing activities | (898,211) | (311,228) | 343,928 |
Effect of foreign currency exchange rates on cash | 30,157 | (36,739) | (50,984) |
Net increase in cash and cash equivalents and restricted cash | 852,355 | 38,485 | 774,076 |
Cash, cash equivalents and restricted cash at beginning of period | 2,289,180 | 2,250,695 | 1,476,619 |
Cash, cash equivalents and restricted cash at end of period | 3,141,535 | 2,289,180 | 2,250,695 |
Supplemental cash flow information | |||
Cash paid for interest | 448,384 | 229,641 | 132,504 |
Cash paid for income taxes | $ 408,340 | $ 358,231 | $ 229,721 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business FLEETCOR is a global payments company that helps businesses and consumers better manager their expenses. FLEETCOR's suite of modern payment solutions help customers better manage vehicle-related expenses (e.g. fueling, tolls and parking), lodging expenses (e.g. hotel bookings) and corporate payments (e.g. domestic and international vendors). This results in our customers saving time and ultimately spending less. Since its incorporation in 2000, FLEETCOR’s smarter payment and spend management solutions have been delivered in a variety of ways depending on the needs of the customer. From physical payment cards to software that includes customizable controls and robust payment capabilities, FLEETCOR provides businesses and consumers with a better way to pay. FLEETCOR has been a member of the S&P 500 since 2018 and trades on the New York Stock Exchange under the ticker FLT. We expect to rebrand FLEETCOR to Corpay, Inc. in March 2024, including changing our New York Stock Exchange ticker from FLT to CPAY. FLEETCOR’s vision is that every payment is digital, every purchase is controlled, and every related decision is informed. Digital payments are faster and more secure than paper-based methods such as checks, and provide timely and detailed data that can be utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting, and eliminate reimbursement processes. Combining this payment data with analytical tools delivers insights, which managers can use to better run their businesses. The Company's wide range of modern, digitized solutions generally provides control, reporting, and automation benefits superior to many of the payment methods businesses often use, such as cash, paper checks, general purpose credit cards, as well as employee pay and reclaim processes. The Company has the following reportable segments: Vehicle Payments, Corporate Payments, Lodging Payments and Other. The Company reports these segments to reflect how we organize and manage our global employee base, manage operating performance, execute on strategic initiatives and contemplate the differing regulatory environments across geographies and solutions. Our Vehicle Payments solutions are purpose-built to enable our business and consumer customers to pay for vehicle related expenses, while providing greater control and visibility of employee spending when compared with less specialized payment methods, such as cash or general-purpose credit cards. Our Vehicle Payments solutions include fuel, tolls and other complementary products. Our Corporate Payments solutions simplify and automate vendor payments and are designed to help businesses streamline the back-office operations associated with making outgoing payments. Companies save time, cut costs, and manage business-to-business (B2B) payment processing more efficiently with our suite of corporate payment solutions, including AP automation, virtual cards, cross-border, and purchasing and travel and entertainment cards. Our Lodging Payments solutions help businesses manage their travel-related lodging expenses while in the field, as well as lodging expenses of its customers, such as disrupted passengers in the airline industry. FLEETCOR provides other payments solutions, including gift and payroll card. Our solutions provide customers with control capabilities including customizable user-level controls, programmable alerts, and detailed transaction reporting, among others. Our customers can use the data, controls and tools to combat employee misuse and fraud, streamline expense administration and potentially lower their operating costs. We utilize both proprietary and third-party payment acceptance networks to deliver our solutions. In our proprietary networks, which tend to be geographically distinct, transactions are processed on applications and operating systems owned and operated by us, and only at select participating merchants with whom we have contracted directly for acceptance. Third-party networks are operated by independent parties, and tend to be more broadly accepted, which is the primary benefit compared with our proprietary networks. Mastercard and VISA are our primary third-party network partners in North America and Europe, respectively. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) 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 financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may 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 2023, 2022, and 2021 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle. Financial Instruments-Credit Losses The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses". The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors. At December 31, 2023 and 2022, approximately 82% and 85%, respectively, of outstanding accounts receivable were less than 30 days past due. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for credit losses 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 us have been accounted for under the acquisition method of accounting, which requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date. The excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed represents goodwill. Amounts assigned to goodwill are primarily attributable to buyer-specific synergies expected to arise after the acquisition (e.g., enhanced reach of the combined organization and other synergies) and the assembled work force of the acquiree. The results of the acquired businesses are included in our results of operations beginning from the completion date of the transaction. The estimates the Company uses to determine the fair value of long-lived assets, such as intangible assets, can be complex and require significant judgments. The Company uses information available to us to make fair value determinations and engages independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired long-lived assets. The estimated fair values of customer-related and contract-based intangible assets are generally determined using the income approach, which is based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. The discount rates used represent a risk-adjusted market participant weighted-average cost of capital, derived using customary market metrics. These measures of fair value also require considerable judgments about future events, including forecasted revenue growth rates, forecasted customer attrition rates, contract renewal estimates and technology changes. Acquired technologies are generally valued using the replacement cost method, which requires us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis, with adjustments in value for physical deterioration and functional and economic obsolescence. Trademarks and trade names are generally valued using the "relief-from-royalty" approach. This method assumes that trademarks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires the Company to estimate the future revenues for the related brands, the appropriate royalty rate and the weighted-average cost of capital. This measure of fair value requires considerable judgment about the value a market participant would be willing to pay in order to achieve the benefits associated with the trade name. Non-compete arrangements are measured at fair value separately from the business combination using a cash flow method based on the Company's best estimate of the probability of competition and its business effect absent the non-compete arrangement. While the Company uses our best estimates and assumptions to determine the fair values of the assets acquired and the liabilities assumed, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in our Consolidated Statements of Income. The Company also estimates the useful lives of intangible assets to determine the period over which to recognize the amount of acquisition-related intangible assets as an expense. Certain assets may be considered to have indefinite useful lives. The Company periodically reviews the indefinite nature of these assets. The Company also periodically reviews the estimated useful lives assigned to our intangible assets to determine whether such estimated useful lives continue to be appropriate. Impairment of The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of property and equipment and intangible assets with finite lives 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 analyses as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives of property and equipment and intangible assets with finite lives 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 quantitative goodwill impairment test for the applicable reporting units 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 and, to a lesser extent, market multiples for comparable companies. Estimates critical to the Company’s evaluation of goodwill for impairment include the discount rates, forecasts for revenues, net and earnings before interest, taxes, depreciation and amortization (EBITDA) margin. 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 qualitatively and/or quantitatively as of October 1, 2023, 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 also tests for impairment more frequently 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 and projected revenue growth. An impairment loss is recognized if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. Based on the indefinite-lived intangible asset impairment analyses performed as of October 1, 2023, the Company determined the fair value of each of its indefinite-lived intangible assets was in excess of its carrying amount. No events or changes in circumstances have occurred since the date of this most recent annual impairment analysis that would more likely than not reduce the fair value of an indefinite-lived intangible asset below its carrying amount. The Company has elected the alternative 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. The Company reassesses these investments each reporting period to evaluate whether these investments continue to qualify for the alternative measurement at cost minus impairment, rather than requiring measurement at fair value on a recurring basis. The Company evaluates for impairment these equity investments without readily determinable fair values based on qualitative indicators (e.g., significant deterioration in investee's financial performance, adverse regulation, etc.). Investments classified as trading securities are carried at fair value with any unrealized gain or loss recorded within investment (gain) loss in the Consolidated Statements of Income. During 2021, the Company made an investment of $37.4 million in a 20-year joint venture with a third-party Brazilian bank. The Company determined that it exercises significant influence, but does not control, the joint venture and/or intermediary and records its allocable share of the joint ventures earnings/losses as an equity method investment under ASC 323. The Company monitors its equity method investments qualitatively for other than temporary impairment. The Company recorded no impairment charges on its investments for the years ended December 31, 2023, 2022, and 2021. Property, Plant and Equipment and Definite-Lived Intangible Assets Property, plant and equipment are stated at cost and depreciated on the straight-line basis. Intangible assets with finite lives, 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 internal-use 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 application development stage of the software has been established. Costs incurred during preliminary project stage prior to the application development stage are expensed as incurred. Application development stage 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 $128.0 million, $120.5 million and $76.7 million in 2023, 2022 and 2021, respectively. Amortization expense for software totaled $77.5 million, $61.3 million and $46.7 million in 2023, 2022 and 2021, 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 recognizes the impact of an uncertain income tax position on the income tax return 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% likelihood of being sustained. The Company includes any estimated interest and penalties on tax related matters in income tax expense. S ee Note 13 for f urther information regarding income taxes. Cash, Cash Equivalents, and Restricted Cash Cash equivalents primarily consist of a) cash on hand, b) highly liquid investments with original maturities of three months or less, such as certificates of deposit, treasury bills and money market funds, and c) customer deposits repayable on demand without legal restrictions. Restricted cash represents a) customer deposits repayable on demand held in certain geographies with legal restrictions contractually set aside to fulfill payment obligations on a customer's behalf, b) collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits and secure and settle cross-currency transactions, and c) collateral posted with banks for hedging positions in our cross-border payments business. During the third quarter of 2023, the Company disposed of its Russian net assets, including its cash balances. See Note 19 for additional information. Based on our assessment of the capital market conditions and related impact on our access to cash prior to the Russia disposition, we had classified all cash held at our Russia business of $215.8 million at December 31, 2022 to restricted cash. Foreign Currency Translation Assets and liabilities of foreign subsidiaries as well as intra-entity balances denominated in foreign-currency and designated for long-term investment 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 loss. 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 foreign exchange losses and gains, which are recorded within other (income) expense, net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions): 2023 2022 2021 Foreign exchange losses $ 4.8 $ 1.7 $ 3.7 The Company recorded foreign currency gains and losses on long-term intra-entity transactions included as a component of foreign currency translation gains (losses), net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31 as follows (in millions): 2023 2022 2021 Foreign currency (gains) losses on long-term intra-entity transactions $ (29.0) $ 205.7 $ 44.4 Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates and economic changes in the value of certain foreign-denominated net assets. The Company also uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers and enters into cross currency derivative contracts with banking partners to mitigate foreign exchange risk associated with customer derivative contracts. 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 interest payments on an unspecified 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 to the derivative assets/liabilities and offset against accumulated other comprehensive loss. Derivative fair value changes that are recorded in accumulated other comprehensive loss are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is highly effective in offsetting the change in cash flows attributable to the hedged risk. In the Company's cross-border payments business, it writes foreign currency forwards, option contracts and swaps for its customers to facilitate future payments. The Company recognizes current cross-border payments derivatives in prepaid expenses and other current assets and recognizes other current liabilities and derivatives greater than one year in other assets and other noncurrent liabilities in the accompanying Consolidated Balance Sheets at their fair value. Any gains/losses associated with these derivatives are recorded through earnings. The Company also utilizes cross-currency interest rate swaps designated as a net investment hedge of its investments in euro-denominated operations, which effectively converts a specified U.S. dollar notional equivalent to an obligation denominated in euro, and partially offsets the impact of changes in currency rates on the Company's euro-denominated net investments. Such contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swap, resulting in interest rate savings on the USD notional. All cash flows associated with the Company's foreign currency and interest rate swap derivatives are included in cash flows from operating activities in the Consolidated Statements of Cash Flows. Upon settlement of derivatives designated as a net investment hedges, the associated cash flows will be classified as investing activities in the Consolidated Statements of Cash Flows. Ref er to Note 16. Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements with the same counterparty, as a right of offset exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. 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, 2023 and 2022 (in millions): December 31, 2023 December 31, 2022 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 2,499.9 $ (2,373.8) $ 126.1 $ 2,409.8 $ (2,266.0) $ 143.8 Liabilities Accounts Payable $ 2,457.3 $ (2,373.8) $ 83.5 $ 2,332.5 $ (2,266.0) $ 66.5 Stock-Based Compensation The Company routinely grants employee stock options and restricted stock awards/units as part of employee compensation plans. Stock options are granted with an exercise price equal to the fair market value of the underlying Company share on the date of grant. Options granted have vesting provisions ranging from one 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 generally have graded vesting provisions of one The fair value of stock options and 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 market-based stock option awards. For performance-based restricted stock awards/units 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. 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. 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, net. The Company capitalized additional debt issuance costs of $0.4 million associated with refinancing its Credit Facility and Securitization Facility in 2023 and $10.4 million in 2022. At December 31, 2023 and 2022, the Company had deferred financing costs of $5.7 million and $7.8 million, respectively, related to the revolver under the Credit Facility and the revolving Securitization Facility, each recorded within prepaid expenses and other current assets, on the Consolidated Balance Sheets. The Company had deferred financing costs and debt discounts of $19.0 million and $23.9 million at December 31, 2023 and 2022, respectively, related to the term notes under the Credit Facility, which were recorded as a discount to the term debt outstanding within the current portion of notes payable and lines of credit and within notes payable and other obligations, less current portion on 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 main tains a $1.7 billion revo lving trade accounts receivable securitization facility (as amended from time to time, the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting primarily from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers in the form of a legal sale certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC ("Funding"), a wholly-owned bankruptcy remote consolidated subsidiary. In turn, Funding transfers in the form of a legal sale, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to unrelated transferees (i.e., multi-seller banks and asset-backed commercial paper conduits). Funding retains a residual, subordinated interest in cash flow distribution from the transferred receivables and provides to the transferees an incremental pledge of unsold receivables as a form of over-collateralization to enhance the credit of the transferred receivables. Purchases by the banks and conduits are generally financed with the sale of highly-rated commercial paper. The Company utilizes proceeds from the securitized 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. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount. As the Company maintains certain continuing involvement in the transferred/sold receivables, it does not derecognize the receivables from its Consolidated Balance Sheets. Instead, the Company records cash proceeds and any residual interest received as a Securitization Facility liability. 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 August 18, 2025. The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands): 2023 2022 Gross domestic unsecuritized accounts receivables $ 921,206 $ 985,873 Gross domestic securitized accounts receivable 1,307,000 1,287,000 Gross foreign receivables 1,420,543 1,228,718 Total gross receivables 3,648,749 3,501,591 Less allowance for credit losses (180,163) (149,846) Net accounts and securitized accounts receivable $ 3,468,586 $ 3,351,745 A rollforward of the Company’s allowance for credit losses related to accounts receivable for the years ended December 31 is as follows (in thousands): 2023 2022 2021 Allowance for credit losses beginning of year $ 149,846 $ 98,719 $ 86,886 Provision for credit losses 125,152 131,096 37,919 Write-offs (115,631) (90,540) (35,868) Recoveries 13,596 10,320 13,459 Impact of foreign currency 7,200 251 (3,677) Allowance for credit losses end of year $ 180,163 $ 149,846 $ 98,719 The provision for credit losses and write-offs increased during the years ended December 31, 2023 and December 31, 2022 versus historical periods, as customer spend increased due to new sales and higher fuel prices for 2022 and into 2023. New customers tend to have higher loss rates. Additionally, the Company experienced higher losses among micro-SMB (small-medium business) customers who were more severely impacted by negative economic conditions. Advertising The Company expenses advertising costs as incurred. Advertising expense was $64.6 million, $65.5 million and $54.8 million for the years ended December 31, 2023, 2022 and 2021, 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. Reclassifications and Adjustments Certain disclosures for prior periods have been reclassified to conform with current year presentation, including the presentation of prior year segment disclosures to align with our current segment presentation. Adoption of New Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. The Company transitioned from LIBOR to the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate for euro borrowings, and the Tokyo Interbank Offer Rate for yen borrowings. In December 2022, the FASB issued ASU No. 2022-06, "Deferral of the Sunset Date of (Topic 848)" which defers the sunset date of ASC 848 until December 31, 2024. The ASU became effective upon issuance. The Company has availed itself to the practical expedients related to any changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU. Debt with Conversion and Other Options and Derivatives and Hedg |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
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 or geographically-defined categories, including Vehicle Payments, Corporate Payments, Lodging Payments and Other. The Company provides solutions 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 solutions (Vehicle Payments, Corporate Payments, Lodging Payments, and Other) 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 directly allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. Similarly, for the toll product within Vehicle Payments, 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. Variability arising from rebates is generally resolved and/or reset within the reporting period to which the variable consideration is allocated. As such, the Company is able to directly allocate net adjustments against revenue in the reporting period in which they are invoiced and does not materially constrain revenue recognition as a significant reversal of revenue is not probable at invoicing. 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, lodging, and transportation cards and vouchers); and 5) monthly access fees. The Company recognizes revenue when the underlying transactions are complete and as 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. In the Company's cross-border payments business, a portion of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. 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 solutions deliver 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 value cards is recognized (gross of the underlying cost of the related card, recorded in processing expenses 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 the passage of time as it stands ready to process an unknown or unspecified quantity of transactions. As a result, the Company directly 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., Canada and Brazil, 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 and represent approximately 5% of total consolidated revenues, net for the years ended December 31, 2023 and 2022. The Company ceases billing and accruing for late fees and finance charges approximately 30 - 40 days after the customer’s balance becomes delinquent. In addition, in its cross-border payments business, the Company writes foreign currency forwards, option contracts and swaps for its customers primarily to facilitate future payments in foreign currencies. 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 Company accounts for the derivatives in its cross-border payments business in accordance with ASC 815, "Derivatives and Hedging." Revenues earned on the currency spread inherent in the instruments on date of execution, as well as changes in fair value related to these instruments prior to settlement, represented approximately 8% of consolidated revenues, net, for the years ended December 31, 2023 and 2022. Revenue is also derived from the sale of equipment and cards in certain of the Company’s businesses, which is recognized at the time the device or card is sold and control has passed to the customer. This revenue is recognized gross of the cost of sales related to the equipment and cards in revenues, net within the Consolidated Statements of Income. The Company has recorded $76.3 million, $83.1 million and $76.6 million of expenses related to sales of equipment and cards in processing expenses within the Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021, respectively. Revenues from contracts with customers, within the scope of Topic 606, represent approximately 85% and 87% of consolidated revenues, net, for the years ended December 31, 2023 and 2022, respectively. The Company's remaining revenue primarily represents float revenue earned on invested customer funds in jurisdictions where permitted. Such revenue represented approximately 2% of consolidated revenues, net for the year ended December 31, 2023 and was not significant for the years ended December 31, 2022 or 2021. Disaggregation of Revenues The Company provides its services to customers across different payment solutions and geographies. Revenues, net by solution for the years ended December 31 (in millions) are as follows: Revenues by Segment 2023 2022 2021 Vehicle Payments $ 2,005.5 $ 1,950.0 $ 1,690.0 Corporate Payments 981.1 769.6 598.2 Lodging Payments 520.2 456.5 309.6 Other 250.9 251.0 235.9 Consolidated revenues, net $ 3,757.7 $ 3,427.1 $ 2,833.7 Revenues, net by geography for the years ended December 31 (in millions) are as follows: Revenues by Geography 2023 2022 2021 United States (country of domicile) $ 2,134.7 $ 2,093.9 $ 1,785.2 Brazil 525.1 442.2 368.1 United Kingdom 441.4 363.3 321.8 Other 656.5 527.7 358.6 Consolidated revenues, net $ 3,757.7 $ 3,427.1 $ 2,833.7 Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $45.7 million and $57.7 million as of December 31, 2023 and 2022, respectively. We expect to recognize approximately $31.9 million of these amounts in revenues within 12 months and the remaining $13.8 million over the next five years as of December 31, 2023. The amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized. Revenue recognized for the year ended December 31, 2023, that was included in the deferred revenue contract liability as of January 1, 2023, was approximately $36.4 million. Costs to Obtain or Fulfill a Contract and/or Customer Incentives In accordance with ASC 606, the Company capitalizes 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 considers 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 Amortization of capitalized contract costs recorded in selling expense was $16.7 million, $15.4 million and $16.0 million for the years ended December 31, 2023, 2022 and 2021, 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 contract costs of $19.2 million and $17.1 million within prepaid expenses and other current assets and $44.9 million and $42.9 million within other assets in the Company’s Consolidated Balance Sheets, as of December 31, 2023 and 2022, respectively. Further, the Company on occasion may make a cash payment to a customer as a contract incentive. We defer these costs as payments to a customer if recoverable and amortize them over the benefit period, including anticipated customer renewals. The amortization of costs associated with cash payments for client incentives is included as a reduction of revenues in the Company’s Consolidated Statements of Income. The Company had deferred customer incentives of $10.0 million and $9.5 million as of December 31, 2023 and 2022, respectively. Amortization of deferred customer incentives was immaterial for the years ended December 31, 2023, 2022 and 2021. 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 contracts with performance obligations of one year or less and contracts with variable consideration that is directly allocated to a single performance obligation such as a stand-ready series. As described above, the Company's most significant single performance obligations consist of variable consideration directly allocated under a stand-ready series of distinct days of service. Such direct allocation of variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to unsatisfied performance obligations 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, 2023, the Company’s contracts with customers contain standard pricing where the timing on control transfer is dependent upon the customer in a stand-ready environment and therefore did not contain a significant financing component. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022, (in thousands): Fair Value Level 1 Level 2 Level 3 December 31, 2023 Assets: Overnight deposits $ 256,466 $ — $ 256,466 $ — Money market 376,465 — 376,465 — Certificates of deposit 266,316 — 266,316 — Treasury bills 236,505 — 236,505 — Interest rate swaps 23,485 — 23,485 — Foreign exchange contracts 320,216 — 320,216 — Total assets $ 1,479,453 $ — $ 1,479,453 $ — Cash collateral for foreign exchange contracts $ 39,219 $ — $ — $ — Liabilities: Interest rate swaps $ 55,796 $ — $ 55,796 $ — Cross-currency interest rate swap 14,522 — 14,522 — Foreign exchange contracts 244,745 — 244,745 — Total liabilities $ 315,063 $ — $ 315,063 $ — Cash collateral obligation for foreign exchange contracts $ 180,168 $ — $ — $ — December 31, 2022 Assets: Overnight deposits $ 444,216 $ — $ 444,216 $ — Money market 37,821 — 37,821 — Certificates of deposit 181 — 181 — Interest rate swaps 11,953 — 11,953 — Foreign exchange contracts 266,917 — 266,917 — Total assets $ 761,088 $ — $ 761,088 $ — Cash collateral for foreign exchange contracts $ 56,103 $ — $ — $ — Liabilities: Foreign exchange contracts 224,725 — 224,725 — Total liabilities $ 224,725 $ — $ 224,725 $ — Cash collateral obligation for foreign exchange contracts $ 148,167 $ — $ — $ — 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 in highly liquid investments, such as, overnight deposits, money markets, certificates of deposit and Treasury bills, with purchased maturities ranging from overnight to 90 days or less. The value of overnight deposits is determined based upon the quoted market prices for the treasury securities associated with the deposit. The value of money market instruments is determined based upon the financial institutions' month-end statement, as these instruments are not tradable and must be settled directly by us with the respective financial institution. Certificates of deposit and certain U.S. Treasury bills 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. Interest rate swap derivative contracts are carried at fair value, with changes in fair value recognized in accumulated other comprehensive loss to the extent designated as highly effective cash flow hedges for accounting purposes. 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 Sheets. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheets. 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 2023 and 2022. 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. The Company's derivatives are over-the-counter instruments with liquid markets. The Company determines the fair values of its derivatives based on quoted market prices for similar assets or liabilities or pricing models using current market rates. Accordingly, these fair value measurements are in Level 2 of the fair value hierarchy. 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. See Note 16 for additional information on the fair value of the Company’s derivatives. The Company regularly evaluates the carrying value of its investments. The carrying value of investments without readily determinable fair values was $69.5 million and $74.3 million at December 31, 2023 and 2022, respectively. 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 monthly 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, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity The Company's Board of Directors (the "Board") 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 4, 2025. On January 25, 2024, the Board authorized an increase to the aggregate size of the Program by $1.0 billion to $8.1 billion. Since the beginning of the Program through December 31, 2023 , 28,878,862 shares have been repurchased for an aggregate purchase price of $6.5 billion, leavi ng the Company up to $1.6 billion of remaining authorization available under the Program for future repurchases in shares of its common stock. The re were 2,597,954 common shares totaling $687 million in 2023; 6,212,410 common shares totaling $1.4 billion in 2022 and 5,451,556 common shares totaling $1.4 billion in 2021; repurchased under the Program. Repurchased shares are held as treasury stock on the Company's Consolidated Balance Sheets. On August 18, 2023, as part of the Program, the Company entered an accelerated share repurchase ("ASR") agreement ("2023 ASR Agreement") with a third-party financial institution to repurchase $450 million of its common stock. Pursuant to the 2023 ASR Agreement, the Company delivered $450 million in cash and received 1,372,841 shares based on a stock price of $262.23 on August 18, 2023. The 2023 ASR Agreement was completed on September 26, 2023, at which time the Company received 293,588 additional shares based on a final weighted average per share purchase price during the repurchase period of $270.04. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
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 a Stock Incentive Plan (the "Plan"), pursuant to which the Company's board of directors is permitted to grant equity to employees and directors. Under the Plan, a maximum of 20.65 million shares of our common stock is approved to be issued for grants of restricted stock and stock options. At December 31, 2023, the re were 3.9 million shares av ailable to be granted under the Plan. The Company does not issue shares from treasury stock under the Plan. The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements of Income related to stock-based compensation for the years ended December 31 (in thousands): 2023 2022 2021 Stock options $ 24,342 $ 61,993 $ 30,057 Restricted stock 91,744 59,423 50,014 Stock-based compensation $ 116,086 $ 121,416 $ 80,071 The tax benefits recorded upon the exercises of options a nd vesting of restricted stock were $22.1 million, $25.5 million and $32.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes the Company’s total unrecognized compensation cost related to outstanding stock awards as of December 31, 2023 (cost in thousands): Unrecognized Weighted Average Period of Expense Recognition Remaining (in Years) Stock options $ 70,627 2.19 Restricted stock 40,695 0.50 Total $ 111,322 Stock Options The following summarizes the changes in the number of shares of stock options outstanding for the following periods (shares and aggregate intrinsic value in thousands): Shares Weighted Options Weighted Weighted Aggregate Outstanding at December 31, 2020 4,964 $ 146.69 3,994 $ 130.37 $ 626,107 Granted 1,097 261.85 $ 72.84 Exercised (592) 82.50 83,686 Forfeited (22) 230.14 Outstanding at December 31, 2021 5,447 176.52 3,798 145.18 257,707 Granted 649 223.66 $ 65.23 Exercised (544) 94.79 64,783 Forfeited (251) 230.60 Outstanding at December 31, 2022 5,301 188.12 3,512 159.46 113,681 Granted 411 222.51 $ 66.28 Exercised (648) 172.01 40,983 Forfeited (81) 241.78 Outstanding at December 31, 2023 4,983 $ 192.18 3,182 $ 163.54 $ 451,039 Expected to vest at December 31, 2023 952 $ 226.20 The following table summarizes information about stock options outstanding at December 31, 2023 (shares in thousands): Exercise Price Options Weighted Average Options $106.83 – $199.75 2,670 0.02 2,615 $200.41 – $216.18 251 1.12 58 $220.13 – $231.70 582 0.63 219 $235.52 – $251.88 265 2.49 15 $252.50 – $261.27 1,151 0.04 234 $263.21 – $286.86 45 0.47 23 $288.37 – $319.55 19 0.01 17 4,983 3,182 The aggregate intrinsic value of stock options exercisable at December 31, 2023 was $379.1 million. The weighted average remaining contractual term of options exercisable at December 31, 2023 was 3.0 years. The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the years ended December 31 as follows: 2023 2022 2021 Risk-free interest rate 4.39 % 1.65 % 0.45 % Dividend yield — — — Expected volatility 33.73 % 34.62 % 34.44 % Expected term (in years) 3.4 3.9 4.0 The weighted-average remaining contractual term for options outstanding was 3.7 years at December 31, 2023 . The fair value of stock options granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during the year ended December 31, 2021 as follows. There were no performance options granted with market based vesting conditions in 2023 or 2022. 2021 Risk-free interest rate 0.59 % Dividend yield — Expected volatility 36.10 % Expected term (in years) 3.3 Restricted Stock The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units outstanding for the following periods (shares in thousands): Shares Weighted Outstanding at December 31, 2020 174 $ 265.29 Granted 215 272.59 Cancelled (38) 265.76 Issued (73) 258.13 Outstanding at December 31, 2021 278 278.57 Granted 386 229.22 Cancelled (83) 267.53 Issued (146) 283.60 Outstanding at December 31, 2022 435 237.68 Granted 441 213.36 Cancelled (24) 230.11 Issued (310) 235.25 Outstanding at December 31, 2023 542 $ 219.61 The total fair value of restricted stock awards and restricted stock units vested was $66.6 million, $34.4 million and $20.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Acquisitions and Equity Method
Acquisitions and Equity Method Investments | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Equity Method Investments | Acquisitions and Equity Method Investments 2023 Acquisitions In January 2023, the Company acquired 100% of Global Reach, a U.K.-based cross-border payments provider, for approximately $102.9 million, net of cash. In February 2023, the Company acquired the remainder of Mina Digital Limited ("Mina"), a cloud-based electric vehicle ("EV") charging software platform. In February 2023, the Company also acquired 100% of Business Gateway AG, a European-based service, maintenance and repair technology provider. In September 2023, the Company acquired 100% of PayByPhone Technologies, Inc., the world's second largest mobile parking operator, for approximately $301.6 million, net of cash. Each of these 2023 acquisitions provide incremental geographic expansion of our products, with PayByPhone specifically intended to progress the Company's broader strategy to transform our vehicle payments business. Results from these acquisitions have been included in the Company's consolidated results from the respective date of each acquisition. The aggregate purchase price of these acquisitions was approximately $436.7 million (inclusive of the $8.5 million previously-held equity method investment in Mina), net of cash of $117 million. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. Any noncompete agreements signed in conjunction with these acquisitions were accounted for separately from the business acquisition. Acq uisition accounting is preliminary for the 2023 acquisitions as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies. The following table summarizes the preliminary acquisition accounting, in aggregate, for the 2023 business acquisitions noted above (in thousands): Trade and other receivables $ 6,004 Prepaid expenses and other current assets 46,472 Other long term assets 13,302 Goodwill 382,793 Intangibles 158,689 Accounts payable (23,789) Other current liabilities (129,603) Other noncurrent liabilities (18,923) Aggregate purchase price $ 434,945 Results from the Global Reach Group are included in the Company's Corporate Payments segment and the results for Mina Digital Limited, Business Gateway AG and PayByPhone are included in the Company's Vehicle Payments segment. 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 to Indefinite $ 12,459 Proprietary Technology 5 to 7 11,885 Customer Relationships 6 to 20 134,345 $ 158,689 2022 Acquisitions In March 2022, the Company completed the acquisition of Levarti, a U.S.-based airline software platform company reported in the Lodging Payments segment, for $23.7 million, net of cash. In August 2022, the Company completed the acquisition of Accrualify, an accounts payable (AP) automation software company reported in the Corporate Payments segment, for $41.2 million, net of cash. In September 2022, the Company completed the acquisition of Plugsurfing, a European EV software and network provider reported in the Vehicle Payments segment, for $75.8 million, net of cash. In November 2022, the Company completed the acquisition of Roomex, a European workforce lodging provider serving the U.K. and German markets reported in the Lodging Payments segment, for approximately $56.8 million, net of cash. Results from these acquisitions have been included in the Company's consolidated results from the respective date of each acquisition. The aggregate purchase price of these 2022 acquisitions was approximately $197.2 million, net of cash. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. In connection with two of these acquisitions, the Company signed noncompete agreements of $1.1 million and $1.2 million with certain parties affiliated with the respective businesses. These noncompete agreements were accounted for separately from the business acquisitions. The following table summarizes the final acquisition accounting, in aggregate, for the 2022 business acquisitions noted above (in thousands): Trade and other receivables $ 13,349 Prepaid expenses and other current assets 4,006 Other long term assets 468 Goodwill 163,938 Intangibles 50,145 Accounts payable (20,542) Other current liabilities (4,960) Other noncurrent liabilities (9,191) Aggregate purchase price $ 197,213 The 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 to Indefinite $ 4,705 Proprietary Technology 5 to 10 11,646 Lodging / Supplier Network 10 to 20 1,402 Customer Relationships 5 to 20 32,392 $ 50,145 Other In February 2022, the Company also made investments of $7.8 million in an EV charging payments business and $5.0 million in an EV data analytics business. In September 2022, the Company made an investment of $6.1 million in a U.K.-based EV search and pay mapping service. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 Acquisitions 1 Dispositions 2 Acquisition Accounting Foreign December 31, 2023 Segment Vehicle Payments $ 2,530,391 $ 233,240 $ (40,857) $ 4,389 $ 76,827 $ 2,803,990 Corporate Payments 1,906,070 149,553 — (105) 19,218 2,074,736 Lodging Payments 416,044 — — (764) 1,672 416,952 Other 348,930 — — — 350 349,280 $ 5,201,435 $ 382,793 $ (40,857) $ 3,520 $ 98,067 $ 5,644,958 1 Reflects the recognition of preliminary goodwill related to acquisitions completed by the Company during the year ended December 31, 2023. 2 Reflects goodwill derecognized in connection with the disposition of the Company's operations in Russia. See Note 19 for additional information. December 31, 2021 Acquisitions Acquisition Accounting Adjustments Foreign December 31, 2022 Segment Vehicle Payments $ 2,475,243 $ 71,856 $ 1,216 $ (17,924) $ 2,530,391 Corporate Payments 1,888,875 40,387 2,933 (26,125) 1,906,070 Lodging Payments 364,653 46,928 4,700 (237) 416,044 Other 350,207 — — (1,277) 348,930 $ 5,078,978 $ 159,171 $ 8,849 $ (45,563) $ 5,201,435 At December 31, 2023 and 2022, approximately $985.9 million and $945.0 million of the Company’s goodwill is deductible for tax purposes, respectively. Acquisition accounting adjustments recorded in 2023 and 2022 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): 2023 2022 Weighted- Gross Accumulated Net Gross Accumulated Net Customer and vendor relationships 16.6 $ 3,044,522 $ (1,511,173) $ 1,533,349 $ 2,922,586 $ (1,332,542) $ 1,590,044 Trade names and trademarks—indefinite lived N/A 440,900 — 440,900 419,270 — 419,270 Trade names and trademarks—other 2.0 51,510 (15,334) 36,176 47,939 (9,111) 38,828 Technology 6.0 299,780 (238,819) 60,961 278,460 (216,858) 61,602 Non-compete agreements 4.2 85,111 (70,834) 14,277 80,098 (58,868) 21,230 Total other intangibles $ 3,921,823 $ (1,836,160) $ 2,085,663 $ 3,748,353 $ (1,617,379) $ 2,130,974 N/A = Not Applicable Changes in foreign exchange rates resulted in $32.4 million and $18.4 million decreases to the carrying values of other intangible assets in the years ended December 31, 2023 and 2022, respectively. Amortization expense related to intangible assets for the years ended December 31, 2023, 2022, and 2021 was $225.4 million, $227.2 million, and $205.5 million, respectively. Due to rebranding activity during the year ended December 31, 2022, the Company reassessed the useful lives of certain trademarks. This resulted in a reclassification of $45.6 million from indefinite to finite-lived assets as of December 31, 2022. At the time of change in estimate, which was applied prospectively, the Company tested these trademarks for impairment, which resulted in no impairment charge. The future estimated amortization of intangible assets at December 31, 2023 is as follows (in thousands): 2024 $ 216,912 2025 194,511 2026 172,952 2027 165,531 2028 162,267 Thereafter 732,590 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 Computer hardware and software 3 to 5 $ 734,759 $ 581,471 Card-reading equipment 4 to 6 61,216 49,351 Furniture, fixtures, and vehicles 2 to 10 20,614 19,482 Buildings and improvements 5 to 50 41,508 35,817 Property, plant and equipment, gross 858,097 686,121 Less: accumulated depreciation (514,943) (391,429) Property, plant and equipment, net $ 343,154 $ 294,692 Depreciation expense related to property and equipment for the years ended December 31, 2023, 2022, and 2021 was $110.0 million, $92.0 million, and $75.6 million, respectively. Amortization expense includes $77.5 million, $61.3 million, and $46.7 million for capitalized computer software costs for the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023 and 2022, the Company had unamortized computer software costs of $268.9 million and $213.3 million, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following at December 31 (in thousands): 2023 2022 Accrued bonuses $ 12,696 $ 19,975 Accrued payroll and severance 53,303 48,007 Accrued taxes 109,323 94,557 Accrued commissions/rebates 74,519 83,190 Other 1 106,277 106,207 $ 356,118 $ 351,936 1 Other accrued expenses include several types of amounts due to our merchants, vendors, and other third parties. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
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): 2023 2022 Term Loan A note payable (a), net of discounts $ 2,882,595 $ 2,956,053 Term Loan B note payable (a), net of discounts 1,840,244 1,855,891 Revolving line of credit facilities (a) 692,318 935,000 Other obligations (c) 748 2,950 Total notes payable, credit agreements, and other obligations 5,415,905 5,749,894 Securitization Facility (b) 1,307,000 1,287,000 Total debt $ 6,722,905 $ 7,036,894 Current portion $ 2,126,749 $ 2,314,056 Long-term portion 4,596,156 4,722,838 Total debt $ 6,722,905 $ 7,036,894 _____________________ (a) The Company is party to a $6.4 billion Credit Agreement (the "Credit Agreement"), with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, and a syndicate of financial institutions (the "Lenders"), which has been amended multiple times. The Credit Agreement provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.5 billion, a term loan A facility in the amount of $3.0 billion and a term loan B facility in the amount of $1.9 billion as of December 31, 2023. The revolving credit facility consists of (a) a revolving A credit facility in the amount of $1 billion with sublimits for letters of credit and swing line loans and (b) a revolving B facility in the amount of $500 million with borrowings in U.S. dollars, euros, British pounds, Japanese yen or other currency as agreed in advance and a sublimit for swing line loans. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolving A or revolving B facility debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.75 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. On June 24, 2022, the Company entered into the twelfth amendment to the Credit Agreement. The amendment replaced the then-existing term loan A with the $3 billion term loan A described above and the then-existing revolving credit facility with the $1.5 billion revolving credit facility described above, resulting in net increases of $273 million and $215 million to the capacities of the term loan A and revolving credit facility, respectively. In addition, the amendment replaced LIBOR for USD borrowings with the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 0.10% for the term loan A and the revolving Credit Facility and extended the maturity date. The maturity date for the new term loan A and revolving credit facilities A and B is June 24, 2027. The term loan B has a maturity date of April 30, 2028. On May 3, 2023, the Company entered into the thirteenth amendment to the Credit Facility. The amendment replaced LIBOR on the term B loan with the Secured Overnight Financing Rate ("SOFR"), plus a SOFR adjustment of 0.10%. On January 31, 2024, the Company entered into the fourteenth amendment to its Credit Agreement. The amendment a) increased the capacity on the revolving credit facility by $275.0 million and b) increased the term loan A commitments by $325.0 million. The Company used the term loan A proceeds to pay down existing borrowings under the revolving credit facility. As a result, the transaction was leverage neutral and results in a $600 million increase in the Company’s availability under the revolving credit facility. The interest rates and maturity terms remain consistent with the existing credit facilities. Interest on amounts outstanding under the Credit Agreement accrues as follows: For loans denominated in U.S. dollars, based on SOFR plus a SOFR adjustment of 0.10%, in British pounds, based on the SONIA plus a SONIA adjustment of 0.0326%, in euros, based on the Euro Interbank Offered Rate (“EURIBOR”), or in Japanese yen, at the Tokyo Interbank Offer Rate (“TIBOR”) plus a margin based on a leverage ratio (as defined in the agreement), or our option (for U.S. dollar borrowings only), 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) SOFR plus 1.00% plus a margin based on a leverage ratio). In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.30% of the daily unused portion of the credit facility. The interest rates at December 31, 2023 and 2022 are as follows: 2023 2022 Term loan A 6.83 % 5.80 % Term loan B 7.21 % 6.13 % Revolving line of credit A & B (USD) 6.83 % 5.79 % Revolving line of credit B (GBP) 6.59 % N/A Unused credit facility fee 0.25 % 0.25 % N/A = Not Applicable 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 maturity of the facility. Borrowings on the domestic swing line of credit are due on demand, and borrowings on the foreign swing line of credit are due no later than twenty The Company has unamortized debt discounts and debt issuance costs of $19.0 million and $23.9 million related to the term loans as of December 31, 2023 and December 31, 2022, respectively, recorded in notes payable and other obligations, net of current portion within the Consolidated Balance Sheets. The Company has unamortized debt issuance costs of $3.6 million and $4.6 million related to the revolving credit facility as of December 31, 2023 and December 31, 2022, respectively, recorded in other assets within the Consolidated Balance Sheets. As a result of the amortization of debt discounts and debt issuance costs, the effective interest rate incurred on the term loans was 6.83% during 2023. Principal payments of $94.0 million were made on the term loans during 2023. (b) The Company is party to a $1.7 billion receivables purchase agreement. On March 23, 2022, the Company entered into the tenth amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.3 billion to $1.6 billion and replaced LIBOR with SOFR plus a SOFR adjustment of 0.10%. On August 18, 2022, the Company entered into the eleventh amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.6 billion to $1.7 billion, reduced the program fee margin and extended the maturity of the Securitization Facility to August 18, 2025. There is a program fee equal to SOFR plus 0.10% adjustment plus 0.95% or the Commercial Paper Rate plus 0.85% as of December 31, 2023 and December 31, 2022. The program fee was 5.49% plus 0.94% as of December 31, 2023 and 4.48% plus 0.94% as of December 31, 2022. The unused facility fee is payable at a rate of between 0.30% and 0.40% based on utilization as of December 31, 2023 and December 31, 2022. The Company has unamortized debt issuance costs of $2.1 million and $3.2 million related to the revolving Securitization Facility as of December 31, 2023 and December 31, 2022, respectively, recorded in other assets within the Consolidated Balance Sheets. 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 obligations includes a credit facility assumed as part of a business acquisition in 2022. The Company was in compliance with all financial and non-financial covenants at December 31, 2023. The Company has entered into interest rate swap cash flow contracts with U.S. dollar notional amounts in order to reduce the variability of cash flows in the previously unhedged interest payments associated with $4.0 billion of unspecified variable rate debt. Refer to Note 16 for further details. The contractual maturities of the Company’s total debt at December 31, 2023 were as follows (in thousands): 2024 $ 824,648 2025 169,000 2026 169,000 2027 2,494,000 2028 1,778,375 Thereafter — Total principal payments 5,435,023 Less: debt discounts and issuance costs included in debt (19,118) Total debt $ 5,415,905 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (AOCL) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss (AOCL) | Accumulated Other Comprehensive Loss (AOCL) The changes in the components of AOCL, net of tax, for the years ended December 31, 2023, 2022 and 2021 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, 2020 $ (1,296,962) $ (66,196) $ (1,363,158) Other comprehensive (loss) income before reclassifications (144,543) 7,394 (137,149) Amounts reclassified from AOCL — 49,747 49,747 Tax effect — (14,056) (14,056) Other comprehensive (loss) income, net of tax (144,543) 43,085 (101,458) Balance at December 31, 2021 (1,441,505) (23,111) (1,464,616) Other comprehensive (loss) income before reclassifications (77,135) 31,853 (45,282) Amounts reclassified from AOCL — 10,835 10,835 Tax effect — (10,587) (10,587) Other comprehensive (loss) income, net of tax (77,135) 32,101 (45,034) Balance at December 31, 2022 (1,518,640) 8,990 (1,509,650) Other comprehensive income (loss) before reclassifications 140,089 (14,984) 125,105 Amounts reclassified from AOCL 120,269 (39,401) 80,868 Tax effect — 14,578 14,578 Other comprehensive income (loss), net of tax 260,358 (39,807) 220,551 Balance at December 31, 2023 $ (1,258,282) $ (30,817) $ (1,289,099) Amounts reclassified from AOCL that relate to foreign currency translation during the year ended December 31, 2023 are related to the Company's Russia business disposed of during the third quarter of 2023. See Note 19 for additional information regarding the Company's disposition of its Russia business. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
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): 2023 2022 2021 United States $ 322,856 $ 506,214 $ 515,041 Foreign 1,002,149 769,446 593,767 Total $ 1,325,005 $ 1,275,660 $ 1,108,808 The provision (benefit) for income taxes for the years ended December 31 consists of the following (in thousands): 2023 2022 2021 Current: Federal $ 155,647 $ 166,172 $ 118,861 State 25,614 34,947 31,674 Foreign 208,532 153,388 107,751 Total current 389,793 354,507 258,286 Deferred: Federal (46,676) (36,613) (12,165) State (8,088) (6,066) (4,540) Foreign 8,086 9,505 27,730 Total deferred (46,678) (33,174) 11,025 Total provision $ 343,115 $ 321,333 $ 269,311 The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2023, 2022, and 2021, respectively, to income before income taxes for the years ended December 31, 2023, 2022, and 2021 due to the following (in thousands): 2023 2022 2021 Computed “expected” tax expense $ 278,251 21.0 % $ 267,889 21.0 % $ 232,850 21.0 % Changes resulting from: Change in valuation allowance 22,447 1.7 22,399 1.8 1,378 0.1 Foreign income tax differential 14,949 1.1 566 — (10,326) (0.9) State taxes net of federal benefits 13,857 1.0 12,745 1.0 18,352 1.7 Increase in tax expense due to uncertain tax positions 14,146 1.1 8,257 0.6 8,185 0.7 Foreign withholding tax 24,331 1.8 13,547 1.1 9,143 0.8 Change in indefinite reinvestment - Russia — — (9,049) (0.7) — — Stock-based compensation 3,960 0.3 (10,000) (0.8) (16,304) (1.5) Sub-part F Income/GILTI 94,594 7.1 79,420 6.2 72,449 6.5 Foreign tax credits (98,641) (7.4) (73,974) (5.8) (63,926) (5.8) Foreign source non-deductible interest 9,530 0.7 9,462 0.7 10,348 0.9 IRC section 162(m) adjustment 4,019 0.3 8,119 0.6 3,665 0.3 Brazil tourism tax benefit (16,311) (1.2) (13,810) (1.1) — — Interest on net equity deduction (15,051) (1.1) — — — — Other (6,966) (0.5) 5,762 0.5 3,497 0.3 Provision for income taxes $ 343,115 25.9 % $ 321,333 25.2 % $ 269,311 24.3 % 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): 2023 2022 Deferred tax assets: Accounts receivable, principally due to the allowance for credit losses $ 20,110 $ 19,508 Accrued expenses not currently deductible for tax 12,922 7,307 Lease deferral 15,767 18,146 Interest rate swap 11,994 — Stock-based compensation 47,537 41,202 Income tax credits 84,505 62,512 Net operating loss carry forwards 134,911 81,580 Accrued escheat 3,456 3,286 Other 55,466 28,773 Deferred tax assets before valuation allowance 386,668 262,314 Valuation allowance (165,982) (117,379) Deferred tax assets, net 220,686 144,935 Deferred tax liabilities: Intangibles—including goodwill (536,561) (504,590) Basis difference in investment in subsidiaries (43,821) (42,091) Interest rate swap — (2,964) Lease deferral (13,589) (15,428) Accrued expense liability (718) (742) Prepaid expenses (1,805) (1,713) Withholding taxes (26,407) (31,448) Property and equipment and other (66,617) (72,076) Deferred tax liabilities (689,518) (671,052) Net deferred tax liabilities $ (468,832) $ (526,117) The Company’s deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands): 2023 2022 Long term deferred tax assets and liabilities: Long term deferred tax assets $ 1,400 $ 1,348 Long term deferred tax liabilities (470,232) (527,465) Net deferred tax liabilities $ (468,832) $ (526,117) The valuation allowances relate to income tax credits, foreign net operating loss carryforwards, state net operating loss carryforwards and state 163(j) limitation on business interest carryforward. The net change in the total valuation allowance for the year ended December 31, 2023 was an increase of $48.6 million. The valuation allowance increase was primarily due to an increase in acquired foreign net operating losses where significant negative evidence on future utilization was considered. As of December 31, 2023, the Company had a net operating loss carryforward for state income tax purposes of approximately $54.0 million that is available to offset future state tax expense, either indefinitely or in some cases subject to expiration in 15 or 20 years. Additionally, the Company had $80.9 million net operating loss carryforwards for foreign income tax purposes that are available to offset future foreign tax expense. Most foreign net operating loss carryforwards will not expire in future years. The Company has provided a valuation allowance against $71.3 million of its deferred tax asset related to the net operating losses as it does not anticipate utilizing the losses in the foreseeable future. In addition, the Company has foreign tax credits for foreign income purposes in the amount of $84.5 million. The Company has provided a valuation allowance against $84.5 million of the tax credits as it does not anticipate utilizing the credits in the foreseeable future. During 2023 and 2022, the Company had recorded accrued interest and penalties related to the unrecognized tax benefits of $8.1 million and $4.4 million, respectively. Accumulated interest and penalties were $30.7 million and $22.7 million on the Consolidated Balance Sheets at December 31, 2023 and 2022, respectively. In accordance with the Company's accounting policy, interest and penalties related to unrecognized tax benefits are included as a component of income tax expense. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2023, 2022, and 2021 is as follows (in thousands): Unrecognized tax benefits at December 31, 2020 $ 35,749 Additions based on tax positions related to the current year 8,543 Additions based on tax positions related to the prior year 5,909 Deductions based on settlement of prior year tax positions (2,122) Deductions based on expiration of prior year tax positions (1,058) Unrecognized tax benefits at December 31, 2021 47,021 Additions based on tax positions related to the current year 7,752 Additions based on tax positions related to the prior year 200 Deductions based on settlement of prior year tax positions (1,550) Addition for cumulative federal benefit of state tax deductions 7,281 Change due to OCI (35) Unrecognized tax benefits at December 31, 2022 60,669 Additions and deductions based on tax positions related to the current year 8,821 Additions and deductions based on tax positions related to the prior year (1,913) Deductions based on settlements of prior year tax positions (104) Deductions based on expiration of prior year tax positions (4,235) Change due to OCI (132) Unrecognized tax benefits at December 31, 2023 $ 63,106 In prior years, the Company included federal benefits of state tax deductions related to unrecognized tax benefits in its tabular reconciliation above. A cumulative adjustment was made in 2022 to remove these amounts from the above tabular disclosure. As of December 31, 2023, the Company had total unrecognized tax benefits of $63.1 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 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 2015. The statute of limitations for most state income tax returns has expired for years prior to 2020. The statute of limitations has expired for years prior to 2018 for the Company’s Mexican income tax returns, and 2018 for the Company’s Luxembourg income tax returns. In December 2021, the Organization for Economic Cooperation and Development (“OECD”) enacted model rules for a new global minimum tax framework (“BEPS Pillar Two”), which generally provide for a minimum effective tax rate of 15%. Various governments around the world have enacted, or are in the process of enacting, legislation on this, with certain enactments becoming effective for tax years beginning in January 2024. While we do not anticipate that these rules will have a material effect on our tax provision or effective tax rate, we continue to monitor evolving tax legislation in the jurisdictions in which we operate as such legislation becomes effective. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases 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 Other assets include ROU assets, other current liabilities include short-term operating lease liabilities, and other non-current liabilities include long-term lease liabilities at December 31, 2023 and 2022 is as follows (in thousands): 2023 2022 ROU assets $ 86,579 $ 94,064 Short term lease liabilities $ 23,476 $ 22,661 Long term lease liabilities $ 75,796 $ 86,671 The Company does not 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 were not material to the ROU assets and lease liabilities. Under ASC 842, the 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 considers 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 years ended December 31, 2023, 2022, and 2021 were $29.7 million, $24.1 million, and $22.6 million, respectively. Variable lease costs and short-term lease costs were immaterial for all periods presented. The supplementary cash and non-cash disclosures for the years ended December 31, 2023, 2022, and 2021 are as follows (in thousands): 2023 2022 2021 Cash paid for operating lease liabilities $ 31,388 $ 25,403 $ 23,803 ROU assets obtained in exchange for new operating lease obligations $ 22,764 $ 31,204 $ 29,428 Weighted-average remaining lease term (years) 5.62 6.09 5.99 Weighted-average discount rate 5.19% 3.64% 3.80% Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands): 2023 $ 27,455 2024 24,566 2025 19,917 2026 12,143 2027 8,870 Thereafter 22,203 Total lease payments 115,154 Less imputed interest 15,882 Present value of lease liabilities $ 99,272 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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. Derivative Lawsuits 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 from the Company. The District Court dismissed the Federal Derivative Action on October 21, 2020, and the United States Court of Appeals for the Eleventh Circuit affirmed the dismissal on July 27, 2022, ending the lawsuit. A similar derivative lawsuit that had been filed on January 9, 2019 in the Superior Court of Gwinnett County, Georgia (“State Derivative Action”) was likewise dismissed on October 31, 2022. On January 20, 2023, the previous State Derivative Action plaintiffs filed a new derivative lawsuit in the Superior Court of Gwinnett County, Georgia. The new lawsuit, City of Aventura Police Officers’ Retirement Fund, derivatively on behalf of FleetCor Technologies, Inc. v. Ronald F. Clarke and Eric R. Dey , alleges that the defendants breached their fiduciary duties by causing or permitting the Company to engage in unfair or deceptive marketing and billing practices, making false and misleading public statements concerning the Company’s fee charges and financial and business prospects, and making improper sales of stock. The complaint seeks approximately $118 million in monetary damages on behalf of the Company, including contribution by defendants as joint tortfeasors with the Company in unfair and deceptive practices, and disgorgement of incentive pay and stock compensation. On January 24, 2023, the previous Federal Derivative Action plaintiffs filed a similar new derivative lawsuit, Jerrell Whitten, derivatively on behalf of FleetCor Technologies, Inc. v. Ronald F. Clarke and Eric R. Dey, against Mr. Clarke and Mr. Dey in Gwinnett County, Georgia. 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 to 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. On December 20, 2019, the FTC filed a lawsuit in the Northern District of Georgia against the Company and Ron Clarke. See FTC v. FLEETCOR and Ronald F. Clarke, No. 19-cv-05727 (N.D. Ga.). The complaint alleges the Company and Clarke violated the FTC Act’s prohibitions on unfair and deceptive acts and practices. The complaint seeks among other things injunctive relief, consumer redress, and costs of suit. The Company continues to believe that the FTC’s claims are without merit. On April 17, 2021, the FTC filed a motion for summary judgment. On April 22, 2021, the United States Supreme Court held unanimously in AMG Capital Management v. FTC that the FTC does not have authority under current law to seek monetary redress by means of Section 13(b) of the FTC Act, which is the means by which the FTC has sought such redress in this case. FLEETCOR cross-moved for summary judgment regarding the FTC’s ability to seek monetary or injunctive relief on May 17, 2021. On August 13, 2021, the FTC filed a motion to stay or to voluntarily dismiss without prejudice the case pending in the Northern District of Georgia in favor of a parallel administrative action under Section 5 of the FTC Act that it filed on August 11, 2021 in the FTC’s administrative process. Apart from the jurisdiction and statutory change, the FTC’s administrative complaint makes the same factual allegations as the FTC’s original complaint filed in December 2019. The Company opposed the FTC’s motion for a stay or to voluntarily dismiss, and the court denied the FTC’s motion on February 7, 2022. In the meantime, the FTC’s administrative action is stayed. On August 9, 2022, the District Court for the Northern District of Georgia granted the FTC's motion for summary judgment as to liability for the Company and Ron Clarke, but granted the Company's motion for summary judgment as to the FTC's claim for monetary relief as to both the Company and Ron Clarke. The Company intends to appeal this decision after final judgment is issued. On October 20-21, 2022, the court held a hearing on the scope of injunctive relief. At the conclusion of the hearing, the Court did not enter either the FTC’s proposed order or the Company’s proposed order, and instead suggested that the parties enter mediation. Following mediation, both parties filed proposed orders with the Court. On June 8, 2023, the Court issued an Order for Permanent Injunction and Other Relief. The Company filed its notice of appeal to the United States Court of Appeals for the Eleventh Circuit on August 3, 2023. On August 17, 2023, the FTC Commission ordered that the stay of the parallel Section 5 administrative action will remain in place during the pendency of the Eleventh Circuit appeal. The Company has incurred and continues to incur legal and other fees related to this FTC complaint. Any settlement of this matter, or defense against the lawsuit, could involve costs to the Company, including legal fees, redress, penalties, and remediation expenses. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an extensive degree of judgment, particularly where, as here, the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses or a range of possible losses resulting from, the matters described above. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Foreign Currency Derivatives The Company uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers within its cross-border solution. 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 cross-border solution 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. Concentrations of credit and performance risk may exist with counterparties, which includes customers and banking partners, as we are engaged in similar activities with similar economic characteristics related to fluctuations in foreign currency rates. 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, if the counterparty does not perform under the term of the contract, the contract may be terminated. The Company does not designate any of its foreign exchange derivatives as hedging instruments in accordance with ASC 815, "Derivatives and Hedging". The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of December 31, 2023 and 2022 (in millions) is presented in the table below. Notional 2023 2022 Foreign exchange contracts: Swaps $ 95.1 $ 160.9 Forwards 21,173.0 15,159.4 Written options 19,533.3 13,701.9 Purchased options 15,750.4 11,474.2 Total $ 56,551.8 $ 40,496.4 The majority of customer foreign exchange contracts are written in 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 Sheets as of December 31, 2023 and 2022 (in millions): December 31, 2023 Fair Value, Gross Fair Value, Net Derivative Derivative Liabilities Derivative Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 594.9 $ 519.4 $ 320.2 $ 244.7 Less: Cash collateral 39.2 180.2 39.2 180.2 Total net derivative assets and liabilities $ 555.7 $ 339.2 $ 281.0 $ 64.5 December 31, 2022 Fair Value, Gross Fair Value, Net Derivative Derivative Liabilities Derivative Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 582.2 $ 540.0 $ 266.9 $ 224.7 Less: Cash collateral 56.1 148.2 56.1 148.2 Total net derivative assets and liabilities $ 526.1 $ 391.8 $ 210.8 $ 76.5 The fair values of derivative assets and liabilities associated with contracts, which include netting terms that the Company believes to be enforceable, have been recorded net within prepaid expenses and other current assets, other assets, other current liabilities and other noncurrent liabilities in the Consolidated Balance Sheets. The Company receives cash from customers as collateral for trade exposures, which is recorded within cash and cash equivalents, restricted cash and customer deposits liability in the Consolidated Balance Sheets. The customer has the right to recall their collateral in the event exposures move in their favor, they perform on all outstanding contracts and have no outstanding amounts due to the Company, or they cease to do business with the Company. The Company has trading lines with several banks, most of which require collateral to be posted if certain mark-to-market (MTM) thresholds are exceeded. Cash collateral posted with banks is recorded within restricted cash and can be recalled in the event that exposures move in the Company’s favor or move below the collateral posting thresholds. The Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral. Cash flows from the Company's foreign currency derivatives are classified as operating activities within the Consolidated Statements of Cash Flows. The following table presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2023 and December 31, 2022 (in millions): 2023 2022 Balance Sheet Classification Fair Value Derivative Assets Prepaid expenses and other current assets $ 254.2 $ 204.9 Derivative Assets Other assets $ 66.0 $ 62.0 Derivative Liabilities Other current liabilities $ 190.4 $ 184.1 Derivative Liabilities Other noncurrent liabilities $ 54.3 $ 40.6 Cash Flow Hedges On January 22, 2019, the Company entered into three interest rate swap cash flow contracts (the "swap contracts"). One contract (which matured in January 2022) had a notional value of $1.0 billion, while the two remaining contracts (with maturity dates in January 2023 and December 2023) each had a notional value of $500 million. The objective of these swap contracts was to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of unspecified variable rate debt, the sole source of which is due to changes in the LIBOR benchmark interest rate. At inception, the Company designated these contracts as hedging instruments in accordance with ASC 815, "Derivatives and Hedging." During January 2023, the Company entered into five receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a cumulative notional U.S. dollar value of $1.5 billion as shown disaggregated in the table below. On May 4, 2023, the Company amended the remaining LIBOR-based interest rate swap with a notional amount of $500 million from one-month term LIBOR of 2.55% to one-month term SOFR of 2.50%, without further changes to the terms of the swap. The Company applied certain expedients provided in ASU No. 2020-04, Reference Rate Reform (Topic 848), related to changes in critical terms of the hedging relationships due to the reference rate reform, which allowed the change in critical terms without designation of the hedging relationship. This interest rate swap matured in December 2023. In August 2023, the Company entered into eight additional receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a total notional U.S. dollar value of $2.0 billion as shown disaggregated in the table below. Further, in December 2023, the Company entered into five additional receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a total notional U.S. dollar value of $500 million as shown disaggregated in the table below. As of December 31, 2023, the Company had the following outstanding interest rate swap derivatives that qualify as hedging instruments within designated cash flow hedges of variable interest rate risk (in millions): Notional Amount Fixed Rates Maturity Date $250 4.01% 7/31/2025 $250 4.02% 7/31/2025 $500 3.80% 1/31/2026 $250 3.71% 7/31/2026 $250 3.72% 7/31/2026 $100 4.35% 7/31/2026 $250 4.40% 7/31/2026 $250 4.40% 7/31/2026 $400 4.33% 7/31/2026 $250 4.29% 1/31/2027 $250 4.29% 1/31/2027 $250 4.19% 7/31/2027 $250 4.19% 7/31/2027 $150 3.87% 1/31/2027 $50 3.83% 1/31/2027 $50 3.85% 1/31/2027 $125 4.00% 1/31/2028 $125 3.99% 1/31/2028 The purpose of these contracts is to reduce the variability of cash flows in interest payments associated with the Company's unspecified variable rate debt, the sole source of which is due to changes in the SOFR benchmark interest rate. The Company has designated these derivative instruments as cash flow hedging instruments, which are expected to be highly effective at offsetting changes in cash flows of the related underlying exposure. As a result, changes in fair value of the interest rate swaps are recorded in accumulated other comprehensive loss. For each of these swap contracts, the Company pays a fixed monthly rate and receives one month SOFR. The Company reclassified $39.4 million from accumulated other comprehensive loss resulting in a benefit to interest expense, net for the year ended December 31, 2023 related to the Company's interest rate swap contracts. Cash flows related to the Company's interest rate swap derivatives are classified as operating activities within the Consolidated Statements of Cash Flows, as such cash flows relate to hedged interest payments are recorded in operating activities. 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 highly effective at offsetting changes in cash flows of the related underlying exposures. 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, 2023 and 2022 (in millions). See Note 4 for additional information on the fair value of the Company’s swap contracts. Balance Sheet Classification 2023 2022 Derivatives designated as cash flow hedges: Swap contracts Prepaid expenses and other current assets $ 23.5 $ 12.0 Swap contracts Other noncurrent liabilities $ 55.8 $ — As of December 31, 2023, the estimated net amount of the existing gains expected to be reclassified into earnings within the next 12 months is approximately $23.6 million. Net Investment Hedge In February 2023, the Company entered into a cross-currency interest rate swap that is designated as a net investment hedge of our investments in euro-denominated operations. This contract effectively converts $500 million of U.S. dollar equivalent to an obligation denominated in euro, and partially offsets the impact of changes in currency rates on our euro-denominated net investmentsts. This contract also creates a positive interest differential on the U.S. dollar-denominated portion of the swap, resulting in a 1.96% interest rate savings on the USD notional. Hedge effectiveness is tested based on changes in fair value of the cross-currency swap due to changes in the USD/euro spot rate. The Company anticipates perfect effectiveness of the designated hedging relationship and records changes in the fair value of the cross-currency interest rate swap associated with changes in the spot rate through accumulated other comprehensive loss. Excluded components associated with the forward differential are recognized directly in earnings as interest expense, net. The Company recognized a benefit of $9.0 million in interest expense, net for the year ended December 31, 2023 related to these excluded components. The cross-currency interest rate swap designated as a net investment hedge is recorded in other current liabilities at a fair value of $14.5 million as of December 31, 2023. Upon settlement, cash flows attributable to derivatives designated as net investment hedges will be classified as investing activities in the Consolidated Statements of Cash Flows. The Company terminated its existing net investment hedge on February 1, 2024, which resulted in net cash payments totaling $3.9 million. The loss on the net investment hedge will remain in accumulated other comprehensive loss and will only be reclassified into earnings if and when the underlying euro-denominated net investment is sold or liquidated. Subsequently, on February 2, 2024, the Company entered into four new cross-currency interest rate swaps that are designated as net investment hedges of the Company's investments in euro-denominated operations. These contracts effectively convert an aggregate $500 million of U.S. dollar equivalent to an obligation denominated in euro, and partially offset the impact of changes in currency rates on our euro-denominated net investments. These contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swap, resulting in a 1.55% interest rate savings on the USD notional. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 2021 Net income $ 981,890 $ 954,327 $ 839,497 Denominator for basic earnings per share 73,155 75,598 82,060 Dilutive securities 1,232 1,264 2,001 Denominator for diluted earnings per share 74,387 76,862 84,061 Basic earnings per share $ 13.42 $ 12.62 $ 10.23 Diluted earnings per share $ 13.20 $ 12.42 $ 9.99 Diluted earnings per share for the years ended December 31, 2023, 2022 and 2021 excludes the effect of 2.0 million, 2.3 million and 1.4 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because |
Segments
Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. In the fourth quarter of 2023, in order to align with recent changes in the Company's strategy and resulting organizational structure and management reporting, the Company updated its segment structure into six operating segments, which were combined into three reportable segments: Vehicle Payments, Corporate Payments (includes aggregation with Cross-Border operating segment), Lodging Payments and an Other category (which combines Gift and Payroll Card operating segments). We manage and report our operating results through these three reportable segments consistent with how the CODM allocates resources, assesses performance and reviews financial information. The presentation of segment information has been recast for the prior periods to align with this segment presentation for the years ended December 31, 2023, 2022 and 2021. The Company’s segment results are as follows as of and for the years ended December 31 (in thousands): 2023 1 2022 2021 Revenues, net: Vehicle Payments $ 2,005,510 $ 1,950,038 $ 1,689,970 Corporate Payments 981,127 769,571 598,242 Lodging Payments 520,216 456,511 309,619 Other 250,866 251,009 235,905 $ 3,757,719 $ 3,427,129 $ 2,833,736 Operating income: Vehicle Payments $ 943,399 $ 884,493 $ 811,822 Corporate Payments 382,085 273,562 210,290 Lodging Payments 254,270 218,637 148,973 Other 77,119 69,949 71,471 $ 1,656,873 $ 1,446,641 $ 1,242,556 Depreciation and amortization: Vehicle Payments $ 201,905 $ 198,495 $ 195,964 Corporate Payments 78,679 72,586 52,688 Lodging Payments 46,903 42,366 26,478 Other 9,117 8,835 9,067 $ 336,604 $ 322,282 $ 284,197 Capital expenditures: Vehicle Payments $ 108,592 $ 111,661 $ 88,999 Corporate Payments 25,387 20,777 11,748 Lodging Payments 13,705 10,570 4,604 Other 6,138 8,420 6,179 $ 153,822 $ 151,428 $ 111,530 Long-lived assets (excluding goodwill and investments): Vehicle Payments $ 252,499 $ 218,680 $ 175,648 Corporate Payments 48,822 39,240 33,638 Lodging Payments 24,697 17,884 12,592 Other 17,136 18,888 14,416 $ 343,154 $ 294,692 $ 236,294 1 Results from Global Reach Group acquired in the first quarter of 2023 are reported in the Corporate Payments segment from the date of acquisition. Results from Mina Digital Limited, Business Gateway AG and PayByPhone acquired during 2023 are reported in the Vehicle Payments segment, from the date of acquisition. The Company's segment results are as follows for the quarterly periods in 2023 and 2022 (in thousands): Fiscal Quarters Year Ended December 31, 2023 First Second Third Fourth Revenues, net: Vehicle Payments $ 495,490 $ 509,630 $ 500,632 $ 499,758 Corporate Payments 226,172 246,012 257,842 251,101 Lodging Payments 122,334 136,564 141,389 119,929 Other 57,337 55,968 71,029 66,532 $ 901,333 $ 948,174 $ 970,892 $ 937,320 Operating income: Vehicle Payments $ 223,480 $ 232,506 $ 244,908 $ 242,505 Corporate Payments 80,382 95,708 104,903 101,092 Lodging Payments 54,563 68,246 74,023 57,438 Other 16,770 16,190 21,143 23,016 $ 375,195 $ 412,650 $ 444,977 $ 424,051 Depreciation and amortization: Vehicle Payments $ 50,350 $ 51,926 $ 49,905 $ 49,724 Corporate Payments 20,160 17,779 20,417 20,323 Lodging Payments 11,398 11,661 12,189 11,655 Other 2,324 2,310 2,239 2,244 $ 84,232 $ 83,676 $ 84,750 $ 83,946 Fiscal Quarters Year Ended December 31, 2022 First Second Third Fourth Revenues, net: Vehicle Payments $ 454,741 $ 489,827 $ 504,388 $ 501,082 Corporate Payments 183,158 189,058 196,339 201,016 Lodging Payments 94,576 116,900 125,961 119,074 Other 56,766 65,493 66,312 62,438 $ 789,241 $ 861,278 $ 893,000 $ 883,610 Operating income: Vehicle Payments $ 202,068 $ 224,174 $ 231,914 $ 226,337 Corporate Payments 61,312 70,092 74,999 67,159 Lodging Payments 39,779 58,559 63,463 56,836 Other 14,562 17,655 18,794 18,938 $ 317,721 $ 370,480 $ 389,170 $ 369,270 Depreciation and amortization: Vehicle Payments $ 48,148 $ 49,615 $ 49,134 $ 51,598 Corporate Payments 16,028 16,324 15,383 24,851 Lodging Payments 10,534 10,321 10,474 11,037 Other 2,092 2,214 2,222 2,307 $ 76,802 $ 78,474 $ 77,213 $ 89,793 The following table presents the Company's long-lived assets by major geography (excluding goodwill, other intangible assets and investments) at December 31 (in thousands). 2023 2022 Long-lived assets (excluding goodwill, other intangible assets, and investments): United States (country of domicile) $ 200,918 $ 176,263 Brazil $ 74,789 $ 66,583 United Kingdom $ 34,242 $ 24,715 More than 10% of ou |
Russia Disposition
Russia Disposition | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Russia Disposition | Russia Disposition During the second quarter of 2023, the Company signed definitive documents to sell its Russia business to a third party. At June 30, 2023, the Company concluded that the sale was not considered probable due to continued uncertainty regarding regulatory approvals and ongoing discussions regarding the nature and timing of deal completion. As such, the assets and liabilities associated with the Company's Russian business were not classified as held for sale prior to the completion of the transaction. The Russia business was historically reported within the Company's Vehicle Payments segment and did not meet the criteria to be presented as discontinued operations. The Company completed the sale of its Russia business on August 15, 2023. The sale included the entirety of the Company's operations in Russia and resulted in a complete exit from the Russia market. The Company received total proceeds, net of cash disposed and net of a $5.6 million foreign exchange loss upon conversion of the ruble-denominated proceeds to U.S. dollars, of $197.0 million, which have been recorded within investing activities in the accompanying Consolidated Statements of Cash Flows. In connection with the sale, the Company recorded a net gain on disposal of $13.7 million during the year ended December 31, 2023, which represents the proceeds received less the derecognition of the related net assets, the reclassification of accumulated foreign currency translation losses, and the foreign exchange loss upon conversion of the ruble-denominated proceeds to U.S. dollars. The net gain is included within other (income) expense, net in the accompanying Consolidated Statements of Income. |
Restatement of Previous Unaudit
Restatement of Previous Unaudited Interim Financial Statements (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Previous Unaudited Interim Financial Statements (Unaudited) | Restatement of Previous Unaudited Interim Financial Statements (Unaudited) In connection with the preparation of the Company's financial statements as of and for the year ended December 31, 2023, the Company determined that there were errors related to the accounting for certain balance sheet accounts in the unaudited consolidated financial statements for the quarterly periods ended March 31, 2023, June 30, 2023 and September 30, 2023 (the "Restated Periods"). Such errors did not impact any previously filed audited financial statements. In accordance with SEC Staff Accounting Bulletin No. 99, "Materiality," and SEC Staff Accounting Bulletin No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements," the Company determined that the errors were material to the unaudited interim consolidated financial statements for the Restated Periods. Specifically, such errors pertained only to the consolidated balance sheets (and the related effects on the consolidated statements of cash flows) and were related to (1) the recognition of certain cash balances held in custodial accounts for the benefit of (FBO) customers entered into in the first quarter of 2023 as restricted cash and customer deposits based on the Company's determination that it exercises control over such funds and (2) a correction to the Company's accounts receivable and accounts payable balances related to an incorrect classification of certain unbilled accounts receivable balances. In connection with this determination, the Audit Committee of the Company’s Board of Directors, in consultation with the Company's management, concluded that the Company’s previously issued condensed consolidated financial statements and related disclosures for the Restated Periods should no longer be relied upon due to these errors contained in such interim financial statements and should be restated. The following tables restate the unaudited financial information and summarize the effect of the restatement on each impacted financial statement line item, including subtotals, as of the dates, and for the periods, indicated (in thousands): As Reported Adjustments As Restated Condensed Consolidated Balance Sheet as of March 31, 2023 Assets Current assets: Restricted cash $ 996,945 $ 550,000 $ 1,546,945 Accounts and other receivables 2,369,235 (1,380) 2,367,855 Other current assets 2,992,792 — 2,992,792 Total current assets 6,358,972 548,620 6,907,592 Goodwill 5,380,050 — 5,380,050 Other intangibles, net 2,197,587 — 2,197,587 Other noncurrent assets 651,314 — 651,314 Total assets $ 14,587,923 $ 548,620 $ 15,136,543 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,907,841 $ (1,380) $ 1,906,461 Customer deposits 1,481,004 550,000 2,031,004 Other current liabilities 2,814,700 — 2,814,700 Total current liabilities 6,203,545 548,620 6,752,165 Notes payable and other obligations, less current portion 4,700,550 — 4,700,550 Other noncurrent liabilities 801,968 — 801,968 Total noncurrent liabilities 5,502,518 — 5,502,518 Stockholders' equity: Additional paid-in capital 3,109,065 — 3,109,065 Retained earnings 7,425,604 — 7,425,604 Other equity (7,652,809) — (7,652,809) Total stockholders' equity 2,881,860 — 2,881,860 Total liabilities and stockholders’ equity $ 14,587,923 $ 548,620 $ 15,136,543 As Reported Adjustments As Restated Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2023 Operating activities Net income $ 214,835 $ — $ 214,835 Adjustments to reconcile net income to net cash provided by operating activities Changes in operating assets and liabilities: Accounts and other receivables 370,962 1,380 372,342 Accounts payable, accrued expenses and customer deposits (446,508) 548,620 102,112 Other 188,376 — 188,376 Net cash provided by operating activities 327,665 550,000 877,665 Investing activities Net cash used in investing activities (159,027) — (159,027) Financing activities Borrowings from revolver 1,964,000 — 1,964,000 Payments on revolver (2,490,000) — (2,490,000) Borrowings on swing line of credit, net 310,719 — 310,719 Other (2,434) — (2,434) Net cash used in financing activities (217,715) — (217,715) Effect of foreign currency exchange rates on cash 29,298 — 29,298 Net increase/(decrease) in cash, cash equivalents and restricted cash (19,779) 550,000 530,221 Cash, cash equivalents and restricted cash at beginning of period 2,289,180 — 2,289,180 Cash, cash equivalents and restricted cash at end of period $ 2,269,401 $ 550,000 $ 2,819,401 As Reported Adjustments As Restated Condensed Consolidated Balance Sheet as of June 30, 2023 Assets Current assets: Restricted cash $ 1,456,992 $ 272,280 $ 1,729,272 Accounts and other receivables 2,460,650 (9,850) 2,450,800 Other current assets 3,005,927 — 3,005,927 Total current assets 6,923,569 262,430 7,185,999 Goodwill 5,473,603 — 5,473,603 Other intangibles, net 2,107,081 — 2,107,081 Other noncurrent assets 674,400 — 674,400 Total assets $ 15,178,653 $ 262,430 $ 15,441,083 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,679,702 $ (9,850) $ 1,669,852 Customer deposits 2,013,236 272,280 2,285,516 Other current liabilities 2,742,952 — 2,742,952 Total current liabilities 6,435,890 262,430 6,698,320 Notes payable and other obligations, less current portion 4,678,258 — 4,678,258 Other noncurrent liabilities 801,069 — 801,069 Total noncurrent liabilities 5,479,327 — 5,479,327 Stockholders' equity: Additional paid-in capital 3,176,562 — 3,176,562 Retained earnings 7,665,306 — 7,665,306 Other equity (7,578,432) — (7,578,432) Total stockholders' equity 3,263,436 — 3,263,436 Total liabilities and stockholders’ equity $ 15,178,653 $ 262,430 $ 15,441,083 As Reported Adjustments As Restated Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2023 Operating activities Net income $ 454,537 $ — $ 454,537 Adjustments to reconcile net income to net cash provided by operating activities Changes in operating assets and liabilities: Accounts and other receivables (365,572) 9,850 (355,722) Accounts payable, accrued expenses and customer deposits 348,643 262,430 611,073 Other 389,072 — 389,072 Net cash provided by operating activities 826,680 272,280 1,098,960 Investing activities Net cash used in investing activities (201,215) — (201,215) Financing activities Borrowings from revolver 4,351,000 — 4,351,000 Payments on revolver (4,817,000) — (4,817,000) Borrowings on swing line of credit, net 255,750 — 255,750 Other (31,561) — (31,561) Net cash used in financing activities (241,811) — (241,811) Effect of foreign currency exchange rates on cash 38,401 — 38,401 Net increase in cash, cash equivalents and restricted cash 422,055 272,280 694,335 Cash, cash equivalents and restricted cash at beginning of period 2,289,180 — 2,289,180 Cash, cash equivalents and restricted cash at end of period $ 2,711,235 $ 272,280 $ 2,983,515 As Reported Adjustments As Restated Condensed Consolidated Balance Sheet as of September 30, 2023 Assets Current assets: Restricted cash $ 1,221,279 $ 480,761 $ 1,702,040 Accounts and other receivables 2,655,275 (76,674) 2,578,601 Other current assets 2,983,704 — 2,983,704 Total current assets 6,860,258 404,087 7,264,345 Goodwill 5,553,546 — 5,553,546 Other intangibles, net 2,164,999 — 2,164,999 Other noncurrent assets 685,664 — 685,664 Total assets $ 15,264,467 $ 404,087 $ 15,668,554 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,895,280 $ (76,674) $ 1,818,606 Customer deposits 1,783,311 480,761 2,264,072 Other current liabilities 3,059,628 — 3,059,628 Total current liabilities 6,738,219 404,087 7,142,306 Notes payable and other obligations, less current portion 4,637,211 — 4,637,211 Other noncurrent liabilities 829,586 — 829,586 Total noncurrent liabilities 5,466,797 — 5,466,797 Stockholders' equity: Additional paid-in capital 3,227,476 — 3,227,476 Retained earnings 7,936,802 — 7,936,802 Other equity (8,104,827) — (8,104,827) Total stockholders' equity 3,059,451 — 3,059,451 Total liabilities and stockholders’ equity $ 15,264,467 $ 404,087 $ 15,668,554 As Reported Adjustments As Restated Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2023 Operating activities Net income $ 726,033 $ — $ 726,033 Adjustments to reconcile net income to net cash provided by operating activities Changes in operating assets and liabilities: Accounts and other receivables (809,487) 76,674 (732,813) Accounts payable, accrued expenses and customer deposits 428,580 404,087 832,667 Other 558,743 — 558,743 Net cash provided by operating activities 903,869 480,761 1,384,630 Investing activities Acquisitions, net of cash acquired (429,914) — (429,914) Proceeds from disposal of business, net of cash disposed 197,025 — 197,025 Other (112,757) — (112,757) Net cash used in investing activities (345,646) — (345,646) Financing activities Repurchase of common stock (546,910) — (546,910) Borrowings from revolver 6,495,000 — 6,495,000 Payments on revolver (6,770,000) — (6,770,000) Borrowings on swing line of credit, net 180,723 — 180,723 Other 139,728 — 139,728 Net cash used in financing activities (501,459) — (501,459) Effect of foreign currency exchange rates on cash (30,431) — (30,431) Net increase in cash, cash equivalents and restricted cash 26,333 480,761 507,094 Cash, cash equivalents and restricted cash at beginning of period 2,289,180 — 2,289,180 Cash, cash equivalents and restricted cash at end of period $ 2,315,513 $ 480,761 $ 2,796,274 There is no impact to the previously filed Consolidated Statements of Income and Consolidated Statements of Comprehensive Income, or any line item therein, for the Restated Periods. The as-filed Statements of Income have been provided below for reference. As Reported As Reported As Reported As Reported As Reported Condensed Consolidated Statements of Income Three Months Ended March 31, 2023 Three Months Ended June 30, 2023 Three Months Ended September 30, 2023 Six Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Revenues, net $ 901,333 $ 948,174 $ 970,892 $ 1,849,507 $ 2,820,399 Expenses: Processing 204,967 205,265 208,217 410,232 618,449 Selling 81,592 86,412 85,954 168,004 253,958 General and administrative 154,684 159,356 147,839 314,040 461,879 Depreciation and amortization 84,232 83,676 84,750 167,908 252,658 Other operating, net 663 815 (845) 1,478 633 Operating income 375,195 412,650 444,977 787,845 1,232,822 Investment (gain) loss (190) 18 30 (172) (142) Other expense (income), net 746 (2,424) (13,432) (1,678) (15,110) Interest expense, net 79,795 88,486 88,285 168,281 256,566 Total other expense, net 80,351 86,080 74,883 166,431 241,314 Income before income taxes 294,844 326,570 370,094 621,414 991,508 Provision for income taxes 80,009 86,868 98,598 166,877 265,475 Net income $ 214,835 $ 239,702 $ 271,496 $ 454,537 $ 726,033 Earnings per share: Basic earnings per share $ 2.92 $ 3.24 $ 3.71 $ 6.17 $ 9.87 Diluted earnings per share $ 2.88 $ 3.20 $ 3.64 $ 6.08 $ 9.72 Weighted average shares outstanding: Basic weighted average shares outstanding 73,521 73,887 73,165 73,705 73,523 Diluted weighted average shares outstanding 74,483 75,001 74,604 74,763 74,733 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | ||||||||
Net income | $ 271,496 | $ 239,702 | $ 214,835 | $ 454,537 | $ 726,033 | $ 981,890 | $ 954,327 | $ 839,497 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) 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 financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may 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 2023, 2022, and 2021 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle. |
Financial Instruments - Credit Losses | Financial Instruments-Credit Losses The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses". The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors. At December 31, 2023 and 2022, approximately 82% and 85%, respectively, of outstanding accounts receivable were less than 30 days past due. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for credit losses 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 us have been accounted for under the acquisition method of accounting, which requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date. The excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed represents goodwill. Amounts assigned to goodwill are primarily attributable to buyer-specific synergies expected to arise after the acquisition (e.g., enhanced reach of the combined organization and other synergies) and the assembled work force of the acquiree. The results of the acquired businesses are included in our results of operations beginning from the completion date of the transaction. The estimates the Company uses to determine the fair value of long-lived assets, such as intangible assets, can be complex and require significant judgments. The Company uses information available to us to make fair value determinations and engages independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired long-lived assets. The estimated fair values of customer-related and contract-based intangible assets are generally determined using the income approach, which is based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. The discount rates used represent a risk-adjusted market participant weighted-average cost of capital, derived using customary market metrics. These measures of fair value also require considerable judgments about future events, including forecasted revenue growth rates, forecasted customer attrition rates, contract renewal estimates and technology changes. Acquired technologies are generally valued using the replacement cost method, which requires us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis, with adjustments in value for physical deterioration and functional and economic obsolescence. Trademarks and trade names are generally valued using the "relief-from-royalty" approach. This method assumes that trademarks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires the Company to estimate the future revenues for the related brands, the appropriate royalty rate and the weighted-average cost of capital. This measure of fair value requires considerable judgment about the value a market participant would be willing to pay in order to achieve the benefits associated with the trade name. Non-compete arrangements are measured at fair value separately from the business combination using a cash flow method based on the Company's best estimate of the probability of competition and its business effect absent the non-compete arrangement. |
Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments | Impairment of The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of property and equipment and intangible assets with finite lives 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 analyses as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives of property and equipment and intangible assets with finite lives 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 quantitative goodwill impairment test for the applicable reporting units 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 and, to a lesser extent, market multiples for comparable companies. Estimates critical to the Company’s evaluation of goodwill for impairment include the discount rates, forecasts for revenues, net and earnings before interest, taxes, depreciation and amortization (EBITDA) margin. 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 qualitatively and/or quantitatively as of October 1, 2023, 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 also tests for impairment more frequently 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 and projected revenue growth. An impairment loss is recognized if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. Based on the indefinite-lived intangible asset impairment analyses performed as of October 1, 2023, the Company determined the fair value of each of its indefinite-lived intangible assets was in excess of its carrying amount. No events or changes in circumstances have occurred since the date of this most recent annual impairment analysis that would more likely than not reduce the fair value of an indefinite-lived intangible asset below its carrying amount. |
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. Intangible assets with finite lives, 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. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash |
Foreign Currency Translation | Foreign Currency Translation |
Derivatives | Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates and economic changes in the value of certain foreign-denominated net assets. The Company also uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers and enters into cross currency derivative contracts with banking partners to mitigate foreign exchange risk associated with customer derivative contracts. 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 interest payments on an unspecified 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 to the derivative assets/liabilities and offset against accumulated other comprehensive loss. Derivative fair value changes that are recorded in accumulated other comprehensive loss are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is highly effective in offsetting the change in cash flows attributable to the hedged risk. In the Company's cross-border payments business, it writes foreign currency forwards, option contracts and swaps for its customers to facilitate future payments. The Company recognizes current cross-border payments derivatives in prepaid expenses and other current assets and recognizes other current liabilities and derivatives greater than one year in other assets and other noncurrent liabilities in the accompanying Consolidated Balance Sheets at their fair value. Any gains/losses associated with these derivatives are recorded through earnings. The Company also utilizes cross-currency interest rate swaps designated as a net investment hedge of its investments in euro-denominated operations, which effectively converts a specified U.S. dollar notional equivalent to an obligation denominated in euro, and partially offsets the impact of changes in currency rates on the Company's euro-denominated net investments. Such contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swap, resulting in interest rate savings on the USD notional. |
Spot Trade Offsetting | Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements with the same counterparty, as a right of offset exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. 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. |
Stock Based Compensation | Stock-Based Compensation The Company routinely grants employee stock options and restricted stock awards/units as part of employee compensation plans. Stock options are granted with an exercise price equal to the fair market value of the underlying Company share on the date of grant. Options granted have vesting provisions ranging from one 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 generally have graded vesting provisions of one The fair value of stock options and 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 market-based stock option awards. For performance-based restricted stock awards/units 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. 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. |
Deferred Financing Costs/Debt Discounts | Deferred Financing Costs/Debt Discounts |
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 main tains a $1.7 billion revo lving trade accounts receivable securitization facility (as amended from time to time, the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting primarily from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers in the form of a legal sale certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC ("Funding"), a wholly-owned bankruptcy remote consolidated subsidiary. In turn, Funding transfers in the form of a legal sale, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to unrelated transferees (i.e., multi-seller banks and asset-backed commercial paper conduits). Funding retains a residual, subordinated interest in cash flow distribution from the transferred receivables and provides to the transferees an incremental pledge of unsold receivables as a form of over-collateralization to enhance the credit of the transferred receivables. Purchases by the banks and conduits are generally financed with the sale of highly-rated commercial paper. The Company utilizes proceeds from the securitized 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. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount. As the Company maintains certain continuing involvement in the transferred/sold receivables, it does not derecognize the receivables from its Consolidated Balance Sheets. Instead, the Company records cash proceeds and any residual interest received as a Securitization Facility liability. 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 August 18, 2025. |
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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. |
Reclassifications and Adjustments | Reclassifications and Adjustments Certain disclosures for prior periods have been reclassified to conform with current year presentation, including the presentation of prior year segment disclosures to align with our current segment presentation. |
Adoption of New Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted | Adoption of New Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. The Company transitioned from LIBOR to the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate for euro borrowings, and the Tokyo Interbank Offer Rate for yen borrowings. In December 2022, the FASB issued ASU No. 2022-06, "Deferral of the Sunset Date of (Topic 848)" which defers the sunset date of ASC 848 until December 31, 2024. The ASU became effective upon issuance. The Company has availed itself to the practical expedients related to any changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU. Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity In August 2020, the FASB issued ASU No. 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"), which address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 also improve the guidance related to the disclosures and earnings per share for convertible instruments and contracts in entity's own equity. The amendments in this update are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company adopted this ASU on January 1, 2022. The adoption of ASU 2020-06 did not have a material impact on the Company's results of operations, financial condition, or cash flows. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805) ("ASU 2021-08"), which requires an acquirer to account for revenue contracts acquired in a business combination in accordance with Topic 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied Topic 606 to determine what to record for the acquired contracts. This update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company adopted this ASU on January 1, 2023. The adoption of ASU 2021-08 did not have a material impact on the Company's results of operations, financial condition, or cash flows. Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). The amendments are intended to increase reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the impact of this guidance on the disclosures within our consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). The amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our consolidated financial statements. |
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 or geographically-defined categories, including Vehicle Payments, Corporate Payments, Lodging Payments and Other. The Company provides solutions 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 solutions (Vehicle Payments, Corporate Payments, Lodging Payments, and Other) 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 directly allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. Similarly, for the toll product within Vehicle Payments, 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. Variability arising from rebates is generally resolved and/or reset within the reporting period to which the variable consideration is allocated. As such, the Company is able to directly allocate net adjustments against revenue in the reporting period in which they are invoiced and does not materially constrain revenue recognition as a significant reversal of revenue is not probable at invoicing. 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, lodging, and transportation cards and vouchers); and 5) monthly access fees. The Company recognizes revenue when the underlying transactions are complete and as 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. In the Company's cross-border payments business, a portion of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. 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 solutions deliver 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 value cards is recognized (gross of the underlying cost of the related card, recorded in processing expenses 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 the passage of time as it stands ready to process an unknown or unspecified quantity of transactions. As a result, the Company directly 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., Canada and Brazil, 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 and represent approximately 5% of total consolidated revenues, net for the years ended December 31, 2023 and 2022. The Company ceases billing and accruing for late fees and finance charges approximately 30 - 40 days after the customer’s balance becomes delinquent. In addition, in its cross-border payments business, the Company writes foreign currency forwards, option contracts and swaps for its customers primarily to facilitate future payments in foreign currencies. 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 Company accounts for the derivatives in its cross-border payments business in accordance with ASC 815, "Derivatives and Hedging." Revenues earned on the currency spread inherent in the instruments on date of execution, as well as changes in fair value related to these instruments prior to settlement, represented approximately 8% of consolidated revenues, net, for the years ended December 31, 2023 and 2022. Revenue is also derived from the sale of equipment and cards in certain of the Company’s businesses, which is recognized at the time the device or card is sold and control has passed to the customer. This revenue is recognized gross of the cost of sales related to the equipment and cards in revenues, net within the Consolidated Statements of Income. The Company has recorded $76.3 million, $83.1 million and $76.6 million of expenses related to sales of equipment and cards in processing expenses within the Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021, respectively. Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $45.7 million and $57.7 million as of December 31, 2023 and 2022, respectively. We expect to recognize approximately $31.9 million of these amounts in revenues within 12 months and the remaining $13.8 million over the next five years as of December 31, 2023. The amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized. Revenue recognized for the year ended December 31, 2023, that was included in the deferred revenue contract liability as of January 1, 2023, was approximately $36.4 million. Costs to Obtain or Fulfill a Contract and/or Customer Incentives In accordance with ASC 606, the Company capitalizes 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 considers 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 Amortization of capitalized contract costs recorded in selling expense was $16.7 million, $15.4 million and $16.0 million for the years ended December 31, 2023, 2022 and 2021, 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 contract costs of $19.2 million and $17.1 million within prepaid expenses and other current assets and $44.9 million and $42.9 million within other assets in the Company’s Consolidated Balance Sheets, as of December 31, 2023 and 2022, respectively. Further, the Company on occasion may make a cash payment to a customer as a contract incentive. We defer these costs as payments to a customer if recoverable and amortize them over the benefit period, including anticipated customer renewals. The amortization of costs associated with cash payments for client incentives is included as a reduction of revenues in the Company’s Consolidated Statements of Income. The Company had deferred customer incentives of $10.0 million and $9.5 million as of December 31, 2023 and 2022, respectively. Amortization of deferred customer incentives was immaterial for the years ended December 31, 2023, 2022 and 2021. 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 contracts with performance obligations of one year or less and contracts with variable consideration that is directly allocated to a single performance obligation such as a stand-ready series. As described above, the Company's most significant single performance obligations consist of variable consideration directly allocated under a stand-ready series of distinct days of service. Such direct allocation of variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to unsatisfied performance obligations 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, 2023, the Company’s contracts with customers contain standard pricing where the timing on control transfer is dependent upon the customer in a stand-ready environment and therefore did not contain a significant financing component. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Foreign Exchange Gains (Losses) | The Company recognized foreign exchange losses and gains, which are recorded within other (income) expense, net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions): 2023 2022 2021 Foreign exchange losses $ 4.8 $ 1.7 $ 3.7 |
Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions | The Company recorded foreign currency gains and losses on long-term intra-entity transactions included as a component of foreign currency translation gains (losses), net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31 as follows (in millions): 2023 2022 2021 Foreign currency (gains) losses on long-term intra-entity transactions $ (29.0) $ 205.7 $ 44.4 |
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, 2023 and 2022 (in millions): December 31, 2023 December 31, 2022 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 2,499.9 $ (2,373.8) $ 126.1 $ 2,409.8 $ (2,266.0) $ 143.8 Liabilities Accounts Payable $ 2,457.3 $ (2,373.8) $ 83.5 $ 2,332.5 $ (2,266.0) $ 66.5 2023 2022 Balance Sheet Classification Fair Value Derivative Assets Prepaid expenses and other current assets $ 254.2 $ 204.9 Derivative Assets Other assets $ 66.0 $ 62.0 Derivative Liabilities Other current liabilities $ 190.4 $ 184.1 Derivative Liabilities Other noncurrent liabilities $ 54.3 $ 40.6 |
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): 2023 2022 Gross domestic unsecuritized accounts receivables $ 921,206 $ 985,873 Gross domestic securitized accounts receivable 1,307,000 1,287,000 Gross foreign receivables 1,420,543 1,228,718 Total gross receivables 3,648,749 3,501,591 Less allowance for credit losses (180,163) (149,846) Net accounts and securitized accounts receivable $ 3,468,586 $ 3,351,745 |
Allowance for Doubtful Accounts Related to Accounts Receivable | A rollforward of the Company’s allowance for credit losses related to accounts receivable for the years ended December 31 is as follows (in thousands): 2023 2022 2021 Allowance for credit losses beginning of year $ 149,846 $ 98,719 $ 86,886 Provision for credit losses 125,152 131,096 37,919 Write-offs (115,631) (90,540) (35,868) Recoveries 13,596 10,320 13,459 Impact of foreign currency 7,200 251 (3,677) Allowance for credit losses end of year $ 180,163 $ 149,846 $ 98,719 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The Company provides its services to customers across different payment solutions and geographies. Revenues, net by solution for the years ended December 31 (in millions) are as follows: Revenues by Segment 2023 2022 2021 Vehicle Payments $ 2,005.5 $ 1,950.0 $ 1,690.0 Corporate Payments 981.1 769.6 598.2 Lodging Payments 520.2 456.5 309.6 Other 250.9 251.0 235.9 Consolidated revenues, net $ 3,757.7 $ 3,427.1 $ 2,833.7 |
Revenue from External Customers by Geographic Areas | Revenues, net by geography for the years ended December 31 (in millions) are as follows: Revenues by Geography 2023 2022 2021 United States (country of domicile) $ 2,134.7 $ 2,093.9 $ 1,785.2 Brazil 525.1 442.2 368.1 United Kingdom 441.4 363.3 321.8 Other 656.5 527.7 358.6 Consolidated revenues, net $ 3,757.7 $ 3,427.1 $ 2,833.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022, (in thousands): Fair Value Level 1 Level 2 Level 3 December 31, 2023 Assets: Overnight deposits $ 256,466 $ — $ 256,466 $ — Money market 376,465 — 376,465 — Certificates of deposit 266,316 — 266,316 — Treasury bills 236,505 — 236,505 — Interest rate swaps 23,485 — 23,485 — Foreign exchange contracts 320,216 — 320,216 — Total assets $ 1,479,453 $ — $ 1,479,453 $ — Cash collateral for foreign exchange contracts $ 39,219 $ — $ — $ — Liabilities: Interest rate swaps $ 55,796 $ — $ 55,796 $ — Cross-currency interest rate swap 14,522 — 14,522 — Foreign exchange contracts 244,745 — 244,745 — Total liabilities $ 315,063 $ — $ 315,063 $ — Cash collateral obligation for foreign exchange contracts $ 180,168 $ — $ — $ — December 31, 2022 Assets: Overnight deposits $ 444,216 $ — $ 444,216 $ — Money market 37,821 — 37,821 — Certificates of deposit 181 — 181 — Interest rate swaps 11,953 — 11,953 — Foreign exchange contracts 266,917 — 266,917 — Total assets $ 761,088 $ — $ 761,088 $ — Cash collateral for foreign exchange contracts $ 56,103 $ — $ — $ — Liabilities: Foreign exchange contracts 224,725 — 224,725 — Total liabilities $ 224,725 $ — $ 224,725 $ — Cash collateral obligation for foreign exchange contracts $ 148,167 $ — $ — $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Expense Related to Stock-Based Compensation | The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements of Income related to stock-based compensation for the years ended December 31 (in thousands): 2023 2022 2021 Stock options $ 24,342 $ 61,993 $ 30,057 Restricted stock 91,744 59,423 50,014 Stock-based compensation $ 116,086 $ 121,416 $ 80,071 |
Summary of Total Unrecognized Compensation Cost Related to Outstanding Stock Awards | The following table summarizes the Company’s total unrecognized compensation cost related to outstanding stock awards as of December 31, 2023 (cost in thousands): Unrecognized Weighted Average Period of Expense Recognition Remaining (in Years) Stock options $ 70,627 2.19 Restricted stock 40,695 0.50 Total $ 111,322 |
Summary of Changes in Number of Shares of Common Stock Options Outstanding | The following summarizes the changes in the number of shares of stock options outstanding for the following periods (shares and aggregate intrinsic value in thousands): Shares Weighted Options Weighted Weighted Aggregate Outstanding at December 31, 2020 4,964 $ 146.69 3,994 $ 130.37 $ 626,107 Granted 1,097 261.85 $ 72.84 Exercised (592) 82.50 83,686 Forfeited (22) 230.14 Outstanding at December 31, 2021 5,447 176.52 3,798 145.18 257,707 Granted 649 223.66 $ 65.23 Exercised (544) 94.79 64,783 Forfeited (251) 230.60 Outstanding at December 31, 2022 5,301 188.12 3,512 159.46 113,681 Granted 411 222.51 $ 66.28 Exercised (648) 172.01 40,983 Forfeited (81) 241.78 Outstanding at December 31, 2023 4,983 $ 192.18 3,182 $ 163.54 $ 451,039 Expected to vest at December 31, 2023 952 $ 226.20 |
Schedule of Stock Options Exercise Price | The following table summarizes information about stock options outstanding at December 31, 2023 (shares in thousands): Exercise Price Options Weighted Average Options $106.83 – $199.75 2,670 0.02 2,615 $200.41 – $216.18 251 1.12 58 $220.13 – $231.70 582 0.63 219 $235.52 – $251.88 265 2.49 15 $252.50 – $261.27 1,151 0.04 234 $263.21 – $286.86 45 0.47 23 $288.37 – $319.55 19 0.01 17 4,983 3,182 |
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: 2023 2022 2021 Risk-free interest rate 4.39 % 1.65 % 0.45 % Dividend yield — — — Expected volatility 33.73 % 34.62 % 34.44 % Expected term (in years) 3.4 3.9 4.0 The fair value of stock options granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during the year ended December 31, 2021 as follows. There were no performance options granted with market based vesting conditions in 2023 or 2022. 2021 Risk-free interest rate 0.59 % Dividend yield — Expected volatility 36.10 % Expected term (in years) 3.3 |
Summary of Changes in Number of Shares of Restricted Stock Awards and Restricted Stock Units Outstanding | The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units outstanding for the following periods (shares in thousands): Shares Weighted Outstanding at December 31, 2020 174 $ 265.29 Granted 215 272.59 Cancelled (38) 265.76 Issued (73) 258.13 Outstanding at December 31, 2021 278 278.57 Granted 386 229.22 Cancelled (83) 267.53 Issued (146) 283.60 Outstanding at December 31, 2022 435 237.68 Granted 441 213.36 Cancelled (24) 230.11 Issued (310) 235.25 Outstanding at December 31, 2023 542 $ 219.61 |
Acquisitions and Equity Metho_2
Acquisitions and Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Acquisition Accounting | The following table summarizes the preliminary acquisition accounting, in aggregate, for the 2023 business acquisitions noted above (in thousands): Trade and other receivables $ 6,004 Prepaid expenses and other current assets 46,472 Other long term assets 13,302 Goodwill 382,793 Intangibles 158,689 Accounts payable (23,789) Other current liabilities (129,603) Other noncurrent liabilities (18,923) Aggregate purchase price $ 434,945 The following table summarizes the final acquisition accounting, in aggregate, for the 2022 business acquisitions noted above (in thousands): Trade and other receivables $ 13,349 Prepaid expenses and other current assets 4,006 Other long term assets 468 Goodwill 163,938 Intangibles 50,145 Accounts payable (20,542) Other current liabilities (4,960) Other noncurrent liabilities (9,191) Aggregate purchase price $ 197,213 |
Summary of 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 Names and Trademarks 2 to Indefinite $ 12,459 Proprietary Technology 5 to 7 11,885 Customer Relationships 6 to 20 134,345 $ 158,689 The 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 to Indefinite $ 4,705 Proprietary Technology 5 to 10 11,646 Lodging / Supplier Network 10 to 20 1,402 Customer Relationships 5 to 20 32,392 $ 50,145 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 Acquisitions 1 Dispositions 2 Acquisition Accounting Foreign December 31, 2023 Segment Vehicle Payments $ 2,530,391 $ 233,240 $ (40,857) $ 4,389 $ 76,827 $ 2,803,990 Corporate Payments 1,906,070 149,553 — (105) 19,218 2,074,736 Lodging Payments 416,044 — — (764) 1,672 416,952 Other 348,930 — — — 350 349,280 $ 5,201,435 $ 382,793 $ (40,857) $ 3,520 $ 98,067 $ 5,644,958 1 Reflects the recognition of preliminary goodwill related to acquisitions completed by the Company during the year ended December 31, 2023. 2 Reflects goodwill derecognized in connection with the disposition of the Company's operations in Russia. See Note 19 for additional information. December 31, 2021 Acquisitions Acquisition Accounting Adjustments Foreign December 31, 2022 Segment Vehicle Payments $ 2,475,243 $ 71,856 $ 1,216 $ (17,924) $ 2,530,391 Corporate Payments 1,888,875 40,387 2,933 (26,125) 1,906,070 Lodging Payments 364,653 46,928 4,700 (237) 416,044 Other 350,207 — — (1,277) 348,930 $ 5,078,978 $ 159,171 $ 8,849 $ (45,563) $ 5,201,435 |
Schedule of Other Intangible Assets | Other intangible assets consisted of the following at December 31 (in thousands): 2023 2022 Weighted- Gross Accumulated Net Gross Accumulated Net Customer and vendor relationships 16.6 $ 3,044,522 $ (1,511,173) $ 1,533,349 $ 2,922,586 $ (1,332,542) $ 1,590,044 Trade names and trademarks—indefinite lived N/A 440,900 — 440,900 419,270 — 419,270 Trade names and trademarks—other 2.0 51,510 (15,334) 36,176 47,939 (9,111) 38,828 Technology 6.0 299,780 (238,819) 60,961 278,460 (216,858) 61,602 Non-compete agreements 4.2 85,111 (70,834) 14,277 80,098 (58,868) 21,230 Total other intangibles $ 3,921,823 $ (1,836,160) $ 2,085,663 $ 3,748,353 $ (1,617,379) $ 2,130,974 N/A = Not Applicable |
Schedule of Future Estimated Amortization of Intangibles | The future estimated amortization of intangible assets at December 31, 2023 is as follows (in thousands): 2024 $ 216,912 2025 194,511 2026 172,952 2027 165,531 2028 162,267 Thereafter 732,590 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 Computer hardware and software 3 to 5 $ 734,759 $ 581,471 Card-reading equipment 4 to 6 61,216 49,351 Furniture, fixtures, and vehicles 2 to 10 20,614 19,482 Buildings and improvements 5 to 50 41,508 35,817 Property, plant and equipment, gross 858,097 686,121 Less: accumulated depreciation (514,943) (391,429) Property, plant and equipment, net $ 343,154 $ 294,692 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at December 31 (in thousands): 2023 2022 Accrued bonuses $ 12,696 $ 19,975 Accrued payroll and severance 53,303 48,007 Accrued taxes 109,323 94,557 Accrued commissions/rebates 74,519 83,190 Other 1 106,277 106,207 $ 356,118 $ 351,936 1 Other accrued expenses include several types of amounts due to our merchants, vendors, and other third parties. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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): 2023 2022 Term Loan A note payable (a), net of discounts $ 2,882,595 $ 2,956,053 Term Loan B note payable (a), net of discounts 1,840,244 1,855,891 Revolving line of credit facilities (a) 692,318 935,000 Other obligations (c) 748 2,950 Total notes payable, credit agreements, and other obligations 5,415,905 5,749,894 Securitization Facility (b) 1,307,000 1,287,000 Total debt $ 6,722,905 $ 7,036,894 Current portion $ 2,126,749 $ 2,314,056 Long-term portion 4,596,156 4,722,838 Total debt $ 6,722,905 $ 7,036,894 _____________________ (a) The Company is party to a $6.4 billion Credit Agreement (the "Credit Agreement"), with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, and a syndicate of financial institutions (the "Lenders"), which has been amended multiple times. The Credit Agreement provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.5 billion, a term loan A facility in the amount of $3.0 billion and a term loan B facility in the amount of $1.9 billion as of December 31, 2023. The revolving credit facility consists of (a) a revolving A credit facility in the amount of $1 billion with sublimits for letters of credit and swing line loans and (b) a revolving B facility in the amount of $500 million with borrowings in U.S. dollars, euros, British pounds, Japanese yen or other currency as agreed in advance and a sublimit for swing line loans. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolving A or revolving B facility debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.75 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. On June 24, 2022, the Company entered into the twelfth amendment to the Credit Agreement. The amendment replaced the then-existing term loan A with the $3 billion term loan A described above and the then-existing revolving credit facility with the $1.5 billion revolving credit facility described above, resulting in net increases of $273 million and $215 million to the capacities of the term loan A and revolving credit facility, respectively. In addition, the amendment replaced LIBOR for USD borrowings with the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 0.10% for the term loan A and the revolving Credit Facility and extended the maturity date. The maturity date for the new term loan A and revolving credit facilities A and B is June 24, 2027. The term loan B has a maturity date of April 30, 2028. On May 3, 2023, the Company entered into the thirteenth amendment to the Credit Facility. The amendment replaced LIBOR on the term B loan with the Secured Overnight Financing Rate ("SOFR"), plus a SOFR adjustment of 0.10%. On January 31, 2024, the Company entered into the fourteenth amendment to its Credit Agreement. The amendment a) increased the capacity on the revolving credit facility by $275.0 million and b) increased the term loan A commitments by $325.0 million. The Company used the term loan A proceeds to pay down existing borrowings under the revolving credit facility. As a result, the transaction was leverage neutral and results in a $600 million increase in the Company’s availability under the revolving credit facility. The interest rates and maturity terms remain consistent with the existing credit facilities. Interest on amounts outstanding under the Credit Agreement accrues as follows: For loans denominated in U.S. dollars, based on SOFR plus a SOFR adjustment of 0.10%, in British pounds, based on the SONIA plus a SONIA adjustment of 0.0326%, in euros, based on the Euro Interbank Offered Rate (“EURIBOR”), or in Japanese yen, at the Tokyo Interbank Offer Rate (“TIBOR”) plus a margin based on a leverage ratio (as defined in the agreement), or our option (for U.S. dollar borrowings only), 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) SOFR plus 1.00% plus a margin based on a leverage ratio). In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.30% of the daily unused portion of the credit facility. The interest rates at December 31, 2023 and 2022 are as follows: 2023 2022 Term loan A 6.83 % 5.80 % Term loan B 7.21 % 6.13 % Revolving line of credit A & B (USD) 6.83 % 5.79 % Revolving line of credit B (GBP) 6.59 % N/A Unused credit facility fee 0.25 % 0.25 % N/A = Not Applicable 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 maturity of the facility. Borrowings on the domestic swing line of credit are due on demand, and borrowings on the foreign swing line of credit are due no later than twenty The Company has unamortized debt discounts and debt issuance costs of $19.0 million and $23.9 million related to the term loans as of December 31, 2023 and December 31, 2022, respectively, recorded in notes payable and other obligations, net of current portion within the Consolidated Balance Sheets. The Company has unamortized debt issuance costs of $3.6 million and $4.6 million related to the revolving credit facility as of December 31, 2023 and December 31, 2022, respectively, recorded in other assets within the Consolidated Balance Sheets. As a result of the amortization of debt discounts and debt issuance costs, the effective interest rate incurred on the term loans was 6.83% during 2023. Principal payments of $94.0 million were made on the term loans during 2023. (b) The Company is party to a $1.7 billion receivables purchase agreement. On March 23, 2022, the Company entered into the tenth amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.3 billion to $1.6 billion and replaced LIBOR with SOFR plus a SOFR adjustment of 0.10%. On August 18, 2022, the Company entered into the eleventh amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.6 billion to $1.7 billion, reduced the program fee margin and extended the maturity of the Securitization Facility to August 18, 2025. There is a program fee equal to SOFR plus 0.10% adjustment plus 0.95% or the Commercial Paper Rate plus 0.85% as of December 31, 2023 and December 31, 2022. The program fee was 5.49% plus 0.94% as of December 31, 2023 and 4.48% plus 0.94% as of December 31, 2022. The unused facility fee is payable at a rate of between 0.30% and 0.40% based on utilization as of December 31, 2023 and December 31, 2022. The Company has unamortized debt issuance costs of $2.1 million and $3.2 million related to the revolving Securitization Facility as of December 31, 2023 and December 31, 2022, respectively, recorded in other assets within the Consolidated Balance Sheets. 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 obligations includes a credit facility assumed as part of a business acquisition in 2022. |
Summary of Contractual Maturities of Notes Payable and Other Obligations | The contractual maturities of the Company’s total debt at December 31, 2023 were as follows (in thousands): 2024 $ 824,648 2025 169,000 2026 169,000 2027 2,494,000 2028 1,778,375 Thereafter — Total principal payments 5,435,023 Less: debt discounts and issuance costs included in debt (19,118) Total debt $ 5,415,905 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (AOCL) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCL, net of tax, for the years ended December 31, 2023, 2022 and 2021 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, 2020 $ (1,296,962) $ (66,196) $ (1,363,158) Other comprehensive (loss) income before reclassifications (144,543) 7,394 (137,149) Amounts reclassified from AOCL — 49,747 49,747 Tax effect — (14,056) (14,056) Other comprehensive (loss) income, net of tax (144,543) 43,085 (101,458) Balance at December 31, 2021 (1,441,505) (23,111) (1,464,616) Other comprehensive (loss) income before reclassifications (77,135) 31,853 (45,282) Amounts reclassified from AOCL — 10,835 10,835 Tax effect — (10,587) (10,587) Other comprehensive (loss) income, net of tax (77,135) 32,101 (45,034) Balance at December 31, 2022 (1,518,640) 8,990 (1,509,650) Other comprehensive income (loss) before reclassifications 140,089 (14,984) 125,105 Amounts reclassified from AOCL 120,269 (39,401) 80,868 Tax effect — 14,578 14,578 Other comprehensive income (loss), net of tax 260,358 (39,807) 220,551 Balance at December 31, 2023 $ (1,258,282) $ (30,817) $ (1,289,099) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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): 2023 2022 2021 United States $ 322,856 $ 506,214 $ 515,041 Foreign 1,002,149 769,446 593,767 Total $ 1,325,005 $ 1,275,660 $ 1,108,808 |
Components of Income Taxes | The provision (benefit) for income taxes for the years ended December 31 consists of the following (in thousands): 2023 2022 2021 Current: Federal $ 155,647 $ 166,172 $ 118,861 State 25,614 34,947 31,674 Foreign 208,532 153,388 107,751 Total current 389,793 354,507 258,286 Deferred: Federal (46,676) (36,613) (12,165) State (8,088) (6,066) (4,540) Foreign 8,086 9,505 27,730 Total deferred (46,678) (33,174) 11,025 Total provision $ 343,115 $ 321,333 $ 269,311 |
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 2023, 2022, and 2021, respectively, to income before income taxes for the years ended December 31, 2023, 2022, and 2021 due to the following (in thousands): 2023 2022 2021 Computed “expected” tax expense $ 278,251 21.0 % $ 267,889 21.0 % $ 232,850 21.0 % Changes resulting from: Change in valuation allowance 22,447 1.7 22,399 1.8 1,378 0.1 Foreign income tax differential 14,949 1.1 566 — (10,326) (0.9) State taxes net of federal benefits 13,857 1.0 12,745 1.0 18,352 1.7 Increase in tax expense due to uncertain tax positions 14,146 1.1 8,257 0.6 8,185 0.7 Foreign withholding tax 24,331 1.8 13,547 1.1 9,143 0.8 Change in indefinite reinvestment - Russia — — (9,049) (0.7) — — Stock-based compensation 3,960 0.3 (10,000) (0.8) (16,304) (1.5) Sub-part F Income/GILTI 94,594 7.1 79,420 6.2 72,449 6.5 Foreign tax credits (98,641) (7.4) (73,974) (5.8) (63,926) (5.8) Foreign source non-deductible interest 9,530 0.7 9,462 0.7 10,348 0.9 IRC section 162(m) adjustment 4,019 0.3 8,119 0.6 3,665 0.3 Brazil tourism tax benefit (16,311) (1.2) (13,810) (1.1) — — Interest on net equity deduction (15,051) (1.1) — — — — Other (6,966) (0.5) 5,762 0.5 3,497 0.3 Provision for income taxes $ 343,115 25.9 % $ 321,333 25.2 % $ 269,311 24.3 % |
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): 2023 2022 Deferred tax assets: Accounts receivable, principally due to the allowance for credit losses $ 20,110 $ 19,508 Accrued expenses not currently deductible for tax 12,922 7,307 Lease deferral 15,767 18,146 Interest rate swap 11,994 — Stock-based compensation 47,537 41,202 Income tax credits 84,505 62,512 Net operating loss carry forwards 134,911 81,580 Accrued escheat 3,456 3,286 Other 55,466 28,773 Deferred tax assets before valuation allowance 386,668 262,314 Valuation allowance (165,982) (117,379) Deferred tax assets, net 220,686 144,935 Deferred tax liabilities: Intangibles—including goodwill (536,561) (504,590) Basis difference in investment in subsidiaries (43,821) (42,091) Interest rate swap — (2,964) Lease deferral (13,589) (15,428) Accrued expense liability (718) (742) Prepaid expenses (1,805) (1,713) Withholding taxes (26,407) (31,448) Property and equipment and other (66,617) (72,076) Deferred tax liabilities (689,518) (671,052) Net deferred tax liabilities $ (468,832) $ (526,117) |
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): 2023 2022 Long term deferred tax assets and liabilities: Long term deferred tax assets $ 1,400 $ 1,348 Long term deferred tax liabilities (470,232) (527,465) Net deferred tax liabilities $ (468,832) $ (526,117) |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2023, 2022, and 2021 is as follows (in thousands): Unrecognized tax benefits at December 31, 2020 $ 35,749 Additions based on tax positions related to the current year 8,543 Additions based on tax positions related to the prior year 5,909 Deductions based on settlement of prior year tax positions (2,122) Deductions based on expiration of prior year tax positions (1,058) Unrecognized tax benefits at December 31, 2021 47,021 Additions based on tax positions related to the current year 7,752 Additions based on tax positions related to the prior year 200 Deductions based on settlement of prior year tax positions (1,550) Addition for cumulative federal benefit of state tax deductions 7,281 Change due to OCI (35) Unrecognized tax benefits at December 31, 2022 60,669 Additions and deductions based on tax positions related to the current year 8,821 Additions and deductions based on tax positions related to the prior year (1,913) Deductions based on settlements of prior year tax positions (104) Deductions based on expiration of prior year tax positions (4,235) Change due to OCI (132) Unrecognized tax benefits at December 31, 2023 $ 63,106 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Other Assets and Other Liabilities | Other assets include ROU assets, other current liabilities include short-term operating lease liabilities, and other non-current liabilities include long-term lease liabilities at December 31, 2023 and 2022 is as follows (in thousands): 2023 2022 ROU assets $ 86,579 $ 94,064 Short term lease liabilities $ 23,476 $ 22,661 Long term lease liabilities $ 75,796 $ 86,671 |
Supplementary Cash and Non-cash disclosures | The supplementary cash and non-cash disclosures for the years ended December 31, 2023, 2022, and 2021 are as follows (in thousands): 2023 2022 2021 Cash paid for operating lease liabilities $ 31,388 $ 25,403 $ 23,803 ROU assets obtained in exchange for new operating lease obligations $ 22,764 $ 31,204 $ 29,428 Weighted-average remaining lease term (years) 5.62 6.09 5.99 Weighted-average discount rate 5.19% 3.64% 3.80% |
Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands): 2023 $ 27,455 2024 24,566 2025 19,917 2026 12,143 2027 8,870 Thereafter 22,203 Total lease payments 115,154 Less imputed interest 15,882 Present value of lease liabilities $ 99,272 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of December 31, 2023 and 2022 (in millions) is presented in the table below. Notional 2023 2022 Foreign exchange contracts: Swaps $ 95.1 $ 160.9 Forwards 21,173.0 15,159.4 Written options 19,533.3 13,701.9 Purchased options 15,750.4 11,474.2 Total $ 56,551.8 $ 40,496.4 As of December 31, 2023, the Company had the following outstanding interest rate swap derivatives that qualify as hedging instruments within designated cash flow hedges of variable interest rate risk (in millions): Notional Amount Fixed Rates Maturity Date $250 4.01% 7/31/2025 $250 4.02% 7/31/2025 $500 3.80% 1/31/2026 $250 3.71% 7/31/2026 $250 3.72% 7/31/2026 $100 4.35% 7/31/2026 $250 4.40% 7/31/2026 $250 4.40% 7/31/2026 $400 4.33% 7/31/2026 $250 4.29% 1/31/2027 $250 4.29% 1/31/2027 $250 4.19% 7/31/2027 $250 4.19% 7/31/2027 $150 3.87% 1/31/2027 $50 3.83% 1/31/2027 $50 3.85% 1/31/2027 $125 4.00% 1/31/2028 $125 3.99% 1/31/2028 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of December 31, 2023 and 2022 (in millions): December 31, 2023 Fair Value, Gross Fair Value, Net Derivative Derivative Liabilities Derivative Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 594.9 $ 519.4 $ 320.2 $ 244.7 Less: Cash collateral 39.2 180.2 39.2 180.2 Total net derivative assets and liabilities $ 555.7 $ 339.2 $ 281.0 $ 64.5 December 31, 2022 Fair Value, Gross Fair Value, Net Derivative Derivative Liabilities Derivative Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 582.2 $ 540.0 $ 266.9 $ 224.7 Less: Cash collateral 56.1 148.2 56.1 148.2 Total net derivative assets and liabilities $ 526.1 $ 391.8 $ 210.8 $ 76.5 |
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, 2023 and 2022 (in millions): December 31, 2023 December 31, 2022 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 2,499.9 $ (2,373.8) $ 126.1 $ 2,409.8 $ (2,266.0) $ 143.8 Liabilities Accounts Payable $ 2,457.3 $ (2,373.8) $ 83.5 $ 2,332.5 $ (2,266.0) $ 66.5 2023 2022 Balance Sheet Classification Fair Value Derivative Assets Prepaid expenses and other current assets $ 254.2 $ 204.9 Derivative Assets Other assets $ 66.0 $ 62.0 Derivative Liabilities Other current liabilities $ 190.4 $ 184.1 Derivative Liabilities Other noncurrent liabilities $ 54.3 $ 40.6 |
Schedule of Derivative Liabilities at Fair Value | The following table presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2023 and December 31, 2022 (in millions): 2023 2022 Balance Sheet Classification Fair Value Derivative Assets Prepaid expenses and other current assets $ 254.2 $ 204.9 Derivative Assets Other assets $ 66.0 $ 62.0 Derivative Liabilities Other current liabilities $ 190.4 $ 184.1 Derivative Liabilities Other noncurrent liabilities $ 54.3 $ 40.6 |
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, 2023 and 2022 (in millions). See Note 4 for additional information on the fair value of the Company’s swap contracts. Balance Sheet Classification 2023 2022 Derivatives designated as cash flow hedges: Swap contracts Prepaid expenses and other current assets $ 23.5 $ 12.0 Swap contracts Other noncurrent liabilities $ 55.8 $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 2021 Net income $ 981,890 $ 954,327 $ 839,497 Denominator for basic earnings per share 73,155 75,598 82,060 Dilutive securities 1,232 1,264 2,001 Denominator for diluted earnings per share 74,387 76,862 84,061 Basic earnings per share $ 13.42 $ 12.62 $ 10.23 Diluted earnings per share $ 13.20 $ 12.42 $ 9.99 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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): 2023 1 2022 2021 Revenues, net: Vehicle Payments $ 2,005,510 $ 1,950,038 $ 1,689,970 Corporate Payments 981,127 769,571 598,242 Lodging Payments 520,216 456,511 309,619 Other 250,866 251,009 235,905 $ 3,757,719 $ 3,427,129 $ 2,833,736 Operating income: Vehicle Payments $ 943,399 $ 884,493 $ 811,822 Corporate Payments 382,085 273,562 210,290 Lodging Payments 254,270 218,637 148,973 Other 77,119 69,949 71,471 $ 1,656,873 $ 1,446,641 $ 1,242,556 Depreciation and amortization: Vehicle Payments $ 201,905 $ 198,495 $ 195,964 Corporate Payments 78,679 72,586 52,688 Lodging Payments 46,903 42,366 26,478 Other 9,117 8,835 9,067 $ 336,604 $ 322,282 $ 284,197 Capital expenditures: Vehicle Payments $ 108,592 $ 111,661 $ 88,999 Corporate Payments 25,387 20,777 11,748 Lodging Payments 13,705 10,570 4,604 Other 6,138 8,420 6,179 $ 153,822 $ 151,428 $ 111,530 Long-lived assets (excluding goodwill and investments): Vehicle Payments $ 252,499 $ 218,680 $ 175,648 Corporate Payments 48,822 39,240 33,638 Lodging Payments 24,697 17,884 12,592 Other 17,136 18,888 14,416 $ 343,154 $ 294,692 $ 236,294 1 Results from Global Reach Group acquired in the first quarter of 2023 are reported in the Corporate Payments segment from the date of acquisition. Results from Mina Digital Limited, Business Gateway AG and PayByPhone acquired during 2023 are reported in the Vehicle Payments segment, from the date of acquisition. The Company's segment results are as follows for the quarterly periods in 2023 and 2022 (in thousands): Fiscal Quarters Year Ended December 31, 2023 First Second Third Fourth Revenues, net: Vehicle Payments $ 495,490 $ 509,630 $ 500,632 $ 499,758 Corporate Payments 226,172 246,012 257,842 251,101 Lodging Payments 122,334 136,564 141,389 119,929 Other 57,337 55,968 71,029 66,532 $ 901,333 $ 948,174 $ 970,892 $ 937,320 Operating income: Vehicle Payments $ 223,480 $ 232,506 $ 244,908 $ 242,505 Corporate Payments 80,382 95,708 104,903 101,092 Lodging Payments 54,563 68,246 74,023 57,438 Other 16,770 16,190 21,143 23,016 $ 375,195 $ 412,650 $ 444,977 $ 424,051 Depreciation and amortization: Vehicle Payments $ 50,350 $ 51,926 $ 49,905 $ 49,724 Corporate Payments 20,160 17,779 20,417 20,323 Lodging Payments 11,398 11,661 12,189 11,655 Other 2,324 2,310 2,239 2,244 $ 84,232 $ 83,676 $ 84,750 $ 83,946 Fiscal Quarters Year Ended December 31, 2022 First Second Third Fourth Revenues, net: Vehicle Payments $ 454,741 $ 489,827 $ 504,388 $ 501,082 Corporate Payments 183,158 189,058 196,339 201,016 Lodging Payments 94,576 116,900 125,961 119,074 Other 56,766 65,493 66,312 62,438 $ 789,241 $ 861,278 $ 893,000 $ 883,610 Operating income: Vehicle Payments $ 202,068 $ 224,174 $ 231,914 $ 226,337 Corporate Payments 61,312 70,092 74,999 67,159 Lodging Payments 39,779 58,559 63,463 56,836 Other 14,562 17,655 18,794 18,938 $ 317,721 $ 370,480 $ 389,170 $ 369,270 Depreciation and amortization: Vehicle Payments $ 48,148 $ 49,615 $ 49,134 $ 51,598 Corporate Payments 16,028 16,324 15,383 24,851 Lodging Payments 10,534 10,321 10,474 11,037 Other 2,092 2,214 2,222 2,307 $ 76,802 $ 78,474 $ 77,213 $ 89,793 |
Schedule of Long-Lived Assets by Geographical Area | The following table presents the Company's long-lived assets by major geography (excluding goodwill, other intangible assets and investments) at December 31 (in thousands). 2023 2022 Long-lived assets (excluding goodwill, other intangible assets, and investments): United States (country of domicile) $ 200,918 $ 176,263 Brazil $ 74,789 $ 66,583 United Kingdom $ 34,242 $ 24,715 |
Restatement of Previous Unaud_2
Restatement of Previous Unaudited Interim Financial Statements (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Summary of the Effect of Restatement on the Financial Statements | The following tables restate the unaudited financial information and summarize the effect of the restatement on each impacted financial statement line item, including subtotals, as of the dates, and for the periods, indicated (in thousands): As Reported Adjustments As Restated Condensed Consolidated Balance Sheet as of March 31, 2023 Assets Current assets: Restricted cash $ 996,945 $ 550,000 $ 1,546,945 Accounts and other receivables 2,369,235 (1,380) 2,367,855 Other current assets 2,992,792 — 2,992,792 Total current assets 6,358,972 548,620 6,907,592 Goodwill 5,380,050 — 5,380,050 Other intangibles, net 2,197,587 — 2,197,587 Other noncurrent assets 651,314 — 651,314 Total assets $ 14,587,923 $ 548,620 $ 15,136,543 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,907,841 $ (1,380) $ 1,906,461 Customer deposits 1,481,004 550,000 2,031,004 Other current liabilities 2,814,700 — 2,814,700 Total current liabilities 6,203,545 548,620 6,752,165 Notes payable and other obligations, less current portion 4,700,550 — 4,700,550 Other noncurrent liabilities 801,968 — 801,968 Total noncurrent liabilities 5,502,518 — 5,502,518 Stockholders' equity: Additional paid-in capital 3,109,065 — 3,109,065 Retained earnings 7,425,604 — 7,425,604 Other equity (7,652,809) — (7,652,809) Total stockholders' equity 2,881,860 — 2,881,860 Total liabilities and stockholders’ equity $ 14,587,923 $ 548,620 $ 15,136,543 As Reported Adjustments As Restated Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2023 Operating activities Net income $ 214,835 $ — $ 214,835 Adjustments to reconcile net income to net cash provided by operating activities Changes in operating assets and liabilities: Accounts and other receivables 370,962 1,380 372,342 Accounts payable, accrued expenses and customer deposits (446,508) 548,620 102,112 Other 188,376 — 188,376 Net cash provided by operating activities 327,665 550,000 877,665 Investing activities Net cash used in investing activities (159,027) — (159,027) Financing activities Borrowings from revolver 1,964,000 — 1,964,000 Payments on revolver (2,490,000) — (2,490,000) Borrowings on swing line of credit, net 310,719 — 310,719 Other (2,434) — (2,434) Net cash used in financing activities (217,715) — (217,715) Effect of foreign currency exchange rates on cash 29,298 — 29,298 Net increase/(decrease) in cash, cash equivalents and restricted cash (19,779) 550,000 530,221 Cash, cash equivalents and restricted cash at beginning of period 2,289,180 — 2,289,180 Cash, cash equivalents and restricted cash at end of period $ 2,269,401 $ 550,000 $ 2,819,401 As Reported Adjustments As Restated Condensed Consolidated Balance Sheet as of June 30, 2023 Assets Current assets: Restricted cash $ 1,456,992 $ 272,280 $ 1,729,272 Accounts and other receivables 2,460,650 (9,850) 2,450,800 Other current assets 3,005,927 — 3,005,927 Total current assets 6,923,569 262,430 7,185,999 Goodwill 5,473,603 — 5,473,603 Other intangibles, net 2,107,081 — 2,107,081 Other noncurrent assets 674,400 — 674,400 Total assets $ 15,178,653 $ 262,430 $ 15,441,083 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,679,702 $ (9,850) $ 1,669,852 Customer deposits 2,013,236 272,280 2,285,516 Other current liabilities 2,742,952 — 2,742,952 Total current liabilities 6,435,890 262,430 6,698,320 Notes payable and other obligations, less current portion 4,678,258 — 4,678,258 Other noncurrent liabilities 801,069 — 801,069 Total noncurrent liabilities 5,479,327 — 5,479,327 Stockholders' equity: Additional paid-in capital 3,176,562 — 3,176,562 Retained earnings 7,665,306 — 7,665,306 Other equity (7,578,432) — (7,578,432) Total stockholders' equity 3,263,436 — 3,263,436 Total liabilities and stockholders’ equity $ 15,178,653 $ 262,430 $ 15,441,083 As Reported Adjustments As Restated Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2023 Operating activities Net income $ 454,537 $ — $ 454,537 Adjustments to reconcile net income to net cash provided by operating activities Changes in operating assets and liabilities: Accounts and other receivables (365,572) 9,850 (355,722) Accounts payable, accrued expenses and customer deposits 348,643 262,430 611,073 Other 389,072 — 389,072 Net cash provided by operating activities 826,680 272,280 1,098,960 Investing activities Net cash used in investing activities (201,215) — (201,215) Financing activities Borrowings from revolver 4,351,000 — 4,351,000 Payments on revolver (4,817,000) — (4,817,000) Borrowings on swing line of credit, net 255,750 — 255,750 Other (31,561) — (31,561) Net cash used in financing activities (241,811) — (241,811) Effect of foreign currency exchange rates on cash 38,401 — 38,401 Net increase in cash, cash equivalents and restricted cash 422,055 272,280 694,335 Cash, cash equivalents and restricted cash at beginning of period 2,289,180 — 2,289,180 Cash, cash equivalents and restricted cash at end of period $ 2,711,235 $ 272,280 $ 2,983,515 As Reported Adjustments As Restated Condensed Consolidated Balance Sheet as of September 30, 2023 Assets Current assets: Restricted cash $ 1,221,279 $ 480,761 $ 1,702,040 Accounts and other receivables 2,655,275 (76,674) 2,578,601 Other current assets 2,983,704 — 2,983,704 Total current assets 6,860,258 404,087 7,264,345 Goodwill 5,553,546 — 5,553,546 Other intangibles, net 2,164,999 — 2,164,999 Other noncurrent assets 685,664 — 685,664 Total assets $ 15,264,467 $ 404,087 $ 15,668,554 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,895,280 $ (76,674) $ 1,818,606 Customer deposits 1,783,311 480,761 2,264,072 Other current liabilities 3,059,628 — 3,059,628 Total current liabilities 6,738,219 404,087 7,142,306 Notes payable and other obligations, less current portion 4,637,211 — 4,637,211 Other noncurrent liabilities 829,586 — 829,586 Total noncurrent liabilities 5,466,797 — 5,466,797 Stockholders' equity: Additional paid-in capital 3,227,476 — 3,227,476 Retained earnings 7,936,802 — 7,936,802 Other equity (8,104,827) — (8,104,827) Total stockholders' equity 3,059,451 — 3,059,451 Total liabilities and stockholders’ equity $ 15,264,467 $ 404,087 $ 15,668,554 As Reported Adjustments As Restated Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2023 Operating activities Net income $ 726,033 $ — $ 726,033 Adjustments to reconcile net income to net cash provided by operating activities Changes in operating assets and liabilities: Accounts and other receivables (809,487) 76,674 (732,813) Accounts payable, accrued expenses and customer deposits 428,580 404,087 832,667 Other 558,743 — 558,743 Net cash provided by operating activities 903,869 480,761 1,384,630 Investing activities Acquisitions, net of cash acquired (429,914) — (429,914) Proceeds from disposal of business, net of cash disposed 197,025 — 197,025 Other (112,757) — (112,757) Net cash used in investing activities (345,646) — (345,646) Financing activities Repurchase of common stock (546,910) — (546,910) Borrowings from revolver 6,495,000 — 6,495,000 Payments on revolver (6,770,000) — (6,770,000) Borrowings on swing line of credit, net 180,723 — 180,723 Other 139,728 — 139,728 Net cash used in financing activities (501,459) — (501,459) Effect of foreign currency exchange rates on cash (30,431) — (30,431) Net increase in cash, cash equivalents and restricted cash 26,333 480,761 507,094 Cash, cash equivalents and restricted cash at beginning of period 2,289,180 — 2,289,180 Cash, cash equivalents and restricted cash at end of period $ 2,315,513 $ 480,761 $ 2,796,274 There is no impact to the previously filed Consolidated Statements of Income and Consolidated Statements of Comprehensive Income, or any line item therein, for the Restated Periods. The as-filed Statements of Income have been provided below for reference. As Reported As Reported As Reported As Reported As Reported Condensed Consolidated Statements of Income Three Months Ended March 31, 2023 Three Months Ended June 30, 2023 Three Months Ended September 30, 2023 Six Months Ended June 30, 2023 Nine Months Ended September 30, 2023 Revenues, net $ 901,333 $ 948,174 $ 970,892 $ 1,849,507 $ 2,820,399 Expenses: Processing 204,967 205,265 208,217 410,232 618,449 Selling 81,592 86,412 85,954 168,004 253,958 General and administrative 154,684 159,356 147,839 314,040 461,879 Depreciation and amortization 84,232 83,676 84,750 167,908 252,658 Other operating, net 663 815 (845) 1,478 633 Operating income 375,195 412,650 444,977 787,845 1,232,822 Investment (gain) loss (190) 18 30 (172) (142) Other expense (income), net 746 (2,424) (13,432) (1,678) (15,110) Interest expense, net 79,795 88,486 88,285 168,281 256,566 Total other expense, net 80,351 86,080 74,883 166,431 241,314 Income before income taxes 294,844 326,570 370,094 621,414 991,508 Provision for income taxes 80,009 86,868 98,598 166,877 265,475 Net income $ 214,835 $ 239,702 $ 271,496 $ 454,537 $ 726,033 Earnings per share: Basic earnings per share $ 2.92 $ 3.24 $ 3.71 $ 6.17 $ 9.87 Diluted earnings per share $ 2.88 $ 3.20 $ 3.64 $ 6.08 $ 9.72 Weighted average shares outstanding: Basic weighted average shares outstanding 73,521 73,887 73,165 73,705 73,523 Diluted weighted average shares outstanding 74,483 75,001 74,604 74,763 74,733 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Detail) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 18, 2022 | Aug. 17, 2022 | Mar. 23, 2022 | Mar. 22, 2022 | Aug. 30, 2018 | |
Significant Accounting Policies [Line Items] | ||||||||
Capitalized computer software costs | $ 128,000,000 | $ 120,500,000 | $ 76,700,000 | |||||
Capitalized computer software amortization expense | $ 77,500,000 | 61,300,000 | 46,700,000 | |||||
Minimum percentage of likelihood required to recognize uncertain income tax position, percent | 50% | |||||||
Maturity of cash equivalent, max (in months) | 3 months | |||||||
Payment of financing costs | $ 376,000 | 10,355,000 | 38,920,000 | |||||
Provision for credit losses | 115,631,000 | 90,540,000 | 35,868,000 | |||||
Advertising expense | $ 64,600,000 | 65,500,000 | 54,800,000 | |||||
SONIA | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Derivative basis spread on variable rate | 0.0326% | |||||||
Term Loan | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Unamortized debt issuance costs | $ 19,000,000 | 23,900,000 | ||||||
Revolving Credit Facility and Securitization Facility | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Payment of financing costs | 400,000 | 10,400,000 | ||||||
Deferred financing costs | 5,700,000 | 7,800,000 | ||||||
Securitization Facility | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Unamortized debt issuance costs | 2,100,000 | 3,200,000 | ||||||
Securitized accounts receivable facility | $ 1,700,000,000 | $ 1,600,000,000 | $ 1,600,000,000 | $ 1,300,000,000 | $ 1,700,000,000 | |||
Securitization Facility | Second Amendment | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Securitized accounts receivable facility | $ 1,700,000,000 | |||||||
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 | 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 | |||||||
RUSSIAN FEDERATION | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Restricted cash | 215,800,000 | |||||||
Third Party Brazilian Bank | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Payments to acquire joint venture | $ 37,400,000 | |||||||
Joint venture, term | 20 years | |||||||
Equity method investment, other than temporary impairment | $ 0 | $ 0 | $ 0 | |||||
Customer Concentration Risk | Accounts Receivable | Accounts Receivable, after Allowance for Credit Loss, Current | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Concentration risk, percentage | 82% | 85% |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Foreign Exchange Gain (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Foreign exchange losses | $ 4.8 | $ 1.7 | $ 3.7 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Foreign currency (gains) losses on long-term intra-entity transactions | $ (29) | $ 205.7 | $ 44.4 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities | ||
Net | $ 315,063 | $ 224,725 |
Spot Trade | ||
Assets | ||
Gross | 2,499,900 | 2,409,800 |
Offset on the Balance Sheet | (2,373,800) | (2,266,000) |
Net | 126,100 | 143,800 |
Liabilities | ||
Gross | 2,457,300 | 2,332,500 |
Offset on the Balance Sheet | (2,373,800) | (2,266,000) |
Net | $ 83,500 | $ 66,500 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Company's Accounts Receivable and Securitized Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | $ 3,648,749 | $ 3,501,591 | ||
Less allowance for credit losses | (180,163) | (149,846) | $ (98,719) | $ (86,886) |
Net accounts and securitized accounts receivable | 3,468,586 | 3,351,745 | ||
Gross domestic unsecuritized accounts receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | 921,206 | 985,873 | ||
Gross domestic securitized accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | 1,307,000 | 1,287,000 | ||
Gross foreign receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | $ 1,420,543 | $ 1,228,718 |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Related to Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses beginning of year | $ 149,846 | $ 98,719 | $ 86,886 |
Provision for credit losses | 125,152 | 131,096 | 37,919 |
Write-offs | (115,631) | (90,540) | (35,868) |
Recoveries | 13,596 | 10,320 | 13,459 |
Impact of foreign currency | 7,200 | 251 | (3,677) |
Allowance for credit losses end of year | $ 180,163 | $ 149,846 | $ 98,719 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Deferred revenue contract liability | $ 45.7 | $ 57.7 | |
Revenue recognized from deferred | 36.4 | ||
Deferred customer incentive payments | 10 | 9.5 | |
Prepaid Expenses | |||
Disaggregation of Revenue [Line Items] | |||
Capitalized contract cost | 19.2 | 17.1 | |
Other Assets | |||
Disaggregation of Revenue [Line Items] | |||
Capitalized contract cost | 44.9 | 42.9 | |
Selling Expense | |||
Disaggregation of Revenue [Line Items] | |||
Capitalized contract cost amortization | 16.7 | 15.4 | $ 16 |
Processing Expense | |||
Disaggregation of Revenue [Line Items] | |||
Cost of equipment and card sales | 76.3 | $ 83.1 | $ 76.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, amount | $ 31.9 | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, amount | $ 13.8 | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 5 years | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Threshold period past due when Company ceases billing and accruing late fees | 30 days | ||
Capitalized contract cost amortization period (in years) | 5 years | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Threshold period past due when Company ceases billing and accruing late fees | 40 days | ||
Term of derivative contract | 1 year | ||
Capitalized contract cost amortization period (in years) | 10 years | ||
Sales Revenue, Net | Late Fees And Finance Charges | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage | 5% | 5% | |
Sales Revenue, Net | Derivatives, Cross-Border Payments | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage | 8% | 8% | |
Sales Revenue, Net | Contracts with Customers | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage | 85% | 87% | |
Sales Revenue, Net | Float Revenue Earned On Invested Funds | Product Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage | 2% |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||||||
Revenues, net | $ 970,892 | $ 948,174 | $ 901,333 | $ 1,849,507 | $ 2,820,399 | $ 3,757,719 | $ 3,427,129 | $ 2,833,736 |
United States (country of domicile) | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues, net | 2,134,700 | 2,093,900 | 1,785,200 | |||||
Brazil | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues, net | 525,100 | 442,200 | 368,100 | |||||
United Kingdom | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues, net | 441,400 | 363,300 | 321,800 | |||||
Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues, net | 656,500 | 527,700 | 358,600 | |||||
Vehicle Payments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues, net | 2,005,500 | 1,950,000 | 1,690,000 | |||||
Corporate Payments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues, net | 981,100 | 769,600 | 598,200 | |||||
Lodging Payments | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues, net | 520,200 | 456,500 | 309,600 | |||||
Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues, net | $ 250,900 | $ 251,000 | $ 235,900 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Total assets | $ 1,479,453 | $ 761,088 |
Liabilities: | ||
Total liabilities | 315,063 | 224,725 |
Overnight deposits | ||
Assets: | ||
Cash and cash equivalents | 256,466 | 444,216 |
Money market | ||
Assets: | ||
Cash and cash equivalents | 376,465 | 37,821 |
Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 266,316 | 181 |
Treasury bills | ||
Assets: | ||
Cash and cash equivalents | 236,505 | |
Interest rate swaps | ||
Assets: | ||
Derivative assets | 23,485 | 11,953 |
Liabilities: | ||
Total liabilities | 55,796 | |
Cross-currency interest rate swap | ||
Liabilities: | ||
Total liabilities | 14,522 | |
Foreign exchange contracts | ||
Assets: | ||
Derivative assets | 320,216 | 266,917 |
Cash collateral for foreign exchange contracts | 39,219 | 56,103 |
Liabilities: | ||
Total liabilities | 244,745 | 224,725 |
Cash collateral obligation for foreign exchange contracts | 180,168 | 148,167 |
Level 1 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 | Overnight deposits | ||
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 | Treasury bills | ||
Assets: | ||
Cash and cash equivalents | 0 | |
Level 1 | Interest rate swaps | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | |
Level 1 | Cross-currency interest rate swap | ||
Liabilities: | ||
Total liabilities | 0 | |
Level 1 | Foreign exchange contracts | ||
Assets: | ||
Derivative assets | 0 | 0 |
Cash collateral for foreign exchange contracts | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Cash collateral obligation for foreign exchange contracts | 0 | 0 |
Level 2 | ||
Assets: | ||
Total assets | 1,479,453 | 761,088 |
Liabilities: | ||
Total liabilities | 315,063 | 224,725 |
Level 2 | Overnight deposits | ||
Assets: | ||
Cash and cash equivalents | 256,466 | 444,216 |
Level 2 | Money market | ||
Assets: | ||
Cash and cash equivalents | 376,465 | 37,821 |
Level 2 | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 266,316 | 181 |
Level 2 | Treasury bills | ||
Assets: | ||
Cash and cash equivalents | 236,505 | |
Level 2 | Interest rate swaps | ||
Assets: | ||
Derivative assets | 23,485 | 11,953 |
Liabilities: | ||
Total liabilities | 55,796 | |
Level 2 | Cross-currency interest rate swap | ||
Liabilities: | ||
Total liabilities | 14,522 | |
Level 2 | Foreign exchange contracts | ||
Assets: | ||
Derivative assets | 320,216 | 266,917 |
Cash collateral for foreign exchange contracts | 0 | 0 |
Liabilities: | ||
Total liabilities | 244,745 | 224,725 |
Cash collateral obligation for foreign exchange contracts | 0 | 0 |
Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 3 | Overnight deposits | ||
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 | Treasury bills | ||
Assets: | ||
Cash and cash equivalents | 0 | |
Level 3 | Interest rate swaps | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | |
Level 3 | Cross-currency interest rate swap | ||
Liabilities: | ||
Total liabilities | 0 | |
Level 3 | Foreign exchange contracts | ||
Assets: | ||
Derivative assets | 0 | 0 |
Cash collateral for foreign exchange contracts | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Cash collateral obligation for foreign exchange contracts | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Carrying amount of investments without readily determinable fair value | $ 69.5 | $ 74.3 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 29 Months Ended | |||||
Sep. 26, 2023 | Aug. 18, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Jan. 25, 2024 | |
Class of Stock [Line Items] | |||||||
Repurchase of common stock | $ 691,403 | $ 1,405,200 | $ 1,355,722 | ||||
Shares acquired, value | $ 6,887,515 | $ 6,209,324 | $ 6,887,515 | ||||
Accelerated share repurchases, settlement (payment) or receipt | $ (450,000) | ||||||
Accelerated share repurchases, initial shares received at inception | 1,372,841 | ||||||
Initial price paid (in usd per share) | $ 262.23 | ||||||
Accelerated share repurchases, final shares received | 293,588 | ||||||
Final price paid (in usd per share) | $ 270.04 | ||||||
Common Stock | Program | |||||||
Class of Stock [Line Items] | |||||||
Shares acquired (in shares) | 2,597,954 | 6,212,410 | 5,451,556 | 28,878,862 | |||
Repurchase of common stock | $ 6,500,000 | ||||||
Remaining authorized repurchase amount | $ 1,600,000 | 1,600,000 | |||||
Shares acquired, value | $ 687,000 | $ 1,400,000 | $ 1,400,000 | $ 687,000 | |||
Common Stock | Program | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Increase in authorized amount of repurchases | $ 1,000,000 | ||||||
Aggregate authorized repurchase amount | $ 8,100,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Detail) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (in shares) | 3,900 | ||
Tax benefits recorded on stock based compensation | $ 22.1 | $ 25.5 | $ 32.8 |
Aggregate intrinsic value of options exercisable | $ 379.1 | ||
Weighted average remaining contractual term of options exercisable (in years) | 3 years | ||
Weighted-average remaining contractual life for options outstanding (in years) | 3 years 8 months 12 days | ||
Restricted Stock And Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock and restricted stock units vested | $ 66.6 | $ 34.4 | $ 20.2 |
Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized to issue grants (in shares) | 20,650 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Expense Related to Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 116,086 | $ 121,416 | $ 80,071 |
General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 116,086 | 121,416 | 80,071 |
General and Administrative Expense | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 24,342 | 61,993 | 30,057 |
General and Administrative Expense | Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 91,744 | $ 59,423 | $ 50,014 |
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, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 111,322 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 70,627 |
Weighted Average Period of Expense Recognition Remaining (in Years) | 2 years 2 months 8 days |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 40,695 |
Weighted Average Period of Expense Recognition Remaining (in Years) | 6 months |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares | ||||
Shares, outstanding, beginning balance (in shares) | 5,301 | 5,447 | 4,964 | |
Shares, granted (in shares) | 411 | 649 | 1,097 | |
Shares, exercised (in share) | (648) | (544) | (592) | |
Shares, forfeited (in shares) | (81) | (251) | (22) | |
Shares, outstanding, ending balance (in shares) | 4,983 | 5,301 | 5,447 | |
Weighted Average Exercise Price | ||||
Weighted average exercise price, outstanding, beginning balance (in dollars per share) | $ 188.12 | $ 176.52 | $ 146.69 | |
Weighted average exercise price, granted (in dollars per share) | 222.51 | 223.66 | 261.85 | |
Weighted average exercise price, exercised (in dollars per share) | 172.01 | 94.79 | 82.50 | |
Weighted average exercise price, forfeited (in dollars per share) | 241.78 | 230.60 | 230.14 | |
Weighted average exercise price, outstanding, ending balance (in dollars per share) | $ 192.18 | $ 188.12 | $ 176.52 | |
Options, Additional Disclosures [Abstract] | ||||
Shares, expected to vest (in shares) | 952 | |||
Weighted average exercise price of options, expected to vest (in dollars per share) | $ 226.20 | |||
Options exercisable at end of year, options outstanding (in shares) | 3,182 | 3,512 | 3,798 | 3,994 |
Weighted average exercise price of exercisable options, outstanding (in dollars per share) | $ 163.54 | $ 159.46 | $ 145.18 | $ 130.37 |
Weighted average fair value of options granted during the year (in dollars per share) | $ 66.28 | $ 65.23 | $ 72.84 | |
Aggregate intrinsic value, options outstanding | $ 451,039 | $ 113,681 | $ 257,707 | $ 626,107 |
Aggregate intrinsic value, options exercised during period | $ 40,983 | $ 64,783 | $ 83,686 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Options Exercise Price (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Class of Stock [Line Items] | |
Exercise price, options outstanding (in shares) | 4,983 |
Exercise price, options exercisable (in shares) | 3,182 |
$106.83 – $199.75 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in dollars per share) | $ / shares | $ 106.83 |
Exercise price, maximum (in dollars per share) | $ / shares | $ 199.75 |
Exercise price, options outstanding (in shares) | 2,670 |
Weighted Average Remaining Vesting Life in Years | 7 days |
Exercise price, options exercisable (in shares) | 2,615 |
$200.41 – $216.18 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in dollars per share) | $ / shares | $ 200.41 |
Exercise price, maximum (in dollars per share) | $ / shares | $ 216.18 |
Exercise price, options outstanding (in shares) | 251 |
Weighted Average Remaining Vesting Life in Years | 1 year 1 month 13 days |
Exercise price, options exercisable (in shares) | 58 |
$220.13 – $231.70 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in dollars per share) | $ / shares | $ 220.13 |
Exercise price, maximum (in dollars per share) | $ / shares | $ 231.70 |
Exercise price, options outstanding (in shares) | 582 |
Weighted Average Remaining Vesting Life in Years | 7 months 17 days |
Exercise price, options exercisable (in shares) | 219 |
$235.52 – $251.88 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in dollars per share) | $ / shares | $ 235.52 |
Exercise price, maximum (in dollars per share) | $ / shares | $ 251.88 |
Exercise price, options outstanding (in shares) | 265 |
Weighted Average Remaining Vesting Life in Years | 2 years 5 months 26 days |
Exercise price, options exercisable (in shares) | 15 |
$252.50 – $261.27 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in dollars per share) | $ / shares | $ 252.50 |
Exercise price, maximum (in dollars per share) | $ / shares | $ 261.27 |
Exercise price, options outstanding (in shares) | 1,151 |
Weighted Average Remaining Vesting Life in Years | 14 days |
Exercise price, options exercisable (in shares) | 234 |
$263.21 – $286.86 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in dollars per share) | $ / shares | $ 263.21 |
Exercise price, maximum (in dollars per share) | $ / shares | $ 286.86 |
Exercise price, options outstanding (in shares) | 45 |
Weighted Average Remaining Vesting Life in Years | 5 months 19 days |
Exercise price, options exercisable (in shares) | 23 |
$288.37 – $319.55 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in dollars per share) | $ / shares | $ 288.37 |
Exercise price, maximum (in dollars per share) | $ / shares | $ 319.55 |
Exercise price, options outstanding (in shares) | 19 |
Weighted Average Remaining Vesting Life in Years | 3 days |
Exercise price, options exercisable (in shares) | 17 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 4.39% | 1.65% | 0.45% |
Dividend yield | 0% | 0% | 0% |
Expected volatility | 33.73% | 34.62% | 34.44% |
Expected term (in years) | 3 years 4 months 24 days | 3 years 10 months 24 days | 4 years |
Performance options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.59% | ||
Dividend yield | 0% | ||
Expected volatility | 36.10% | ||
Expected term (in years) | 3 years 3 months 18 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
Shares, outstanding, beginning balance (in shares) | 435 | 278 | 174 |
Shares, granted (in shares) | 441 | 386 | 215 |
Shares, cancelled (in shares) | (24) | (83) | (38) |
Shares, issued (in shares) | (310) | (146) | (73) |
Shares, outstanding, ending balance (in shares) | 542 | 435 | 278 |
Weighted Average Grant Date Fair Value | |||
Weighted average grant date fair value, outstanding, beginning balance (in dollars per share) | $ 237.68 | $ 278.57 | $ 265.29 |
Weighted average grant date fair value, granted (in dollars per share) | 213.36 | 229.22 | 272.59 |
Weighted average grant date fair value, cancelled (in dollars per share) | 230.11 | 267.53 | 265.76 |
Weighted average grant date fair value, issued (in dollars per share) | 235.25 | 283.60 | 258.13 |
Weighted average grant date fair value, outstanding, ending balance (in dollars per share) | $ 219.61 | $ 237.68 | $ 278.57 |
Acquisitions and Equity Metho_3
Acquisitions and Equity Method Investments - Narrative (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2023 | Jan. 31, 2023 | Nov. 30, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 28, 2023 | |
Acquired Company 1 | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Non-compete agreement, amount | $ 1.1 | |||||||||
Acquired Company 2 | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Non-compete agreement, amount | 1.2 | |||||||||
Global Reach | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Business acquisition, percentage of voting interests acquired | 100% | |||||||||
Aggregate purchase price | $ 102.9 | |||||||||
Business Gateway AG | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Business acquisition, percentage of voting interests acquired | 100% | |||||||||
PayByPhone Technologies, Inc. | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Business acquisition, percentage of voting interests acquired | 100% | |||||||||
Aggregate purchase price | $ 301.6 | |||||||||
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Aggregate purchase price | $ 436.7 | |||||||||
Cash acquired | 117 | |||||||||
Mina Digital Limited | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Acquisitions, previously held in equity-method investment | $ 8.5 | |||||||||
Levarti | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Aggregate purchase price | $ 23.7 | |||||||||
Accrualify | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Aggregate purchase price | $ 41.2 | |||||||||
Plugsurfing | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Aggregate purchase price | $ 75.8 | |||||||||
Roomex | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Aggregate purchase price | $ 56.8 | |||||||||
Levarti, Accrualify, Plugsurfing, and Roomex | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Aggregate purchase price | $ 197.2 | |||||||||
Other - Electric Vehicle Charging Payments Business | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Payments for Investment in Business | $ 7.8 | |||||||||
Other - Electric Vehicle Data Analytics Business | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Payments for Investment in Business | $ 5 | |||||||||
Other - Electric Vehicle Search And Pay Mapping Service | ||||||||||
Business Combination Segment Allocation [Line Items] | ||||||||||
Payments for Investment in Business | $ 6.1 |
Acquisitions and Equity Metho_4
Acquisitions and Equity Method Investments - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 5,644,958 | $ 5,553,546 | $ 5,473,603 | $ 5,380,050 | $ 5,201,435 | $ 5,078,978 |
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | ||||||
Business Acquisition [Line Items] | ||||||
Trade and other receivables | 6,004 | |||||
Prepaid expenses and other current assets | 46,472 | |||||
Other long term assets | 13,302 | |||||
Goodwill | 382,793 | |||||
Intangibles | 158,689 | |||||
Accounts payable | (23,789) | |||||
Other current liabilities | (129,603) | |||||
Other noncurrent liabilities | (18,923) | |||||
Aggregate purchase price | $ 434,945 | |||||
Levarti, Accrualify, Plugsurfing, and Roomex | ||||||
Business Acquisition [Line Items] | ||||||
Trade and other receivables | 13,349 | |||||
Prepaid expenses and other current assets | 4,006 | |||||
Other long term assets | 468 | |||||
Goodwill | 163,938 | |||||
Intangibles | 50,145 | |||||
Accounts payable | (20,542) | |||||
Other current liabilities | (4,960) | |||||
Other noncurrent liabilities | (9,191) | |||||
Aggregate purchase price | $ 197,213 |
Acquisitions and Equity Metho_5
Acquisitions and Equity Method Investments - Summary of Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade Names and Trademarks | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 2 years | |
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | ||
Business Acquisition [Line Items] | ||
Intangibles | $ 158,689 | |
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | Trade Names and Trademarks | ||
Business Acquisition [Line Items] | ||
Indefinite lived intangibles | $ 12,459 | |
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | Trade Names and Trademarks | Minimum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 2 years | |
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | Proprietary Technology | ||
Business Acquisition [Line Items] | ||
Finite lived intangibles | $ 11,885 | |
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | Proprietary Technology | Minimum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 5 years | |
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | Proprietary Technology | Maximum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 7 years | |
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Finite lived intangibles | $ 134,345 | |
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | Customer Relationships | Minimum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 6 years | |
Global Reach, Mina Digital Limited, Business Gateway AG, and PayByPhone Technologies | Customer Relationships | Maximum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 20 years | |
Levarti, Accrualify, Plugsurfing, and Roomex | ||
Business Acquisition [Line Items] | ||
Intangibles | $ 50,145 | |
Levarti, Accrualify, Plugsurfing, and Roomex | Trade Names and Trademarks | ||
Business Acquisition [Line Items] | ||
Indefinite lived intangibles | $ 4,705 | |
Levarti, Accrualify, Plugsurfing, and Roomex | Trade Names and Trademarks | Minimum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 2 years | |
Levarti, Accrualify, Plugsurfing, and Roomex | Proprietary Technology | ||
Business Acquisition [Line Items] | ||
Finite lived intangibles | $ 11,646 | |
Levarti, Accrualify, Plugsurfing, and Roomex | Proprietary Technology | Minimum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 5 years | |
Levarti, Accrualify, Plugsurfing, and Roomex | Proprietary Technology | Maximum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 10 years | |
Levarti, Accrualify, Plugsurfing, and Roomex | Lodging / Supplier Network | ||
Business Acquisition [Line Items] | ||
Finite lived intangibles | $ 1,402 | |
Levarti, Accrualify, Plugsurfing, and Roomex | Lodging / Supplier Network | Minimum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 10 years | |
Levarti, Accrualify, Plugsurfing, and Roomex | Lodging / Supplier Network | Maximum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 20 years | |
Levarti, Accrualify, Plugsurfing, and Roomex | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Finite lived intangibles | $ 32,392 | |
Levarti, Accrualify, Plugsurfing, and Roomex | Customer Relationships | Minimum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 5 years | |
Levarti, Accrualify, Plugsurfing, and Roomex | Customer Relationships | Maximum | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible asset, useful life | 20 years |
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, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 5,201,435 | $ 5,078,978 |
Acquisitions | 382,793 | 159,171 |
Dispositions | (40,857) | |
Acquisition Accounting Adjustments | 3,520 | 8,849 |
Foreign Currency | 98,067 | (45,563) |
Goodwill, ending balance | 5,644,958 | 5,201,435 |
Vehicle Payments | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 2,530,391 | 2,475,243 |
Acquisitions | 233,240 | 71,856 |
Dispositions | (40,857) | |
Acquisition Accounting Adjustments | 4,389 | 1,216 |
Foreign Currency | 76,827 | (17,924) |
Goodwill, ending balance | 2,803,990 | 2,530,391 |
Corporate Payments | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,906,070 | 1,888,875 |
Acquisitions | 149,553 | 40,387 |
Dispositions | 0 | |
Acquisition Accounting Adjustments | (105) | 2,933 |
Foreign Currency | 19,218 | (26,125) |
Goodwill, ending balance | 2,074,736 | 1,906,070 |
Lodging Payments | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 416,044 | 364,653 |
Acquisitions | 0 | 46,928 |
Dispositions | 0 | |
Acquisition Accounting Adjustments | (764) | 4,700 |
Foreign Currency | 1,672 | (237) |
Goodwill, ending balance | 416,952 | 416,044 |
Other | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 348,930 | 350,207 |
Acquisitions | 0 | 0 |
Dispositions | 0 | |
Acquisition Accounting Adjustments | 0 | 0 |
Foreign Currency | 350 | (1,277) |
Goodwill, ending balance | $ 349,280 | $ 348,930 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill deductible for income tax purposes | $ 985,900,000 | $ 945,000,000 | |
Decrease to other intangible assets due to changes in foreign exchange rates | 32,400,000 | 18,400,000 | |
Amortization expense of intangible assets | $ 225,400,000 | 227,200,000 | $ 205,500,000 |
Trademarks | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Increase in finite-lived intangible assets due to rebranding | 45,600,000 | ||
Decrease in indefinite-lived intangible assets due to rebranding | 45,600,000 | ||
Impairment of intangible assets | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amounts | $ 3,921,823 | $ 3,748,353 | |||
Accumulated Amortization | (1,836,160) | (1,617,379) | |||
Net Carrying Amount | 2,085,663 | $ 2,164,999 | $ 2,107,081 | $ 2,197,587 | 2,130,974 |
Trade names and trademarks—indefinite lived | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amounts | 440,900 | 419,270 | |||
Net Carrying Amount | $ 440,900 | 419,270 | |||
Customer and vendor relationships | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Weighted- Avg Useful Life (Years) | 16 years 7 months 6 days | ||||
Gross Carrying Amounts | $ 3,044,522 | 2,922,586 | |||
Accumulated Amortization | (1,511,173) | (1,332,542) | |||
Net Carrying Amount | $ 1,533,349 | 1,590,044 | |||
Trade Names and Trademarks | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Weighted- Avg Useful Life (Years) | 2 years | ||||
Gross Carrying Amounts | $ 51,510 | 47,939 | |||
Accumulated Amortization | (15,334) | (9,111) | |||
Net Carrying Amount | $ 36,176 | 38,828 | |||
Technology | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Weighted- Avg Useful Life (Years) | 6 years | ||||
Gross Carrying Amounts | $ 299,780 | 278,460 | |||
Accumulated Amortization | (238,819) | (216,858) | |||
Net Carrying Amount | $ 60,961 | 61,602 | |||
Non-compete agreements | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Weighted- Avg Useful Life (Years) | 4 years 2 months 12 days | ||||
Gross Carrying Amounts | $ 85,111 | 80,098 | |||
Accumulated Amortization | (70,834) | (58,868) | |||
Net Carrying Amount | $ 14,277 | $ 21,230 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Future Estimated Amortization of Intangibles (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 216,912 |
2025 | 194,511 |
2026 | 172,952 |
2027 | 165,531 |
2028 | 162,267 |
Thereafter | $ 732,590 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 858,097 | $ 686,121 |
Less: accumulated depreciation | (514,943) | (391,429) |
Property, plant and equipment, net | 343,154 | 294,692 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 734,759 | 581,471 |
Computer hardware and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 3 years | |
Computer hardware and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 5 years | |
Card-reading equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 61,216 | 49,351 |
Card-reading equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 4 years | |
Card-reading equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 6 years | |
Furniture, fixtures, and vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 20,614 | 19,482 |
Furniture, fixtures, and vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 2 years | |
Furniture, fixtures, and vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 10 years | |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 41,508 | $ 35,817 |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 5 years | |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 50 years |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 109,983 | $ 92,010 | $ 75,571 |
Capitalized computer software amortization expense | 77,500 | 61,300 | $ 46,700 |
Unamortized computer software costs | $ 268,900 | $ 213,300 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued bonuses | $ 12,696 | $ 19,975 |
Accrued payroll and severance | 53,303 | 48,007 |
Accrued taxes | 109,323 | 94,557 |
Accrued commissions/rebates | 74,519 | 83,190 |
Other | 106,277 | 106,207 |
Total | $ 356,118 | $ 351,936 |
Debt - Summary of Debt Instrume
Debt - Summary of Debt Instruments (Detail) $ in Thousands | 12 Months Ended | ||||||||||||||
May 03, 2023 | Jun. 24, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 31, 2024 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Aug. 18, 2022 USD ($) | Aug. 17, 2022 USD ($) | Mar. 23, 2022 USD ($) | Mar. 22, 2022 USD ($) | Jan. 22, 2019 USD ($) | Aug. 30, 2018 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Other obligations | $ 748 | $ 2,950 | |||||||||||||
Total notes payable, credit agreements, and other obligations | 5,415,905 | 5,749,894 | |||||||||||||
Securitization facility | 1,307,000 | 1,287,000 | |||||||||||||
Total debt | 6,722,905 | 7,036,894 | |||||||||||||
Current portion | 2,126,749 | 2,314,056 | |||||||||||||
Long-term portion | 4,596,156 | 4,722,838 | $ 4,637,211 | $ 4,678,258 | $ 4,700,550 | ||||||||||
Principal payments on notes payable | 94,000 | 2,824,000 | $ 507,500 | ||||||||||||
Credit Agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | 6,400,000 | ||||||||||||||
Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.10% | ||||||||||||||
Securitization Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility | $ 1,700,000 | $ 1,600,000 | $ 1,600,000 | $ 1,300,000 | $ 1,700,000 | ||||||||||
Unamortized debt issuance costs | $ 2,100 | $ 3,200 | |||||||||||||
Debt instrument, program fee, percentage | 5.49% | 4.48% | |||||||||||||
Securitization Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.10% | 0.10% | |||||||||||||
Securitization Facility | SOFR Adjustment Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.95% | 0.95% | |||||||||||||
Securitization Facility | Commercial Paper Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.85% | 0.85% | |||||||||||||
Securitization Facility | Prepayment Fee | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.94% | 0.94% | |||||||||||||
Minimum | Securitization Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unused credit facility fee | 0.30% | 0.30% | |||||||||||||
Maximum | Securitization Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unused credit facility fee | 0.40% | 0.40% | |||||||||||||
Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility additional available borrowing capacity | $ 750,000 | ||||||||||||||
Debt instrument, leverage ratio | 3.75 | ||||||||||||||
Secured Debt | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unused credit facility fee | 0.25% | 0.25% | |||||||||||||
Variable Rate Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Total debt | $ 4,000,000 | $ 2,000,000 | |||||||||||||
Line of Credit | Credit Agreement | Subsequent Event | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Increase in revolving credit facility | $ 600,000 | ||||||||||||||
Term loan A | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term notes payable-domestic, net of discounts | $ 2,882,595 | $ 2,956,053 | |||||||||||||
Interest rate | 6.83% | 5.80% | |||||||||||||
Term loan A | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility | $ 3,000,000 | ||||||||||||||
Term loan A | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 3,000,000 | ||||||||||||||
Increase in revolving credit facility | $ 273,000 | ||||||||||||||
Term loan A | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.10% | ||||||||||||||
Term loan A | Line of Credit | Credit Agreement | Subsequent Event | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Increase in revolving credit facility | 325,000 | ||||||||||||||
Term loan B | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term notes payable-domestic, net of discounts | $ 1,840,244 | $ 1,855,891 | |||||||||||||
Interest rate | 7.21% | 6.13% | |||||||||||||
Term loan B | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility | $ 1,900,000 | ||||||||||||||
Term loan B | Secured Debt | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unused credit facility fee | 0.25% | ||||||||||||||
Term loan B | Secured Debt | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unused credit facility fee | 0.30% | ||||||||||||||
Revolving line of credit facilities | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Revolving line of credit facilities | $ 692,318 | $ 935,000 | |||||||||||||
Deferred financing costs | $ 3,600 | $ 4,600 | |||||||||||||
Revolving line of credit facilities | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.10% | ||||||||||||||
Revolving line of credit facilities | SONIA | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.0326% | ||||||||||||||
Revolving line of credit facilities | Federal Funds Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||||||||
Revolving line of credit facilities | Eurodollar | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 1% | ||||||||||||||
Revolving line of credit facilities | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility | $ 1,500,000 | ||||||||||||||
Revolving line of credit facilities | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Revolving line of credit facilities | $ 1,500,000 | ||||||||||||||
Increase in revolving credit facility | $ 215,000 | ||||||||||||||
Revolving line of credit facilities | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.10% | ||||||||||||||
Revolving line of credit facilities | Line of Credit | Credit Agreement | Subsequent Event | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Increase in revolving credit facility | $ 275,000 | ||||||||||||||
Revolving line of credit A & B facilities | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 6.83% | 5.79% | |||||||||||||
Revolving line of credit B facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 6.59% | ||||||||||||||
Revolving line of credit B facility | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility | $ 500,000 | ||||||||||||||
Revolving line of credit A facility | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility | $ 1,000,000 | ||||||||||||||
Foreign Swing Line | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Payment period | 20 days | ||||||||||||||
Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unamortized debt issuance costs | $ 19,000 | $ 23,900 | |||||||||||||
Interest rate, effective percentage | 6.83% | ||||||||||||||
Principal payments on notes payable | $ 94,000 |
Debt - Summary of Contractual M
Debt - Summary of Contractual Maturities of Notes Payable and Other Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 6,722,905 | $ 7,036,894 |
Long-Term Debt Excluding Securitization Facility | ||
Debt Instrument [Line Items] | ||
2024 | 824,648 | |
2025 | 169,000 | |
2026 | 169,000 | |
2027 | 2,494,000 | |
2028 | 1,778,375 | |
Thereafter | 0 | |
Total principal payments | 5,435,023 | |
Less: debt discounts and issuance costs included in debt | (19,118) | |
Total debt | $ 5,415,905 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 2,541,493 | $ 2,866,580 | $ 3,355,411 |
Other comprehensive (loss) income before reclassifications | 125,105 | (45,282) | (137,149) |
Amounts reclassified from AOCL | 80,868 | 10,835 | 49,747 |
Tax effect | 14,578 | (10,587) | (14,056) |
Total other comprehensive income (loss) | 220,551 | (45,034) | (101,458) |
Ending Balance | 3,282,359 | 2,541,493 | 2,866,580 |
Total Accumulated Other Comprehensive (Loss) Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (1,509,650) | (1,464,616) | (1,363,158) |
Total other comprehensive income (loss) | 220,551 | (45,034) | (101,458) |
Ending Balance | (1,289,099) | (1,509,650) | (1,464,616) |
Cumulative Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (1,518,640) | (1,441,505) | (1,296,962) |
Other comprehensive (loss) income before reclassifications | 140,089 | (77,135) | (144,543) |
Amounts reclassified from AOCL | 120,269 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Total other comprehensive income (loss) | 260,358 | (77,135) | (144,543) |
Ending Balance | (1,258,282) | (1,518,640) | (1,441,505) |
Unrealized (Losses) Gains on Derivative Instruments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | 8,990 | (23,111) | (66,196) |
Other comprehensive (loss) income before reclassifications | (14,984) | 31,853 | 7,394 |
Amounts reclassified from AOCL | (39,401) | 10,835 | 49,747 |
Tax effect | 14,578 | (10,587) | (14,056) |
Total other comprehensive income (loss) | (39,807) | 32,101 | 43,085 |
Ending Balance | $ (30,817) | $ 8,990 | $ (23,111) |
Income Taxes - Income Before Pr
Income Taxes - Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||||||
United States | $ 322,856 | $ 506,214 | $ 515,041 | |||||
Foreign | 1,002,149 | 769,446 | 593,767 | |||||
Income before income taxes | $ 370,094 | $ 326,570 | $ 294,844 | $ 621,414 | $ 991,508 | $ 1,325,005 | $ 1,275,660 | $ 1,108,808 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||||||||
Federal | $ 155,647 | $ 166,172 | $ 118,861 | |||||
State | 25,614 | 34,947 | 31,674 | |||||
Foreign | 208,532 | 153,388 | 107,751 | |||||
Total current | 389,793 | 354,507 | 258,286 | |||||
Deferred: | ||||||||
Federal | (46,676) | (36,613) | (12,165) | |||||
State | (8,088) | (6,066) | (4,540) | |||||
Foreign | 8,086 | 9,505 | 27,730 | |||||
Total deferred | (46,678) | (33,174) | 11,025 | |||||
Total provision | $ 98,598 | $ 86,868 | $ 80,009 | $ 166,877 | $ 265,475 | $ 343,115 | $ 321,333 | $ 269,311 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||||
Computed “expected” tax expense | $ 278,251 | $ 267,889 | $ 232,850 | |||||
Change in valuation allowance | 22,447 | 22,399 | 1,378 | |||||
Foreign income tax differential | 14,949 | 566 | (10,326) | |||||
State taxes net of federal benefits | 13,857 | 12,745 | 18,352 | |||||
Increase in tax expense due to uncertain tax positions | 14,146 | 8,257 | 8,185 | |||||
Foreign withholding tax | 24,331 | 13,547 | 9,143 | |||||
Change in indefinite reinvestment - Russia | 0 | (9,049) | 0 | |||||
Stock-based compensation | 3,960 | (10,000) | (16,304) | |||||
Sub-part F Income/GILTI | 94,594 | 79,420 | 72,449 | |||||
Foreign tax credits | (98,641) | (73,974) | (63,926) | |||||
Foreign source non-deductible interest | 9,530 | 9,462 | 10,348 | |||||
IRC section 162(m) adjustment | 4,019 | 8,119 | 3,665 | |||||
Brazil tourism tax benefit | (16,311) | (13,810) | 0 | |||||
Interest on net equity deduction | (15,051) | 0 | 0 | |||||
Other | (6,966) | 5,762 | 3,497 | |||||
Total provision | $ 98,598 | $ 86,868 | $ 80,009 | $ 166,877 | $ 265,475 | $ 343,115 | $ 321,333 | $ 269,311 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent [Abstract] | ||||||||
Computed “expected” tax expense | 21% | 21% | 21% | |||||
Change in valuation allowance | 1.70% | 1.80% | 0.10% | |||||
Foreign income tax differential | 1.10% | 0% | (0.90%) | |||||
State taxes net of federal benefits | 1% | 1% | 1.70% | |||||
Increase in tax expense due to uncertain tax positions | 1.10% | 0.60% | 0.70% | |||||
Foreign withholding tax | 1.80% | 1.10% | 0.80% | |||||
Change in indefinite reinvestment - Russia | 0% | (0.70%) | 0% | |||||
Stock-based compensation | 0.30% | (0.80%) | (1.50%) | |||||
Sub-part F Income/GILTI | 7.10% | 6.20% | 6.50% | |||||
Foreign tax credits | (7.40%) | (5.80%) | (5.80%) | |||||
Foreign source non-deductible interest | 0.70% | 0.70% | 0.90% | |||||
IRC section 162(m) adjustment | 0.30% | 0.60% | 0.30% | |||||
Brazil tourism tax benefit | (1.20%) | (1.10%) | 0% | |||||
Interest on net equity deduction | (0.011) | 0 | 0 | |||||
Other | (0.50%) | 0.50% | 0.30% | |||||
Provision for income taxes | 25.90% | 25.20% | 24.30% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Accounts receivable, principally due to the allowance for credit losses | $ 20,110 | $ 19,508 |
Accrued expenses not currently deductible for tax | 12,922 | 7,307 |
Lease deferral | 15,767 | 18,146 |
Interest rate swap | 11,994 | 0 |
Stock-based compensation | 47,537 | 41,202 |
Income tax credits | 84,505 | 62,512 |
Net operating loss carry forwards | 134,911 | 81,580 |
Accrued escheat | 3,456 | 3,286 |
Other | 55,466 | 28,773 |
Deferred tax assets before valuation allowance | 386,668 | 262,314 |
Valuation allowance | (165,982) | (117,379) |
Deferred tax assets, net | 220,686 | 144,935 |
Deferred tax liabilities: | ||
Intangibles—including goodwill | (536,561) | (504,590) |
Basis difference in investment in subsidiaries | (43,821) | (42,091) |
Interest rate swap | 0 | (2,964) |
Lease deferral | (13,589) | (15,428) |
Accrued expense liability | (718) | (742) |
Prepaid expenses | (1,805) | (1,713) |
Withholding taxes | (26,407) | (31,448) |
Property and equipment and other | (66,617) | (72,076) |
Deferred tax liabilities | (689,518) | (671,052) |
Net deferred tax liabilities | $ (468,832) | $ (526,117) |
Income Taxes - Deferred Tax Bal
Income Taxes - Deferred Tax Balance Classification in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Long term deferred tax assets | $ 1,400 | $ 1,348 |
Long term deferred tax liabilities | (470,232) | (527,465) |
Net deferred tax liabilities | $ (468,832) | $ (526,117) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||
Increase in the total valuation allowance | $ 48,600 | |||
Net operating loss carryforwards for state income tax purposes | 54,000 | |||
Federal operating loss carry forwards | 80,900 | |||
Valuation allowance | 165,982 | $ 117,379 | ||
Foreign tax credit | 84,500 | |||
Valuation allowance of foreign tax credit | 84,500 | |||
Interest and penalties related to the unrecognized tax benefits | 8,100 | 4,400 | ||
Accumulated interest and penalties | 30,700 | 22,700 | ||
Total unrecognized tax benefits | 63,106 | $ 60,669 | $ 47,021 | $ 35,749 |
Deferred Tax Asset, Net Operating Loss Carryforward | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 71,300 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecognized Income Tax Benefit [Roll Forward] | |||
Beginning balance, unrecognized tax benefits | $ 60,669 | $ 47,021 | $ 35,749 |
Additions based on tax positions related to the current year | 8,821 | 7,752 | 8,543 |
Additions based on tax positions related to the prior year | 200 | 5,909 | |
Deductions based on settlement of prior year tax positions | (104) | (1,550) | (2,122) |
Addition for cumulative federal benefit of state tax deductions | 7,281 | ||
Deductions based on expiration of prior year tax positions | (1,913) | (1,058) | |
Deductions based on expiration of prior year tax positions | (4,235) | ||
Change due to OCI | (132) | (35) | |
Ending balance, unrecognized tax benefits | $ 63,106 | $ 60,669 | $ 47,021 |
Leases - Narrative (Detail)
Leases - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Leased Assets [Line Items] | |||
Total lease costs | $ 29.7 | $ 24.1 | $ 22.6 |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Remaining lease term | 1 year | ||
Lease renewable period (in years) | 1 year | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Remaining lease term | 30 years | ||
Lease renewable period (in years) | 5 years |
Leases - Operating Lease ROU As
Leases - Operating Lease ROU Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
ROU assets | $ 86,579 | $ 94,064 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Short term lease liabilities | $ 23,476 | $ 22,661 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Long term lease liabilities | $ 75,796 | $ 86,671 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other noncurrent liabilities | Other noncurrent liabilities |
Leases Leases - Schedule of Sup
Leases Leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Cash paid for operating lease liabilities | $ 31,388 | $ 25,403 | $ 23,803 |
ROU assets obtained in exchange for new operating lease obligations | $ 22,764 | $ 31,204 | $ 29,428 |
Weighted-average remaining lease term (years) | 5 years 7 months 13 days | 6 years 1 month 2 days | 5 years 11 months 26 days |
Weighted-average discount rate | 5.19% | 3.64% | 3.80% |
Leases Leases - Schedule of Lea
Leases Leases - Schedule of Lease Maturities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2023 | $ 27,455 |
2024 | 24,566 |
2025 | 19,917 |
2026 | 12,143 |
2027 | 8,870 |
Thereafter | 22,203 |
Total lease payments | 115,154 |
Less imputed interest | 15,882 |
Present value of lease liabilities | $ 99,272 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jan. 20, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Amount of damages sought (approximately) | $ 118 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Notional Amounts (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative, notional amount | $ 56,551.8 | $ 40,496.4 |
Cross-currency interest rate swap | ||
Derivative [Line Items] | ||
Derivative, notional amount | 95.1 | 160.9 |
Forwards | ||
Derivative [Line Items] | ||
Derivative, notional amount | 21,173 | 15,159.4 |
Written options | ||
Derivative [Line Items] | ||
Derivative, notional amount | 19,533.3 | 13,701.9 |
Purchased options | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 15,750.4 | $ 11,474.2 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative liability | $ 315,063 | $ 224,725 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative assets, fair value, gross | 594,900 | 582,200 |
Derivative assets, cash collateral | 39,200 | 56,100 |
Total fair value of gross derivative assets | 555,700 | 526,100 |
Derivative liabilities, fair value, gross | 519,400 | 540,000 |
Derivative liabilities, cash collateral | 180,200 | 148,200 |
Total fair value of gross derivative liabilities | 339,200 | 391,800 |
Derivative assets, fair value, net | 320,200 | 266,900 |
Total net derivative assets | 281,000 | 210,800 |
Derivative liability | 244,700 | 224,700 |
Total net derivative liabilities | $ 64,500 | $ 76,500 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets | Prepaid expenses and other current assets |
Derivative liability | $ 315,063 | $ 224,725 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other noncurrent liabilities | Other noncurrent liabilities |
Prepaid expenses and other current assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | $ 254,200 | $ 204,900 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets | Prepaid expenses and other current assets |
Other assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | $ 66,000 | $ 62,000 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Other current liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liability | $ 190,400 | $ 184,100 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Other noncurrent liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liability | $ 54,300 | $ 40,600 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other noncurrent liabilities | Other noncurrent liabilities |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2023 USD ($) derivative_instrument | Feb. 02, 2024 USD ($) derivative_instrument | Feb. 01, 2024 USD ($) | Aug. 31, 2023 USD ($) derivative_instrument | May 04, 2023 USD ($) | Feb. 28, 2023 USD ($) | Jan. 31, 2023 USD ($) derivative_instrument | Dec. 31, 2022 USD ($) | Jan. 22, 2019 USD ($) derivative_instrument | |
Derivative [Line Items] | |||||||||
Number of cash flow swap contracts entered into | derivative_instrument | 5 | 8 | 5 | 3 | |||||
Derivative, notional amount | $ 56,551,800 | $ 40,496,400 | |||||||
Long-term debt | 6,722,905 | 7,036,894 | |||||||
Estimated net amount of existing losses expected to be reclassified into earnings | 23,600 | ||||||||
Derivative liability | 315,063 | 224,725 | |||||||
Subsequent Event | |||||||||
Derivative [Line Items] | |||||||||
Payments for termination of derivatives | $ 3,900 | ||||||||
Interest rate swaps | |||||||||
Derivative [Line Items] | |||||||||
Derivative loss reclassified from AOCI | 39,400 | ||||||||
Interest rate swaps | Designated as Hedging Instrument | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | $ 1,000,000 | ||||||||
Derivative liability | 55,800 | 0 | |||||||
Interest rate swaps | Cash Flow Hedging | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | 500,000 | $ 2,000,000 | $ 1,500,000 | ||||||
Interest rate swaps | Net Investment Hedging | Subsequent Event | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | $ 500,000 | ||||||||
Number of net investment hedges entered into | derivative_instrument | 4 | ||||||||
Derivative swap rate savings, percentage | 0.0155 | ||||||||
Interest rate swaps | London Interbank Offered Rate | Cash Flow Hedging | |||||||||
Derivative [Line Items] | |||||||||
Fixed Rates | 2.55% | ||||||||
Interest rate swaps | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Cash Flow Hedging | |||||||||
Derivative [Line Items] | |||||||||
Fixed Rates | 2.50% | ||||||||
Interest Rate Swap 2 | Designated as Hedging Instrument | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | 500,000 | ||||||||
Interest Rate Swap 3 | Designated as Hedging Instrument | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | 500,000 | ||||||||
Amended 2019 Interest Rate Swap | Cash Flow Hedging | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | $ 500,000 | ||||||||
Cross-currency interest rate swap | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | 95,100 | $ 160,900 | |||||||
Cross-currency interest rate swap | Net Investment Hedging | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | $ 500,000 | ||||||||
Derivative, interest rate savings, percentage | 1.96% | ||||||||
Derivatives, benefit recorded in interest expense | 9,000 | ||||||||
Derivative liability | 14,500 | ||||||||
Variable Rate Debt | |||||||||
Derivative [Line Items] | |||||||||
Long-term debt | $ 4,000,000 | $ 2,000,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Schedule of Cash Flow Hedges (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Aug. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | |||
Notional Amount | $ 56,551,800 | $ 40,496,400 | |
Designated as Hedging Instrument | January 2023 Interest Rate Swap, 1 | |||
Derivative [Line Items] | |||
Notional Amount | $ 250,000 | ||
Fixed Rates | 4.01% | ||
Designated as Hedging Instrument | January 2023 Interest Rate Swap, 2 | |||
Derivative [Line Items] | |||
Notional Amount | $ 250,000 | ||
Fixed Rates | 4.02% | ||
Designated as Hedging Instrument | January 2023 Interest Rate Swap, 3 | |||
Derivative [Line Items] | |||
Notional Amount | $ 500,000 | ||
Fixed Rates | 3.80% | ||
Designated as Hedging Instrument | January 2023 Interest Rate Swap, 4 | |||
Derivative [Line Items] | |||
Notional Amount | $ 250,000 | ||
Fixed Rates | 3.71% | ||
Designated as Hedging Instrument | January 2023 Interest Rate Swap, 5 | |||
Derivative [Line Items] | |||
Notional Amount | $ 250,000 | ||
Fixed Rates | 3.72% | ||
Designated as Hedging Instrument | August 2023 Interest Rate Swap, 1 | |||
Derivative [Line Items] | |||
Notional Amount | $ 100,000 | ||
Fixed Rates | 4.35% | ||
Designated as Hedging Instrument | August 2023 Interest Rate Swap, 2 | |||
Derivative [Line Items] | |||
Notional Amount | $ 250,000 | ||
Fixed Rates | 4.40% | ||
Designated as Hedging Instrument | August 2023 Interest Rate Swap, 3 | |||
Derivative [Line Items] | |||
Notional Amount | $ 250,000 | ||
Fixed Rates | 4.40% | ||
Designated as Hedging Instrument | August 2023 Interest Rate Swap, 4 | |||
Derivative [Line Items] | |||
Notional Amount | $ 400,000 | ||
Fixed Rates | 4.33% | ||
Designated as Hedging Instrument | August 2023 Interest Rate Swap, 5 | |||
Derivative [Line Items] | |||
Notional Amount | $ 250,000 | ||
Fixed Rates | 4.29% | ||
Designated as Hedging Instrument | August 2023 Interest Rate Swap, 6 | |||
Derivative [Line Items] | |||
Notional Amount | $ 250,000 | ||
Fixed Rates | 4.29% | ||
Designated as Hedging Instrument | August 2023 Interest Rate Swap, 7 | |||
Derivative [Line Items] | |||
Notional Amount | $ 250,000 | ||
Fixed Rates | 4.19% | ||
Designated as Hedging Instrument | August 2023 Interest Rate Swap, 8 | |||
Derivative [Line Items] | |||
Notional Amount | $ 250,000 | ||
Fixed Rates | 4.19% | ||
Designated as Hedging Instrument | December 2023 Interest Rate Swap, 1 | |||
Derivative [Line Items] | |||
Notional Amount | $ 150,000 | ||
Fixed Rates | 3.87% | ||
Designated as Hedging Instrument | December 2023 Interest Rate Swap, 2 | |||
Derivative [Line Items] | |||
Notional Amount | $ 50,000 | ||
Fixed Rates | 3.83% | ||
Designated as Hedging Instrument | December 2023 Interest Rate Swap, 3 | |||
Derivative [Line Items] | |||
Notional Amount | $ 50,000 | ||
Fixed Rates | 3.85% | ||
Designated as Hedging Instrument | December 2023 Interest Rate Swap, 4 | |||
Derivative [Line Items] | |||
Notional Amount | $ 125,000 | ||
Fixed Rates | 4% | ||
Designated as Hedging Instrument | December 2023 Interest Rate Swap, 5 | |||
Derivative [Line Items] | |||
Notional Amount | $ 125,000 | ||
Fixed Rates | 3.99% |
Derivative Financial Instrume_8
Derivative Financial Instruments - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets | Prepaid expenses and other current assets |
Derivative liability | $ 315,063 | $ 224,725 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other noncurrent liabilities | Other noncurrent liabilities |
Other current liabilities | ||
Derivative [Line Items] | ||
Derivative liability | $ 190,400 | $ 184,100 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Other noncurrent liabilities | ||
Derivative [Line Items] | ||
Derivative liability | $ 54,300 | $ 40,600 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other noncurrent liabilities | Other noncurrent liabilities |
Designated as Hedging Instrument | Swap contracts | ||
Derivative [Line Items] | ||
Derivative assets | $ 23,500 | $ 12,000 |
Derivative liability | $ 55,800 | $ 0 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ 271,496 | $ 239,702 | $ 214,835 | $ 454,537 | $ 726,033 | $ 981,890 | $ 954,327 | $ 839,497 |
Denominator for basic earnings per share (in shares) | 73,165 | 73,887 | 73,521 | 73,705 | 73,523 | 73,155 | 75,598 | 82,060 |
Dilutive securities (in shares) | 1,232 | 1,264 | 2,001 | |||||
Denominator for diluted earnings per share (in shares) | 74,604 | 75,001 | 74,483 | 74,763 | 74,733 | 74,387 | 76,862 | 84,061 |
Basic earnings per share (in dollars per share) | $ 3.71 | $ 3.24 | $ 2.92 | $ 6.17 | $ 9.87 | $ 13.42 | $ 12.62 | $ 10.23 |
Diluted earnings per share (in dollars per share) | $ 3.64 | $ 3.20 | $ 2.88 | $ 6.08 | $ 9.72 | $ 13.20 | $ 12.42 | $ 9.99 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted earnings per share excludes antidilutive effect (in shares) | 2 | 2.3 | 1.4 |
Performance options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted earnings per share excludes antidilutive effect (in shares) | 0 | 0 | 0 |
Segments - Narrative (Detail)
Segments - Narrative (Detail) - segment | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||||
Number of operating segments | 6 | ||||
Number of reportable segments | 3 | 3 | |||
Sales Revenue, Net | Partner Concentration Risk | Vehicle Payments | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10% | 10% | 10% |
Segments - Schedule of Company'
Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||||
Revenues, net | $ 970,892 | $ 948,174 | $ 901,333 | $ 1,849,507 | $ 2,820,399 | $ 3,757,719 | $ 3,427,129 | $ 2,833,736 | |||||
Operating income | 444,977 | 412,650 | 375,195 | 787,845 | 1,232,822 | 1,656,873 | 1,446,641 | 1,242,556 | |||||
Depreciation and amortization | 84,750 | 83,676 | 84,232 | $ 167,908 | $ 252,658 | 336,604 | 322,282 | 284,197 | |||||
Operating Segments | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues, net | $ 937,320 | 970,892 | 948,174 | 901,333 | $ 883,610 | $ 893,000 | $ 861,278 | $ 789,241 | 3,757,719 | 3,427,129 | 2,833,736 | ||
Operating income | 424,051 | 444,977 | 412,650 | 375,195 | 369,270 | 389,170 | 370,480 | 317,721 | 1,656,873 | 1,446,641 | 1,242,556 | ||
Depreciation and amortization | 83,946 | 84,750 | 83,676 | 84,232 | 89,793 | 77,213 | 78,474 | 76,802 | 336,604 | 322,282 | 284,197 | ||
Capital expenditures | 153,822 | 151,428 | 111,530 | ||||||||||
Long-lived assets (excluding goodwill and investments) | 343,154 | 294,692 | 343,154 | 294,692 | 236,294 | ||||||||
Vehicle Payments | Operating Segments | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues, net | 499,758 | 500,632 | 509,630 | 495,490 | 501,082 | 504,388 | 489,827 | 454,741 | 2,005,510 | 1,950,038 | 1,689,970 | ||
Operating income | 242,505 | 244,908 | 232,506 | 223,480 | 226,337 | 231,914 | 224,174 | 202,068 | 943,399 | 884,493 | 811,822 | ||
Depreciation and amortization | 49,724 | 49,905 | 51,926 | 50,350 | 51,598 | 49,134 | 49,615 | 48,148 | 201,905 | 198,495 | 195,964 | ||
Capital expenditures | 108,592 | 111,661 | 88,999 | ||||||||||
Long-lived assets (excluding goodwill and investments) | 252,499 | 218,680 | 252,499 | 218,680 | 175,648 | ||||||||
Corporate Payments | Operating Segments | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues, net | 251,101 | 257,842 | 246,012 | 226,172 | 201,016 | 196,339 | 189,058 | 183,158 | 981,127 | 769,571 | 598,242 | ||
Operating income | 101,092 | 104,903 | 95,708 | 80,382 | 67,159 | 74,999 | 70,092 | 61,312 | 382,085 | 273,562 | 210,290 | ||
Depreciation and amortization | 20,323 | 20,417 | 17,779 | 20,160 | 24,851 | 15,383 | 16,324 | 16,028 | 78,679 | 72,586 | 52,688 | ||
Capital expenditures | 25,387 | 20,777 | 11,748 | ||||||||||
Long-lived assets (excluding goodwill and investments) | 48,822 | 39,240 | 48,822 | 39,240 | 33,638 | ||||||||
Lodging Payments | Operating Segments | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues, net | 119,929 | 141,389 | 136,564 | 122,334 | 119,074 | 125,961 | 116,900 | 94,576 | 520,216 | 456,511 | 309,619 | ||
Operating income | 57,438 | 74,023 | 68,246 | 54,563 | 56,836 | 63,463 | 58,559 | 39,779 | 254,270 | 218,637 | 148,973 | ||
Depreciation and amortization | 11,655 | 12,189 | 11,661 | 11,398 | 11,037 | 10,474 | 10,321 | 10,534 | 46,903 | 42,366 | 26,478 | ||
Capital expenditures | 13,705 | 10,570 | 4,604 | ||||||||||
Long-lived assets (excluding goodwill and investments) | 24,697 | 17,884 | 24,697 | 17,884 | 12,592 | ||||||||
Other | Operating Segments | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues, net | 66,532 | 71,029 | 55,968 | 57,337 | 62,438 | 66,312 | 65,493 | 56,766 | 250,866 | 251,009 | 235,905 | ||
Operating income | 23,016 | 21,143 | 16,190 | 16,770 | 18,938 | 18,794 | 17,655 | 14,562 | 77,119 | 69,949 | 71,471 | ||
Depreciation and amortization | 2,244 | $ 2,239 | $ 2,310 | $ 2,324 | 2,307 | $ 2,222 | $ 2,214 | $ 2,092 | 9,117 | 8,835 | 9,067 | ||
Capital expenditures | 6,138 | 8,420 | 6,179 | ||||||||||
Long-lived assets (excluding goodwill and investments) | $ 17,136 | $ 18,888 | $ 17,136 | $ 18,888 | $ 14,416 |
Segments - Schedule of Long-Liv
Segments - Schedule of Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
United States (country of domicile) | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets (excluding goodwill, other intangible assets, and investments) | $ 200,918 | $ 176,263 |
Brazil | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets (excluding goodwill, other intangible assets, and investments) | 74,789 | 66,583 |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets (excluding goodwill, other intangible assets, and investments) | $ 34,242 | $ 24,715 |
Russia Disposition - Narrative
Russia Disposition - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain on disposition of business | $ 13,712 | $ 0 | $ 0 | |||||
Income before income taxes | $ 370,094 | $ 326,570 | $ 294,844 | $ 621,414 | $ 991,508 | 1,325,005 | 1,275,660 | $ 1,108,808 |
Income (Loss) Before Income Taxes | Geographic Concentration Risk | RUSSIAN FEDERATION | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Income before income taxes | 62,000 | $ 84,700 | ||||||
Assets, Total | Geographic Concentration Risk | RUSSIAN FEDERATION | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Concentration risk, percentage | 3.20% | |||||||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Russia Business | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Foreign exchange loss | 5,600 | |||||||
Proceeds from disposal of a business, net of cash disposed | 197,000 | |||||||
Gain on disposition of business | $ 13,700 |
Restatement of Previous Unaud_3
Restatement of Previous Unaudited Interim Financial Statements (Unaudited) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current assets: | ||||||||||
Restricted cash | $ 1,751,887 | $ 1,702,040 | $ 1,729,272 | $ 1,546,945 | $ 1,729,272 | $ 1,702,040 | $ 1,751,887 | $ 854,017 | ||
Accounts and other receivables | 2,161,586 | 2,578,601 | 2,450,800 | 2,367,855 | 2,450,800 | 2,578,601 | 2,161,586 | 2,064,745 | ||
Other current assets | 474,144 | 2,983,704 | 3,005,927 | 2,992,792 | 3,005,927 | 2,983,704 | 474,144 | 465,227 | ||
Total current assets | 7,084,265 | 7,264,345 | 7,185,999 | 6,907,592 | 7,185,999 | 7,264,345 | 7,084,265 | 6,106,152 | ||
Goodwill | 5,644,958 | 5,553,546 | 5,473,603 | 5,380,050 | 5,473,603 | 5,553,546 | 5,644,958 | 5,201,435 | $ 5,078,978 | |
Other intangibles, net | 2,085,663 | 2,164,999 | 2,107,081 | 2,197,587 | 2,107,081 | 2,164,999 | 2,085,663 | 2,130,974 | ||
Other assets | 248,691 | 685,664 | 674,400 | 651,314 | 674,400 | 685,664 | 248,691 | 281,726 | ||
Total assets | 15,476,252 | 15,668,554 | 15,441,083 | 15,136,543 | 15,441,083 | 15,668,554 | 15,476,252 | 14,089,260 | ||
Current liabilities: | ||||||||||
Accounts payable | 1,624,995 | 1,818,606 | 1,669,852 | 1,906,461 | 1,669,852 | 1,818,606 | 1,624,995 | 1,568,942 | ||
Customer deposits | 2,397,279 | 2,264,072 | 2,285,516 | 2,031,004 | 2,285,516 | 2,264,072 | 2,397,279 | 1,505,004 | ||
Other current liabilities | 320,612 | 3,059,628 | 2,742,952 | 2,814,700 | 2,742,952 | 3,059,628 | 320,612 | 303,517 | ||
Total current liabilities | 6,825,753 | 7,142,306 | 6,698,320 | 6,752,165 | 6,698,320 | 7,142,306 | 6,825,753 | 6,043,455 | ||
Long-term portion | 4,596,156 | 4,637,211 | 4,678,258 | 4,700,550 | 4,678,258 | 4,637,211 | 4,596,156 | 4,722,838 | ||
Other noncurrent liabilities | 301,752 | 829,586 | 801,069 | 801,968 | 801,069 | 829,586 | 301,752 | 254,009 | ||
Total noncurrent liabilities | 5,368,140 | 5,466,797 | 5,479,327 | 5,502,518 | 5,479,327 | 5,466,797 | 5,368,140 | 5,504,312 | ||
Stockholders’ equity: | ||||||||||
Additional paid-in capital | 3,266,185 | 3,227,476 | 3,176,562 | 3,109,065 | 3,176,562 | 3,227,476 | 3,266,185 | 3,049,570 | ||
Retained earnings | 8,192,659 | 7,936,802 | 7,665,306 | 7,425,604 | 7,665,306 | 7,936,802 | 8,192,659 | 7,210,769 | ||
Other equity | (8,104,827) | (7,578,432) | (7,652,809) | (7,578,432) | (8,104,827) | |||||
Total stockholders’ equity | 3,282,359 | 3,059,451 | 3,263,436 | 2,881,860 | 3,263,436 | 3,059,451 | 3,282,359 | 2,541,493 | 2,866,580 | $ 3,355,411 |
Total liabilities and stockholders’ equity | 15,476,252 | 15,668,554 | 15,441,083 | 15,136,543 | 15,441,083 | 15,668,554 | 15,476,252 | 14,089,260 | ||
Operating activities | ||||||||||
Net income | 271,496 | 239,702 | 214,835 | 454,537 | 726,033 | 981,890 | 954,327 | 839,497 | ||
Accounts and other receivables | 372,342 | (355,722) | (732,813) | (210,261) | (598,674) | (731,137) | ||||
Accounts payable, accrued expenses and customer deposits | 102,112 | 611,073 | 832,667 | 713,976 | (83,951) | 480,506 | ||||
Other | 188,376 | 389,072 | 558,743 | |||||||
Net cash provided by operating activities | 877,665 | 1,098,960 | 1,384,630 | 2,101,132 | 754,797 | 1,197,063 | ||||
Investing activities | ||||||||||
Acquisitions, net of cash acquired | (429,914) | (428,327) | (216,917) | (602,120) | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 197,025 | |||||||||
Other | (112,757) | |||||||||
Net cash used in investing activities | (159,027) | (201,215) | (345,646) | (380,723) | (368,345) | (715,931) | ||||
Financing activities | ||||||||||
Repurchase of common stock | (546,910) | (686,859) | (1,405,200) | (1,355,722) | ||||||
Borrowings from revolver | 1,964,000 | 4,351,000 | 6,495,000 | |||||||
Payments on revolver | (2,490,000) | (4,817,000) | (6,770,000) | |||||||
Borrowings on swing line of credit, net | 310,719 | 255,750 | 180,723 | 135,568 | 194 | (51,049) | ||||
Other | (2,434) | (31,561) | 139,728 | |||||||
Net cash (used in) provided by financing activities | (217,715) | (241,811) | (501,459) | (898,211) | (311,228) | 343,928 | ||||
Effect of foreign currency exchange rates on cash | 29,298 | 38,401 | (30,431) | 30,157 | (36,739) | (50,984) | ||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | 530,221 | 694,335 | 507,094 | 852,355 | 38,485 | 774,076 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 2,796,274 | 2,983,515 | 2,819,401 | 2,289,180 | 2,289,180 | 2,289,180 | 2,289,180 | 2,250,695 | 1,476,619 | |
Cash, cash equivalents and restricted cash at end of period | 3,141,535 | 2,796,274 | 2,983,515 | 2,819,401 | 2,983,515 | 2,796,274 | 3,141,535 | 2,289,180 | 2,250,695 | |
Revenues, net | 970,892 | 948,174 | 901,333 | 1,849,507 | 2,820,399 | 3,757,719 | 3,427,129 | 2,833,736 | ||
Expenses: | ||||||||||
Processing | 208,217 | 205,265 | 204,967 | 410,232 | 618,449 | 819,908 | 764,707 | 559,819 | ||
Selling | 85,954 | 86,412 | 81,592 | 168,004 | 253,958 | 340,157 | 309,082 | 262,118 | ||
General and administrative | 147,839 | 159,356 | 154,684 | 314,040 | 461,879 | 603,424 | 584,135 | 485,830 | ||
Depreciation and amortization | 84,750 | 83,676 | 84,232 | 167,908 | 252,658 | 336,604 | 322,282 | 284,197 | ||
Other Operating Income (Expense), Net | (845) | 815 | 663 | 1,478 | 633 | 753 | 282 | (784) | ||
Operating income | 444,977 | 412,650 | 375,195 | 787,845 | 1,232,822 | 1,656,873 | 1,446,641 | 1,242,556 | ||
Investment loss (gain) | 30 | 18 | (190) | (172) | (142) | (116) | 1,382 | (9) | ||
Other Nonoperating Income (Expense) | (13,432) | (2,424) | 746 | (1,678) | (15,110) | (16,623) | 3,003 | 3,858 | ||
Interest Income (Expense), Net | 88,285 | 88,486 | 79,795 | 168,281 | 256,566 | 348,607 | 164,662 | 113,705 | ||
Nonoperating Income (Expense) | 74,883 | 86,080 | 80,351 | 166,431 | 241,314 | 331,868 | 170,981 | 133,748 | ||
Income before income taxes | 370,094 | 326,570 | 294,844 | 621,414 | 991,508 | 1,325,005 | 1,275,660 | 1,108,808 | ||
Provision for income taxes | 98,598 | 86,868 | 80,009 | 166,877 | 265,475 | 343,115 | 321,333 | 269,311 | ||
Net income | $ 271,496 | $ 239,702 | $ 214,835 | $ 454,537 | $ 726,033 | $ 981,890 | $ 954,327 | $ 839,497 | ||
Earnings per share: | ||||||||||
Basic earnings per share (in dollars per share) | $ 3.71 | $ 3.24 | $ 2.92 | $ 6.17 | $ 9.87 | $ 13.42 | $ 12.62 | $ 10.23 | ||
Diluted earnings per share (in dollars per share) | $ 3.64 | $ 3.20 | $ 2.88 | $ 6.08 | $ 9.72 | $ 13.20 | $ 12.42 | $ 9.99 | ||
Weighted average shares outstanding: | ||||||||||
Basic shares (in shares) | 73,165 | 73,887 | 73,521 | 73,705 | 73,523 | 73,155 | 75,598 | 82,060 | ||
Weighted Average Number of Shares Outstanding, Diluted | 74,604 | 75,001 | 74,483 | 74,763 | 74,733 | 74,387 | 76,862 | 84,061 | ||
Previously Reported | ||||||||||
Current assets: | ||||||||||
Restricted cash | $ 1,221,279 | $ 1,456,992 | $ 996,945 | $ 1,456,992 | $ 1,221,279 | |||||
Accounts and other receivables | 2,655,275 | 2,460,650 | 2,369,235 | 2,460,650 | 2,655,275 | |||||
Other current assets | 2,983,704 | 3,005,927 | 2,992,792 | 3,005,927 | 2,983,704 | |||||
Total current assets | 6,860,258 | 6,923,569 | 6,358,972 | 6,923,569 | 6,860,258 | |||||
Goodwill | 5,553,546 | 5,473,603 | 5,380,050 | 5,473,603 | 5,553,546 | |||||
Other intangibles, net | 2,164,999 | 2,107,081 | 2,197,587 | 2,107,081 | 2,164,999 | |||||
Other assets | 685,664 | 674,400 | 651,314 | 674,400 | 685,664 | |||||
Total assets | 15,264,467 | 15,178,653 | 14,587,923 | 15,178,653 | 15,264,467 | |||||
Current liabilities: | ||||||||||
Accounts payable | 1,895,280 | 1,679,702 | 1,907,841 | 1,679,702 | 1,895,280 | |||||
Customer deposits | 1,783,311 | 2,013,236 | 1,481,004 | 2,013,236 | 1,783,311 | |||||
Other current liabilities | 3,059,628 | 2,742,952 | 2,814,700 | 2,742,952 | 3,059,628 | |||||
Total current liabilities | 6,738,219 | 6,435,890 | 6,203,545 | 6,435,890 | 6,738,219 | |||||
Long-term portion | 4,637,211 | 4,678,258 | 4,700,550 | 4,678,258 | 4,637,211 | |||||
Other noncurrent liabilities | 829,586 | 801,069 | 801,968 | 801,069 | 829,586 | |||||
Total noncurrent liabilities | 5,466,797 | 5,479,327 | 5,502,518 | 5,479,327 | 5,466,797 | |||||
Stockholders’ equity: | ||||||||||
Additional paid-in capital | 3,227,476 | 3,176,562 | 3,109,065 | 3,176,562 | 3,227,476 | |||||
Retained earnings | 7,936,802 | 7,665,306 | 7,425,604 | 7,665,306 | 7,936,802 | |||||
Other equity | (8,104,827) | (7,578,432) | (7,652,809) | (7,578,432) | (8,104,827) | |||||
Total stockholders’ equity | 3,059,451 | 3,263,436 | 2,881,860 | 3,263,436 | 3,059,451 | |||||
Total liabilities and stockholders’ equity | 15,264,467 | 15,178,653 | 14,587,923 | 15,178,653 | 15,264,467 | |||||
Operating activities | ||||||||||
Net income | 214,835 | 454,537 | 726,033 | |||||||
Accounts and other receivables | 370,962 | (365,572) | (809,487) | |||||||
Accounts payable, accrued expenses and customer deposits | (446,508) | 348,643 | 428,580 | |||||||
Other | 188,376 | 389,072 | 558,743 | |||||||
Net cash provided by operating activities | 327,665 | 826,680 | 903,869 | |||||||
Investing activities | ||||||||||
Acquisitions, net of cash acquired | (429,914) | |||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 197,025 | |||||||||
Other | (112,757) | |||||||||
Net cash used in investing activities | (159,027) | (201,215) | (345,646) | |||||||
Financing activities | ||||||||||
Repurchase of common stock | (546,910) | |||||||||
Borrowings from revolver | 1,964,000 | 4,351,000 | 6,495,000 | |||||||
Payments on revolver | (2,490,000) | (4,817,000) | (6,770,000) | |||||||
Borrowings on swing line of credit, net | 310,719 | 255,750 | 180,723 | |||||||
Other | (2,434) | (31,561) | 139,728 | |||||||
Net cash (used in) provided by financing activities | (217,715) | (241,811) | (501,459) | |||||||
Effect of foreign currency exchange rates on cash | 29,298 | 38,401 | (30,431) | |||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | (19,779) | 422,055 | 26,333 | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 2,315,513 | 2,711,235 | 2,269,401 | 2,289,180 | 2,289,180 | 2,289,180 | $ 2,289,180 | |||
Cash, cash equivalents and restricted cash at end of period | 2,315,513 | 2,711,235 | 2,269,401 | 2,711,235 | 2,315,513 | $ 2,289,180 | ||||
Expenses: | ||||||||||
Net income | 214,835 | 454,537 | 726,033 | |||||||
Revision of Prior Period, Error Correction, Adjustment | ||||||||||
Current assets: | ||||||||||
Restricted cash | 480,761 | 272,280 | 550,000 | 272,280 | 480,761 | |||||
Accounts and other receivables | (76,674) | (9,850) | (1,380) | (9,850) | (76,674) | |||||
Other current assets | 0 | 0 | 0 | 0 | 0 | |||||
Total current assets | 404,087 | 262,430 | 548,620 | 262,430 | 404,087 | |||||
Goodwill | 0 | 0 | 0 | 0 | 0 | |||||
Other intangibles, net | 0 | 0 | 0 | 0 | 0 | |||||
Other assets | 0 | 0 | 0 | 0 | 0 | |||||
Total assets | 404,087 | 262,430 | 548,620 | 262,430 | 404,087 | |||||
Current liabilities: | ||||||||||
Accounts payable | (76,674) | (9,850) | (1,380) | (9,850) | (76,674) | |||||
Customer deposits | 480,761 | 272,280 | 550,000 | 272,280 | 480,761 | |||||
Other current liabilities | 0 | 0 | 0 | 0 | 0 | |||||
Total current liabilities | 404,087 | 262,430 | 548,620 | 262,430 | 404,087 | |||||
Long-term portion | 0 | 0 | 0 | 0 | 0 | |||||
Other noncurrent liabilities | 0 | 0 | 0 | 0 | 0 | |||||
Total noncurrent liabilities | 0 | 0 | 0 | 0 | 0 | |||||
Stockholders’ equity: | ||||||||||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | |||||
Retained earnings | 0 | 0 | 0 | 0 | 0 | |||||
Other equity | 0 | 0 | 0 | 0 | 0 | |||||
Total stockholders’ equity | 0 | 0 | 0 | 0 | 0 | |||||
Total liabilities and stockholders’ equity | 404,087 | 262,430 | 548,620 | 262,430 | 404,087 | |||||
Operating activities | ||||||||||
Net income | 0 | 0 | 0 | |||||||
Accounts and other receivables | 1,380 | 9,850 | 76,674 | |||||||
Accounts payable, accrued expenses and customer deposits | 548,620 | 262,430 | 404,087 | |||||||
Other | 0 | 0 | 0 | |||||||
Net cash provided by operating activities | 550,000 | 272,280 | 480,761 | |||||||
Investing activities | ||||||||||
Acquisitions, net of cash acquired | 0 | |||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | |||||||||
Other | 0 | |||||||||
Net cash used in investing activities | 0 | 0 | 0 | |||||||
Financing activities | ||||||||||
Repurchase of common stock | 0 | |||||||||
Borrowings from revolver | 0 | 0 | 0 | |||||||
Payments on revolver | 0 | 0 | 0 | |||||||
Borrowings on swing line of credit, net | 0 | 0 | 0 | |||||||
Other | 0 | 0 | 0 | |||||||
Net cash (used in) provided by financing activities | 0 | 0 | 0 | |||||||
Effect of foreign currency exchange rates on cash | 0 | 0 | 0 | |||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | 550,000 | 272,280 | 480,761 | |||||||
Cash, cash equivalents and restricted cash at beginning of period | $ 480,761 | 272,280 | 550,000 | 0 | 0 | 0 | $ 0 | |||
Cash, cash equivalents and restricted cash at end of period | $ 480,761 | $ 272,280 | 550,000 | 272,280 | 480,761 | $ 0 | ||||
Expenses: | ||||||||||
Net income | $ 0 | $ 0 | $ 0 |