Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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 | |
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 | |
Trading Symbol | FLT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 81,198,597 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001175454 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,271,000 | $ 934,900 |
Restricted cash | 737,937 | 541,719 |
Accounts and other receivables (less allowance for credit losses of $90,724 at September 30, 2021 and $86,886 at December 31, 2020) | 2,071,523 | 1,366,775 |
Securitized accounts receivable—restricted for securitization investors | 1,098,000 | 700,000 |
Prepaid expenses and other current assets | 345,831 | 412,924 |
Total current assets | 5,524,291 | 3,956,318 |
Property and equipment, net | 220,643 | 202,509 |
Goodwill | 5,102,263 | 4,719,181 |
Other intangibles, net | 2,369,457 | 2,115,882 |
Investments | 11,857 | 7,480 |
Other assets | 225,872 | 193,209 |
Total assets | 13,454,383 | 11,194,579 |
Current liabilities: | ||
Accounts payable | 1,726,705 | 1,054,478 |
Accrued expenses | 327,271 | 282,681 |
Customer deposits | 1,533,145 | 1,175,322 |
Securitization facility | 1,098,000 | 700,000 |
Current portion of notes payable and lines of credit | 803,397 | 505,697 |
Other current liabilities | 177,752 | 250,133 |
Total current liabilities | 5,666,270 | 3,968,311 |
Notes payable and other obligations, less current portion | 3,789,981 | 3,126,926 |
Deferred income taxes | 564,445 | 498,154 |
Other noncurrent liabilities | 258,702 | 245,777 |
Total noncurrent liabilities | 4,613,128 | 3,870,857 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 475,000,000 shares authorized; 127,105,396 shares issued and 81,197,846 shares outstanding at September 30, 2021; and 126,448,078 shares issued and 83,666,163 shares outstanding at December 31, 2020 | 127 | 126 |
Additional paid-in capital | 2,850,143 | 2,749,900 |
Retained earnings | 6,031,438 | 5,416,945 |
Accumulated other comprehensive loss | (1,436,044) | (1,363,158) |
Less treasury stock, 45,907,550 shares at September 30, 2021 and 42,781,915 shares at December 31, 2020 | (4,270,679) | (3,448,402) |
Total stockholders’ equity | 3,174,985 | 3,355,411 |
Total liabilities and stockholders’ equity | $ 13,454,383 | $ 11,194,579 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 90,724 | $ 86,886 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 475,000,000 | 475,000,000 |
Common stock, shares issued (in shares) | 127,105,396 | 126,448,078 |
Common stock, shares outstanding (in shares) | 81,197,846 | 83,666,163 |
Treasury stock, shares (in shares) | 45,907,550 | 42,781,915 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues, net | $ 755,477 | $ 585,283 | $ 2,031,481 | $ 1,771,522 |
Expenses: | ||||
Processing | 149,564 | 119,856 | 388,286 | 474,849 |
Selling | 71,204 | 46,762 | 186,511 | 144,995 |
General and administrative | 121,785 | 90,868 | 345,155 | 283,717 |
Depreciation and amortization | 74,237 | 63,479 | 209,184 | 190,117 |
Other operating, net | 0 | (214) | 81 | (482) |
Operating income | 338,687 | 264,532 | 902,264 | 678,326 |
Investment loss (gain) | 0 | 1,330 | (9) | (30,008) |
Other expense (income), net | 1,532 | (3,591) | 3,683 | (10,477) |
Interest expense, net | 29,033 | 31,383 | 92,269 | 99,474 |
Total other expense | 30,565 | 29,122 | 95,943 | 58,989 |
Income before income taxes | 308,122 | 235,410 | 806,321 | 619,337 |
Provision for income taxes | 74,115 | 46,593 | 191,828 | 124,972 |
Net income | $ 234,007 | $ 188,817 | $ 614,493 | $ 494,365 |
Earnings per share: | ||||
Basic earnings per share (in dollars per share) | $ 2.86 | $ 2.26 | $ 7.42 | $ 5.87 |
Diluted earnings per share (in dollars per share) | $ 2.80 | $ 2.19 | $ 7.24 | $ 5.68 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 81,836 | 83,719 | 82,811 | 84,170 |
Diluted (in shares) | 83,716 | 86,273 | 84,917 | 87,006 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 234,007 | $ 188,817 | $ 614,493 | $ 494,365 |
Other comprehensive loss: | ||||
Foreign currency translation losses, net of tax | (179,839) | (10,328) | (102,191) | (577,189) |
Net change in derivative contracts, net of tax | 8,972 | 9,167 | 29,305 | (33,482) |
Total other comprehensive loss | (170,867) | (1,161) | (72,886) | (610,671) |
Total comprehensive income (loss) | $ 63,140 | $ 187,656 | $ 541,607 | $ (116,306) |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Stockholders' Equity beginning balance at Dec. 31, 2019 | $ 3,711,616 | $ 124 | $ 2,494,721 | $ 4,712,729 | $ (972,465) | $ (2,523,493) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 147,060 | 147,060 | ||||
Other comprehensive loss, net of tax | (619,659) | (619,659) | ||||
Acquisition of common stock | (530,237) | 75,000 | (605,237) | |||
Share-based compensation | 14,175 | 14,175 | ||||
Issuance of common stock | 73,274 | 1 | 73,273 | |||
Stockholders' Equity ending balance at Mar. 31, 2020 | 2,796,229 | 125 | 2,657,169 | 4,859,789 | (1,592,124) | (3,128,730) |
Stockholders' Equity beginning balance at Dec. 31, 2019 | 3,711,616 | 124 | 2,494,721 | 4,712,729 | (972,465) | (2,523,493) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 494,365 | |||||
Other comprehensive loss, net of tax | (610,671) | |||||
Stockholders' Equity ending balance at Sep. 30, 2020 | 2,937,750 | 126 | 2,713,022 | 5,207,094 | (1,583,136) | (3,399,356) |
Stockholders' Equity beginning balance at Mar. 31, 2020 | 2,796,229 | 125 | 2,657,169 | 4,859,789 | (1,592,124) | (3,128,730) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 158,488 | 158,488 | ||||
Other comprehensive loss, net of tax | 10,149 | 10,149 | ||||
Acquisition of common stock | (32,230) | (32,230) | ||||
Share-based compensation | 8,989 | 8,989 | ||||
Issuance of common stock | 24,809 | 1 | 24,808 | |||
Stockholders' Equity ending balance at Jun. 30, 2020 | 2,966,434 | 126 | 2,690,966 | 5,018,277 | (1,581,975) | (3,160,960) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 188,817 | 188,817 | ||||
Other comprehensive loss, net of tax | (1,161) | (1,161) | ||||
Acquisition of common stock | (238,396) | (238,396) | ||||
Share-based compensation | 11,905 | 11,905 | ||||
Issuance of common stock | 10,151 | 10,151 | ||||
Stockholders' Equity ending balance at Sep. 30, 2020 | 2,937,750 | 126 | 2,713,022 | 5,207,094 | (1,583,136) | (3,399,356) |
Stockholders' Equity 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 | 184,239 | 184,239 | ||||
Other comprehensive loss, net of tax | (117,861) | (117,861) | ||||
Acquisition of common stock | (170,382) | (170,382) | ||||
Share-based compensation | 17,747 | 17,747 | ||||
Issuance of common stock | 27,345 | 1 | 27,344 | |||
Stockholders' Equity ending balance at Mar. 31, 2021 | 3,296,499 | 127 | 2,794,991 | 5,601,184 | (1,481,019) | (3,618,784) |
Stockholders' Equity 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 | 614,493 | |||||
Other comprehensive loss, net of tax | (72,886) | |||||
Stockholders' Equity ending balance at Sep. 30, 2021 | 3,174,985 | 127 | 2,850,143 | 6,031,438 | (1,436,044) | (4,270,679) |
Stockholders' Equity beginning balance at Mar. 31, 2021 | 3,296,499 | 127 | 2,794,991 | 5,601,184 | (1,481,019) | (3,618,784) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 196,247 | 196,247 | ||||
Other comprehensive loss, net of tax | 215,842 | 215,842 | ||||
Acquisition of common stock | (246,203) | (246,203) | ||||
Share-based compensation | 17,885 | 17,885 | ||||
Issuance of common stock | 8,577 | 8,577 | ||||
Stockholders' Equity ending balance at Jun. 30, 2021 | 3,488,847 | 127 | 2,821,453 | 5,797,431 | (1,265,177) | (3,864,987) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 234,007 | 234,007 | ||||
Other comprehensive loss, net of tax | (170,867) | (170,867) | ||||
Acquisition of common stock | (405,692) | (405,692) | ||||
Share-based compensation | 16,453 | 16,453 | ||||
Issuance of common stock | 12,237 | 12,237 | ||||
Stockholders' Equity ending balance at Sep. 30, 2021 | $ 3,174,985 | $ 127 | $ 2,850,143 | $ 6,031,438 | $ (1,436,044) | $ (4,270,679) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income | $ 614,493 | $ 494,365 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 55,605 | 48,150 |
Stock-based compensation | 52,085 | 35,069 |
Provision for credit losses on accounts and other receivables | 19,419 | 152,485 |
Amortization of deferred financing costs and discounts | 4,903 | 5,028 |
Amortization of intangible assets and premium on receivables | 153,579 | 141,967 |
Loss on extinguishment of debt | 6,230 | 0 |
Deferred income taxes | 16,246 | (5,747) |
Investment gain | (9) | (30,008) |
Other | 81 | (482) |
Changes in operating assets and liabilities (net of acquisitions/dispositions): | ||
Accounts and other receivables | (1,020,900) | 49,690 |
Prepaid expenses and other current assets | 190,543 | 26,105 |
Other assets | 28,370 | 6,129 |
Accounts payable, accrued expenses and customer deposits | 478,896 | 291,945 |
Net cash provided by operating activities | 599,541 | 1,214,696 |
Investing activities | ||
Acquisitions, net of cash acquired | (545,052) | (72,557) |
Purchases of property and equipment | (74,455) | (55,019) |
Proceeds from disposal of investment | 0 | 52,963 |
Other | (2,281) | 0 |
Net cash used in investing activities | (621,788) | (74,613) |
Financing activities | ||
Proceeds from issuance of common stock | 48,159 | 95,780 |
Repurchase of common stock | (822,277) | (788,409) |
Borrowings (payments) on securitization facility, net | 398,000 | (282,973) |
Deferred financing costs | (21,508) | (2,474) |
Proceeds from notes payable | 1,150,000 | 0 |
Principal payments on notes payable | (462,438) | (134,097) |
Borrowings from revolver | 1,140,000 | 1,198,500 |
Payments on revolver | (798,851) | (1,287,899) |
Payments on swing line of credit, net | (51,049) | (20,111) |
Other | (811) | (244) |
Net cash provided by (used in) financing activities | 579,225 | (1,221,927) |
Effect of foreign currency exchange rates on cash | (24,660) | (222,533) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 532,318 | (304,377) |
Cash and cash equivalents and restricted cash, beginning of period | 1,476,619 | 1,675,237 |
Cash and cash equivalents and restricted cash, end of period | 2,008,937 | 1,370,860 |
Supplemental cash flow information | ||
Cash paid for interest | 96,146 | 98,564 |
Cash paid for income taxes | $ 147,028 | $ 119,089 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Throughout this Quarterly Report on Form 10-Q, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of 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. These financial statements were prepared using information reasonably available as of September 30, 2021 and through the date of this Report. 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 these estimates due to the uncertainty around the magnitude and duration of the COVID-19 pandemic, as well as other factors. Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange gains (losses), which are recorded within other expense (income), net in the Unaudited Consolidated Statements of Income for the three and nine months ended September 30 as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Foreign exchange (losses) gains $ (1.2) $ 3.7 $ (2.9) $ 3.2 The Company recorded foreign currency gains on long-term intra-entity transactions included as a component of foreign currency translation losses, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30 as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Foreign currency (losses) gains on long-term intra-entity transactions $ (46.0) $ 50.4 $ (20.2) $ 235.8 Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates and to facilitate cross-currency corporate payments by writing derivatives to customers. The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company hedges a portion of its variable rate debt utilizing derivatives designated as cash flow hedges. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded to the derivative assets/liabilities and offset against accumulated other comprehensive income (loss), net of tax. Derivative fair value changes that are recorded in accumulated other comprehensive income (loss) are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is effective in offsetting the change in cash flows attributable to the hedged risk. The portions of the change in fair value that are either considered ineffective or are excluded from the measure of effectiveness are recognized immediately within earnings. In the Company's cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments. The duration of these derivative contracts at inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The changes in fair value of these derivatives are recorded in revenues, net in the Unaudited Consolidated Statements of Income. The Company recognizes current cross-border payments derivatives in prepaid expense and other current assets and 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. All cash flows associated with derivatives are included in cash flows from operating activities in the Unaudited Consolidated Statements of Cash Flows. Refer to Note 13. Cash, Cash Equivalents, and Restricted Cash Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, as well as 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, as well as secure and settle cross-currency transactions. Financial Instruments - Credit Losses The Company accounts for financial assets' expected credit losses in accordance with ASC 326. 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. Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Corporate Payments, Fuel, Lodging, Tolls, as well as Gift (stored value cards and e-cards). 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 solutions. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, represent approximately 75% of total consolidated revenues, net, for both the three and nine months ended September 30, 2021. The Company accounts for revenues comprised of late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. The Company also writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies, and recognizes revenue in accordance with authoritative fair value and derivatives accounting (ASC 815, "Derivatives"). Disaggregation of Revenues The Company provides its services to customers across different payment solutions and geographies. Revenue by solution (in millions) for the three and nine months ended September 30 was as follows: Revenues, net by Solution * Three Months Ended September 30, Nine Months Ended September 30, 2021 % 2020 % 2021 % 2020 % Fuel $ 306.8 41 % $ 255.1 44 % $ 863.8 43 % $ 797.0 45 % Corporate Payments 168.7 22 % 106.5 18 % 425.5 21 % 319.0 18 % Tolls 79.0 10 % 67.6 12 % 219.4 11 % 215.4 12 % Lodging 85.2 11 % 52.9 9 % 206.5 10 % 150.5 8 % Gift 48.6 6 % 39.1 7 % 124.3 6 % 108.0 6 % Other 67.2 9 % 64.1 11 % 192.1 9 % 181.6 10 % Consolidated revenues, net $ 755.5 100 % $ 585.3 100 % $ 2,031.5 100 % $ 1,771.5 100 % *Columns may not calculate due to rounding. Revenue by geography (in millions) for the three and nine months ended September 30 was as follows: Revenues, net by Geography* Three Months Ended September 30, Nine Months Ended September 30, 2021 % 2020 % 2021 % 2020 % United States $ 488.2 65 % $ 357.1 61 % $ 1,271.5 63 % $ 1,089.9 62 % Brazil 94.9 13 % 79.6 14 % 262.5 13 % 253.7 14 % United Kingdom 81.9 11 % 70.2 12 % 241.0 12 % 192.8 11 % Other 90.5 12 % 78.3 13 % 256.5 13 % 235.1 13 % Consolidated revenues, net $ 755.5 100 % $ 585.3 100 % $ 2,031.5 100 % $ 1,771.5 100 % *Columns may not calculate due to rounding. Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $59.6 million and $73.0 million as of September 30, 2021 and December 31, 2020, respectively. We expect to recognize approximately $37.9 million of these amounts in revenues within 12 months and the remaining $21.7 million over the next five years as of September 30, 2021. Revenue recognized in the nine months ended September 30, 2021 that was included in the deferred revenue contract liability as of December 31, 2020 was approximately $35.2 million. Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. In accordance with ASC Subtopic 210-20, "Offsetting," the Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted 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 at September 30, 2021 and December 31, 2020 (in millions): September 30, 2021 December 31, 2020 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 2,337.7 $ (2,235.1) $ 102.6 $ 521.5 $ (478.2) $ 43.3 Liabilities Accounts Payable $ 2,291.6 $ (2,235.1) $ 56.5 $ 527.5 $ (478.2) $ 49.3 Adoption of New Accounting Standards Income Taxes On December 18, 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which removes certain exceptions to the general principles of ASC 740 and simplifies other areas. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this guidance on January 1, 2021, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. Pending Adoption of Recently Issued Accounting Standard Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were 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 Company is evaluating the effect of ASU 2020-04 on interest rate swap contracts. Cross currency derivatives are not impacted by this ASU. 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. Early adoption is permitted, including adoption in an interim period. Adoption during an interim period requires retrospective application to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. The Company is evaluating the effect of ASU 2021-08 on our consolidated financial statements. |
Accounts and Other Receivables
Accounts and Other Receivables | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Accounts and Other Receivables | Accounts and Other Receivables The Company's accounts and securitized accounts receivable include the following at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Gross domestic accounts receivable $ 1,204,323 $ 719,675 Gross domestic securitized accounts receivable 1,098,000 700,000 Gross foreign receivables 957,924 733,986 Total gross receivables 3,260,247 2,153,661 Less allowance for credit losses (90,724) (86,886) Net accounts and securitized accounts receivable $ 3,169,523 $ 2,066,775 The Company maintains a $1.3 billion revolving trade accounts receivable securitization facility (the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to multi-seller banks and asset-backed commercial paper conduits (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold. Purchases by the Conduit are financed with the sale of highly-rated commercial paper. The Company utilizes proceeds from the transferred assets as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the transferred asset as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount. The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities. On September 15, 2021, the Company entered into the ninth amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.0 billion to $1.3 billion. The Company recorded a $90.1 million provision for credit losses and write-off related to a customer receivable in our foreign currency trading business during the first quarter of 2020. The Company's estimated expected credit losses as of September 30, 2021 included estimated adjustments for economic conditions related to COVID-19. A rollforward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30 is as follows (in thousands): 2021 2020 Allowance for credit losses beginning of period $ 86,886 $ 70,890 Provision for credit losses 19,419 152,485 Write-offs (24,563) (138,939) Recoveries 11,519 7,861 Impact of foreign currency (2,537) (8,415) Allowance for credit losses end of period $ 90,724 $ 83,882 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsFair 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. 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. 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 following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020 (in thousands): Fair Value Level 1 Level 2 Level 3 September 30, 2021 Assets: Repurchase agreements $ 509,186 $ — $ 509,186 $ — Money market 43,275 — 43,275 — Certificates of deposit 773 — 773 — Foreign exchange contracts 142,007 — 142,007 — Total assets $ 695,241 $ — $ 695,241 $ — Cash collateral for foreign exchange contracts $ 28,912 $ — $ — $ — Liabilities: Interest rate swaps $ 49,057 $ — $ 49,057 — Foreign exchange contracts 107,942 — 107,942 — Total liabilities $ 156,999 $ — $ 156,999 $ — Cash collateral obligation for foreign exchange contracts $ 25,056 $ — $ — $ — December 31, 2020 Assets: Repurchase agreements $ 446,116 $ — $ 446,116 $ — Money market 48,227 — 48,227 — Certificates of deposit 188 — 188 — Foreign exchange contracts 155,846 — 155,846 — Total assets $ 650,377 $ — $ 650,377 $ — Cash collateral for foreign exchange contracts $ 18,229 $ — $ — $ — Liabilities: Interest rate swaps $ 87,873 $ — $ 87,873 $ — Foreign exchange contracts 140,272 — 140,272 — Total liabilities $ 228,145 $ — $ 228,145 $ — Cash collateral obligation for foreign exchange contracts $ 38,569 $ — $ — $ — The Company has highly-liquid investments classified as cash equivalents, with original maturities of 90 days or less, included in our Consolidated Balance Sheets. The Company utilizes Level 2 fair value determinations derived from directly or indirectly observable (market based) information to determine the fair value of these highly liquid investments. The Company has certain cash and cash equivalents that are invested on an overnight basis in repurchase agreements, money markets and certificates of deposit. The value of overnight repurchase agreements is determined based upon the quoted market prices for the treasury securities associated with the repurchase agreements. The value of money market instruments is 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 are valued at cost, plus interest accrued. Given the short-term nature of these instruments, the carrying value approximates fair value. Foreign exchange derivative contracts are carried at fair value, with changes in fair value recognized in the Consolidated Statements of Income. The fair value of the Company's derivatives is derived with reference to a valuation from a derivatives dealer operating in an active market, which approximates the fair value of these instruments. The fair value represents the net settlement if the contracts were terminated as of the reporting date. Cash collateral received for foreign exchange derivatives is recorded within customer deposits in our Unaudited Consolidated Balance Sheet at September 30, 2021 and December 31, 2020. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Unaudited Consolidated Balance Sheet at September 30, 2021 and December 31, 2020. 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 September 30, 2021 and December 31, 2020. The Company’s assets that are measured at fair value on a nonrecurring basis or 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 determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company's derivatives are over-the-counter instruments with liquid markets. The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values was $11.9 million at September 30, 2021. The fair value of the Company’s accounts receivable, securitized accounts receivable and related facility, prepaid expenses and other current assets, accounts payable, accrued expenses, customer deposits and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The carrying value of the Company’s debt obligations approximates fair value as the interest rates on the debt are variable market based interest rates that reset on a quarterly basis. These are each Level 2 fair value measurements. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' EquityThe 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 1, 2023. On July 27, 2021, the Board increased the aggregate size of the Program by $1.0 billion, to $5.1 billion. Since the beginning of the Program through September 30, 2021, 17,742,577 shares have been repurchased for an aggregate purchase price of $3.9 billion, leaving the Company up to $1.2 billion available under the Program for future repurchases in shares of its common stock. Any stock repurchases may be made at times and in such amounts as deemed appropriate. The timing and amount of stock repurchases, if any, will depend on a variety of factors including the stock price, market conditions, corporate and regulatory requirements, and any additional constraints related to material inside information the Company may possess. Any repurchases have been and are expected to be funded by a combination of available cash flow from the business, working capital and debt. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has a Stock Incentive Plan (the "Plan") which permits the Board to grant share based payment awards to employees and directors. The table below summarizes the expense related to share-based payments recognized in the three and nine months ended September 30 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock options $ 3,792 $ 5,294 $ 13,394 $ 18,069 Restricted stock 12,661 6,610 38,691 16,999 Stock-based compensation $ 16,453 $ 11,904 $ 52,085 $ 35,069 The tax benefits recorded on stock-based compensation were $33.2 million and $52.1 million for the nine months ended September 30, 2021 and 2020, respectively. The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of September 30, 2021 (cost in thousands): Unrecognized Weighted Average Stock options $ 95,662 1.79 Restricted stock 40,650 0.94 Total $ 136,312 Stock Options Stock options are granted with an exercise price estimated to be equal to the fair market value on the date of grant as authorized by the Board. Options granted have vesting provisions ranging from one The following summarizes the changes in the number of shares of common stock under option for the nine months ended September 30, 2021 (shares/options 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 1,081 261.27 $ 66.87 Exercised (585) 81.05 109,727 Forfeited (20) 231.52 Outstanding at September 30, 2021 5,440 $ 176.24 3,765 $ 144.74 $ 463,948 Expected to vest as of September 30, 2021 1,675 $ 247.05 The aggregate intrinsic value of stock options exercisable at September 30, 2021 was $439.0 million. The weighted average remaining contractual term of options exercisable at September 30, 2021 was 4.5 years. The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model, as well as the Monte-Carlo simulation model for market-based options, with the following weighted-average assumptions for grants or modifications during the nine months ended September 30, 2021 and 2020: September 30, 2021 2020 Risk-free interest rate 0.55 % 0.38 % Dividend yield — — Expected volatility 35.75 % 30.91 % Expected life (in years) 3.4 3.9 Restricted Stock Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, performance or market conditions, or a combination of these. Shares vesting based on the passage of time have vesting provisions of one The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the nine months ended September 30, 2021 (shares in thousands): Shares Weighted Outstanding at December 31, 2020 174 $ 265.29 Granted 213 272.83 Vested (72) 258.16 Canceled or forfeited (29) 283.14 Outstanding at September 30, 2021 286 $ 278.40 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions 2021 Acquisitions ALE On September 1, 2021, the Company completed the acquisition of ALE Solutions, Inc. (ALE), a leader in lodging solutions to the insurance industry, for a net purchase price of $426.5 million. The purpose of this acquisition is to expand the Company's lodging business into the insurance vertical. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business for which the Company is still completing the valuation. These noncompete agreements were accounted for separately from the business acquisition. Acquisition accounting for ALE is preliminary 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 for ALE (in thousands): Current assets $ 144,584 Long term assets 9,582 Goodwill 142,848 Intangibles 174,592 Current liabilities (36,657) Noncurrent liabilities (8,479) Aggregate purchase price $ 426,470 AFEX On June 1, 2021, the Company completed the acquisition of Associated Foreign Exchange (AFEX), a U.S. based, cross-border payment solutions provider, for $459.0 million. This includes $210.3 million of cash and cash equivalents and $178.7 million of restricted cash, resulting in a net purchase price of $69.9 million. The purpose of this acquisition is to further expand the Company's cross border payment solutions. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business with an estimated fair value of $4.1 million. These noncompete agreements were accounted for separately from the business acquisition.Acquisition accounting for AFEX is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments. The following table summarizes the preliminary acquisition accounting for AFEX (in thousands): Trade and other receivables $ 8,159 Prepaid expenses and other current assets 108,402 Property, plant and equipment 1,723 Other long term assets 50,912 Goodwill 254,664 Intangibles 242,100 Accounts payable and accrued expenses (39,272) Other current liabilities (81,430) Customer deposits (375,049) Other noncurrent liabilities (100,265) Aggregate purchase price $ 69,944 The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Name and Trademarks 2 $ 5,400 Licensed Software and Technology 20 2,600 Proprietary Technology 4 11,800 Supplier Network 20 1,800 Customer Relationships 10 220,500 $ 242,100 Roger On January 13, 2021, the Company completed the acquisition of Roger, rebranded CorpayOne, a global accounts payable (AP) cloud software platform for small businesses, for $39.0 million, net of cash acquired. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. Acquisition accounting for Roger is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and evaluation of acquired contingencies. The following table summarizes the preliminary acquisition accounting for Roger (in thousands): Accounts and other receivables $ 110 Prepaid expenses and other current assets 37 Other assets 28 Goodwill 35,676 Other intangibles 5,400 Current liabilities (925) Deferred income taxes (1,323) Aggregate purchase price $ 39,003 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 Proprietary Technology 10 $ 4,800 Customer Relationships 9 600 $ 5,400 Other During 2021, the Company made investments in other businesses of $4.4 million. The Company financed the investments using a combination of available cash and borrowings under its existing credit facility. 2020 Acquisitions On August 10, 2020, the Company completed the acquisition of a business in the lodging space in the U.S. The results from the acquisition are reported in the North America segment. On November 30, 2020, the Company completed the acquisition of a fuel card provider in New Zealand. The results from the acquisition are reported in the International segment. The aggregate purchase price of these acquisitions was approximately $77.6 million, net of cash acquired. The Company financed these acquisitions using a combination of available cash and borrowings under its existing credit facility. The Company signed noncompete agreements with certain parties affiliated with the lodging business with an estimated fair value of $3.8 million. These noncompete agreements were accounted for separately from the business acquisitions. The following table summarizes the acquisition accounting (in thousands): Accounts and other receivables $ 4,975 Prepaid expenses and other current assets 145 Property and equipment 3,178 Other assets 1,049 Goodwill 28,038 Other intangibles 42,144 Current liabilities (1,147) Deferred income taxes (782) Aggregate purchase price $ 77,600 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 Name and Trademarks 5 $ 2,161 Licensed Software and Technology 10 4,400 Proprietary Technology 5 8,400 Supplier Network 10 783 Customer Relationships 16 26,400 $ 42,144 The accounting for the acquisition of a fuel card provider in New Zealand acquisition is preliminary and subject to working capital adjustments. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands): December 31, 2020 Acquisitions Acquisition Accounting Foreign September 30, 2021 Segment North America $ 3,400,772 $ 442,946 $ (9,360) $ (9,453) $ 3,824,905 Brazil 585,861 — — (25,308) 560,553 International 732,548 — (1,294) (14,449) 716,805 $ 4,719,181 $ 442,946 $ (10,654) $ (49,210) $ 5,102,263 As of September 30, 2021 and December 31, 2020, other intangibles consisted of the following (in thousands): September 30, 2021 December 31, 2020 Weighted- Gross Accumulated Net Gross Accumulated Net Customer and vendor relationships 15.9 $ 2,959,128 $ (1,127,206) $ 1,831,922 $ 2,671,104 $ (1,105,702) $ 1,565,402 Trade names and trademarks—indefinite lived N/A 450,203 — 450,203 475,376 — 475,376 Trade names and trademarks—other 6.3 12,084 (4,424) 7,660 7,041 (3,431) 3,610 Software 5.6 258,917 (193,658) 65,259 248,686 (194,187) 54,499 Non-compete agreements 3.9 60,360 (45,947) 14,413 65,804 (48,809) 16,995 Total other intangibles $ 3,740,692 $ (1,371,235) $ 2,369,457 $ 3,468,011 $ (1,352,129) $ 2,115,882 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s debt instruments consist primarily of term loans, revolving lines of credit and a Securitization Facility as follows (in thousands): September 30, 2021 December 31, 2020 Term Loan A note payable (a), net of discounts $ 2,802,894 $ 2,922,042 Term Loan B note payable (a), net of discounts 1,133,791 337,347 Revolving line of credit A Facility (a) 460,000 280,000 Revolving line of credit B Facility (a) 175,000 13,650 Revolving line of credit B Facility —foreign swing line (a) — 50,028 Other obligations (c) 21,693 29,556 Total notes payable and other obligations $ 4,593,378 $ 3,632,623 Securitization Facility (b) 1,098,000 700,000 Total notes payable, credit agreements and Securitization Facility $ 5,691,378 $ 4,332,623 Current portion $ 1,901,397 $ 1,205,697 Long-term portion 3,789,981 3,126,926 Total notes payable, credit agreements and Securitization Facility $ 5,691,378 $ 4,332,623 ______________________ (a) The Company has a Credit Agreement that provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $1.150 billion as of September 30, 2021. The revolving credit facility consists of (a) a revolving A credit facility in the amount of $800 million, with sublimits for letters of credit and swing line loans, (b) a revolving B facility in the amount of $450 million with borrowings in U.S. dollars, euros, British pounds, Japanese yen or other currency as agreed in advance, and a sublimit for swing line loans, and (c) a revolving C facility in the amount of $35 million for borrowings in U.S. dollars, Australian dollars or New Zealand dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolving A or revolving B facility debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. The maturity date for the term loan A and revolving facilities is December 19, 2023. On April 30, 2021, the Company entered into the ninth amendment to the Credit Agreement. The amendment provided for a new seven-year $1.15 billion term loan B. The existing term loan B was paid off with proceeds from the new term loan B. The new term loan B has a maturity date of April 30, 2028, and interest rates remain unchanged. Interest on amounts outstanding under the Credit Agreement (other than the term loan B) accrues based on the British Bankers Association LIBOR Rate (the "Eurocurrency Rate"), plus a margin based on a leverage ratio, or at our option, the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) the Eurocurrency Rate plus 1.00%) plus a margin based on a leverage ratio. Interest on the term loan B facility accrues based on the Eurocurrency Rate plus 1.75% for Eurocurrency Loans or the Base Rate plus 0.75% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the Credit Facility. At September 30, 2021, the interest rate on the term loan A was 1.58%, the interest rate on the term loan B was 1.83%, the interest rate on the revolving A facility and the revolving B facility USD Borrowings was 1.58%. The unused credit facility fee was 0.30% at September 30, 2021. (b) The Company is party to a $1.3 billion Securitization Facility. On September 15, 2021, the Company entered into the ninth amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.0 billion to $1.3 billion. There is a program fee equal to one month LIBOR plus 1.00% or the Commercial Paper Rate plus 0.90% as of September 30, 2021, and one month LIBOR plus 1.25% or the Commercial Paper Rate plus 1.15% as of December 31, 2020. The program fee was 0.98% plus 0.09% as of September 30, 2021 and 1.23% plus 0.34% as of December 31, 2020. The unused facility fee is payable at a rate of 0.40% per annum as of September 30, 2021 and December 31, 2020. We have unamortized debt issuance costs of $2.8 million and $1.4 million related to the Securitization Facility as of September 30, 2021 and December 31, 2020, respectively, recorded within other assets in the Unaudited Consolidated Balance Sheets. On March 29, 2021, the Company entered into the eighth amendment to the Securitization Facility. The amendment included a new three (c) Other obligations includes the long-term portion of deferred payments associated with business acquisitions and deferred revenue. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's tax provision or benefit from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates the estimate of the annual effective tax rate, and if our estimated tax rate changes, makes a cumulative adjustment. The Company's quarterly tax provision and quarterly estimate of the annual effective tax rate are subject to significant variation due to several factors, including variability in accurately predicting the pre-tax and taxable income and loss and the mix of jurisdictions to which they relate. Additionally, the Company's effective tax rate can be more or less volatile based on the amount of pre-tax income or loss. For example, the impact of discrete items and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower. The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2021 and 2020 to income before income taxes for the three months ended September 30, 2021 and 2020 due to the following (in thousands): 2021 2020 Computed “expected” tax expense $ 64,706 21.0 % $ 49,436 21.0 % Changes resulting from: Foreign income tax differential (2,692) (0.9) % (3,364) (1.4) % Excess tax benefit related to stock-based compensation (5,044) (1.6) % (13,449) (5.7) % State taxes net of federal benefits 4,927 1.6 % 786 0.3 % Foreign withholding 3,304 1.1 % 3,764 1.6 % GILTI, net of foreign tax credits 1,907 0.6 % 2,341 1.0 % Foreign sourced non taxable income 81 — % 2,416 1.0 % Stock-based compensation 1,043 0.3 % 355 0.2 % Sub-part F Income 2,139 0.7 % 1,746 0.7 % Other 3,746 1.3 % 2,562 1.1 % Provision for income taxes $ 74,115 24.1 % $ 46,593 19.8 % |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
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 three and nine months ended September 30, 2021 and 2020 is as follows (in thousands, except per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income $ 234,007 $ 188,817 $ 614,493 $ 494,365 Denominator for basic earnings per share 81,836 83,719 82,811 84,170 Dilutive securities 1,880 2,554 2,106 2,836 Denominator for diluted earnings per share 83,716 86,273 84,917 87,006 Basic earnings per share $ 2.86 $ 2.26 $ 7.42 $ 5.87 Diluted earnings per share $ 2.80 $ 2.19 $ 7.24 $ 5.68 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. We manage and report our operating results through three operating and reportable segments defined by geographic regions: North America, Brazil and International, which aligns with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information. The Company’s segment results are as follows for the three and nine month periods ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 1 2020 2021 1 2020 Revenues, net: North America $ 520,535 $ 383,828 $ 1,366,167 $ 1,175,950 Brazil 94,888 79,596 262,481 253,722 International 140,054 121,859 402,833 341,850 $ 755,477 $ 585,283 $ 2,031,481 $ 1,771,522 Operating income: North America $ 213,379 $ 153,328 $ 554,607 $ 372,219 Brazil 39,868 35,600 105,424 104,462 International 85,440 75,604 242,233 201,645 $ 338,687 $ 264,532 $ 902,264 $ 678,326 Depreciation and amortization: North America $ 49,005 $ 39,390 $ 133,420 $ 115,913 Brazil 12,910 12,260 38,091 39,019 International 12,322 11,829 37,673 35,185 $ 74,237 $ 63,479 $ 209,184 $ 190,117 Capital expenditures: North America $ 17,572 $ 12,053 $ 44,427 $ 35,590 Brazil 5,795 3,501 15,580 10,309 International 5,323 2,595 14,448 9,120 $ 28,690 $ 18,149 $ 74,455 $ 55,019 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
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 on behalf of the Company. The Federal Derivative Action alleges that the defendants issued a false and misleading proxy statement in violation of the federal securities laws; that defendants breached their fiduciary duties by causing or permitting the Company to make allegedly false and misleading public statements concerning the Company’s fee charges, and financial and business prospects; and that certain defendants breached their fiduciary duties through allegedly improper sales of stock. The complaint seeks unspecified monetary damages on behalf of the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, restitution, costs, and attorneys’ and experts’ fees. On September 20, 2018, the court entered an order deferring the Federal Derivative Action pending a ruling on motions for summary judgment in the shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed to by the parties. After preliminary approval of the proposed settlement of the shareholder class action was granted, the stay on the Federal Derivative Action was lifted. Plaintiffs amended their complaint on February 22, 2020. FLEETCOR filed a motion to dismiss the amended complaint in the Federal Derivative Action on April 17, 2020, which the court granted without leave to amend on October 21, 2020. Plaintiffs filed a notice of appeal to the United States Court of Appeals for the Eleventh Circuit on November 18, 2020. The appeal is pending. On January 9, 2019, a similar shareholder derivative complaint was filed in the Superior Court of Gwinnett County, Georgia (“State Derivative Action”), which was stayed pending a ruling on motions for summary judgment in the shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed by the parties. On the parties’ joint motion, the court has continued the stay of the State Derivative Action “pending further developments in the first-filed Federal Derivative Action.” The defendants dispute the allegations in the derivative complaints and intend to vigorously defend against the claims. FTC Investigation In October 2017, the Federal Trade Commission (“FTC”) issued a Notice of Civil Investigative Demand to the Company for the production of documentation and a request for responses to written interrogatories. After discussions with the Company, the FTC proposed in October 2019 to resolve potential claims relating 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. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities Foreign Currency Derivatives The Company uses derivatives to facilitate cross-currency corporate payments by writing derivatives within its cross-border solution. The Company writes derivatives, primarily foreign currency forward contracts, and option contracts, 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. For derivatives accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. The Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in cash flows of the related underlying exposures. Any ineffective portion of a financial instrument's change in fair value is immediately recognized in earnings. The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of September 30, 2021 and December 31, 2020 (in millions) is presented in the table below. Notional September 30, 2021 December 31, 2020 Foreign exchange contracts: Swaps $ 1,316.5 $ 684.5 Futures, forwards and spot 7,287.8 5,467.8 Written options 9,004.2 5,578.1 Purchased options 8,316.0 5,195.0 Total $ 25,924.5 $ 16,925.4 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 foreign currency derivatives reported in the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 (in millions): September 30, 2021 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 284.2 $ 249.8 $ 142.0 $ 107.9 Cash collateral 28.9 25.1 28.9 25.1 Total net of cash collateral $ 255.3 $ 224.7 $ 113.1 $ 82.8 December 31, 2020 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 326.1 $ 310.5 $ 155.8 $ 140.3 Cash collateral 18.2 38.6 18.2 38.6 Total net of cash collateral $ 307.9 $ 271.9 $ 137.6 $ 101.7 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 the Consolidated Balance Sheets. The Company receives cash from customers as collateral for trade exposures, which is recorded within cash and cash equivalents and customer deposits 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. The table below 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 September 30, 2021 and December 31, 2020 (in millions). September 30, 2021 December 31, 2020 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 106.4 $ 139.3 Derivative Asset Other noncurrent assets $ 35.6 $ 16.6 Derivative Liability Other current liabilities $ 74.5 $ 127.7 Derivative Liability Other noncurrent liabilities $ 33.4 $ 12.5 Cash Flow Hedges On January 22, 2019, the Company entered into three interest rate swap cash flow contracts (the "swap contracts"). The objective of these swap contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt, the sole source of which is due to changes in the LIBOR benchmark interest rate. As of September 30, 2021, the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions): Notional Amount Fixed Rates Maturity Date Interest Rate Derivative: Interest Rate Swap $ 1,000 2.56% 1/31/2022 Interest Rate Swap 500 2.56% 1/31/2023 Interest Rate Swap 500 2.55% 12/19/2023 For each of these swap contracts, the Company pays a fixed monthly rate and receives one month LIBOR. The table below presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of September 30, 2021 and December 31, 2020 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts. September 30, 2021 December 31, 2020 Balance Sheet Classification Fair Value Derivatives designated as cash flow hedges: Swap contracts Other current liabilities $ 33.0 $ 49.3 Swap contracts Other noncurrent liabilities $ 16.0 $ 38.6 The table below displays the effect of the Company’s derivative financial instruments in the Unaudited Consolidated Statements of Income and Other Comprehensive Income (Loss) for the nine months ended September 30, 2021 and 2020 (in millions): Nine Months Ended 2021 2020 Interest Rate Swaps: Amount of (gain) loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(9.5) million and $24.6 million for 2021 and 2020, respectively $ (29.3) $ 33.5 Amount of loss reclassified from accumulated other comprehensive loss into interest expense $ 37.1 $ 26.9 The estimated net amount of the existing losses expected to be reclassified into earnings within the next 12 months is approximately $33.0 million at September 30, 2021. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (AOCL) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss (AOCL) | Accumulated Other Comprehensive Loss (AOCL) The changes in the components of AOCL for the nine months ended September 30, 2021 and 2020 are as follows (in thousands): September 30, 2021 Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2021 $ (1,296,962) $ (66,196) $ (1,363,158) Other comprehensive income (loss) before reclassifications (102,191) 1,689 (100,502) Amounts reclassified from AOCI — 37,128 37,128 Tax effect — (9,512) (9,512) Other comprehensive income (loss) (102,191) 29,305 (72,886) Balance at September 30, 2021 $ (1,399,153) $ (36,891) $ (1,436,044) September 30, 2020 Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2020 $ (929,713) $ (42,752) $ (972,465) Other comprehensive loss before reclassifications (577,189) (85,033) (662,222) Amounts reclassified from AOCI — 26,949 26,949 Tax effect — 24,602 24,602 Other comprehensive loss (577,189) (33,482) (610,671) Balance at September 30, 2020 $ (1,506,902) $ (76,234) $ (1,583,136) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Throughout this Quarterly Report on Form 10-Q, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of 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. These financial statements were prepared using information reasonably available as of September 30, 2021 and through the date of this Report. 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 these estimates due to the uncertainty around the magnitude and duration of the COVID-19 pandemic, as well as other factors. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. |
Derivatives | Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates and to facilitate cross-currency corporate payments by writing derivatives to customers. The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company hedges a portion of its variable rate debt utilizing derivatives designated as cash flow hedges. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded to the derivative assets/liabilities and offset against accumulated other comprehensive income (loss), net of tax. Derivative fair value changes that are recorded in accumulated other comprehensive income (loss) are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is effective in offsetting the change in cash flows attributable to the hedged risk. The portions of the change in fair value that are either considered ineffective or are excluded from the measure of effectiveness are recognized immediately within earnings. In the Company's cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments. The duration of these derivative contracts at inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The changes in fair value of these derivatives are recorded in revenues, net in the Unaudited Consolidated Statements of Income. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted CashCash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, as well as 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, as well as secure and settle cross-currency transactions. |
Financial Instruments-Credit Losses | Financial Instruments - Credit Losses The Company accounts for financial assets' expected credit losses in accordance with ASC 326. 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. |
Revenue | Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Corporate Payments, Fuel, Lodging, Tolls, as well as Gift (stored value cards and e-cards). 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 solutions. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, represent approximately 75% of total consolidated revenues, net, for both the three and nine months ended September 30, 2021. The Company accounts for revenues comprised of late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. The Company also writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies, and recognizes revenue in accordance with authoritative fair value and derivatives accounting (ASC 815, "Derivatives"). |
Spot Trade Offsetting | Spot Trade OffsettingThe Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. In accordance with ASC Subtopic 210-20, "Offsetting," the Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted 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. |
Adoption of New Accounting Standards and Pending Adoption of Recently Issued Accounting Standard | Adoption of New Accounting Standards Income Taxes On December 18, 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which removes certain exceptions to the general principles of ASC 740 and simplifies other areas. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this guidance on January 1, 2021, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. Pending Adoption of Recently Issued Accounting Standard Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were 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 Company is evaluating the effect of ASU 2020-04 on interest rate swap contracts. Cross currency derivatives are not impacted by this ASU. 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. Early adoption is permitted, including adoption in an interim period. Adoption during an interim period requires retrospective application to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. The Company is evaluating the effect of ASU 2021-08 on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Foreign Exchange Gains/Losses on Long-Term Intra-Equity Transactions | The Company recognized foreign exchange gains (losses), which are recorded within other expense (income), net in the Unaudited Consolidated Statements of Income for the three and nine months ended September 30 as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Foreign exchange (losses) gains $ (1.2) $ 3.7 $ (2.9) $ 3.2 The Company recorded foreign currency gains on long-term intra-entity transactions included as a component of foreign currency translation losses, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30 as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Foreign currency (losses) gains on long-term intra-entity transactions $ (46.0) $ 50.4 $ (20.2) $ 235.8 |
Disaggregation of Revenue | Revenue by solution (in millions) for the three and nine months ended September 30 was as follows: Revenues, net by Solution * Three Months Ended September 30, Nine Months Ended September 30, 2021 % 2020 % 2021 % 2020 % Fuel $ 306.8 41 % $ 255.1 44 % $ 863.8 43 % $ 797.0 45 % Corporate Payments 168.7 22 % 106.5 18 % 425.5 21 % 319.0 18 % Tolls 79.0 10 % 67.6 12 % 219.4 11 % 215.4 12 % Lodging 85.2 11 % 52.9 9 % 206.5 10 % 150.5 8 % Gift 48.6 6 % 39.1 7 % 124.3 6 % 108.0 6 % Other 67.2 9 % 64.1 11 % 192.1 9 % 181.6 10 % Consolidated revenues, net $ 755.5 100 % $ 585.3 100 % $ 2,031.5 100 % $ 1,771.5 100 % *Columns may not calculate due to rounding. Revenue by geography (in millions) for the three and nine months ended September 30 was as follows: Revenues, net by Geography* Three Months Ended September 30, Nine Months Ended September 30, 2021 % 2020 % 2021 % 2020 % United States $ 488.2 65 % $ 357.1 61 % $ 1,271.5 63 % $ 1,089.9 62 % Brazil 94.9 13 % 79.6 14 % 262.5 13 % 253.7 14 % United Kingdom 81.9 11 % 70.2 12 % 241.0 12 % 192.8 11 % Other 90.5 12 % 78.3 13 % 256.5 13 % 235.1 13 % Consolidated revenues, net $ 755.5 100 % $ 585.3 100 % $ 2,031.5 100 % $ 1,771.5 100 % *Columns may not calculate due to rounding. |
Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2021 and December 31, 2020 (in millions): September 30, 2021 December 31, 2020 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 2,337.7 $ (2,235.1) $ 102.6 $ 521.5 $ (478.2) $ 43.3 Liabilities Accounts Payable $ 2,291.6 $ (2,235.1) $ 56.5 $ 527.5 $ (478.2) $ 49.3 September 30, 2021 December 31, 2020 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 106.4 $ 139.3 Derivative Asset Other noncurrent assets $ 35.6 $ 16.6 Derivative Liability Other current liabilities $ 74.5 $ 127.7 Derivative Liability Other noncurrent liabilities $ 33.4 $ 12.5 |
Schedule of Derivative Liabilities at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2021 and December 31, 2020 (in millions): September 30, 2021 December 31, 2020 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 2,337.7 $ (2,235.1) $ 102.6 $ 521.5 $ (478.2) $ 43.3 Liabilities Accounts Payable $ 2,291.6 $ (2,235.1) $ 56.5 $ 527.5 $ (478.2) $ 49.3 September 30, 2021 December 31, 2020 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 106.4 $ 139.3 Derivative Asset Other noncurrent assets $ 35.6 $ 16.6 Derivative Liability Other current liabilities $ 74.5 $ 127.7 Derivative Liability Other noncurrent liabilities $ 33.4 $ 12.5 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Company's Accounts Receivable and Securitized Accounts Receivable | The Company's accounts and securitized accounts receivable include the following at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Gross domestic accounts receivable $ 1,204,323 $ 719,675 Gross domestic securitized accounts receivable 1,098,000 700,000 Gross foreign receivables 957,924 733,986 Total gross receivables 3,260,247 2,153,661 Less allowance for credit losses (90,724) (86,886) Net accounts and securitized accounts receivable $ 3,169,523 $ 2,066,775 |
Allowance for Doubtful Accounts Related to Accounts Receivable | A rollforward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30 is as follows (in thousands): 2021 2020 Allowance for credit losses beginning of period $ 86,886 $ 70,890 Provision for credit losses 19,419 152,485 Write-offs (24,563) (138,939) Recoveries 11,519 7,861 Impact of foreign currency (2,537) (8,415) Allowance for credit losses end of period $ 90,724 $ 83,882 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 value on a recurring basis at September 30, 2021 and December 31, 2020 (in thousands): Fair Value Level 1 Level 2 Level 3 September 30, 2021 Assets: Repurchase agreements $ 509,186 $ — $ 509,186 $ — Money market 43,275 — 43,275 — Certificates of deposit 773 — 773 — Foreign exchange contracts 142,007 — 142,007 — Total assets $ 695,241 $ — $ 695,241 $ — Cash collateral for foreign exchange contracts $ 28,912 $ — $ — $ — Liabilities: Interest rate swaps $ 49,057 $ — $ 49,057 — Foreign exchange contracts 107,942 — 107,942 — Total liabilities $ 156,999 $ — $ 156,999 $ — Cash collateral obligation for foreign exchange contracts $ 25,056 $ — $ — $ — December 31, 2020 Assets: Repurchase agreements $ 446,116 $ — $ 446,116 $ — Money market 48,227 — 48,227 — Certificates of deposit 188 — 188 — Foreign exchange contracts 155,846 — 155,846 — Total assets $ 650,377 $ — $ 650,377 $ — Cash collateral for foreign exchange contracts $ 18,229 $ — $ — $ — Liabilities: Interest rate swaps $ 87,873 $ — $ 87,873 $ — Foreign exchange contracts 140,272 — 140,272 — Total liabilities $ 228,145 $ — $ 228,145 $ — Cash collateral obligation for foreign exchange contracts $ 38,569 $ — $ — $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Expense Related to Share-Based Payments | The table below summarizes the expense related to share-based payments recognized in the three and nine months ended September 30 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock options $ 3,792 $ 5,294 $ 13,394 $ 18,069 Restricted stock 12,661 6,610 38,691 16,999 Stock-based compensation $ 16,453 $ 11,904 $ 52,085 $ 35,069 |
Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation | The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of September 30, 2021 (cost in thousands): Unrecognized Weighted Average Stock options $ 95,662 1.79 Restricted stock 40,650 0.94 Total $ 136,312 |
Summary of Changes in Number of Shares of Common Stock Under Option | The following summarizes the changes in the number of shares of common stock under option for the nine months ended September 30, 2021 (shares/options 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 1,081 261.27 $ 66.87 Exercised (585) 81.05 109,727 Forfeited (20) 231.52 Outstanding at September 30, 2021 5,440 $ 176.24 3,765 $ 144.74 $ 463,948 Expected to vest as of September 30, 2021 1,675 $ 247.05 |
Schedule of Weighted-Average Assumptions | The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model, as well as the Monte-Carlo simulation model for market-based options, with the following weighted-average assumptions for grants or modifications during the nine months ended September 30, 2021 and 2020: September 30, 2021 2020 Risk-free interest rate 0.55 % 0.38 % Dividend yield — — Expected volatility 35.75 % 30.91 % Expected life (in years) 3.4 3.9 |
Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units | The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the nine months ended September 30, 2021 (shares in thousands): Shares Weighted Outstanding at December 31, 2020 174 $ 265.29 Granted 213 272.83 Vested (72) 258.16 Canceled or forfeited (29) 283.14 Outstanding at September 30, 2021 286 $ 278.40 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Acquisition Accounting | The following table summarizes the preliminary acquisition accounting for ALE (in thousands): Current assets $ 144,584 Long term assets 9,582 Goodwill 142,848 Intangibles 174,592 Current liabilities (36,657) Noncurrent liabilities (8,479) Aggregate purchase price $ 426,470 Trade and other receivables $ 8,159 Prepaid expenses and other current assets 108,402 Property, plant and equipment 1,723 Other long term assets 50,912 Goodwill 254,664 Intangibles 242,100 Accounts payable and accrued expenses (39,272) Other current liabilities (81,430) Customer deposits (375,049) Other noncurrent liabilities (100,265) Aggregate purchase price $ 69,944 The following table summarizes the preliminary acquisition accounting for Roger (in thousands): Accounts and other receivables $ 110 Prepaid expenses and other current assets 37 Other assets 28 Goodwill 35,676 Other intangibles 5,400 Current liabilities (925) Deferred income taxes (1,323) Aggregate purchase price $ 39,003 The following table summarizes the acquisition accounting (in thousands): Accounts and other receivables $ 4,975 Prepaid expenses and other current assets 145 Property and equipment 3,178 Other assets 1,049 Goodwill 28,038 Other intangibles 42,144 Current liabilities (1,147) Deferred income taxes (782) Aggregate purchase price $ 77,600 |
Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives | The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Name and Trademarks 2 $ 5,400 Licensed Software and Technology 20 2,600 Proprietary Technology 4 11,800 Supplier Network 20 1,800 Customer Relationships 10 220,500 $ 242,100 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 Proprietary Technology 10 $ 4,800 Customer Relationships 9 600 $ 5,400 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 Name and Trademarks 5 $ 2,161 Licensed Software and Technology 10 4,400 Proprietary Technology 5 8,400 Supplier Network 10 783 Customer Relationships 16 26,400 $ 42,144 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill by Reportable Business Segment | A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands): December 31, 2020 Acquisitions Acquisition Accounting Foreign September 30, 2021 Segment North America $ 3,400,772 $ 442,946 $ (9,360) $ (9,453) $ 3,824,905 Brazil 585,861 — — (25,308) 560,553 International 732,548 — (1,294) (14,449) 716,805 $ 4,719,181 $ 442,946 $ (10,654) $ (49,210) $ 5,102,263 |
Schedule of Other Intangible Assets | As of September 30, 2021 and December 31, 2020, other intangibles consisted of the following (in thousands): September 30, 2021 December 31, 2020 Weighted- Gross Accumulated Net Gross Accumulated Net Customer and vendor relationships 15.9 $ 2,959,128 $ (1,127,206) $ 1,831,922 $ 2,671,104 $ (1,105,702) $ 1,565,402 Trade names and trademarks—indefinite lived N/A 450,203 — 450,203 475,376 — 475,376 Trade names and trademarks—other 6.3 12,084 (4,424) 7,660 7,041 (3,431) 3,610 Software 5.6 258,917 (193,658) 65,259 248,686 (194,187) 54,499 Non-compete agreements 3.9 60,360 (45,947) 14,413 65,804 (48,809) 16,995 Total other intangibles $ 3,740,692 $ (1,371,235) $ 2,369,457 $ 3,468,011 $ (1,352,129) $ 2,115,882 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt Instruments | The Company’s debt instruments consist primarily of term loans, revolving lines of credit and a Securitization Facility as follows (in thousands): September 30, 2021 December 31, 2020 Term Loan A note payable (a), net of discounts $ 2,802,894 $ 2,922,042 Term Loan B note payable (a), net of discounts 1,133,791 337,347 Revolving line of credit A Facility (a) 460,000 280,000 Revolving line of credit B Facility (a) 175,000 13,650 Revolving line of credit B Facility —foreign swing line (a) — 50,028 Other obligations (c) 21,693 29,556 Total notes payable and other obligations $ 4,593,378 $ 3,632,623 Securitization Facility (b) 1,098,000 700,000 Total notes payable, credit agreements and Securitization Facility $ 5,691,378 $ 4,332,623 Current portion $ 1,901,397 $ 1,205,697 Long-term portion 3,789,981 3,126,926 Total notes payable, credit agreements and Securitization Facility $ 5,691,378 $ 4,332,623 ______________________ (a) The Company has a Credit Agreement that provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $1.150 billion as of September 30, 2021. The revolving credit facility consists of (a) a revolving A credit facility in the amount of $800 million, with sublimits for letters of credit and swing line loans, (b) a revolving B facility in the amount of $450 million with borrowings in U.S. dollars, euros, British pounds, Japanese yen or other currency as agreed in advance, and a sublimit for swing line loans, and (c) a revolving C facility in the amount of $35 million for borrowings in U.S. dollars, Australian dollars or New Zealand dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolving A or revolving B facility debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. The maturity date for the term loan A and revolving facilities is December 19, 2023. On April 30, 2021, the Company entered into the ninth amendment to the Credit Agreement. The amendment provided for a new seven-year $1.15 billion term loan B. The existing term loan B was paid off with proceeds from the new term loan B. The new term loan B has a maturity date of April 30, 2028, and interest rates remain unchanged. Interest on amounts outstanding under the Credit Agreement (other than the term loan B) accrues based on the British Bankers Association LIBOR Rate (the "Eurocurrency Rate"), plus a margin based on a leverage ratio, or at our option, the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) the Eurocurrency Rate plus 1.00%) plus a margin based on a leverage ratio. Interest on the term loan B facility accrues based on the Eurocurrency Rate plus 1.75% for Eurocurrency Loans or the Base Rate plus 0.75% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the Credit Facility. At September 30, 2021, the interest rate on the term loan A was 1.58%, the interest rate on the term loan B was 1.83%, the interest rate on the revolving A facility and the revolving B facility USD Borrowings was 1.58%. The unused credit facility fee was 0.30% at September 30, 2021. (b) The Company is party to a $1.3 billion Securitization Facility. On September 15, 2021, the Company entered into the ninth amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.0 billion to $1.3 billion. There is a program fee equal to one month LIBOR plus 1.00% or the Commercial Paper Rate plus 0.90% as of September 30, 2021, and one month LIBOR plus 1.25% or the Commercial Paper Rate plus 1.15% as of December 31, 2020. The program fee was 0.98% plus 0.09% as of September 30, 2021 and 1.23% plus 0.34% as of December 31, 2020. The unused facility fee is payable at a rate of 0.40% per annum as of September 30, 2021 and December 31, 2020. We have unamortized debt issuance costs of $2.8 million and $1.4 million related to the Securitization Facility as of September 30, 2021 and December 31, 2020, respectively, recorded within other assets in the Unaudited Consolidated Balance Sheets. On March 29, 2021, the Company entered into the eighth amendment to the Securitization Facility. The amendment included a new three (c) Other obligations includes the long-term portion of deferred payments associated with business acquisitions and deferred revenue. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
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 2021 and 2020 to income before income taxes for the three months ended September 30, 2021 and 2020 due to the following (in thousands): 2021 2020 Computed “expected” tax expense $ 64,706 21.0 % $ 49,436 21.0 % Changes resulting from: Foreign income tax differential (2,692) (0.9) % (3,364) (1.4) % Excess tax benefit related to stock-based compensation (5,044) (1.6) % (13,449) (5.7) % State taxes net of federal benefits 4,927 1.6 % 786 0.3 % Foreign withholding 3,304 1.1 % 3,764 1.6 % GILTI, net of foreign tax credits 1,907 0.6 % 2,341 1.0 % Foreign sourced non taxable income 81 — % 2,416 1.0 % Stock-based compensation 1,043 0.3 % 355 0.2 % Sub-part F Income 2,139 0.7 % 1,746 0.7 % Other 3,746 1.3 % 2,562 1.1 % Provision for income taxes $ 74,115 24.1 % $ 46,593 19.8 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 three and nine months ended September 30, 2021 and 2020 is as follows (in thousands, except per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income $ 234,007 $ 188,817 $ 614,493 $ 494,365 Denominator for basic earnings per share 81,836 83,719 82,811 84,170 Dilutive securities 1,880 2,554 2,106 2,836 Denominator for diluted earnings per share 83,716 86,273 84,917 87,006 Basic earnings per share $ 2.86 $ 2.26 $ 7.42 $ 5.87 Diluted earnings per share $ 2.80 $ 2.19 $ 7.24 $ 5.68 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Company's Segment Results | The Company’s segment results are as follows for the three and nine month periods ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 1 2020 2021 1 2020 Revenues, net: North America $ 520,535 $ 383,828 $ 1,366,167 $ 1,175,950 Brazil 94,888 79,596 262,481 253,722 International 140,054 121,859 402,833 341,850 $ 755,477 $ 585,283 $ 2,031,481 $ 1,771,522 Operating income: North America $ 213,379 $ 153,328 $ 554,607 $ 372,219 Brazil 39,868 35,600 105,424 104,462 International 85,440 75,604 242,233 201,645 $ 338,687 $ 264,532 $ 902,264 $ 678,326 Depreciation and amortization: North America $ 49,005 $ 39,390 $ 133,420 $ 115,913 Brazil 12,910 12,260 38,091 39,019 International 12,322 11,829 37,673 35,185 $ 74,237 $ 63,479 $ 209,184 $ 190,117 Capital expenditures: North America $ 17,572 $ 12,053 $ 44,427 $ 35,590 Brazil 5,795 3,501 15,580 10,309 International 5,323 2,595 14,448 9,120 $ 28,690 $ 18,149 $ 74,455 $ 55,019 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020 (in millions) is presented in the table below. Notional September 30, 2021 December 31, 2020 Foreign exchange contracts: Swaps $ 1,316.5 $ 684.5 Futures, forwards and spot 7,287.8 5,467.8 Written options 9,004.2 5,578.1 Purchased options 8,316.0 5,195.0 Total $ 25,924.5 $ 16,925.4 Notional Amount Fixed Rates Maturity Date Interest Rate Derivative: Interest Rate Swap $ 1,000 2.56% 1/31/2022 Interest Rate Swap 500 2.56% 1/31/2023 Interest Rate Swap 500 2.55% 12/19/2023 |
Schedule of Derivative Assets at Fair Value | The following table summarizes the fair value of foreign currency derivatives reported in the Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 (in millions): September 30, 2021 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 284.2 $ 249.8 $ 142.0 $ 107.9 Cash collateral 28.9 25.1 28.9 25.1 Total net of cash collateral $ 255.3 $ 224.7 $ 113.1 $ 82.8 December 31, 2020 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives - undesignated: Foreign exchange contracts $ 326.1 $ 310.5 $ 155.8 $ 140.3 Cash collateral 18.2 38.6 18.2 38.6 Total net of cash collateral $ 307.9 $ 271.9 $ 137.6 $ 101.7 |
Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2021 and December 31, 2020 (in millions): September 30, 2021 December 31, 2020 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 2,337.7 $ (2,235.1) $ 102.6 $ 521.5 $ (478.2) $ 43.3 Liabilities Accounts Payable $ 2,291.6 $ (2,235.1) $ 56.5 $ 527.5 $ (478.2) $ 49.3 September 30, 2021 December 31, 2020 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 106.4 $ 139.3 Derivative Asset Other noncurrent assets $ 35.6 $ 16.6 Derivative Liability Other current liabilities $ 74.5 $ 127.7 Derivative Liability Other noncurrent liabilities $ 33.4 $ 12.5 |
Schedule of Derivative Liabilities at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2021 and December 31, 2020 (in millions): September 30, 2021 December 31, 2020 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 2,337.7 $ (2,235.1) $ 102.6 $ 521.5 $ (478.2) $ 43.3 Liabilities Accounts Payable $ 2,291.6 $ (2,235.1) $ 56.5 $ 527.5 $ (478.2) $ 49.3 September 30, 2021 December 31, 2020 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 106.4 $ 139.3 Derivative Asset Other noncurrent assets $ 35.6 $ 16.6 Derivative Liability Other current liabilities $ 74.5 $ 127.7 Derivative Liability Other noncurrent liabilities $ 33.4 $ 12.5 |
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 accompanying Consolidated Balance Sheets, as of September 30, 2021 and December 31, 2020 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts. September 30, 2021 December 31, 2020 Balance Sheet Classification Fair Value Derivatives designated as cash flow hedges: Swap contracts Other current liabilities $ 33.0 $ 49.3 Swap contracts Other noncurrent liabilities $ 16.0 $ 38.6 |
Derivative Instruments, Gain (Loss) | The table below displays the effect of the Company’s derivative financial instruments in the Unaudited Consolidated Statements of Income and Other Comprehensive Income (Loss) for the nine months ended September 30, 2021 and 2020 (in millions): Nine Months Ended 2021 2020 Interest Rate Swaps: Amount of (gain) loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(9.5) million and $24.6 million for 2021 and 2020, respectively $ (29.3) $ 33.5 Amount of loss reclassified from accumulated other comprehensive loss into interest expense $ 37.1 $ 26.9 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (AOCL) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCL for the nine months ended September 30, 2021 and 2020 are as follows (in thousands): September 30, 2021 Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2021 $ (1,296,962) $ (66,196) $ (1,363,158) Other comprehensive income (loss) before reclassifications (102,191) 1,689 (100,502) Amounts reclassified from AOCI — 37,128 37,128 Tax effect — (9,512) (9,512) Other comprehensive income (loss) (102,191) 29,305 (72,886) Balance at September 30, 2021 $ (1,399,153) $ (36,891) $ (1,436,044) September 30, 2020 Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2020 $ (929,713) $ (42,752) $ (972,465) Other comprehensive loss before reclassifications (577,189) (85,033) (662,222) Amounts reclassified from AOCI — 26,949 26,949 Tax effect — 24,602 24,602 Other comprehensive loss (577,189) (33,482) (610,671) Balance at September 30, 2020 $ (1,506,902) $ (76,234) $ (1,583,136) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Foreign currency gains (losses) | $ (1.2) | $ 3.7 | $ (2.9) | $ 3.2 |
Foreign currency (losses) gains on long-term intra-entity transactions | ||||
Related Party Transaction [Line Items] | ||||
Foreign currency gains (losses) | $ (46) | $ 50.4 | $ (20.2) | $ 235.8 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Deferred revenue contract liabilities | $ 59.6 | $ 59.6 | $ 73 |
Deferred revenue recognized | $ 35.2 | ||
Contracts with customers | Sales Revenue | Customer Concentration Risk | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Consolidated revenues, net (percent) | 75.00% | 75.00% | |
Maximum | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Derivative term of contract | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenues to be recognized | $ 37.9 | $ 37.9 | |
Revenues to be recognized, period | 12 months | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenues to be recognized | $ 21.7 | $ 21.7 | |
Revenues to be recognized, period | 5 years | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 755,477 | $ 585,283 | $ 2,031,481 | $ 1,771,522 |
Sales Revenue | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 100.00% | 100.00% | 100.00% | 100.00% |
Sales Revenue | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 100.00% | 100.00% | 100.00% | 100.00% |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 488,200 | $ 357,100 | $ 1,271,500 | $ 1,089,900 |
United States | Sales Revenue | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 65.00% | 61.00% | 63.00% | 62.00% |
Brazil | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 94,900 | $ 79,600 | $ 262,500 | $ 253,700 |
Brazil | Sales Revenue | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 13.00% | 14.00% | 13.00% | 14.00% |
United Kingdom | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 81,900 | $ 70,200 | $ 241,000 | $ 192,800 |
United Kingdom | Sales Revenue | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 11.00% | 12.00% | 12.00% | 11.00% |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 90,500 | $ 78,300 | $ 256,500 | $ 235,100 |
Other | Sales Revenue | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 12.00% | 13.00% | 13.00% | 13.00% |
Fuel | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 306,800 | $ 255,100 | $ 863,800 | $ 797,000 |
Fuel | Sales Revenue | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 41.00% | 44.00% | 43.00% | 45.00% |
Corporate Payments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 168,700 | $ 106,500 | $ 425,500 | $ 319,000 |
Corporate Payments | Sales Revenue | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 22.00% | 18.00% | 21.00% | 18.00% |
Tolls | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 79,000 | $ 67,600 | $ 219,400 | $ 215,400 |
Tolls | Sales Revenue | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 10.00% | 12.00% | 11.00% | 12.00% |
Lodging | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 85,200 | $ 52,900 | $ 206,500 | $ 150,500 |
Lodging | Sales Revenue | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 11.00% | 9.00% | 10.00% | 8.00% |
Gift | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 48,600 | $ 39,100 | $ 124,300 | $ 108,000 |
Gift | Sales Revenue | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 6.00% | 7.00% | 6.00% | 6.00% |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 67,200 | $ 64,100 | $ 192,100 | $ 181,600 |
Other | Sales Revenue | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues, net (percent) | 9.00% | 11.00% | 9.00% | 10.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - Spot Trade - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable | ||
Assets: | ||
Gross | $ 2,337.7 | $ 521.5 |
Offset on the Balance Sheet | (2,235.1) | (478.2) |
Net | 102.6 | 43.3 |
Accounts Payable | ||
Liabilities: | ||
Gross Liabilities | 2,291.6 | 527.5 |
Offset on the Balance Sheet | (2,235.1) | (478.2) |
Net | $ 56.5 | $ 49.3 |
Accounts and Other Receivable_2
Accounts and Other Receivables - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | $ 3,260,247 | $ 2,153,661 | ||
Less allowance for credit losses | (90,724) | (86,886) | $ (83,882) | $ (70,890) |
Net accounts and securitized accounts receivable | 3,169,523 | 2,066,775 | ||
Gross domestic accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | 1,204,323 | 719,675 | ||
Gross domestic securitized accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | 1,098,000 | 700,000 | ||
Gross foreign receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | $ 957,924 | $ 733,986 |
Accounts and Other Receivable_3
Accounts and Other Receivables - Additional Information (Details) - USD ($) $ in Thousands | Mar. 29, 2021 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 15, 2021 | Sep. 14, 2021 | Mar. 28, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Provision for credit losses | $ 19,419 | $ 152,485 | ||||||
Gross foreign receivables | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Provision for credit losses | $ 90,100 | |||||||
Securitization Facility | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Securitized accounts receivable facility | $ 1,300,000 | $ 1,300,000 | $ 1,000,000 | |||||
Maturity term | 3 years | |||||||
Securitization Facility | London Interbank Offered Rate (LIBOR) | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Basis spread on variable rate (percent) | 0.00% | 1.25% | ||||||
Securitization Facility | Swingline Facility | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Securitized accounts receivable facility | $ 250,000 | $ 100,000 |
Accounts and Other Receivable_4
Accounts and Other Receivables - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses beginning of period | $ 86,886 | $ 70,890 |
Provision for credit losses | 19,419 | 152,485 |
Write-offs | (24,563) | (138,939) |
Recoveries | 11,519 | 7,861 |
Impact of foreign currency | (2,537) | (8,415) |
Allowance for credit losses end of period | $ 90,724 | $ 83,882 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Total assets | $ 695,241 | $ 650,377 |
Liabilities: | ||
Total liabilities | 156,999 | 228,145 |
Carrying amount of investments without readily determinable fair value | 11,900 | |
Foreign exchange contracts | ||
Assets: | ||
Foreign exchange contracts | 142,007 | 155,846 |
Cash collateral for foreign exchange contracts | 28,912 | 18,229 |
Liabilities: | ||
Derivative Liability | 107,942 | 140,272 |
Cash collateral obligation for foreign exchange contracts | 25,056 | 38,569 |
Interest rate swaps | ||
Liabilities: | ||
Derivative Liability | 49,057 | 87,873 |
Repurchase agreements | ||
Assets: | ||
Cash and cash equivalents | 509,186 | 446,116 |
Money market | ||
Assets: | ||
Cash and cash equivalents | 43,275 | 48,227 |
Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 773 | 188 |
Level 1 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 | Foreign exchange contracts | ||
Assets: | ||
Foreign exchange contracts | 0 | 0 |
Cash collateral for foreign exchange contracts | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Cash collateral obligation for foreign exchange contracts | 0 | 0 |
Level 1 | Interest rate swaps | ||
Liabilities: | ||
Derivative Liability | 0 | 0 |
Level 1 | Repurchase agreements | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Level 1 | Money market | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Level 1 | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Level 2 | ||
Assets: | ||
Total assets | 695,241 | 650,377 |
Liabilities: | ||
Total liabilities | 156,999 | 228,145 |
Level 2 | Foreign exchange contracts | ||
Assets: | ||
Foreign exchange contracts | 142,007 | 155,846 |
Cash collateral for foreign exchange contracts | 0 | 0 |
Liabilities: | ||
Derivative Liability | 107,942 | 140,272 |
Cash collateral obligation for foreign exchange contracts | 0 | 0 |
Level 2 | Interest rate swaps | ||
Liabilities: | ||
Derivative Liability | 49,057 | 87,873 |
Level 2 | Repurchase agreements | ||
Assets: | ||
Cash and cash equivalents | 509,186 | 446,116 |
Level 2 | Money market | ||
Assets: | ||
Cash and cash equivalents | 43,275 | 48,227 |
Level 2 | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | 773 | 188 |
Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 3 | Foreign exchange contracts | ||
Assets: | ||
Foreign exchange contracts | 0 | 0 |
Cash collateral for foreign exchange contracts | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Cash collateral obligation for foreign exchange contracts | 0 | 0 |
Level 3 | Interest rate swaps | ||
Liabilities: | ||
Derivative Liability | 0 | 0 |
Level 3 | Repurchase agreements | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Level 3 | Money market | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Level 3 | Certificates of deposit | ||
Assets: | ||
Cash and cash equivalents | $ 0 | $ 0 |
Stockholders' Equity - Repurcha
Stockholders' Equity - Repurchase Program (Details) - USD ($) $ in Thousands | 3 Months Ended | 68 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Jul. 27, 2021 | |
Class of Stock [Line Items] | ||||||||
Shares repurchased | $ 405,692 | $ 246,203 | $ 170,382 | $ 238,396 | $ 32,230 | $ 530,237 | ||
Program | ||||||||
Class of Stock [Line Items] | ||||||||
Shares repurchased (in shares) | 17,742,577 | |||||||
Shares repurchased | $ 3,900,000 | |||||||
Remaining authorized repurchase amount | $ 1,200,000 | $ 1,200,000 | ||||||
Program | Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Increase in authorized amount to be repurchased | $ 1,000,000 | |||||||
Stock repurchase program, approved amount | $ 5,100,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Expense Related to Share-Based Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 16,453 | $ 11,904 | $ 52,085 | $ 35,069 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 3,792 | 5,294 | 13,394 | 18,069 |
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 12,661 | $ 6,610 | $ 38,691 | $ 16,999 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Tax benefits recorded on stock based compensation | $ 33.2 | $ 52.1 |
Aggregate intrinsic value of options exercisable | $ 439 | |
Weighted average remaining contractual term of options exercisable (in years) | 4 years 6 months | |
Minimum | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period of vesting provisions (in years) | 1 year | |
Minimum | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period of vesting provisions (in years) | 1 year | |
Maximum | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period of vesting provisions (in years) | 5 years | |
Maximum | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period of vesting provisions (in years) | 4 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 136,312 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 95,662 |
Weighted Average Period of Expense Recognition (in Years) | 1 year 9 months 14 days |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 40,650 |
Weighted Average Period of Expense Recognition (in Years) | 11 months 8 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Shares | ||
Shares at beginning of period (in shares) | 4,964 | |
Granted (in shares) | 1,081 | |
Exercised (in shares) | (585) | |
Forfeited (in shares) | (20) | |
Shares at end of period (in shares) | 5,440 | |
Weighted Average Exercise Price | ||
Weighted average exercise price, beginning of period (in dollars per share) | $ 146.69 | |
Weighted average exercise price, granted (in dollars per share) | 261.27 | |
Weighted average exercise price, exercised (in dollars per share) | 81.05 | |
Weighted average exercise price, forfeited (in dollars per share) | 231.52 | |
Weighted average exercise price, end of period (in dollars per share) | $ 176.24 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Expected to vest (in shares) | 1,675 | |
Weighted average exercise price, expected to vest (in dollars per share) | $ 247.05 | |
Options exercisable (in shares) | 3,765 | 3,994 |
Weighted average exercise price of exercisable options (in dollars per share) | $ 144.74 | $ 130.37 |
Weighted average exercise price of granted options (in dollars per share) | $ 66.87 | |
Aggregate intrinsic value | $ 463,948 | $ 626,107 |
Aggregate intrinsic value, exercised | $ 109,727 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Weighted-Average Assumptions (Details) - Stock options | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.55% | 0.38% |
Dividend yield | 0.00% | 0.00% |
Expected volatility rate | 35.75% | 30.91% |
Expected life (in years) | 3 years 4 months 24 days | 3 years 10 months 24 days |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Shares | |
Shares outstanding, beginning of period (in shares) | shares | 174 |
Granted (in shares) | shares | 213 |
Vested (in shares) | shares | (72) |
Canceled or forfeited (in shares) | shares | (29) |
Shares outstanding, end of period (in shares) | shares | 286 |
Weighted Average Grant Date Fair Value | |
Weighted average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 265.29 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 272.83 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 258.16 |
Weighted average grant date fair value, canceled or forfeited (in dollars per share) | $ / shares | 283.14 |
Weighted average grant date fair value, end of period (in dollars per share) | $ / shares | $ 278.40 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | Sep. 01, 2021 | Jun. 01, 2021 | Jan. 13, 2021 | Aug. 10, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Business Acquisition [Line Items] | ||||||
Acquisitions, net of cash acquired | $ 545,052 | $ 72,557 | ||||
ALE Solutions, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Acquisitions, net of cash acquired | $ 426,500 | |||||
Associated Foreign Exchange | ||||||
Business Acquisition [Line Items] | ||||||
Acquisitions, net of cash acquired | $ 69,900 | |||||
Aggregate purchase price | 459,000 | |||||
Cash acquired from acquisition | 210,300 | |||||
Restricted cash | 178,700 | |||||
Finite-lived intangible assets | $ 4,100 | |||||
Roger | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 39,000 | |||||
Other Businesses | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 4,400 | |||||
Business in the Lodging Space | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 77,600 | |||||
Finite-lived intangible assets | $ 3,800 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 01, 2021 | Jun. 01, 2021 | Jan. 13, 2021 | Dec. 31, 2020 | Aug. 10, 2020 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 5,102,263 | $ 4,719,181 | ||||
ALE Solutions, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | $ 144,584 | |||||
Long term assets | 9,582 | |||||
Goodwill | 142,848 | |||||
Intangibles | 174,592 | |||||
Current liabilities | (36,657) | |||||
Noncurrent liabilities | (8,479) | |||||
Aggregate purchase price | $ 426,470 | |||||
Associated Foreign Exchange | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 254,664 | |||||
Intangibles | 242,100 | |||||
Accounts and other receivables | 8,159 | |||||
Prepaid expenses and other current assets | 108,402 | |||||
Property and equipment | 1,723 | |||||
Other long term assets | 50,912 | |||||
Accounts payable and accrued expenses | (39,272) | |||||
Other current liabilities | (81,430) | |||||
Customer deposits | (375,049) | |||||
Other noncurrent liabilities | (100,265) | |||||
Aggregate purchase price | $ 69,944 | |||||
Roger | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 35,676 | |||||
Intangibles | 5,400 | |||||
Current liabilities | (925) | |||||
Accounts and other receivables | 110 | |||||
Prepaid expenses and other current assets | 37 | |||||
Other long term assets | 28 | |||||
Deferred income taxes | (1,323) | |||||
Aggregate purchase price | $ 39,003 | |||||
Business in the Lodging Space | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 28,038 | |||||
Intangibles | 42,144 | |||||
Current liabilities | (1,147) | |||||
Accounts and other receivables | 4,975 | |||||
Prepaid expenses and other current assets | 145 | |||||
Property and equipment | 3,178 | |||||
Other long term assets | 1,049 | |||||
Deferred income taxes | (782) | |||||
Aggregate purchase price | $ 77,600 |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Details) - USD ($) $ in Thousands | Jun. 01, 2021 | Jan. 13, 2021 | Aug. 10, 2020 | Sep. 30, 2021 |
Trade Name and Trademarks | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 6 years 3 months 18 days | |||
Associated Foreign Exchange | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | $ 242,100 | |||
Associated Foreign Exchange | Trade Name and Trademarks | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 2 years | |||
Finite-lived intangible assets | $ 5,400 | |||
Associated Foreign Exchange | Licensed Software and Technology | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 20 years | |||
Finite-lived intangible assets | $ 2,600 | |||
Associated Foreign Exchange | Proprietary Technology | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 4 years | |||
Finite-lived intangible assets | $ 11,800 | |||
Associated Foreign Exchange | Supplier Network | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 20 years | |||
Finite-lived intangible assets | $ 1,800 | |||
Associated Foreign Exchange | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 10 years | |||
Finite-lived intangible assets | $ 220,500 | |||
Roger | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | $ 5,400 | |||
Roger | Proprietary Technology | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 10 years | |||
Finite-lived intangible assets | $ 4,800 | |||
Roger | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 9 years | |||
Finite-lived intangible assets | $ 600 | |||
Business in the Lodging Space | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | $ 42,144 | |||
Business in the Lodging Space | Trade Name and Trademarks | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 5 years | |||
Finite-lived intangible assets | $ 2,161 | |||
Business in the Lodging Space | Licensed Software and Technology | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 10 years | |||
Finite-lived intangible assets | $ 4,400 | |||
Business in the Lodging Space | Proprietary Technology | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 5 years | |||
Finite-lived intangible assets | $ 8,400 | |||
Business in the Lodging Space | Supplier Network | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 10 years | |||
Finite-lived intangible assets | $ 783 | |||
Business in the Lodging Space | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Useful Lives (in Years) | 16 years | |||
Finite-lived intangible assets | $ 26,400 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Summary of Changes in Goodwill by Reportable Business Segment (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 4,719,181 |
Acquisitions | 442,946 |
Acquisition Accounting Adjustments | (10,654) |
Foreign Currency | (49,210) |
Goodwill, ending balance | 5,102,263 |
North America | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 3,400,772 |
Acquisitions | 442,946 |
Acquisition Accounting Adjustments | (9,360) |
Foreign Currency | (9,453) |
Goodwill, ending balance | 3,824,905 |
Brazil | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 585,861 |
Acquisitions | 0 |
Acquisition Accounting Adjustments | 0 |
Foreign Currency | (25,308) |
Goodwill, ending balance | 560,553 |
International | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 732,548 |
Acquisitions | 0 |
Acquisition Accounting Adjustments | (1,294) |
Foreign Currency | (14,449) |
Goodwill, ending balance | $ 716,805 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Schedule of Other Intangibles (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amounts | $ 3,740,692 | $ 3,468,011 |
Accumulated Amortization | (1,371,235) | (1,352,129) |
Net Carrying Amount | 2,369,457 | 2,115,882 |
Trade names and trademarks—indefinite lived | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amounts | 450,203 | 475,376 |
Net Carrying Amount | $ 450,203 | 475,376 |
Customer and vendor relationships | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Lives (Years) | 15 years 10 months 24 days | |
Gross Carrying Amounts | $ 2,959,128 | 2,671,104 |
Accumulated Amortization | (1,127,206) | (1,105,702) |
Net Carrying Amount | $ 1,831,922 | 1,565,402 |
Trade names and trademarks—other | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Lives (Years) | 6 years 3 months 18 days | |
Gross Carrying Amounts | $ 12,084 | 7,041 |
Accumulated Amortization | (4,424) | (3,431) |
Net Carrying Amount | $ 7,660 | 3,610 |
Software | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Lives (Years) | 5 years 7 months 6 days | |
Gross Carrying Amounts | $ 258,917 | 248,686 |
Accumulated Amortization | (193,658) | (194,187) |
Net Carrying Amount | $ 65,259 | 54,499 |
Non-compete agreements | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Lives (Years) | 3 years 10 months 24 days | |
Gross Carrying Amounts | $ 60,360 | 65,804 |
Accumulated Amortization | (45,947) | (48,809) |
Net Carrying Amount | $ 14,413 | $ 16,995 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impact of foreign exchange rates on intangible assets | $ 25.7 | |
Amortization expense of intangible assets | $ 151.2 | $ 138.8 |
Debt - Summary of Debt Instrume
Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Other obligations | $ 21,693 | $ 29,556 |
Total notes payable and other obligations | 4,593,378 | 3,632,623 |
Securitization facility | 1,098,000 | 700,000 |
Total notes payable, credit agreements and Securitization Facility | 5,691,378 | 4,332,623 |
Current portion | 1,901,397 | 1,205,697 |
Long-term portion | 3,789,981 | 3,126,926 |
Term Loan A | ||
Debt Instrument [Line Items] | ||
Term note payable—domestic, net of discounts | 2,802,894 | 2,922,042 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Term note payable—domestic, net of discounts | 1,133,791 | 337,347 |
Revolving line of credit A Facility | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 460,000 | 280,000 |
Revolving line of credit B Facility | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 175,000 | 13,650 |
Revolving line of credit B Facility - foreign swing line | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | $ 0 | $ 50,028 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | Apr. 30, 2021USD ($) | Mar. 29, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 15, 2021USD ($) | Sep. 14, 2021USD ($) | Mar. 28, 2021USD ($) | Jan. 22, 2019USD ($) |
Securitization Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,300 | $ 1,300 | $ 1,000 | |||||
Maturity term | 3 years | |||||||
Unused facility fee, as percentage of unused portion | 0.40% | 0.40% | ||||||
Program fee rate | 0.98% | 1.23% | ||||||
Unamortized debt issuance costs | $ 2.8 | $ 1.4 | ||||||
London Interbank Offered Rate (LIBOR) | Securitization Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 0.00% | 1.25% | ||||||
Commercial Paper Rate | Securitization Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 1.15% | |||||||
Blended Rate Of LIBOR And Commercial Paper Rates Based On Weighted Average Advance | Securitization Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 0.09% | 0.34% | ||||||
Commercial Paper | Securitization Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 0.90% | |||||||
Commercial Paper | London Interbank Offered Rate (LIBOR) | Securitization Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 1.00% | |||||||
Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Additional borrowing capacity | $ 750 | |||||||
Leverage ratio | 3 | |||||||
Secured Debt | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused facility fee, as percentage of unused portion | 0.25% | |||||||
Secured Debt | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused facility fee, as percentage of unused portion | 0.35% | |||||||
Secured Debt | Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 0.50% | |||||||
Secured Debt | Eurodollar | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 1.00% | |||||||
Secured Debt | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,150 | $ 1,285 | ||||||
Maturity term | 7 years | |||||||
Secured Debt | Term Loan A | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 3,225 | |||||||
Effective interest rate | 1.58% | |||||||
Secured Debt | Term Loan B | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,150 | |||||||
Effective interest rate | 1.83% | |||||||
Secured Debt | Term Loan B | Eurodollar | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 1.75% | |||||||
Secured Debt | Term Loan B | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (percent) | 0.75% | |||||||
Secured Debt | Revolving A, B and C Facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused facility fee, as percentage of unused portion | 0.30% | |||||||
Secured Debt | Revolving A Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 800 | |||||||
Effective interest rate | 1.58% | |||||||
Secured Debt | Revolving B Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 450 | |||||||
Effective interest rate | 1.58% | |||||||
Secured Debt | Revolving C Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 35 | |||||||
Swingline Facility | Securitization Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 250 | $ 100 | ||||||
Variable Rate Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 2,000 | $ 2,000 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract] | ||||
Computed “expected” tax expense | $ 64,706 | $ 49,436 | ||
Foreign income tax differential | (2,692) | (3,364) | ||
Excess tax benefit related to stock-based compensation | (5,044) | (13,449) | ||
State taxes net of federal benefits | 4,927 | 786 | ||
Foreign withholding | 3,304 | 3,764 | ||
GILTI, net of foreign tax credits | 1,907 | 2,341 | ||
Foreign sourced non taxable income | 81 | 2,416 | ||
Stock-based compensation | 1,043 | 355 | ||
Sub-part F Income | 2,139 | 1,746 | ||
Other | 3,746 | 2,562 | ||
Provision for income taxes | $ 74,115 | $ 46,593 | $ 191,828 | $ 124,972 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Computed “expected” tax expense | 21.00% | 21.00% | ||
Foreign income tax differential | (0.90%) | (1.40%) | ||
Excess tax benefit related to stock-based compensation | (1.60%) | (5.70%) | ||
State taxes net of federal benefits | 1.60% | 0.30% | ||
Foreign withholding | 1.10% | 1.60% | ||
GILTI, net of foreign tax credits | 0.60% | 1.00% | ||
Foreign sourced non taxable income | 0.00% | 1.00% | ||
Stock-based compensation | 0.30% | 0.20% | ||
Sub-part F Income | 0.70% | 0.70% | ||
Other | 1.30% | 1.10% | ||
Provision for income taxes | 24.10% | 19.80% |
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 | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ 234,007 | $ 196,247 | $ 184,239 | $ 188,817 | $ 158,488 | $ 147,060 | $ 614,493 | $ 494,365 |
Denominator for basic earnings per share (in shares) | 81,836 | 83,719 | 82,811 | 84,170 | ||||
Dilutive securities (in shares) | 1,880 | 2,554 | 2,106 | 2,836 | ||||
Denominator for diluted earnings per share (in shares) | 83,716 | 86,273 | 84,917 | 87,006 | ||||
Basic earnings per share (in dollars per share) | $ 2.86 | $ 2.26 | $ 7.42 | $ 5.87 | ||||
Diluted earnings per share (in dollars per share) | $ 2.80 | $ 2.19 | $ 7.24 | $ 5.68 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 0.2 | 0.3 |
Performance Based Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 0.2 | 0.1 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of operating segments | 3 |
Segments - Schedule of Company'
Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenues, net | $ 755,477 | $ 585,283 | $ 2,031,481 | $ 1,771,522 |
Operating income: | 338,687 | 264,532 | 902,264 | 678,326 |
Depreciation and amortization | 74,237 | 63,479 | 209,184 | 190,117 |
Capital expenditures: | 28,690 | 18,149 | 74,455 | 55,019 |
North America | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 520,535 | 383,828 | 1,366,167 | 1,175,950 |
Operating income: | 213,379 | 153,328 | 554,607 | 372,219 |
Depreciation and amortization | 49,005 | 39,390 | 133,420 | 115,913 |
Capital expenditures: | 17,572 | 12,053 | 44,427 | 35,590 |
Brazil | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 94,888 | 79,596 | 262,481 | 253,722 |
Operating income: | 39,868 | 35,600 | 105,424 | 104,462 |
Depreciation and amortization | 12,910 | 12,260 | 38,091 | 39,019 |
Capital expenditures: | 5,795 | 3,501 | 15,580 | 10,309 |
International | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 140,054 | 121,859 | 402,833 | 341,850 |
Operating income: | 85,440 | 75,604 | 242,233 | 201,645 |
Depreciation and amortization | 12,322 | 11,829 | 37,673 | 35,185 |
Capital expenditures: | $ 5,323 | $ 2,595 | $ 14,448 | $ 9,120 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amounts (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Notional amount | $ 25,924.5 | $ 16,925.4 |
Swaps | ||
Derivative [Line Items] | ||
Notional amount | 1,316.5 | 684.5 |
Futures, forwards and spot | ||
Derivative [Line Items] | ||
Notional amount | 7,287.8 | 5,467.8 |
Written options | ||
Derivative [Line Items] | ||
Notional amount | 9,004.2 | 5,578.1 |
Purchased options | ||
Derivative [Line Items] | ||
Notional amount | $ 8,316 | $ 5,195 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value by Balance Sheet Location (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross | $ 284.2 | $ 326.1 |
Cash collateral | 28.9 | 18.2 |
Derivative Asset, Fair Value, Gross, Total net of cash collateral | 255.3 | 307.9 |
Derivative Liabilities, Fair Value, Gross | 249.8 | 310.5 |
Cash collateral | 25.1 | 38.6 |
Derivative Liabilities, Fair Value, Gross, Total net of cash collateral | 224.7 | 271.9 |
Derivative Asset | 142 | 155.8 |
Derivative Assets, Total net of cash collateral | 113.1 | 137.6 |
Derivative Liabilities, Fair Value, Net | 107.9 | 140.3 |
Derivative Liabilities, Total net of cash collateral | $ 82.8 | $ 101.7 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other current assets | ||
Derivative [Line Items] | ||
Derivative Asset | $ 106.4 | $ 139.3 |
Other noncurrent assets | ||
Derivative [Line Items] | ||
Derivative Asset | 35.6 | 16.6 |
Other current liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | 74.5 | 127.7 |
Other noncurrent liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | $ 33.4 | $ 12.5 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Hedging Activities - Additional Information (Details) $ in Millions | Sep. 30, 2021USD ($) | Jan. 22, 2019USD ($)derivative |
Derivative [Line Items] | ||
Number of cash flow hedges entered into | derivative | 3 | |
Loss to be reclassified during next 12 months | $ 33 | |
Variable Rate Debt | ||
Derivative [Line Items] | ||
Long-term debt | $ 2,000 | $ 2,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments and Hedging Activities - Schedule of Cash Flow Hedge Notional Amounts (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Notional amount | $ 25,924.5 | $ 16,925.4 |
Designated as Hedging Instrument | Interest Rate Swap 1 | ||
Derivative [Line Items] | ||
Notional amount | $ 1,000 | |
Fixed Rates | 2.56% | |
Designated as Hedging Instrument | Interest Rate Swap 2 | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Fixed Rates | 2.56% | |
Designated as Hedging Instrument | Interest Rate Swap 3 | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Fixed Rates | 2.55% |
Derivative Financial Instrume_8
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability | $ 49,057 | $ 87,873 |
Other current liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | 74,500 | 127,700 |
Other current liabilities | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability | 33,000 | 49,300 |
Other noncurrent liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | 33,400 | 12,500 |
Other noncurrent liabilities | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability | $ 16,000 | $ 38,600 |
Derivative Financial Instrume_9
Derivative Financial Instruments and Hedging Activities - Schedule of Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Amount of (gain) loss recognized in other comprehensive income (loss) on derivatives, net of tax | $ (8,972) | $ (9,167) | $ (29,305) | $ 33,482 |
Unrealized (Losses) Gains on Derivative Instruments | ||||
Derivative [Line Items] | ||||
Tax on income (loss) recognized in other comprehensive income on derivatives | (9,512) | |||
Amount of loss reclassified from accumulated other comprehensive loss into interest expense | 37,128 | |||
Interest rate swaps | Unrealized (Losses) Gains on Derivative Instruments | ||||
Derivative [Line Items] | ||||
Amount of loss reclassified from accumulated other comprehensive loss into interest expense | 37,100 | $ 26,900 | ||
Designated as Hedging Instrument | Unrealized (Losses) Gains on Derivative Instruments | ||||
Derivative [Line Items] | ||||
Tax on income (loss) recognized in other comprehensive income on derivatives | $ (9,500) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Stockholders' Equity beginning balance | $ 3,488,847 | $ 3,296,499 | $ 3,355,411 | $ 2,966,434 | $ 2,796,229 | $ 3,711,616 | $ 3,355,411 | $ 3,711,616 |
Other comprehensive income (loss) before reclassifications | (100,502) | (662,222) | ||||||
Amounts reclassified from AOCI | 37,128 | 26,949 | ||||||
Tax effect | (9,512) | 24,602 | ||||||
Total other comprehensive loss | (170,867) | 215,842 | (117,861) | (1,161) | 10,149 | (619,659) | (72,886) | (610,671) |
Stockholders' Equity ending balance | 3,174,985 | 3,488,847 | 3,296,499 | 2,937,750 | 2,966,434 | 2,796,229 | 3,174,985 | 2,937,750 |
Accumulated Other Comprehensive Loss | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Stockholders' Equity beginning balance | (1,265,177) | (1,481,019) | (1,363,158) | (1,581,975) | (1,592,124) | (972,465) | (1,363,158) | (972,465) |
Total other comprehensive loss | (170,867) | 215,842 | (117,861) | (1,161) | 10,149 | (619,659) | ||
Stockholders' Equity ending balance | (1,436,044) | $ (1,265,177) | (1,481,019) | (1,583,136) | $ (1,581,975) | (1,592,124) | (1,436,044) | (1,583,136) |
Cumulative Foreign Currency Translation | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Stockholders' Equity beginning balance | (1,296,962) | (929,713) | (1,296,962) | (929,713) | ||||
Other comprehensive income (loss) before reclassifications | (102,191) | (577,189) | ||||||
Amounts reclassified from AOCI | 0 | 0 | ||||||
Tax effect | 0 | 0 | ||||||
Total other comprehensive loss | (102,191) | (577,189) | ||||||
Stockholders' Equity ending balance | (1,399,153) | (1,506,902) | (1,399,153) | (1,506,902) | ||||
Unrealized (Losses) Gains on Derivative Instruments | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Stockholders' Equity beginning balance | $ (66,196) | $ (42,752) | (66,196) | (42,752) | ||||
Other comprehensive income (loss) before reclassifications | 1,689 | (85,033) | ||||||
Amounts reclassified from AOCI | 26,949 | |||||||
Tax effect | 24,602 | |||||||
Total other comprehensive loss | 29,305 | (33,482) | ||||||
Stockholders' Equity ending balance | $ (36,891) | $ (76,234) | $ (36,891) | $ (76,234) |