Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35004 | ||
Entity Registrant Name | FLEETCOR Technologies, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 72-1074903 | ||
Entity Address, Address Line One | 3280 Peachtree Road, Suite 2400, | ||
Entity Address, City or Town | Atlanta, | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30305 | ||
City Area Code | 770 | ||
Local Phone Number | 449-0479 | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | FLT | ||
Security Exchange Name | NYSE | ||
Entity Well-know Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 20,626,107,735 | ||
Entity Common Stock, Shares Outstanding | 77,886,595 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement to be delivered to shareholders in connection with the Annual Meeting of Shareholders to be held on June 9, 2022 are incorporated by reference into Part III of this report. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001175454 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Atlanta, Georgia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | $ 1,520,027 | $ 934,900 | |
Restricted cash | 730,668 | 541,719 | |
Accounts and other receivables (less allowance for credit losses of $98,719 at December 31, 2021 and $86,886 at December 31, 2020) | 1,793,274 | 1,366,775 | |
Securitized accounts receivable—restricted for securitization investors | 1,118,000 | 700,000 | |
Prepaid expenses and other current assets | 326,079 | 412,924 | |
Total current assets | 5,488,048 | 3,956,318 | |
Property and equipment, net | 236,294 | 202,509 | |
Goodwill | 5,078,978 | 4,719,181 | |
Other intangibles, net | 2,335,385 | 2,115,882 | |
Investments | 52,016 | 7,480 | |
Other assets | 213,932 | 193,209 | |
Total assets | 13,404,653 | 11,194,579 | |
Current liabilities: | |||
Accounts payable | 1,406,350 | 1,054,478 | |
Accrued expenses | 369,054 | 282,681 | |
Customer deposits | 1,788,705 | 1,175,322 | |
Securitization facility | 1,118,000 | 700,000 | |
Current portion of notes payable and lines of credit | 399,628 | 505,697 | |
Other current liabilities | 208,614 | 250,133 | |
Total current liabilities | 5,290,351 | 3,968,311 | |
Notes payable and other obligations, less current portion | [1] | 4,460,039 | 3,097,580 |
Deferred income taxes | 566,291 | 498,154 | |
Other noncurrent liabilities | [1] | 221,392 | 275,123 |
Total noncurrent liabilities | 5,247,722 | 3,870,857 | |
Commitments and contingencies (Note 15) | |||
Stockholders’ equity: | |||
Common stock, $0.001 par value; 475,000,000 shares authorized; 127,113,023 shares issued and 78,879,551 shares outstanding at December 31, 2021; and 126,448,078 shares issued and 83,666,163 shares outstanding at December 31, 2020 | 127 | 126 | |
Additional paid-in capital | 2,878,751 | 2,749,900 | |
Retained earnings | 6,256,442 | 5,416,945 | |
Accumulated other comprehensive loss | (1,464,616) | (1,363,158) | |
Less treasury stock (48,233,471 shares and 42,781,915 shares at December 31, 2021 and 2020, respectively) | (4,804,124) | (3,448,402) | |
Total stockholders’ equity | 2,866,580 | 3,355,411 | |
Total liabilities and stockholders’ equity | $ 13,404,653 | $ 11,194,579 | |
[1] | 1 Recast 2020 to reflect long term deferred revenue in other noncurrent liabilities, to conform to current year presentation. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 98,719 | $ 86,886 |
Par value (in usd per share) | $ 0.001 | $ 0.001 |
Shares authorized (in shares) | 475,000,000 | 475,000,000 |
Shares issued (in shares) | 127,113,023 | 126,448,078 |
Shares outstanding (in shares) | 78,879,551 | 83,666,163 |
Treasury stock (in shares) | 48,233,471 | 42,781,915 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues, net | $ 2,833,736 | $ 2,388,855 | $ 2,648,848 |
Expenses: | |||
Processing | 559,819 | 596,363 | 530,669 |
Selling | 262,118 | 192,732 | 204,806 |
General and administrative | 485,830 | 374,678 | 407,210 |
Depreciation and amortization | 284,197 | 254,802 | 274,210 |
Other operating (income) expense, net | (784) | (1,985) | 523 |
Operating income | 1,242,556 | 972,265 | 1,231,430 |
Investment (gain) loss, net | (9) | (30,008) | 3,470 |
Other expense (income), net | 3,858 | (10,055) | 93 |
Interest expense, net | 113,705 | 129,803 | 150,048 |
Loss on extinguishment of debt | 16,194 | 0 | 0 |
Total other expense | 133,748 | 89,740 | 153,611 |
Income before income taxes | 1,108,808 | 882,525 | 1,077,819 |
Provision for income taxes | 269,311 | 178,309 | 182,746 |
Net income | $ 839,497 | $ 704,216 | $ 895,073 |
Earnings per share: | |||
Basic earnings per share (in usd per share) | $ 10.23 | $ 8.38 | $ 10.36 |
Diluted earnings per share (in usd per share) | $ 9.99 | $ 8.12 | $ 9.94 |
Weighted average shares outstanding: | |||
Basic (in shares) | 82,060 | 84,005 | 86,401 |
Diluted (in shares) | 84,061 | 86,719 | 90,070 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 839,497 | $ 704,216 | $ 895,073 |
Other comprehensive loss: | |||
Foreign currency translation losses, net of tax | (144,543) | (367,249) | (15,855) |
Net change in derivative contracts, net of tax | 43,085 | (23,444) | (42,752) |
Total other comprehensive loss | (101,458) | (390,693) | (58,607) |
Total comprehensive income | $ 738,039 | $ 313,523 | $ 836,466 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning Balance at Dec. 31, 2018 | $ 3,340,180 | $ 123 | $ 2,306,843 | $ 3,817,656 | $ (913,858) | $ (1,870,584) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 895,073 | 895,073 | ||||
Other comprehensive loss, net of tax | (58,607) | (58,607) | ||||
Acquisition of common stock | (694,909) | (42,000) | (652,909) | |||
Share-based compensation expense | 60,953 | 60,953 | ||||
Issuance of common stock | 168,926 | 1 | 168,925 | |||
Ending Balance at Dec. 31, 2019 | 3,711,616 | 124 | 2,494,721 | 4,712,729 | (972,465) | (2,523,493) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 704,216 | 704,216 | ||||
Other comprehensive loss, net of tax | (390,693) | (390,693) | ||||
Acquisition of common stock | (849,909) | 75,000 | (924,909) | |||
Share-based compensation expense | 43,384 | 43,384 | ||||
Issuance of common stock | 136,797 | 2 | 136,795 | |||
Ending Balance at Dec. 31, 2020 | 3,355,411 | 126 | 2,749,900 | 5,416,945 | (1,363,158) | (3,448,402) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 839,497 | 839,497 | ||||
Other comprehensive loss, net of tax | (101,458) | (101,458) | ||||
Acquisition of common stock | (1,355,722) | (1,355,722) | ||||
Share-based compensation expense | 80,071 | 80,071 | ||||
Issuance of common stock | 48,781 | 1 | 48,780 | |||
Ending Balance at Dec. 31, 2021 | $ 2,866,580 | $ 127 | $ 2,878,751 | $ 6,256,442 | $ (1,464,616) | $ (4,804,124) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Other comprehensive income from foreign exchange, tax | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 839,497 | $ 704,216 | $ 895,073 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 75,571 | 65,181 | 62,784 |
Stock based compensation | 80,071 | 43,384 | 60,953 |
Provision for losses on accounts and other receivables | 37,919 | 158,549 | 74,309 |
Amortization of deferred financing costs and discounts | 6,831 | 6,486 | 5,106 |
Amortization of intangible assets and premium on receivables | 208,625 | 189,620 | 211,426 |
Deferred income taxes | 11,026 | 15,668 | 37,883 |
Loss on extinguishment of debt | 16,194 | 0 | 0 |
Investment (gain) loss, net | (9) | (30,008) | 3,470 |
Other non-cash operating income | (784) | (1,985) | 522 |
Changes in operating assets and liabilities (net of acquisitions/disposition): | |||
Accounts receivable and other receivables | (731,137) | 264,140 | (196,028) |
Prepaid expenses and other current assets | 186,268 | (14,521) | (185,391) |
Other assets | 36,832 | 12,656 | (6,792) |
Accounts payable, accrued expenses and customer deposits | 430,159 | 59,203 | 198,756 |
Net cash provided by operating activities | 1,197,063 | 1,472,589 | 1,162,071 |
Investing activities | |||
Acquisitions, net of cash acquired | (602,120) | (80,787) | (448,277) |
Purchases of property and equipment | (111,530) | (78,425) | (75,170) |
Proceeds from disposal of investment | 0 | 52,963 | 0 |
Other | (2,281) | 0 | (255) |
Net cash used in investing activities | (715,931) | (106,249) | (523,702) |
Financing activities | |||
Proceeds from issuance of common stock | 48,781 | 136,797 | 168,925 |
Repurchase of common stock | (1,355,722) | (849,910) | (694,909) |
Borrowings (payments) on securitization facility, net | 418,000 | (270,973) | 84,973 |
Deferred financing costs paid and debt discount | (38,920) | (2,637) | (2,868) |
Proceeds from issuance of notes payable | 1,900,000 | 0 | 700,000 |
Principal payments on notes payable | (507,500) | (175,285) | (138,500) |
Borrowings from revolver | 1,910,000 | 1,243,500 | 1,811,509 |
Payments on revolver | (1,978,851) | (1,496,907) | (2,292,349) |
(Payments) borrowings on swing line of credit, net | (51,049) | (1,042) | 52,996 |
Other | (811) | (344) | 52 |
Net cash provided by (used in) financing activities | 343,928 | (1,416,801) | (310,171) |
Effect of foreign currency exchange rates on cash | (50,984) | (148,157) | (17,854) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 774,076 | (198,618) | 310,344 |
Cash and cash equivalents and restricted cash, beginning of year | 1,476,619 | 1,675,237 | 1,364,893 |
Cash and cash equivalents and restricted cash, end of year | 2,250,695 | 1,476,619 | 1,675,237 |
Supplemental cash flow information | |||
Cash paid for interest | 132,504 | 126,460 | 178,417 |
Cash paid for income taxes | $ 229,721 | $ 165,315 | $ 200,525 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business FLEETCOR Technologies, Inc. (the "Company", "we", "us" and "our") is a leading global provider of digital payment solutions that enables businesses to control purchases and make payments more effectively and efficiently. Since its incorporation in 2000, FLEETCOR has continued to deliver on its mission: to provide businesses with “a better way to pay”. FLEETCOR has been a member of the S&P 500 since 2018 and trades on the New York Stock Exchange under the ticker FLT. FLEETCOR’s vision is that every payment is digital, every purchase is controlled, and every related decision is informed. Digital payments are faster and more secure than paper-based methods such as checks, and provide timely and detailed data which can be utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting, and eliminate reimbursement processes. Combining this payment data with analytical tools delivers insights, which managers can use to better run their businesses. The Company's wide range of digitized solutions generally provides control, reporting, and automation benefits over the payment methods businesses often used, such as cash, paper checks, general purpose credit cards, as well as employee pay and reclaim processes. To help facilitate an understanding of our expansive range of solutions around the world, we describe them in two categories: Expense Management solutions and Corporate Payments solutions. Our Expense Management solutions can help control and monitor employee spending and includes Fuel, Tolls, and Lodging. These solutions are purpose-built to provide customers with greater control and visibility of employee spending when compared with less specialized payment methods, such as cash or general-purpose credit cards. Our Corporate Payments solutions, which simplify and automate payments, are designed to help businesses streamline the back-office operations associated with making outgoing payments. Companies can save time, cut costs, and manage B2B payment processing more efficiently with our suite of Corporate Payment solutions, including accounts payable (AP) automation, virtual cards, cross-border payments, purchasing and T&E cards. The Company also provides several other payments solutions, including Gift and other B2B payment solutions. Our proprietary processing and card management solutions provide customers with capabilities including: customizable user-level controls, detailed transaction reporting, programmable alerts, configurable networks, contract price validation and audit, and tax management and reporting. Our customers can use these data, controls and tools to combat fraud and employee misuse, streamline expense administration and potentially lower their operating costs. We utilize both proprietary and third-party payment acceptance networks to deliver our solutions. In our proprietary networks, which tend to be geographically distinct, transactions are processed on applications and operating systems owned and operated by us, and only at select participating merchants with whom we have contracted directly for acceptance. Third-party networks are operated by independent parties, and tend to be more broadly accepted, which is the primary benefit compared with our proprietary networks. Mastercard and VISA are our primary third-party network partners in North America and Europe, respectively. We actively market and sell our solutions to current and prospective customers leveraging a multi-channel approach. This go-to-market strategy includes comprehensive digital channels, direct sales forces and strategic partner relationships. Our capabilities are also offered through indirect sales channels (e.g., major oil companies and fuel marketers for Fuel, and retail establishments for Tolls) and on a branded or “white label” basis, indirectly through a broad range of resellers and partners across Fuel, Lodging, and Corporate Payments. In doing so, we leverage their sales networks to expand our reach into new customer segments, new industry verticals, and new geographies faster and at a significantly lower cost. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements include the accounts of FLEETCOR Technologies, Inc. and all of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company’s fiscal year ends on December 31. In certain of the Company’s U.K. businesses, the Company records the operating results using a 4-4-5 week accounting cycle with the fiscal year ending on the Friday on or immediately preceding December 31. Fiscal years 2021, 2020, and 2019 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle. Financial Instruments-Credit Losses The Company accounts for financial assets' expected credit losses in accordance with 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. At December 31, 2021 and 2020, approximately 96% and 97%, respectively, of outstanding accounts receivable were current. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for credit losses when internal collection efforts have been exhausted and accounts have been turned over to a third-party collection agency. Recoveries from the third-party collection agency are not significant. Business Combinations Business combinations completed by us have been accounted for under the acquisition method of accounting, which requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date. The excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed represents goodwill. The results of the acquired businesses are included in our results of operations beginning from the completion date of the transaction. The estimates the Company uses to determine the fair value of long-lived assets, such as intangible assets, can be complex and require significant judgments. The Company uses information available to us to make fair value determinations and engages independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired long-lived assets. The estimated fair values of customer-related and contract-based intangible assets are generally determined using the income approach, which is based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. The discount rates used represented a risk adjusted market participant weighted-average cost of capital, derived using customary market metrics. These measures of fair value also require considerable judgments about future events, including forecasted revenue growth rates, forecasted customer attrition rates, contract renewal estimates and technology changes. Acquired technologies are generally valued using the replacement cost method, which requires us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis, with adjustments in value for physical deterioration and functional and economic obsolescence. Trademarks and trade names are generally valued using the "relief-from-royalty" approach. This method assumes that trademarks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires the Company to estimate the future revenues for the related brands, the appropriate royalty rate and the weighted-average cost of capital. This measure of fair value requires considerable judgment about the value a market participant would be willing to pay in order to achieve the benefits associated with the trade name. While the Company uses our best estimates and assumptions to determine the fair values of the assets acquired and the liabilities assumed, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in our Consolidated Statements of Income. The Company also estimates the useful lives of intangible assets to determine the period over which to recognize the amount of acquisition-related intangible assets as an expense. Certain assets may be considered to have indefinite useful lives. The Company periodically reviews the estimated useful lives assigned to our intangible assets to determine whether such estimated useful lives continue to be appropriate. Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of property and equipment and finite-life intangible assets may not be recoverable. When factors indicate that these long-lived assets should be evaluated for possible impairment, the Company assesses the potential impairment by determining whether the carrying amount of such long-lived assets will be recovered through the future undiscounted cash flows expected from use of the asset and its eventual disposition. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market prices or discounted cash flow analysis as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives of property and equipment and finite-life intangible assets may warrant revision. The Company completes an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level. The Company first performs a qualitative assessment of certain of its reporting units. Factors considered in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of the net assets of our reporting units, sustained decrease in our share price, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or if it determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. The Company then performs the goodwill impairment test for each reporting unit by comparing the reporting unit’s carrying amount, including goodwill, to its fair value which is measured based upon, among other factors, a discounted cash flow analysis, as well as market multiples for comparable companies. Estimates critical to the Company’s evaluation of goodwill for impairment include the discount rates, forecasts for revenues, net and earnings before interest, taxes, depreciation and amortization (EBITDA) growth, and long-term growth rates. If the carrying amount of the reporting unit is greater than its fair value, goodwill is considered impaired. Based on the goodwill asset impairment analysis performed quantitatively as of October 1, 2021, the Company determined that the fair value of each of its reporting units was in excess of the carrying value. No events or changes in circumstances have occurred since the date of this most recent annual impairment test that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names, projected revenue growth and projected long-term growth rates in the determination of terminal values. An impairment loss is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. The Company regularly evaluates the carrying value of its investments, which are not carried at fair value, for impairment. The company has elected to measure certain investments in equity instruments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes for similar investments of the issuer. Investments classified as trading securities are carried at fair value with any unrealized gain or loss recorded within investment (gain) loss in the Consolidated Statements of Income. Property, Plant and Equipment and Definite-Lived Intangible Assets Property, plant and equipment are stated at cost and depreciated on the straight-line basis. Definite-lived intangible assets, consisting primarily of customer relationships, are stated at fair value upon acquisition and are amortized over their estimated useful lives. Customer and merchant relationship useful lives are estimated using historical attrition rates. The Company develops software that is used in providing processing and information management services to customers. A significant portion of the Company’s capital expenditures are devoted to the development of such internal-use computer software. Software development costs are capitalized once technological feasibility of the software has been established. Costs incurred prior to establishing technological feasibility are expensed as incurred. Technological feasibility is established when the Company has completed all planning, designing, coding and testing activities that are necessary to determine that the software can be produced to meet its design specifications, including functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software. The Company capitalized software costs of $76.7 million, $51.6 million and $49.8 million in 2021, 2020 and 2019, respectively. Amortization expense for software totaled $46.7 million, $40.2 million and $37.2 million in 2021, 2020 and 2019, respectively. Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The Company has elected to treat the Global Intangible Low Taxed Income (GILTI) inclusion as a current period expense. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences become deductible. The Company evaluates on a quarterly basis whether it is more likely than not that its deferred tax assets will be realized in the future and concludes whether a valuation allowance must be established. The Company accounts for uncertainty in income taxes recognized in an entity’s financial statements and prescribes threshold and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50 percent likelihood of being sustained. The Company includes any estimated interest and penalties on tax related matters in income tax expense. See Note 13 for further information regarding income taxes. Cash, Cash Equivalents, and Restricted Cash Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, 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. Foreign Currency 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 (losses) gains, which are recorded within other (income) expense, net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions): 2021 2020 2019 Foreign exchange (losses) gains $ (3.7) $ 2.9 $ 0.7 The Company recorded foreign currency losses on long-term intra-entity transactions included as a component of foreign currency translation (losses) gains, net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31 as follows (in millions): 2021 2020 2019 Foreign currency losses on long-term intra-entity transactions $ 44.4 $ 219.8 $ 88.1 Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates. The Company also uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers and enters into cross currency derivative contracts with banking partners to mitigate foreign exchange risk associated with customer derivative contracts. The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company hedges 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, it writes foreign currency forward and option contracts for its customers to facilitate future payments. The Company recognizes current cross-border payments derivatives in prepaid expenses 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 Consolidated Statements of Cash Flows. Refer to Note 17. Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, 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 for the years ended December 31, 2021 and 2020 (in millions): December 31, 2021 December 31, 2020 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 1,185.9 $ (1,057.7) $ 128.2 $ 521.5 $ (478.2) $ 43.3 Liabilities Accounts Payable $ 1,199.5 $ (1,057.7) $ 141.8 $ 527.5 $ (478.2) $ 49.3 Stock Based Compensation The Company routinely grants employee stock options and restricted stock awards/units as part of employee compensation plans. Stock options are granted with an exercise price equal to the fair market value on the date of grant. Options granted have vesting provisions ranging from one Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, performance or market conditions, or a combination of these. Shares generally have vesting provisions of one The fair value of stock options and restricted stock units granted with market based vesting conditions is estimated using the Monte Carlo simulation valuation model. The risk-free interest rate and volatility assumptions used within the Monte Carlo simulation valuation model are calculated consistently with those applied in the Black-Scholes options pricing model utilized in determining the fair value of the market based stock option awards. For performance-based restricted stock awards/units and performance-based stock option awards, the Company must also make assumptions regarding the likelihood of achieving performance goals. If actual results differ significantly from these estimates, stock based compensation expense and the Company’s results of operations could be materially affected. Stock based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the requisite service period based on the number of years over which the requisite service is expected to be rendered. Deferred Financing Costs/Debt Discounts Costs incurred to obtain financing are amortized over the term of the related debt, using the effective interest method and are included within interest expense. The Company capitalized additional debt issuance costs of $2.3 million associated with refinancing its Credit Facility and Securitization Facility in 2021 and $2.6 million in 2020. At December 31, 2021 and 2020, the Company had net deferred financing costs of $5.8 million and $6.4 million, respectively, related to the revolver under the Credit Facility and the Securitization Facility, each recorded within prepaid expenses and other current assets, on the Consolidated Balance Sheets. At December 31, 2021 and 2020, the Company had deferred financing costs of $16.7 million and $7.1 million, respectively, related to the term notes under the Credit Facility, recorded as a discount to the term debt outstanding within the current portion of notes payable and lines of credit and notes payable and other obligations, less current portion, respectively, in the Consolidated Balance Sheets. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the total of net income and all other changes in equity that result from transactions and other economic events of a reporting period other than transactions with owners. Accounts Receivable The Company maintains a $1.3 billion revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to trade receivables resulting primarily from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers 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. The maturity date for the Company's Securitization Facility is March 29, 2024. The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands): 2021 2020 Gross domestic unsecuritized accounts receivables $ 994,063 $ 719,675 Gross domestic securitized accounts receivable 1,118,000 700,000 Gross foreign receivables 897,930 733,986 Total gross receivables 3,009,993 2,153,661 Less allowance for credit losses (98,719) (86,886) Net accounts and securitized accounts receivable $ 2,911,274 $ 2,066,775 The Company recorded a $90.1 million provision for credit losses and write-off related to a customer receivable in our cross-border payment business during the year ended December 31, 2020. The Company's estimated expected credit losses as of December 31, 2020, 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 years ended December 31 is as follows (in thousands): 2021 2020 2019 Allowance for credit losses beginning of year $ 86,886 $ 70,890 $ 59,963 Provision for credit losses 37,919 158,549 74,309 Write-offs (35,868) (146,063) (67,732) Recoveries 13,459 9,603 4,798 Impact of foreign currency (3,677) (6,093) (448) Allowance for credit losses end of year $ 98,719 $ 86,886 $ 70,890 Advertising The Company expenses advertising costs as incurred. Advertising expense was $54.8 million, $28.5 million and $33.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Earnings Per Share The Company reports basic and diluted earnings per share. Basic earnings per share is calculated using the weighted average of common stock and non-vested, non-forfeitable restricted shares outstanding, unadjusted for dilution, and net income attributable to common shareholders. Diluted earnings per share is calculated using the weighted average shares outstanding and contingently issuable shares less weighted average shares recognized during the period. The net outstanding shares have been adjusted for the dilutive effect of common stock equivalents, which consist of outstanding stock options and unvested forfeitable restricted stock units. Reclassifications and Adjustments During 2021, the Company identified and corrected an immaterial error in the presentation of Deferred income taxes and changes in Accounts payable, accrued expenses and customer deposits, both presented within Net cash provided by operating activities, in our prior year Consolidated Statement of Cash Flows. The impact of this correction for the year ended December 31, 2020 was an increase to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $30.8 million, with a corresponding decrease to changes in accounts payable, accrued expenses and customer deposits in operating activities of $30.8 million. The impact to net cash provided by operating activities in the Consolidated Statement of Cash Flows was $0. Additionally, certain disclosures for prior periods have been reclassified to conform with current year presentation. 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. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. The Company will transition from LIBOR to the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate for euro borrowings, and the Tokyo Interbank Offer Rate for yen borrowings. The Company has availed itself to the practical expedients related to any changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU. Pending Adoption of Recently Issued Accounting Standards 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 will adopt this ASU on January 1, 2022, and the adoption is not expected to have a material impact on the Company's results of operations, financial condition, or cash flows. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Corporate Payments, Fuel, Lodging, Tolls, as well as Gift solutions (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 products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Payment Services The Company’s primary performance obligation for the majority of its payment solutions (Corporate Payments, Fuel, Lodging, and Gift, among others) is to stand-ready to provide authorization and processing services (payment services) for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use (e.g., number of transactions submitted and processed) of the related payment services. Accordingly, the total transaction price is variable. Payment services involve a series of distinct daily services that are substantially the same, with the same pattern of transfer to the customer. As a result, the Company allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. For the tolls payment solution, the Company's primary performance obligation is to stand-ready each month to provide access to the toll network and process toll transactions. Each period of access is determined to be distinct and substantially the same as the customer benefits over the period of access. The Company records revenue for its payment services net of (i) the cost of the underlying products and services; (ii) assessments and other fees charged by the credit and debit payment networks (along with any rebates provided by them); (iii) customer rebates and other discounts; and (iv) taxes assessed (e.g. VAT and VAT-like taxes) by a government, imposed concurrent with, a revenue producing transaction. The majority of the transaction price the Company receives for fulfilling the Payment Services performance obligation are comprised of one or a combination of the following: 1) interchange fees earned from the payment networks; 2) discount fees earned from merchants; 3) fees calculated based on a number of transactions processed; 4) fees calculated based upon a percentage of the transaction value for the underlying goods or services (i.e. fuel, food, toll, lodging, and transportation cards and vouchers); and 5) monthly access fees. The Company recognizes revenue when the underlying transactions are complete and its performance obligations are satisfied. Transactions are considered complete depending upon the related payment solution but generally when the Company has authorized the transaction, validated that the transaction has no errors and accepted and posted the data to the Company’s records. In the Company's cross-border payments business, the majority of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. The Company's performance obligation for its foreign exchange payment services is providing a foreign currency payment to a customer’s designated recipient and therefore, the Company recognizes revenue on foreign exchange payment services when the underlying payment is made. Revenues from foreign exchange payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market. Gift Card Products and Services The Company’s Gift solutions deliver both stored value cards and e-cards (cards), and card-based services primarily in the form of gift cards to retailers. These activities each represent performance obligations that are separate and distinct. Revenue for stored valued cards is recognized (gross of the underlying cost of the related card, recorded in processing expenses within the Consolidated Statements of Income) at the point in time when control passes to the Company's customer, which is generally upon shipment. Card-based services consist of transaction processing and reporting of gift card transactions where the Company recognizes revenue based on an output measure of elapsed time for an unknown or unspecified quantity of transactions. As a result, the Company allocates and recognizes variable consideration over the estimated period of time over which the performance obligation is satisfied. Other The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. The Company ceases billing and accruing for late fees and finance charges approximately 30 - 40 days after the customer’s balance becomes delinquent. In addition, in its cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies. The duration of these derivative contracts at inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The changes in fair value related to these instruments are recorded in revenues, net in the Consolidated Statements of Income. Revenue is also derived from the sale of equipment in certain of the Company’s businesses, which is recognized at the time the device is sold and control has passed to the customer. This revenue is recognized gross of the cost of sales related to the equipment in revenues, net within the Consolidated Statements of Income. The related cost of sales for the equipment is recorded in processing expenses within the Consolidated Statements of Income. Revenues from contracts with customers, within the scope of Topic 606, represents approximately 75% of total consolidated revenues, net, for the year ended December 31, 2021. Disaggregation of Revenues The Company provides its services to customers across different payment solutions and geographies. Revenue, net by solution (in millions) as of and for the years ended December 31 (in millions): Revenues by Solution Category* 1 2021 2020 2019 Fuel $ 1,180.1 $ 1,057.2 $ 1,173.0 Corporate payments 600.0 434.0 450.0 Tolls 306.0 292.0 357.2 Lodging 309.6 207.0 212.6 Gift 179.5 154.4 180.2 Other 258.5 244.3 275.9 Consolidated revenues, net $ 2,833.7 $ 2,388.9 $ 2,648.8 *Columns may not calculate due to rounding. 1 Reflects certain reclassifications of revenue between solution categories as the Company realigned its Corporate Payments solution, resulting in reclassification of Payroll Card revenue from Corporate Payments to Other. The table below presents the Company's revenues, net by geography as of and for the years ended December 31 (in million). Revenues by Geography 2021 2020 2019 United States (country of domicile) $ 1,785.2 $ 1,467.5 $ 1,595.3 Brazil 368.1 344.2 427.9 United Kingdom 321.8 262.9 275.2 Other 358.6 314.2 350.4 Consolidated revenues, net $ 2,833.7 $ 2,388.9 $ 2,648.8 Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $73.7 million and $73.0 million as of December 31, 2021 and 2020, respectively. We expect to recognize approximately $43.3 million of these amounts in revenues within 12 months and the remaining $30.4 million over the next five years as of December 31, 2021. The amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized. Revenue recognized for the year ended December 31, 2021, that was included in the deferred revenue contract liability as of January 1, 2021, was approximately $41.0 million. Costs to Obtain or Fulfill a Contract With the adoption of ASC 606, the Company began capitalizing the incremental costs of obtaining a contract with a customer if the Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales commission). Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria: a. The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. b. The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. c. The costs are expected to be recovered. In order to determine the appropriate amortization period for contract costs, the Company considered a combination of factors, including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the Company to provide products and services to its customers, whether further contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the straight-line method over the expected period of benefit (ranging from five Costs to obtain or fulfill a contract are classified as contract cost assets within prepaid expenses and other current assets and other assets in the Company’s Consolidated Balance Sheets. The Company had capitalized costs to obtain a contract of $16.1 million and $15.1 million within prepaid expenses and other current assets and $38.9 million and $37.2 million within other assets in the Company’s Consolidated Balance Sheets, for the year ended December 31, 2021 and 2020, respectively. The Company has recorded $76.6 million, $65.5 million and $76.4 million of expenses related to sales of equipment in processing expenses within the Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019, respectively. Practical Expedients ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as allowed by ASC 606, the Company elected to exclude this disclosure for any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company's most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. The Company elected to exclude all sales taxes and other similar taxes from the transaction price. Accordingly, the Company presents all collections from customers for these taxes on a net basis, rather than having to assess whether the Company is acting as an agent or a principal in each taxing jurisdiction. In certain arrangements with customers, the Company has determined that certain promised services and products are immaterial in the context of the contract, both quantitatively and qualitatively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is a market-based measurement that reflects assumptions that market participants would use in pricing an asset or liability. GAAP discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: • Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. • Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis as of December 31, 2021 and 2020, (in thousands): Fair Value Level 1 Level 2 Level 3 December 31, 2021 Assets: Repurchase agreements $ 477,069 $ — $ 477,069 $ — Money market 43,023 — 43,023 — Certificates of deposit 958 — 958 — Foreign exchange contracts 120,859 — 120,859 — Total assets $ 641,909 $ — $ 641,908 $ — Cash collateral for foreign exchange contracts $ 25,881 $ — $ — $ — Liabilities: Interest rate swaps $ (30,733) $ — $ (30,733) $ — Foreign exchange contracts 89,925 — 89,925 — Total liabilities $ 59,192 $ — $ 59,192 $ — Cash collateral obligation for foreign exchange contracts $ 24,803 $ — $ — $ — 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 utilizes Level 1 fair value for financial assets designated as trading securities for which there are quoted market prices. During the year ended December 31, 2020, the Company recognized a $30.0 million gain on trading securities sold. Cash flow from trading securities sold was recognized within the Investing section of the Statement of Cash Flows based on the nature of the investment. 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 Consolidated Balance Sheets. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheet. 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 2021 and 2020. The Company’s assets that are measured at fair value on a nonrecurring basis and are evaluated with periodic testing for impairment include property, plant and equipment, investments, goodwill and other intangible assets. Estimates of the fair value of assets acquired and liabilities assumed in business combinations are generally developed using key inputs such as management’s projections of cash flows on a held-and-used basis (if applicable), discounted as appropriate, management’s projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements are in Level 3 of the fair value hierarchy. The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company's derivatives are over-the-counter instruments with liquid markets. The Company regularly evaluates the carrying value of its investments and during the first quarter of 2019, determined that the fair value of its telematics investment was below cost and recorded an impairment of the investment of $15.7 million based on observable price changes. Since initial date of the telematics investments, the Company has recorded cumulative impairment losses of $136.3 million. The Company sold its remaining investment in the second quarter of 2019. Refer to Note 16. The carrying amount of investments without readily determinable fair values is $52.0 million at December 31, 2021. The fair value of the Company’s cash, accounts receivable, securitized accounts receivable and related facility, prepaid expenses and other current assets, accounts payable, accrued expenses, customer deposits and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The carrying value of the Company’s debt obligations approximates fair value as the interest rates on the debt are variable market based interest rates that reset on a quarterly basis. These are each Level 2 fair value measurements, except for cash, which is a Level 1 fair value measurement. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity The Company's Board of Directors (the "Board") has approved a stock repurchase program (as updated from time to time, the "Program") authorizing the Company to repurchase its common stock from time to time until February 1, 2023. On July 27, 2021, the B oard increased the aggregate size of the Program by $1.0 billion, to $5.1 billion. Since the beginning of the Program through December 31, 2021, 20,068,498 shares have been repurchased for an aggregate purchase price of $4.4 billion, leaving the Company up to $0.7 billion available under the Program for future repurchases in shares of its common stock. There were 5,451,556 common shares totaling $1.4 billion in 2021; 3,497,285 common shares totaling $940.8 million in 2020 and 2,211,866 common shares totaling $636.8 million in 2019; repurchas ed under the Program. On January 25, 2022, the Board increased the aggregate size of the Program by $1.0 billion, to $6.1 billion. In January and February 2022, 1,510,027 shares were repurchased for an aggregate purchase price of $360.8 million, of which 1,066,015 shares with an aggregate purchase price of $256.5 million were repurchased pursuant to a 10b5-1 plan. As of March 1, 2022, the Company has up to $1.3 billion available under the Program for future repurchases of its common stock. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation The Company accounts for stock based compensation pursuant to relevant authoritative guidance, which requires measurement of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of estimated forfeitures, over the requisite service period for awards expected to vest. The Company has a Stock Incentive Plan (the "Plan"), pursuant to which the Company's board of directors is permitted to grant equity to employees and directors. Under the Plan, a maximum of 16.75 million shares of our common stock is approved to be issued for grants of restricted stock and stock options. At December 31, 2021, there were 1.4 million shares available to be granted under the Plan. The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements of Income related to share-based payments recognized for the years ended December 31 (in thousands): 2021 2020 2019 Stock options $ 30,057 $ 23,407 $ 32,736 Restricted stock 50,014 19,977 28,217 Stock-based compensation $ 80,071 $ 43,384 $ 60,953 The tax benefits recorded on stock based compensation expense and upon the exercises of options were $32.8 million, $70.6 million and $61.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of December 31, 2021 (cost in thousands): Unrecognized Weighted Average Stock options $ 80,305 1.60 Restricted stock 28,349 0.76 Total $ 108,654 Stock Options The following summarizes the changes in the number of shares of common stock under option for the following periods (shares and aggregate intrinsic value in thousands): Shares Weighted Options Weighted Weighted Aggregate Outstanding at December 31, 2018 7,616 $ 117.58 5,174 $ 98.39 $ 518,954 Granted 431 244.35 $ 57.99 Exercised (1,482) 115.53 255,242 Forfeited (302) 167.35 Outstanding at December 31, 2019 6,263 124.38 5,137 109.03 1,022,860 Granted 503 215.36 $ 53.18 Exercised (1,681) 80.84 322,823 Forfeited (121) 194.61 Outstanding at December 31, 2020 4,964 146.69 3,994 130.37 626,107 Granted 1,097 261.85 $ 72.84 Exercised (592) 82.50 83,686 Forfeited (22) 230.14 Outstanding at December 31, 2021 5,447 $ 176.52 3,798 $ 145.18 $ 257,707 Expected to vest at December 31, 2021 1,648 $ 248.75 The following table summarizes information about stock options outstanding at December 31, 2021 (shares in thousands): Exercise Price Options Weighted Average Options $35.04 – $196.18 3,618 0.13 3,444 $199.75 – $202.83 123 0.19 102 $205.28 – $216.18 90 1.52 42 $224.99 – $231.70 261 1.85 91 $248.28 – $252.50 233 1.24 109 $256.55 – $261.27 1,039 2.20 1 $263.21 – $319.55 83 3.00 9 5,447 3,798 The aggregate intrinsic value of stock options exercisable at December 31, 2021 was $302.9 million. The weighted average remaining contractual term of options exercisable at December 31, 2021 was 4.3 years. The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the years ended December 31 as follows: 2021 2020 2019 Risk-free interest rate 0.45 % 0.37 % 2.40 % Dividend yield — — — Expected volatility 34.44 % 31.00 % 26.40 % Expected life (in years) 4.0 3.9 3.7 The weighted-average remaining contractual life for options outstanding was 4.7 years at December 31, 2021. The fair value of performance options granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during the year ended December 31 as follows. There were no performance options granted with market based vesting conditions in 2020 or 2019. 2021 Risk-free interest rate 0.59 % Dividend yield — Expected volatility 36.10 % Expected life (in years) 3.3 Restricted Stock The fair value of restricted stock units granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during 2019. There were no restricted stock shares granted with market based vesting conditions in 2021 or 2020. 2019 Risk-free interest rate 1.48 % Dividend yield — Expected volatility 25.40 % Expected life (in years) 2.36 The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the following periods (shares in thousands): Shares Weighted Outstanding at December 31, 2018 174 $ 190.73 Granted 232 212.79 Cancelled (49) 225.96 Issued (114) 206.05 Outstanding at December 31, 2019 243 246.34 Granted 171 252.36 Cancelled (100) 249.17 Issued (140) 227.20 Outstanding at December 31, 2020 174 265.29 Granted 215 272.59 Cancelled (38) 265.76 Issued (73) 258.13 Outstanding at December 31, 2021 278 $ 278.57 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Subsequent to 2021 In February 2022, the Company made two investments in an electric vehicle charging payments business and an electric vehicle data analytics business. In March 2022, the Company acquired a software business that streamlines disruption events for airline passengers. These acquisitions are not expected to be material to the financial results of the Company. The Company financed these acquisitions using a combination of available cash and borrowings under its existing Credit Facility. 2021 Acquisitions ALE On September 1, 2021, the Company completed the acquisition of ALE Solutions, Inc. (ALE), a U.S. based provider of lodging solutions to the insurance industry, for a net purchase price of $421.8 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 with an estimated fair value of $18.3 million. These noncompete agreements were accounted for separately from the business acquisition. Accounting for the preliminary fair values of the ALE customer relationship intangible asset was subjective due to the uncertainty in estimating customer attrition rates, which had a significant impact on the estimated fair values. The customer attrition rates are forward-looking and could be affected by future economic and market conditions. Specific assumptions that are still being evaluated include customer attrition rates, expected useful lives of definite lived intangible assets, and the measurement of uncertain tax positions. The following table summarizes the preliminary acquisition accounting for ALE (in thousands): Current assets $ 180,951 Long term assets 10,121 Goodwill 131,771 Intangibles 180,500 Current liabilities (73,031) Noncurrent liabilities (8,479) Aggregate purchase price $ 421,833 The estimated preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Names and Trademarks Indefinite $ 18,800 Proprietary Technology 4 14,400 Lodging Network 20 700 Customer Relationships 15 146,600 $ 180,500 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 $459.8 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 $70.7 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. Accounting for the preliminary fair values of the AFEX customer relationship intangible asset was subjective due to the uncertainty in estimating customer attrition rates, which had a significant impact on the estimated fair values. The customer attrition rates are forward-looking and could be affected by future economic and market conditions. Specific assumptions that are still being evaluated include customer attrition rates, expected useful lives of definite lived intangible assets, and the measurement of uncertain tax positions. 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 51,074 Goodwill 254,399 Intangibles 242,300 Accounts payable and accrued expenses (39,234) Other current liabilities (81,430) Customer deposits (375,049) Other noncurrent liabilities (99,614) Aggregate purchase price $ 70,730 The estimated preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Names and Trademarks 2 $ 5,400 Proprietary Technology 4 11,800 Banking Relationships 20 1,800 Licenses 20 2,600 Customer Relationships 10 220,700 $ 242,300 Roger On January 13, 2021, the Company completed the acquisition of Roger, rebranded Corpay One, 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. The following table summarizes the final acquisition accounting for Roger (in thousands): Accounts and other receivables $ 110 Prepaid expenses and other current assets 37 Other assets 28 Goodwill 34,359 Other intangibles 5,400 Current liabilities (925) Deferred income taxes (6) 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 On December 15, 2021, the Company acquired a mobile fuel payments solution in Russia for a net purchase price of $5.0 million. The results from the acquisition are reported in the International segment. During 2021, the Company made an investment of $37.8 million in a joint venture in Brazil with CAIXA. The Company made investments in other businesses of $6.8 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. T he 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 final acquisition accounting for these combined acquisitions (in thousands): Trade and other receivables $ 4,975 Prepaid expenses and other current assets 145 Property, plant and equipment 3,178 Other long term assets 1,049 Goodwill 28,038 Intangibles 42,144 Liabilities (1,147) Other noncurrent liabilities (782) Aggregate purchase price $ 77,600 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 5 - Indefinite $ 2,161 Licensed Software and Technology 10 4,400 Proprietary Technology 5 8,400 Supplier Network 10 783 Customer Relationships 9 - 16 26,400 $ 42,144 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets A summary of changes in the Company’s goodwill by reportable segment is as follows (in thousands): December 31, 2020 Acquisitions Acquisition Accounting Foreign December 31, 2021 Segment North America $ 3,400,772 $ 420,529 $ 398 $ (7,441) $ 3,814,258 Brazil 585,861 — — (39,713) 546,148 International 732,548 3,286 (1,294) (15,968) 718,572 $ 4,719,181 $ 423,815 $ (896) $ (63,122) $ 5,078,978 December 31, 2019 Acquisitions Acquisition Accounting Adjustments Foreign December 31, 2020 Segment North America $ 3,369,173 $ 24,984 $ (1,908) $ 8,523 $ 3,400,772 Brazil 756,975 — — (171,114) 585,861 International 706,899 3,950 — 21,699 732,548 $ 4,833,047 $ 28,934 $ (1,908) $ (140,892) $ 4,719,181 At December 31, 2021 and 2020, approximately $923.3 million and $793.8 million of the Company’s goodwill is deductible for tax purposes, respectively. Acquisition accounting adjustments recorded in 2021 and 2020 are a result of the Company completing its acquisition accounting and working capital adjustments for certain prior year acquisitions. Other intangible assets consisted of the following at December 31 (in thousands): 2021 2020 Weighted- Gross Accumulated Net Gross Carrying Amounts 1 Accumulated Amortization 1 Net Customer and vendor agreements 16.3 $ 2,925,719 $ (1,167,218) $ 1,758,501 $ 2,594,909 $ (1,011,815) $ 1,583,094 Trade names and trademarks—indefinite lived N/A 466,327 — 466,327 455,632 — 455,632 Trade names and trademarks—other 7.2 12,093 (5,235) 6,858 6,720 (3,031) 3,689 Software 5.9 272,461 (198,628) 73,833 239,292 (182,448) 56,844 Non-compete agreements 4.3 78,145 (48,279) 29,866 56,493 (39,870) 16,623 Total other intangibles $ 3,754,745 $ (1,419,360) $ 2,335,385 $ 3,353,046 $ (1,237,164) $ 2,115,882 1 Recast 2020 to reflect changes between gross carrying amounts and accumulated amortization; net carrying amounts remain unchanged. Changes in foreign exchange rates resulted in $32.7 million and $83.7 million decreases to the carrying values of other intangible assets in the years ended December 31, 2021 and 2020, respectively. Amortization expense related to intangible assets for the years ended December 31, 2021, 2020 and 2019 was $205.5 million, $184.2 million and $206.9 million, respectively. The future estimated amortization of intangibles at December 31, 2021 is as follows (in thousands): 2022 $ 213,678 2023 204,053 2024 196,009 2025 175,261 2026 152,363 Thereafter 927,694 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment, net consisted of the following at December 31 (in thousands): Estimated 2021 2020 Computer hardware and software 3 to 5 $ 472,145 $ 393,217 Card-reading equipment 4 to 6 36,829 25,427 Furniture, fixtures, and vehicles 2 to 10 22,650 19,575 Buildings and improvements 5 to 50 33,517 30,467 Property, plant and equipment, gross 565,141 468,686 Less: accumulated depreciation (328,847) (266,177) Property, plant and equipment, net $ 236,294 $ 202,509 Depreciation expense related to property and equipment for the years ended December 31, 2021, 2020, and 2019 was $75.6 million, $65.2 million and $62.8 million, respectively. Amortization expense includes $46.7 million, $40.2 million and $37.2 million for capitalized computer software costs for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021 and 2020, the Company had unamortized computer software costs of $155.3 million and $129.9 million, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following at December 31 (in thousands): 2021 2020 Accrued bonuses $ 26,950 $ 15,903 Accrued payroll and severance 38,328 23,189 Accrued taxes 93,627 78,771 Accrued commissions/rebates 92,063 81,450 Other 1 118,086 83,368 $ 369,054 $ 282,681 1 Other accrued expenses include several types of amounts due to our merchants, vendors, and other third parties. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands): 2021 2020 Term Loan A note payable (a), net of discounts $ 2,763,162 $ 2,922,042 Term Loan B note payable (a), net of discounts 1,871,505 337,347 Revolving line of credit A Facility(a) 225,000 280,000 Revolving line of credit B Facility(a) — 13,650 Revolving line of credit B Facility —foreign swing line(a) — 50,028 Other obligations(c) — 211 Total notes payable, credit agreements, and other obligations 4,859,667 3,603,277 Securitization Facility(b) 1,118,000 700,000 Total debt $ 5,977,667 $ 4,303,277 Current portion $ 1,517,628 $ 1,205,697 Long-term portion 4,460,039 3,097,580 Total debt $ 5,977,667 $ 4,303,277 _____________________ (a) The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $1.9 billion as of December 31, 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 foreign swing line loans, and (c) a revolving C facility in the amount of $35 million with borrowings in U.S. Dollars, Australian Dollars or New Zealand Dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolver A or revolver B debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. The maturity date for the term loan A and revolving credit facilities A, B and C 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. On November 16, 2021, the Company entered into the tenth amendment to the Credit Agreement to provide for LIBOR replacement rates for Euros, British Pounds and Japanese Yen borrowings. On December 22, 2021, the Company entered into the eleventh amendment to the Credit Agreement. The amendment increased the amount of the term loan B facility by $750 million. 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 as follows: For loans denominated in U.S. Dollars, Australian Dollars or New Zealand Dollars, based on the British Bankers Association LIBOR Rate (the “Eurocurrency Rate”), in British Pounds, based on the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326%, in Euros, based on the Euro Interbank Offered Rate (“EURIBOR”), or in Japanese Yen, at the Tokyo Interbank Offer Rate (“TIBOR”) plus a margin based on a leverage ratio, or our option (for U.S. Dollar borrowings only), the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) 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 and at the Base Rate plus 0.75% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the credit facility. The interest rates at December 31, 2021 are as follows: Term loan A 1.60 % Revolving A facility 1.61 % Term loan B 1.85 % Unused credit facility fee 0.30 % The term loans are payable in quarterly installments due on the last business day of each March, June, September, and December with the final principal payment due on the respective maturity date. Borrowings on the revolving line of credit are repayable at the option of one three twenty The Company has unamortized debt issuance costs of $3.3 million related to the revolving credit facility at December 31, 2021. The Company has unamortized debt costs at December 31, 2021 as follows (in thousands): Unamortized Debt Discounts Deferred Financing Costs Term loan A $ 4,339 $ — Term loan B $ 12,391 $ 8,479 The effective interest rate incurred on term loans was 1.79% during 2021 related to the discount on debt. Principal payments of $507.5 million were made on the term loans during 2021. (b) The Company is party to a $1.3 billion receivables purchase agreement (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 December 31, 2021 and one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80% as December 31, 2020. The program fee was 0.12% plus 0.98% as of December 31, 2021 and 0.34% plus 1.23% as of December 31, 2020. The unused facility fee is payable at a rate of 0.40% as of December 31, 2021 and 2020. The Company has unamortized debt issuance costs of $2.5 million and $1.4 million related to the Securitization Facility as of December 31, 2021 and December 31, 2020, respectively, recorded in other assets within the Consolidated Balance Sheets. On March 29, 2021, the Company entered into the eighth amendment to the Securitization Facility. The amendment included a new three year maturity date, reduced the LIBOR floor to 0 bps, improved margins, and increased the swing line from $100 million to $250 million. The maturity date for the Company's Securitization Facility is March 29, 2024. The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things. (c) Other debt includes the long-term portion of deferred payments associated with business acquisitions. Prior year amounts were recast to reflect long term deferred revenue in other noncurrent liabilities, to conform to current year presentation. The Company was in compliance with all financial and non-financial covenants at December 31, 2021. The Company has entered into interest rate swap cash flow contracts with U.S. dollar notional amounts in order to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt. The $1.0 billion interest rate swap matured in January 2022. Refer to Note 17 for further details. The contractual maturities of the Company’s total debt at December 31, 2021 are as follows (in thousands): 2022 $ 1,517,628 2023 2,619,795 2024 15,682 2025 15,716 2026 15,750 Thereafter 1,793,095 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (AOCI) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss (AOCI) | Accumulated Other Comprehensive Loss (AOCI) The changes in the components of AOCI for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2018 $ (913,858) $ — $ (913,858) Other comprehensive loss before reclassifications (15,855) (68,928) (84,783) Amounts reclassified from AOCI — 5,828 5,828 Tax effect — 20,348 20,348 Other comprehensive loss (15,855) (42,752) (58,607) Balance at December 31, 2019 (929,713) (42,752) (972,465) Other comprehensive loss before reclassifications (367,249) (70,719) (437,968) Amounts reclassified from AOCI — 39,264 39,264 Tax effect — 8,011 8,011 Other comprehensive loss (367,249) (23,444) (390,693) Balance at December 31, 2020 (1,296,962) (66,196) (1,363,158) Other comprehensive (loss) income before reclassifications (144,543) 7,394 (137,149) Amounts reclassified from AOCI — 49,747 49,747 Tax effect — (14,056) (14,056) Other comprehensive (loss) gain (144,543) 43,085 (101,458) Balance at December 31, 2021 $ (1,441,505) $ (23,111) $ (1,464,616) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before the provision for income taxes is attributable to the following jurisdictions for years ended December 31 (in thousands): 2021 2020 2019 United States $ 515,041 $ 457,090 $ 505,818 Foreign 593,767 425,435 572,001 Total $ 1,108,808 $ 882,525 $ 1,077,819 The provision for income taxes for the years ended December 31 consists of the following (in thousands): 2021 2020 2019 Current: Federal $ 118,861 $ 71,123 $ 50,145 State 31,674 19,597 10,285 Foreign 107,751 71,921 84,433 Total current 258,286 162,641 144,863 Deferred: Federal (12,165) 143 (10,479) State (4,540) (4,323) 3,745 Foreign 27,730 19,848 44,617 Total deferred 11,025 15,668 37,883 Total provision $ 269,311 $ 178,309 $ 182,746 The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2021, 2020, and 2019, respectively, to income before income taxes for the years ended December 31, 2021, 2020 and 2019 due to the following (in thousands): 2021 2020 2019 Computed “expected” tax expense $ 232,850 21.0 % $ 185,330 21.0 % $ 226,342 21.0 % Changes resulting from: Change in valuation allowance 1,378 0.1 25,932 2.9 (28,614) (2.7) Foreign income tax differential (10,326) (0.9) (20,852) (2.3) (15,816) (1.4) State taxes net of federal benefits 18,352 1.7 7,489 0.8 12,482 1.2 Increase in tax expense due to uncertain tax positions 8,185 0.7 14,848 1.7 — — Foreign withholding tax 9,143 0.8 15,630 1.8 20,360 1.9 Excess tax benefits related to stock-based compensation (16,304) (1.5) (58,942) (6.7) (38,156) (3.5) Revaluation of capital loss deferred tax asset — — — — (24,279) (2.3) Sub-part F Income/GILTI 72,449 6.5 34,990 4.0 49,859 4.6 Foreign tax credits (63,926) (5.8) (30,497) (3.5) (38,657) (3.6) Other 17,510 1.6 4,381 0.5 19,225 1.8 Provision for income taxes $ 269,311 24.3 % $ 178,309 20.2 % $ 182,746 17.0 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31 are as follows (in thousands): 2021 2020 Deferred tax assets: Accounts receivable, principally due to the allowance for doubtful accounts $ 13,987 $ 10,515 Accrued expenses not currently deductible for tax 6,252 3,442 Lease deferral 20,349 23,506 Interest rate swap 7,621 21,792 Stock based compensation 39,658 36,015 Income tax credits 51,264 51,264 Net operating loss carry forwards 76,988 83,372 Accrued escheat 3,170 3,567 Other 10,078 11,711 Deferred tax assets before valuation allowance 229,367 245,184 Valuation allowance (94,601) (90,340) Deferred tax assets, net 134,766 154,844 Deferred tax liabilities: Intangibles—including goodwill (520,349) (481,388) Basis difference in investment in subsidiaries (42,938) (42,313) Lease deferral (17,739) (19,977) Accrued Expense Liability (795) (513) Prepaid expenses (1,788) (2,126) Withholding taxes (38,704) (30,488) Property and equipment and other (76,810) (71,342) Deferred tax liabilities (699,123) (648,147) Net deferred tax liabilities $ (564,357) $ (493,303) The Company’s deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands): 2021 2020 Long term deferred tax assets and liabilities: Long term deferred tax assets $ 1,934 $ 4,851 Long term deferred tax liabilities (566,291) (498,154) Net deferred tax liabilities $ (564,357) $ (493,303) The valuation allowances relate to capital loss carryforwards, income tax credits, foreign net operating loss carryforwards and state net operating loss carryforwards. The net change in the total valuation allowance for the year ended December 31, 2021, was an increase of $4.3 million. The valuation increase was primarily due to net operating losses generated in certain states where the Company and its subsidiaries file on a separate company basis as well as an increase in foreign net operating losses where significant negative evidence on future utilization was considered. As of December 31, 2021, the Company had a net operating loss carryforward for U.S. federal income tax purposes of approximately $4.0 million gross of tax that is available to offset U.S. federal taxable income indefinitely. The Company had a net operating loss carryforward for state income tax purposes of approximately $837.2 million gross of tax that is available to offset future state taxable income indefinitely, and in some cases subject to expiration in 15 or 20 years. Additionally, the Company had $93.9 million net operating loss carryforwards gross of tax that are available to offset future foreign taxable income. Most foreign net operating loss carryforwards will not expire in future years. The Company has provided a valuation allowance against $42.0 million of its deferred tax asset related to the net operating losses as it does not anticipate utilizing the losses in the foreseeable future. In addition, the Company has foreign tax credits for foreign income purposes in the amount of $51.2 million. The Company has provided a valuation allowance against $51.2 million of the tax credits as it does not anticipate utilizing the credits in the foreseeable future. During 2021 and 2020, the Company had recorded accrued interest and penalties related to the unrecognized tax benefits of $5.6 million and $5.7 million, respectively. Accumulated interest and penalties were $18.1 million and $12.5 million on the Consolidated Balance Sheets at December 31, 2021 and 2020, respectively. In accordance with the Company's accounting policy, interest and penalties related to unrecognized tax benefits are included as a component of income tax expense. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): Unrecognized tax benefits at December 31, 2018 $ 34,152 Additions based on tax provisions related to the current year 4,284 Additions based on tax provisions related to the prior year 11,679 Deductions based on settlement/expiration of prior year tax positions (7,342) Unrecognized tax benefits at December 31, 2019 42,773 Additions based on tax provisions related to the current year 6,412 Additions based on tax provisions related to the prior year 13,532 Deduction of cumulative interest and penalties (12,508) Deductions based on expiration of prior year tax positions (14,460) Unrecognized tax benefits at December 31, 2020 35,749 Additions based on tax provisions related to the current year 8,543 Additions based on tax provisions related to the prior year 5,909 Deductions based on settlement of prior year tax positions (2,122) Deductions based on expiration of prior year tax positions (1,058) Unrecognized tax benefits at December 31, 2021 $ 47,021 In prior years, the Company included interest and penalties related to unrecognized tax benefits in its tabular reconciliation above. A cumulative adjustment was made in 2020 to remove interest and penalties from the above tabular disclosure. As of December 31, 2021, the Company had total unrecognized tax benefits of $47.0 million all of which, if recognized, would affect its effective tax rate. It is not anticipated that there are any unrecognized tax benefits that will significantly increase or decrease within the next twelve months. The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The statute of limitations for the Company’s U.S. federal income tax returns has expired for years prior to 2014. The statute of limitations for most state income tax returns has expired for years prior to 2018. The statute of limitations has expired for years prior to 2018 for the Company’s Russian income tax returns, 2016 for the Company’s Mexican income tax returns, and 2016 for the Company’s Luxembourg income tax returns. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | LeasesThe Company primarily leases office space, data centers, vehicles, and equipment. Some of our leases contain variable lease payments, typically payments based on an index. The Company’s leases have remaining lease terms of one year to thirty years, some of which include options to extend from one Other assets include ROU assets, other current liabilities include short-term operating lease liabilities, and other non-current liabilities include long-term lease liabilities at December 31, 2021 and 2020 is as follows (in thousands): 2021 2020 ROU assets $ 84,777 $ 76,797 Short term lease liabilities $ 20,296 $ 17,047 Long term lease liabilities $ 79,905 $ 75,350 The Company does not recognize ROU assets and lease liabilities for short-term leases that have a term of twelve months or less. The effect of short-term leases would not be material to the ROU assets and lease liabilities. Under ASC 842, a Company discounts future lease obligations by the rate implicit in the contract, unless the rate cannot be readily determined. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. In determining the borrowing rate, the Company considered the applicable lease terms, the Company's cost of borrowing, and for leases denominated in a foreign currency, the collateralized borrowing rate that the Company would obtain to borrow in the same currency in which the lease is denominated. Total lease costs for the year ended December 31, 2021 and 2020 were $22.6 million and $20.7 million, respectively. The supplementary cash and non-cash disclosures for the year ended December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 Cash paid for operating lease liabilities $ 23,803 $ 20,068 ROU assets obtained in exchange for new operating lease obligations $ 29,428 $ 7,134 Weighted-average remaining lease term (years) 5.99 7.07 Weighted-average discount rate 3.80% 4.18% Maturities of lease liabilities as of December 31, 2021 were as follows (in thousands): 2022 $ 1,535 2023 22,924 2024 20,725 2025 19,101 2026 16,734 Thereafter 31,989 Total lease payments 113,008 Less imputed interest 12,807 Present value of lease liabilities $ 100,201 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 then-pending 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, and the court heard oral argument in the case on February 10, 2022. 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. On December 20, 2019, the FTC filed a lawsuit in the Northern District of Georgia against the Company and Ron Clarke. See FTC v. FLEETCOR and Ronald F. Clarke, No. 19-cv-05727 (N.D. Ga.). The complaint alleges the Company and Clarke violated the FTC Act’s prohibitions on unfair and deceptive acts and practices. The complaint seeks among other things injunctive relief, consumer redress, and costs of suit. The Company continues to believe that the FTC’s claims are without merit. On April 17, 2021, the FTC filed a motion for summary judgment. On April 22, 2021, the United States Supreme Court held unanimously in AMG Capital Management v. FTC that the FTC does not have authority under current law to seek monetary redress by means of Section 13(b) of the FTC Act, which is the means by which the FTC has sought such redress in this case. FLEETCOR cross-moved for summary judgment regarding the FTC’s ability to seek monetary or injunctive relief on May 17, 2021; the briefing on both parties’ summary judgment motions was completed on July 12, 2021. On August 13, 2021, the FTC filed a motion to stay or to voluntarily dismiss without prejudice the case pending in the Northern District of Georgia in favor of a parallel administrative action under Section 5 of the FTC Act that it filed on August 11, 2021 in the FTC’s administrative process. Apart from the jurisdiction and statutory change, the FTC’s administrative complaint makes the same factual allegations as the FTC’s original complaint filed in December 2019. The Company opposed the FTC’s motion for a stay or to voluntarily dismiss, and the court denied the FTC’s motion on February 7, 2022. The court also set a tentative trial date of June 7, 2022. In the meantime, the FTC’s administrative action is stayed. The Company has incurred and continues to incur legal and other fees related to this complaint. Any settlement of this matter, or defense against the lawsuit, could involve costs to the Company, including legal fees, redress, penalties, and remediation expenses. At this time, in view of the complexity and ongoing nature of the matter, we are unable to estimate a reasonably possible loss or range of loss that we may incur to settle this matter or defend against the lawsuit brought by the FTC. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | DispositionsTelematics BusinessesAs part of the Company's plans to exit the telematics business, the Company sold its investment in Masternaut to Michelin Group during the second quarter of 2019. The Company impaired its investments in Masternaut by an additional $15.7 million during 2019, resulting in no gain or loss when the investment was sold. The Company has recorded cumulative impairment losses associated with its former investment in Masternaut of $136.3 million. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial InstrumentsThe Company uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers within its cross-border solution. The Company writes derivatives, primarily foreign currency forward contracts, option contracts, and swaps, mostly with small and medium size enterprises that are customers and derives a currency spread from this activity. Derivative transactions associated with the Company's cross-border solution include: • Forward contracts , which are commitments to buy or sell at a future date a currency at a contract price and will be settled in cash. • Option contracts, which gives the purchaser, the right, but not the obligation to buy or sell within a specified time a currency at a contracted price that may be settled in cash. • Swap contracts, which are commitments to settlement in cash at a future date or dates, usually on an overnight basis. The credit risk inherent in derivative agreements represents the possibility that a loss may occur from the nonperformance of a counterparty to the agreements. Concentrations of credit and performance risk may exist with counterparties, which includes customers and banking partners, as we are engaged in similar activities with similar economic characteristics related to fluctuations in foreign currency rates. The Company performs a review of the credit risk of these counterparties at the inception of the contract and on an ongoing basis. The Company also monitors the concentration of its contracts with any individual counterparty against limits at the individual counterparty level. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements, but takes action when doubt arises about the counterparties' ability to perform. These actions may include requiring customers to post or increase collateral, and for all counterparties, if the counterparty does not perform under the term of the contract, the contract may be terminated. The Company does not designate any of its foreign exchange derivatives as hedging instruments in accordance with ASC 815. 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 December 31, 2021 and 2020 (in millions) is presented in the table below. Notional 2021 2020 Foreign exchange contracts: Swaps $ 2,670.4 $ 684.5 Futures, forwards and spot 7,818.3 5,467.8 Written options 11,221.9 5,578.1 Purchased options 10,614.0 5,195.0 Total $ 32,324.5 $ 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 derivatives reported in the Consolidated Balance Sheets as of December 31, 2021 and 2020 (in millions): December 31, 2021 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Assets Derivatives - undesignated: Foreign exchange contracts $ 338.8 $ 307.8 $ 120.9 $ 89.9 Less: Cash collateral 25.9 24.8 25.9 24.8 Total net derivative assets and liabilities $ 312.9 $ 283.0 $ 95.0 $ 65.1 December 31, 2020 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Assets Derivatives - undesignated: Foreign exchange contracts $ 326.1 310.5 155.8 140.3 Less: Cash collateral 18.2 38.6 18.2 38.6 Total net derivative assets and liabilities $ 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 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 December 31, 2021 and December 31, 2020 (in millions). 2021 2020 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 94.0 $ 139.3 Derivative Asset Other noncurrent assets $ 26.9 $ 16.6 Derivative Liability Other current liabilities $ 66.9 $ 127.7 Derivative Liability Other noncurrent liabilities $ 23.0 $ 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 December 31, 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 as of Fixed Rates Maturity Date December 31, 2021 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 Consolidated Balance Sheets, as of December 31, 2021 and 2020 (in millions). See Note 4 for additional information on the fair value of the Company’s swap contracts. Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Swap contracts Other current liabilities $ (23.4) $ (49.3) Swap contracts Other noncurrent liabilities $ (7.3) $ (38.6) The table below displays the effect of the Company’s derivative financial instruments in the Consolidated Statements of Income and other comprehensive loss for the twelve months ended December 31, 2021 and 2020 (in millions): 2021 2020 Interest Rate Swaps: Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(14.1) million and $8.0 million for 2021 and 2020, respectively $ 6.7 $ 62.7 Amount of loss reclassified from accumulated other comprehensive loss into interest expense $ 49.7 $ 39.3 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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 years ended December 31 (in thousands, except per share data) follows: 2021 2020 2019 Net income $ 839,497 $ 704,216 $ 895,073 Denominator for basic earnings per share 82,060 84,005 86,401 Dilutive securities 2,001 2,714 3,669 Denominator for diluted earnings per share 84,061 86,719 90,070 Basic earnings per share $ 10.23 $ 8.38 $ 10.36 Diluted earnings per share $ 9.99 $ 8.12 $ 9.94 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments | SegmentsAs previously described in our Annual Report on Form 10-K for the year ended December 31, 2019, the Company historically managed and reported our operating results through two reportable segments, defined by geographic regions: North America and International. In the first quarter of 2020, we evaluated the identification of our operating and reportable segments based upon changes in business models, management reporting, and how the Chief Operating Decision Maker ("CODM") is currently allocating resources, assessing performance and reviewing financial information. We determined that these changes caused the composition of our reportable segments to change and that Brazil represented a third operating and reportable segment, which was previously reported in the International segment. We now 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 CODM allocates resources, assesses performance and reviews financial information. This change in reporting segments did not impact our determination of reporting units. The Company’s segment results are as follows as of and for the years ended December 31 (in thousands): 2021 2020 2019 Revenues, net: North America $1,921,077 $1,581,547 $1,708,546 Brazil 368,080 344,248 427,921 International 544,579 463,060 512,381 $2,833,736 $2,388,855 $2,648,848 Operating income: North America $762,620 $547,912 $754,528 Brazil 154,265 148,055 175,642 International 325,671 276,298 301,260 $1,242,556 $972,265 $1,231,430 Depreciation and amortization: North America $184,876 $156,417 $160,246 Brazil 50,020 51,364 64,936 International 49,301 47,021 49,028 $284,197 $254,802 $274,210 Capital expenditures: North America $67,533 $48,426 $44,238 Brazil 24,431 17,116 18,330 International 19,566 12,883 12,602 $111,530 $78,425 $75,170 Long-lived assets (excluding goodwill and investments): North America $2,117,244 $1,790,661 $1,860,708 Brazil 291,203 341,242 487,464 International 348,265 379,697 418,311 $2,756,712 $2,511,600 $2,766,483 The following table presents the Company's long-lived assets (excluding goodwill and investments) at December 31 (in thousands). 2021 2020 Long-lived assets (excluding goodwill): United States (country of domicile) $ 1,848,923 $ 1,547,423 Brazil 291,203 341,242 United Kingdom 245,654 269,556 More tha n 10% of |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Fiscal Quarters Year Ended December 31, 2021 First Second Third Fourth Revenues, net $ 608,623 $ 667,381 $ 755,477 $ 802,255 Operating income 265,965 297,612 338,687 340,292 Net income 184,239 196,247 234,007 225,004 Earnings per share: Basic earnings per share $ 2.21 $ 2.36 $ 2.86 $ 2.80 Diluted earnings per share 2.15 2.30 2.80 2.74 Weighted average shares outstanding: Basic shares 83,475 83,141 81,836 80,228 Diluted shares 85,764 85,295 83,716 81,981 Fiscal Quarters Year Ended December 31, 2020 First Second Third Fourth Revenues, net $ 661,093 $ 525,146 $ 585,283 $ 617,333 Operating income 200,983 212,811 264,532 293,939 Net income 147,060 158,488 188,817 209,851 Earnings per share: Basic earnings per share $ 1.73 $ 1.89 $ 2.26 $ 2.51 Diluted earnings per share 1.67 1.83 2.19 2.44 Weighted average shares outstanding: Basic shares 84,902 83,895 83,719 83,514 Diluted shares 88,205 86,570 86,273 85,846 The sum of the quarterly earnings per common share amounts for 2021 and 2020 may not equal the earnings per common share due to rounding. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of FLEETCOR Technologies, Inc. and all of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. |
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. At December 31, 2021 and 2020, approximately 96% and 97%, respectively, of outstanding accounts receivable were current. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for credit losses when internal collection efforts have been exhausted and accounts have been turned over to a third-party collection agency. Recoveries from the third-party collection agency are not significant. |
Business Combinations | Business Combinations Business combinations completed by us have been accounted for under the acquisition method of accounting, which requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date. The excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed represents goodwill. The results of the acquired businesses are included in our results of operations beginning from the completion date of the transaction. The estimates the Company uses to determine the fair value of long-lived assets, such as intangible assets, can be complex and require significant judgments. The Company uses information available to us to make fair value determinations and engages independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired long-lived assets. The estimated fair values of customer-related and contract-based intangible assets are generally determined using the income approach, which is based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. The discount rates used represented a risk adjusted market participant weighted-average cost of capital, derived using customary market metrics. These measures of fair value also require considerable judgments about future events, including forecasted revenue growth rates, forecasted customer attrition rates, contract renewal estimates and technology changes. Acquired technologies are generally valued using the replacement cost method, which requires us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis, with adjustments in value for physical deterioration and functional and economic obsolescence. Trademarks and trade names are generally valued using the "relief-from-royalty" approach. This method assumes that trademarks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires the Company to estimate the future revenues for the related brands, the appropriate royalty rate and the weighted-average cost of capital. This measure of fair value requires considerable judgment about the value a market participant would be willing to pay in order to achieve the benefits associated with the trade name. |
Impairment of Long-Lived Assets, Goodwill, Intangibles and Equity Method Investment | Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of property and equipment and finite-life intangible assets may not be recoverable. When factors indicate that these long-lived assets should be evaluated for possible impairment, the Company assesses the potential impairment by determining whether the carrying amount of such long-lived assets will be recovered through the future undiscounted cash flows expected from use of the asset and its eventual disposition. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market prices or discounted cash flow analysis as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives of property and equipment and finite-life intangible assets may warrant revision. The Company completes an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level. The Company first performs a qualitative assessment of certain of its reporting units. Factors considered in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of the net assets of our reporting units, sustained decrease in our share price, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or if it determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. The Company then performs the goodwill impairment test for each reporting unit by comparing the reporting unit’s carrying amount, including goodwill, to its fair value which is measured based upon, among other factors, a discounted cash flow analysis, as well as market multiples for comparable companies. Estimates critical to the Company’s evaluation of goodwill for impairment include the discount rates, forecasts for revenues, net and earnings before interest, taxes, depreciation and amortization (EBITDA) growth, and long-term growth rates. If the carrying amount of the reporting unit is greater than its fair value, goodwill is considered impaired. Based on the goodwill asset impairment analysis performed quantitatively as of October 1, 2021, the Company determined that the fair value of each of its reporting units was in excess of the carrying value. No events or changes in circumstances have occurred since the date of this most recent annual impairment test that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names, projected revenue growth and projected long-term growth rates in the determination of terminal values. An impairment loss is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. |
Property, Plant and Equipment and Definite-Lived Intangible Assets | Property, Plant and Equipment and Definite-Lived Intangible Assets Property, plant and equipment are stated at cost and depreciated on the straight-line basis. Definite-lived intangible assets, consisting primarily of customer relationships, are stated at fair value upon acquisition and are amortized over their estimated useful lives. Customer and merchant relationship useful lives are estimated using historical attrition rates. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The Company has elected to treat the Global Intangible Low Taxed Income (GILTI) inclusion as a current period expense. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences become deductible. The Company evaluates on a quarterly basis whether it is more likely than not that its deferred tax assets will be realized in the future and concludes whether a valuation allowance must be established. |
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. |
Foreign Currency | Foreign Currency 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. The Company also uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers and enters into cross currency derivative contracts with banking partners to mitigate foreign exchange risk associated with customer derivative contracts. The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company hedges 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. |
Spot Trade Offsetting | Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, 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. |
Stock Based Compensation | Stock Based Compensation The Company routinely grants employee stock options and restricted stock awards/units as part of employee compensation plans. Stock options are granted with an exercise price equal to the fair market value on the date of grant. Options granted have vesting provisions ranging from one Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, performance or market conditions, or a combination of these. Shares generally have vesting provisions of one The fair value of stock options and restricted stock units granted with market based vesting conditions is estimated using the Monte Carlo simulation valuation model. The risk-free interest rate and volatility assumptions used within the Monte Carlo simulation valuation model are calculated consistently with those applied in the Black-Scholes options pricing model utilized in determining the fair value of the market based stock option awards. For performance-based restricted stock awards/units and performance-based stock option awards, the Company must also make assumptions regarding the likelihood of achieving performance goals. If actual results differ significantly from these estimates, stock based compensation expense and the Company’s results of operations could be materially affected. Stock based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the requisite service period based on the number of years over which the requisite service is expected to be rendered. |
Deferred Financing Costs/Debt Discounts | Deferred Financing Costs/Debt DiscountsCosts incurred to obtain financing are amortized over the term of the related debt, using the effective interest method and are included within interest expense. The Company capitalized additional debt issuance costs of $2.3 million associated with refinancing its Credit Facility and Securitization Facility in 2021 and $2.6 million in 2020. At December 31, 2021 and 2020, the Company had net deferred financing costs of $5.8 million and $6.4 million, respectively, related to the revolver under the Credit Facility and the Securitization Facility, each recorded within prepaid expenses and other current assets, on the Consolidated Balance Sheets. At December 31, 2021 and 2020, the Company had deferred financing costs of $16.7 million and $7.1 million, respectively, related to the term notes under the Credit Facility, recorded as a discount to the term debt outstanding within the current portion of notes payable and lines of credit and notes payable and other obligations, less current portion, respectively, in the Consolidated Balance Sheets. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the total of net income and all other changes in equity that result from transactions and other economic events of a reporting period other than transactions with owners. |
Accounts Receivable | Accounts Receivable The Company maintains a $1.3 billion revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to trade receivables resulting primarily from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers 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. The maturity date for the Company's Securitization Facility is March 29, 2024. |
Advertising | AdvertisingThe Company expenses advertising costs as incurred. |
Earnings Per Share | Earnings Per Share The Company reports basic and diluted earnings per share. Basic earnings per share is calculated using the weighted average of common stock and non-vested, non-forfeitable restricted shares outstanding, unadjusted for dilution, and net income attributable to common shareholders. Diluted earnings per share is calculated using the weighted average shares outstanding and contingently issuable shares less weighted average shares recognized during the period. The net outstanding shares have been adjusted for the dilutive effect of common stock equivalents, which consist of outstanding stock options and unvested forfeitable restricted stock units. |
Reclassifications and Adjustments | Reclassifications and Adjustments During 2021, the Company identified and corrected an immaterial error in the presentation of Deferred income taxes and changes in Accounts payable, accrued expenses and customer deposits, both presented within Net cash provided by operating activities, in our prior year Consolidated Statement of Cash Flows. The impact of this correction for the year ended December 31, 2020 was an increase to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $30.8 million, with a corresponding decrease to changes in accounts payable, accrued expenses and customer deposits in operating activities of $30.8 million. The impact to net cash provided by operating activities in the Consolidated Statement of Cash Flows was $0. Additionally, certain disclosures for prior periods have been reclassified to conform with current year presentation. |
Adoption of New Accounting Standards and Pending Adoption of Recently Issued Accounting Standards | 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. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. The Company will transition from LIBOR to the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate for euro borrowings, and the Tokyo Interbank Offer Rate for yen borrowings. The Company has availed itself to the practical expedients related to any changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU. Pending Adoption of Recently Issued Accounting Standards 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 will adopt this ASU on January 1, 2022, and the adoption is not expected to have a material impact on the Company's results of operations, financial condition, or cash flows. |
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 solutions (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 products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Payment Services The Company’s primary performance obligation for the majority of its payment solutions (Corporate Payments, Fuel, Lodging, and Gift, among others) is to stand-ready to provide authorization and processing services (payment services) for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use (e.g., number of transactions submitted and processed) of the related payment services. Accordingly, the total transaction price is variable. Payment services involve a series of distinct daily services that are substantially the same, with the same pattern of transfer to the customer. As a result, the Company allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. For the tolls payment solution, the Company's primary performance obligation is to stand-ready each month to provide access to the toll network and process toll transactions. Each period of access is determined to be distinct and substantially the same as the customer benefits over the period of access. The Company records revenue for its payment services net of (i) the cost of the underlying products and services; (ii) assessments and other fees charged by the credit and debit payment networks (along with any rebates provided by them); (iii) customer rebates and other discounts; and (iv) taxes assessed (e.g. VAT and VAT-like taxes) by a government, imposed concurrent with, a revenue producing transaction. The majority of the transaction price the Company receives for fulfilling the Payment Services performance obligation are comprised of one or a combination of the following: 1) interchange fees earned from the payment networks; 2) discount fees earned from merchants; 3) fees calculated based on a number of transactions processed; 4) fees calculated based upon a percentage of the transaction value for the underlying goods or services (i.e. fuel, food, toll, lodging, and transportation cards and vouchers); and 5) monthly access fees. The Company recognizes revenue when the underlying transactions are complete and its performance obligations are satisfied. Transactions are considered complete depending upon the related payment solution but generally when the Company has authorized the transaction, validated that the transaction has no errors and accepted and posted the data to the Company’s records. In the Company's cross-border payments business, the majority of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. The Company's performance obligation for its foreign exchange payment services is providing a foreign currency payment to a customer’s designated recipient and therefore, the Company recognizes revenue on foreign exchange payment services when the underlying payment is made. Revenues from foreign exchange payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market. Gift Card Products and Services The Company’s Gift solutions deliver both stored value cards and e-cards (cards), and card-based services primarily in the form of gift cards to retailers. These activities each represent performance obligations that are separate and distinct. Revenue for stored valued cards is recognized (gross of the underlying cost of the related card, recorded in processing expenses within the Consolidated Statements of Income) at the point in time when control passes to the Company's customer, which is generally upon shipment. Card-based services consist of transaction processing and reporting of gift card transactions where the Company recognizes revenue based on an output measure of elapsed time for an unknown or unspecified quantity of transactions. As a result, the Company allocates and recognizes variable consideration over the estimated period of time over which the performance obligation is satisfied. Other The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. The Company ceases billing and accruing for late fees and finance charges approximately 30 - 40 days after the customer’s balance becomes delinquent. In addition, in its cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies. The duration of these derivative contracts at inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The changes in fair value related to these instruments are recorded in revenues, net in the Consolidated Statements of Income. Revenue is also derived from the sale of equipment in certain of the Company’s businesses, which is recognized at the time the device is sold and control has passed to the customer. This revenue is recognized gross of the cost of sales related to the equipment in revenues, net within the Consolidated Statements of Income. The related cost of sales for the equipment is recorded in processing expenses within the Consolidated Statements of Income. Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $73.7 million and $73.0 million as of December 31, 2021 and 2020, respectively. We expect to recognize approximately $43.3 million of these amounts in revenues within 12 months and the remaining $30.4 million over the next five years as of December 31, 2021. The amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized. Revenue recognized for the year ended December 31, 2021, that was included in the deferred revenue contract liability as of January 1, 2021, was approximately $41.0 million. Costs to Obtain or Fulfill a Contract With the adoption of ASC 606, the Company began capitalizing the incremental costs of obtaining a contract with a customer if the Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales commission). Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria: a. The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. b. The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. c. The costs are expected to be recovered. In order to determine the appropriate amortization period for contract costs, the Company considered a combination of factors, including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the Company to provide products and services to its customers, whether further contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the straight-line method over the expected period of benefit (ranging from five Costs to obtain or fulfill a contract are classified as contract cost assets within prepaid expenses and other current assets and other assets in the Company’s Consolidated Balance Sheets. The Company had capitalized costs to obtain a contract of $16.1 million and $15.1 million within prepaid expenses and other current assets and $38.9 million and $37.2 million within other assets in the Company’s Consolidated Balance Sheets, for the year ended December 31, 2021 and 2020, respectively. The Company has recorded $76.6 million, $65.5 million and $76.4 million of expenses related to sales of equipment in processing expenses within the Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019, respectively. Practical Expedients ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as allowed by ASC 606, the Company elected to exclude this disclosure for any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company's most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. The Company elected to exclude all sales taxes and other similar taxes from the transaction price. Accordingly, the Company presents all collections from customers for these taxes on a net basis, rather than having to assess whether the Company is acting as an agent or a principal in each taxing jurisdiction. In certain arrangements with customers, the Company has determined that certain promised services and products are immaterial in the context of the contract, both quantitatively and qualitatively. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Foreign Exchange Gains (Losses) | The Company recognized foreign exchange (losses) gains, which are recorded within other (income) expense, net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions): 2021 2020 2019 Foreign exchange (losses) gains $ (3.7) $ 2.9 $ 0.7 |
Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions | The Company recorded foreign currency losses on long-term intra-entity transactions included as a component of foreign currency translation (losses) gains, net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31 as follows (in millions): 2021 2020 2019 Foreign currency losses on long-term intra-entity transactions $ 44.4 $ 219.8 $ 88.1 |
Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2021 and 2020 (in millions): December 31, 2021 December 31, 2020 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 1,185.9 $ (1,057.7) $ 128.2 $ 521.5 $ (478.2) $ 43.3 Liabilities Accounts Payable $ 1,199.5 $ (1,057.7) $ 141.8 $ 527.5 $ (478.2) $ 49.3 2021 2020 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 94.0 $ 139.3 Derivative Asset Other noncurrent assets $ 26.9 $ 16.6 Derivative Liability Other current liabilities $ 66.9 $ 127.7 Derivative Liability Other noncurrent liabilities $ 23.0 $ 12.5 |
Company's Accounts Receivable and Securitized Accounts Receivable | The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands): 2021 2020 Gross domestic unsecuritized accounts receivables $ 994,063 $ 719,675 Gross domestic securitized accounts receivable 1,118,000 700,000 Gross foreign receivables 897,930 733,986 Total gross receivables 3,009,993 2,153,661 Less allowance for credit losses (98,719) (86,886) Net accounts and securitized accounts receivable $ 2,911,274 $ 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 years ended December 31 is as follows (in thousands): 2021 2020 2019 Allowance for credit losses beginning of year $ 86,886 $ 70,890 $ 59,963 Provision for credit losses 37,919 158,549 74,309 Write-offs (35,868) (146,063) (67,732) Recoveries 13,459 9,603 4,798 Impact of foreign currency (3,677) (6,093) (448) Allowance for credit losses end of year $ 98,719 $ 86,886 $ 70,890 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The Company provides its services to customers across different payment solutions and geographies. Revenue, net by solution (in millions) as of and for the years ended December 31 (in millions): Revenues by Solution Category* 1 2021 2020 2019 Fuel $ 1,180.1 $ 1,057.2 $ 1,173.0 Corporate payments 600.0 434.0 450.0 Tolls 306.0 292.0 357.2 Lodging 309.6 207.0 212.6 Gift 179.5 154.4 180.2 Other 258.5 244.3 275.9 Consolidated revenues, net $ 2,833.7 $ 2,388.9 $ 2,648.8 *Columns may not calculate due to rounding. |
Revenue from External Customers by Geographic Areas | The table below presents the Company's revenues, net by geography as of and for the years ended December 31 (in million). Revenues by Geography 2021 2020 2019 United States (country of domicile) $ 1,785.2 $ 1,467.5 $ 1,595.3 Brazil 368.1 344.2 427.9 United Kingdom 321.8 262.9 275.2 Other 358.6 314.2 350.4 Consolidated revenues, net $ 2,833.7 $ 2,388.9 $ 2,648.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 values on a recurring basis as of December 31, 2021 and 2020, (in thousands): Fair Value Level 1 Level 2 Level 3 December 31, 2021 Assets: Repurchase agreements $ 477,069 $ — $ 477,069 $ — Money market 43,023 — 43,023 — Certificates of deposit 958 — 958 — Foreign exchange contracts 120,859 — 120,859 — Total assets $ 641,909 $ — $ 641,908 $ — Cash collateral for foreign exchange contracts $ 25,881 $ — $ — $ — Liabilities: Interest rate swaps $ (30,733) $ — $ (30,733) $ — Foreign exchange contracts 89,925 — 89,925 — Total liabilities $ 59,192 $ — $ 59,192 $ — Cash collateral obligation for foreign exchange contracts $ 24,803 $ — $ — $ — 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) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Expense Related to Share-Based Payments | The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements of Income related to share-based payments recognized for the years ended December 31 (in thousands): 2021 2020 2019 Stock options $ 30,057 $ 23,407 $ 32,736 Restricted stock 50,014 19,977 28,217 Stock-based compensation $ 80,071 $ 43,384 $ 60,953 |
Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation | The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of December 31, 2021 (cost in thousands): Unrecognized Weighted Average Stock options $ 80,305 1.60 Restricted stock 28,349 0.76 Total $ 108,654 |
Summary of Changes in Number of Shares of Common Stock Under Option | The following summarizes the changes in the number of shares of common stock under option for the following periods (shares and aggregate intrinsic value in thousands): Shares Weighted Options Weighted Weighted Aggregate Outstanding at December 31, 2018 7,616 $ 117.58 5,174 $ 98.39 $ 518,954 Granted 431 244.35 $ 57.99 Exercised (1,482) 115.53 255,242 Forfeited (302) 167.35 Outstanding at December 31, 2019 6,263 124.38 5,137 109.03 1,022,860 Granted 503 215.36 $ 53.18 Exercised (1,681) 80.84 322,823 Forfeited (121) 194.61 Outstanding at December 31, 2020 4,964 146.69 3,994 130.37 626,107 Granted 1,097 261.85 $ 72.84 Exercised (592) 82.50 83,686 Forfeited (22) 230.14 Outstanding at December 31, 2021 5,447 $ 176.52 3,798 $ 145.18 $ 257,707 Expected to vest at December 31, 2021 1,648 $ 248.75 |
Schedule of Stock Options Exercise Price | The following table summarizes information about stock options outstanding at December 31, 2021 (shares in thousands): Exercise Price Options Weighted Average Options $35.04 – $196.18 3,618 0.13 3,444 $199.75 – $202.83 123 0.19 102 $205.28 – $216.18 90 1.52 42 $224.99 – $231.70 261 1.85 91 $248.28 – $252.50 233 1.24 109 $256.55 – $261.27 1,039 2.20 1 $263.21 – $319.55 83 3.00 9 5,447 3,798 |
Schedule of Weighted-Average Assumptions | The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the years ended December 31 as follows: 2021 2020 2019 Risk-free interest rate 0.45 % 0.37 % 2.40 % Dividend yield — — — Expected volatility 34.44 % 31.00 % 26.40 % Expected life (in years) 4.0 3.9 3.7 The fair value of performance options granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during the year ended December 31 as follows. There were no performance options granted with market based vesting conditions in 2020 or 2019. 2021 Risk-free interest rate 0.59 % Dividend yield — Expected volatility 36.10 % Expected life (in years) 3.3 2019 Risk-free interest rate 1.48 % Dividend yield — Expected volatility 25.40 % Expected life (in years) 2.36 |
Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units | The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the following periods (shares in thousands): Shares Weighted Outstanding at December 31, 2018 174 $ 190.73 Granted 232 212.79 Cancelled (49) 225.96 Issued (114) 206.05 Outstanding at December 31, 2019 243 246.34 Granted 171 252.36 Cancelled (100) 249.17 Issued (140) 227.20 Outstanding at December 31, 2020 174 265.29 Granted 215 272.59 Cancelled (38) 265.76 Issued (73) 258.13 Outstanding at December 31, 2021 278 $ 278.57 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 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 $ 180,951 Long term assets 10,121 Goodwill 131,771 Intangibles 180,500 Current liabilities (73,031) Noncurrent liabilities (8,479) Aggregate purchase price $ 421,833 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 51,074 Goodwill 254,399 Intangibles 242,300 Accounts payable and accrued expenses (39,234) Other current liabilities (81,430) Customer deposits (375,049) Other noncurrent liabilities (99,614) Aggregate purchase price $ 70,730 Accounts and other receivables $ 110 Prepaid expenses and other current assets 37 Other assets 28 Goodwill 34,359 Other intangibles 5,400 Current liabilities (925) Deferred income taxes (6) Aggregate purchase price $ 39,003 The following table summarizes the final acquisition accounting for these combined acquisitions (in thousands): Trade and other receivables $ 4,975 Prepaid expenses and other current assets 145 Property, plant and equipment 3,178 Other long term assets 1,049 Goodwill 28,038 Intangibles 42,144 Liabilities (1,147) Other noncurrent liabilities (782) Aggregate purchase price $ 77,600 |
Summary of Final Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives | The estimated preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Names and Trademarks Indefinite $ 18,800 Proprietary Technology 4 14,400 Lodging Network 20 700 Customer Relationships 15 146,600 $ 180,500 The estimated preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands): Useful Lives (in Years) Value Trade Names and Trademarks 2 $ 5,400 Proprietary Technology 4 11,800 Banking Relationships 20 1,800 Licenses 20 2,600 Customer Relationships 10 220,700 $ 242,300 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 Useful Lives (in Years) Value Trade Name and Trademarks 5 - Indefinite $ 2,161 Licensed Software and Technology 10 4,400 Proprietary Technology 5 8,400 Supplier Network 10 783 Customer Relationships 9 - 16 26,400 $ 42,144 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 segment is as follows (in thousands): December 31, 2020 Acquisitions Acquisition Accounting Foreign December 31, 2021 Segment North America $ 3,400,772 $ 420,529 $ 398 $ (7,441) $ 3,814,258 Brazil 585,861 — — (39,713) 546,148 International 732,548 3,286 (1,294) (15,968) 718,572 $ 4,719,181 $ 423,815 $ (896) $ (63,122) $ 5,078,978 December 31, 2019 Acquisitions Acquisition Accounting Adjustments Foreign December 31, 2020 Segment North America $ 3,369,173 $ 24,984 $ (1,908) $ 8,523 $ 3,400,772 Brazil 756,975 — — (171,114) 585,861 International 706,899 3,950 — 21,699 732,548 $ 4,833,047 $ 28,934 $ (1,908) $ (140,892) $ 4,719,181 |
Schedule of Other Intangible Assets | Other intangible assets consisted of the following at December 31 (in thousands): 2021 2020 Weighted- Gross Accumulated Net Gross Carrying Amounts 1 Accumulated Amortization 1 Net Customer and vendor agreements 16.3 $ 2,925,719 $ (1,167,218) $ 1,758,501 $ 2,594,909 $ (1,011,815) $ 1,583,094 Trade names and trademarks—indefinite lived N/A 466,327 — 466,327 455,632 — 455,632 Trade names and trademarks—other 7.2 12,093 (5,235) 6,858 6,720 (3,031) 3,689 Software 5.9 272,461 (198,628) 73,833 239,292 (182,448) 56,844 Non-compete agreements 4.3 78,145 (48,279) 29,866 56,493 (39,870) 16,623 Total other intangibles $ 3,754,745 $ (1,419,360) $ 2,335,385 $ 3,353,046 $ (1,237,164) $ 2,115,882 1 Recast 2020 to reflect changes between gross carrying amounts and accumulated amortization; net carrying amounts remain unchanged. |
Schedule of Future Estimated Amortization of Intangibles | The future estimated amortization of intangibles at December 31, 2021 is as follows (in thousands): 2022 $ 213,678 2023 204,053 2024 196,009 2025 175,261 2026 152,363 Thereafter 927,694 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment, net consisted of the following at December 31 (in thousands): Estimated 2021 2020 Computer hardware and software 3 to 5 $ 472,145 $ 393,217 Card-reading equipment 4 to 6 36,829 25,427 Furniture, fixtures, and vehicles 2 to 10 22,650 19,575 Buildings and improvements 5 to 50 33,517 30,467 Property, plant and equipment, gross 565,141 468,686 Less: accumulated depreciation (328,847) (266,177) Property, plant and equipment, net $ 236,294 $ 202,509 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at December 31 (in thousands): 2021 2020 Accrued bonuses $ 26,950 $ 15,903 Accrued payroll and severance 38,328 23,189 Accrued taxes 93,627 78,771 Accrued commissions/rebates 92,063 81,450 Other 1 118,086 83,368 $ 369,054 $ 282,681 1 Other accrued expenses include several types of amounts due to our merchants, vendors, and other third parties. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt Instruments | The Company’s debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands): 2021 2020 Term Loan A note payable (a), net of discounts $ 2,763,162 $ 2,922,042 Term Loan B note payable (a), net of discounts 1,871,505 337,347 Revolving line of credit A Facility(a) 225,000 280,000 Revolving line of credit B Facility(a) — 13,650 Revolving line of credit B Facility —foreign swing line(a) — 50,028 Other obligations(c) — 211 Total notes payable, credit agreements, and other obligations 4,859,667 3,603,277 Securitization Facility(b) 1,118,000 700,000 Total debt $ 5,977,667 $ 4,303,277 Current portion $ 1,517,628 $ 1,205,697 Long-term portion 4,460,039 3,097,580 Total debt $ 5,977,667 $ 4,303,277 _____________________ (a) The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $1.9 billion as of December 31, 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 foreign swing line loans, and (c) a revolving C facility in the amount of $35 million with borrowings in U.S. Dollars, Australian Dollars or New Zealand Dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolver A or revolver B debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. The maturity date for the term loan A and revolving credit facilities A, B and C 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. On November 16, 2021, the Company entered into the tenth amendment to the Credit Agreement to provide for LIBOR replacement rates for Euros, British Pounds and Japanese Yen borrowings. On December 22, 2021, the Company entered into the eleventh amendment to the Credit Agreement. The amendment increased the amount of the term loan B facility by $750 million. 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 as follows: For loans denominated in U.S. Dollars, Australian Dollars or New Zealand Dollars, based on the British Bankers Association LIBOR Rate (the “Eurocurrency Rate”), in British Pounds, based on the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326%, in Euros, based on the Euro Interbank Offered Rate (“EURIBOR”), or in Japanese Yen, at the Tokyo Interbank Offer Rate (“TIBOR”) plus a margin based on a leverage ratio, or our option (for U.S. Dollar borrowings only), the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) 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 and at the Base Rate plus 0.75% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the credit facility. The interest rates at December 31, 2021 are as follows: Term loan A 1.60 % Revolving A facility 1.61 % Term loan B 1.85 % Unused credit facility fee 0.30 % The term loans are payable in quarterly installments due on the last business day of each March, June, September, and December with the final principal payment due on the respective maturity date. Borrowings on the revolving line of credit are repayable at the option of one three twenty The Company has unamortized debt issuance costs of $3.3 million related to the revolving credit facility at December 31, 2021. The Company has unamortized debt costs at December 31, 2021 as follows (in thousands): Unamortized Debt Discounts Deferred Financing Costs Term loan A $ 4,339 $ — Term loan B $ 12,391 $ 8,479 The effective interest rate incurred on term loans was 1.79% during 2021 related to the discount on debt. Principal payments of $507.5 million were made on the term loans during 2021. (b) The Company is party to a $1.3 billion receivables purchase agreement (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 December 31, 2021 and one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80% as December 31, 2020. The program fee was 0.12% plus 0.98% as of December 31, 2021 and 0.34% plus 1.23% as of December 31, 2020. The unused facility fee is payable at a rate of 0.40% as of December 31, 2021 and 2020. The Company has unamortized debt issuance costs of $2.5 million and $1.4 million related to the Securitization Facility as of December 31, 2021 and December 31, 2020, respectively, recorded in other assets within the Consolidated Balance Sheets. On March 29, 2021, the Company entered into the eighth amendment to the Securitization Facility. The amendment included a new three year maturity date, reduced the LIBOR floor to 0 bps, improved margins, and increased the swing line from $100 million to $250 million. The maturity date for the Company's Securitization Facility is March 29, 2024. The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things. |
Summary of Contractual Maturities of Notes Payable and Other Obligations | The contractual maturities of the Company’s total debt at December 31, 2021 are as follows (in thousands): 2022 $ 1,517,628 2023 2,619,795 2024 15,682 2025 15,716 2026 15,750 Thereafter 1,793,095 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (AOCI) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): Cumulative Foreign Currency Translation Unrealized (Losses) Gains on Derivative Instruments Total Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2018 $ (913,858) $ — $ (913,858) Other comprehensive loss before reclassifications (15,855) (68,928) (84,783) Amounts reclassified from AOCI — 5,828 5,828 Tax effect — 20,348 20,348 Other comprehensive loss (15,855) (42,752) (58,607) Balance at December 31, 2019 (929,713) (42,752) (972,465) Other comprehensive loss before reclassifications (367,249) (70,719) (437,968) Amounts reclassified from AOCI — 39,264 39,264 Tax effect — 8,011 8,011 Other comprehensive loss (367,249) (23,444) (390,693) Balance at December 31, 2020 (1,296,962) (66,196) (1,363,158) Other comprehensive (loss) income before reclassifications (144,543) 7,394 (137,149) Amounts reclassified from AOCI — 49,747 49,747 Tax effect — (14,056) (14,056) Other comprehensive (loss) gain (144,543) 43,085 (101,458) Balance at December 31, 2021 $ (1,441,505) $ (23,111) $ (1,464,616) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Before The Provision for Income Taxes | Income before the provision for income taxes is attributable to the following jurisdictions for years ended December 31 (in thousands): 2021 2020 2019 United States $ 515,041 $ 457,090 $ 505,818 Foreign 593,767 425,435 572,001 Total $ 1,108,808 $ 882,525 $ 1,077,819 |
Components of Income Taxes | The provision for income taxes for the years ended December 31 consists of the following (in thousands): 2021 2020 2019 Current: Federal $ 118,861 $ 71,123 $ 50,145 State 31,674 19,597 10,285 Foreign 107,751 71,921 84,433 Total current 258,286 162,641 144,863 Deferred: Federal (12,165) 143 (10,479) State (4,540) (4,323) 3,745 Foreign 27,730 19,848 44,617 Total deferred 11,025 15,668 37,883 Total provision $ 269,311 $ 178,309 $ 182,746 |
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, 2020, and 2019, respectively, to income before income taxes for the years ended December 31, 2021, 2020 and 2019 due to the following (in thousands): 2021 2020 2019 Computed “expected” tax expense $ 232,850 21.0 % $ 185,330 21.0 % $ 226,342 21.0 % Changes resulting from: Change in valuation allowance 1,378 0.1 25,932 2.9 (28,614) (2.7) Foreign income tax differential (10,326) (0.9) (20,852) (2.3) (15,816) (1.4) State taxes net of federal benefits 18,352 1.7 7,489 0.8 12,482 1.2 Increase in tax expense due to uncertain tax positions 8,185 0.7 14,848 1.7 — — Foreign withholding tax 9,143 0.8 15,630 1.8 20,360 1.9 Excess tax benefits related to stock-based compensation (16,304) (1.5) (58,942) (6.7) (38,156) (3.5) Revaluation of capital loss deferred tax asset — — — — (24,279) (2.3) Sub-part F Income/GILTI 72,449 6.5 34,990 4.0 49,859 4.6 Foreign tax credits (63,926) (5.8) (30,497) (3.5) (38,657) (3.6) Other 17,510 1.6 4,381 0.5 19,225 1.8 Provision for income taxes $ 269,311 24.3 % $ 178,309 20.2 % $ 182,746 17.0 % |
Summary of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31 are as follows (in thousands): 2021 2020 Deferred tax assets: Accounts receivable, principally due to the allowance for doubtful accounts $ 13,987 $ 10,515 Accrued expenses not currently deductible for tax 6,252 3,442 Lease deferral 20,349 23,506 Interest rate swap 7,621 21,792 Stock based compensation 39,658 36,015 Income tax credits 51,264 51,264 Net operating loss carry forwards 76,988 83,372 Accrued escheat 3,170 3,567 Other 10,078 11,711 Deferred tax assets before valuation allowance 229,367 245,184 Valuation allowance (94,601) (90,340) Deferred tax assets, net 134,766 154,844 Deferred tax liabilities: Intangibles—including goodwill (520,349) (481,388) Basis difference in investment in subsidiaries (42,938) (42,313) Lease deferral (17,739) (19,977) Accrued Expense Liability (795) (513) Prepaid expenses (1,788) (2,126) Withholding taxes (38,704) (30,488) Property and equipment and other (76,810) (71,342) Deferred tax liabilities (699,123) (648,147) Net deferred tax liabilities $ (564,357) $ (493,303) |
Deferred Tax Balance Classification in Balance Sheet | The Company’s deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands): 2021 2020 Long term deferred tax assets and liabilities: Long term deferred tax assets $ 1,934 $ 4,851 Long term deferred tax liabilities (566,291) (498,154) Net deferred tax liabilities $ (564,357) $ (493,303) |
Summary of Valuation Allowance | |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands): Unrecognized tax benefits at December 31, 2018 $ 34,152 Additions based on tax provisions related to the current year 4,284 Additions based on tax provisions related to the prior year 11,679 Deductions based on settlement/expiration of prior year tax positions (7,342) Unrecognized tax benefits at December 31, 2019 42,773 Additions based on tax provisions related to the current year 6,412 Additions based on tax provisions related to the prior year 13,532 Deduction of cumulative interest and penalties (12,508) Deductions based on expiration of prior year tax positions (14,460) Unrecognized tax benefits at December 31, 2020 35,749 Additions based on tax provisions related to the current year 8,543 Additions based on tax provisions related to the prior year 5,909 Deductions based on settlement of prior year tax positions (2,122) Deductions based on expiration of prior year tax positions (1,058) Unrecognized tax benefits at December 31, 2021 $ 47,021 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Other Assets and Other Liabilities | Other assets include ROU assets, other current liabilities include short-term operating lease liabilities, and other non-current liabilities include long-term lease liabilities at December 31, 2021 and 2020 is as follows (in thousands): 2021 2020 ROU assets $ 84,777 $ 76,797 Short term lease liabilities $ 20,296 $ 17,047 Long term lease liabilities $ 79,905 $ 75,350 |
Lease, Cost | The supplementary cash and non-cash disclosures for the year ended December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 Cash paid for operating lease liabilities $ 23,803 $ 20,068 ROU assets obtained in exchange for new operating lease obligations $ 29,428 $ 7,134 Weighted-average remaining lease term (years) 5.99 7.07 Weighted-average discount rate 3.80% 4.18% |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities as of December 31, 2021 were as follows (in thousands): 2022 $ 1,535 2023 22,924 2024 20,725 2025 19,101 2026 16,734 Thereafter 31,989 Total lease payments 113,008 Less imputed interest 12,807 Present value of lease liabilities $ 100,201 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020 (in millions) is presented in the table below. Notional 2021 2020 Foreign exchange contracts: Swaps $ 2,670.4 $ 684.5 Futures, forwards and spot 7,818.3 5,467.8 Written options 11,221.9 5,578.1 Purchased options 10,614.0 5,195.0 Total $ 32,324.5 $ 16,925.4 Notional Amount as of Fixed Rates Maturity Date December 31, 2021 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 Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of December 31, 2021 and 2020 (in millions): December 31, 2021 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Assets Derivatives - undesignated: Foreign exchange contracts $ 338.8 $ 307.8 $ 120.9 $ 89.9 Less: Cash collateral 25.9 24.8 25.9 24.8 Total net derivative assets and liabilities $ 312.9 $ 283.0 $ 95.0 $ 65.1 December 31, 2020 Fair Value, Gross Fair Value, Net Derivative Assets Derivative Assets Derivatives - undesignated: Foreign exchange contracts $ 326.1 310.5 155.8 140.3 Less: Cash collateral 18.2 38.6 18.2 38.6 Total net derivative assets and liabilities $ 307.9 $ 271.9 $ 137.6 $ 101.7 |
Schedule of Derivative Liabilities at Fair Value | 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 December 31, 2021 and December 31, 2020 (in millions). 2021 2020 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 94.0 $ 139.3 Derivative Asset Other noncurrent assets $ 26.9 $ 16.6 Derivative Liability Other current liabilities $ 66.9 $ 127.7 Derivative Liability Other noncurrent liabilities $ 23.0 $ 12.5 |
Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2021 and 2020 (in millions): December 31, 2021 December 31, 2020 Gross Offset on the Balance Sheet Net Gross Offset on the Balance Sheet Net Assets Accounts Receivable $ 1,185.9 $ (1,057.7) $ 128.2 $ 521.5 $ (478.2) $ 43.3 Liabilities Accounts Payable $ 1,199.5 $ (1,057.7) $ 141.8 $ 527.5 $ (478.2) $ 49.3 2021 2020 Balance Sheet Classification Fair Value Derivative Asset Other current assets $ 94.0 $ 139.3 Derivative Asset Other noncurrent assets $ 26.9 $ 16.6 Derivative Liability Other current liabilities $ 66.9 $ 127.7 Derivative Liability Other noncurrent liabilities $ 23.0 $ 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 Consolidated Balance Sheets, as of December 31, 2021 and 2020 (in millions). See Note 4 for additional information on the fair value of the Company’s swap contracts. Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Swap contracts Other current liabilities $ (23.4) $ (49.3) Swap contracts Other noncurrent liabilities $ (7.3) $ (38.6) |
Derivative Instruments, Gain (Loss) | The table below displays the effect of the Company’s derivative financial instruments in the Consolidated Statements of Income and other comprehensive loss for the twelve months ended December 31, 2021 and 2020 (in millions): 2021 2020 Interest Rate Swaps: Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(14.1) million and $8.0 million for 2021 and 2020, respectively $ 6.7 $ 62.7 Amount of loss reclassified from accumulated other comprehensive loss into interest expense $ 49.7 $ 39.3 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31 (in thousands, except per share data) follows: 2021 2020 2019 Net income $ 839,497 $ 704,216 $ 895,073 Denominator for basic earnings per share 82,060 84,005 86,401 Dilutive securities 2,001 2,714 3,669 Denominator for diluted earnings per share 84,061 86,719 90,070 Basic earnings per share $ 10.23 $ 8.38 $ 10.36 Diluted earnings per share $ 9.99 $ 8.12 $ 9.94 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Company's Segment Results | The Company’s segment results are as follows as of and for the years ended December 31 (in thousands): 2021 2020 2019 Revenues, net: North America $1,921,077 $1,581,547 $1,708,546 Brazil 368,080 344,248 427,921 International 544,579 463,060 512,381 $2,833,736 $2,388,855 $2,648,848 Operating income: North America $762,620 $547,912 $754,528 Brazil 154,265 148,055 175,642 International 325,671 276,298 301,260 $1,242,556 $972,265 $1,231,430 Depreciation and amortization: North America $184,876 $156,417 $160,246 Brazil 50,020 51,364 64,936 International 49,301 47,021 49,028 $284,197 $254,802 $274,210 Capital expenditures: North America $67,533 $48,426 $44,238 Brazil 24,431 17,116 18,330 International 19,566 12,883 12,602 $111,530 $78,425 $75,170 Long-lived assets (excluding goodwill and investments): North America $2,117,244 $1,790,661 $1,860,708 Brazil 291,203 341,242 487,464 International 348,265 379,697 418,311 $2,756,712 $2,511,600 $2,766,483 |
Schedule of Revenues and Long-Lived Assets by Geographical Area | The following table presents the Company's long-lived assets (excluding goodwill and investments) at December 31 (in thousands). 2021 2020 Long-lived assets (excluding goodwill): United States (country of domicile) $ 1,848,923 $ 1,547,423 Brazil 291,203 341,242 United Kingdom 245,654 269,556 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Fiscal Quarters Year Ended December 31, 2021 First Second Third Fourth Revenues, net $ 608,623 $ 667,381 $ 755,477 $ 802,255 Operating income 265,965 297,612 338,687 340,292 Net income 184,239 196,247 234,007 225,004 Earnings per share: Basic earnings per share $ 2.21 $ 2.36 $ 2.86 $ 2.80 Diluted earnings per share 2.15 2.30 2.80 2.74 Weighted average shares outstanding: Basic shares 83,475 83,141 81,836 80,228 Diluted shares 85,764 85,295 83,716 81,981 Fiscal Quarters Year Ended December 31, 2020 First Second Third Fourth Revenues, net $ 661,093 $ 525,146 $ 585,283 $ 617,333 Operating income 200,983 212,811 264,532 293,939 Net income 147,060 158,488 188,817 209,851 Earnings per share: Basic earnings per share $ 1.73 $ 1.89 $ 2.26 $ 2.51 Diluted earnings per share 1.67 1.83 2.19 2.44 Weighted average shares outstanding: Basic shares 84,902 83,895 83,719 83,514 Diluted shares 88,205 86,570 86,273 85,846 |
Description of Business (Detail
Description of Business (Details) - segment | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Number of reportable segments | 3 | 2 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 15, 2021 | Sep. 14, 2021 | Aug. 30, 2018 | |
Significant Accounting Policies [Line Items] | ||||||
Capitalized computer software costs | $ 76,700,000 | $ 51,600,000 | $ 49,800,000 | |||
Capitalized computer software amortization expense | $ 46,700,000 | 40,200,000 | 37,200,000 | |||
Minimum percentage of likelihood required to recognize uncertain income tax position (in percent) | 50.00% | |||||
Maturity of cash equivalent, max (in months) | 3 months | |||||
Provision for credit losses | $ 35,868,000 | 146,063,000 | 67,732,000 | |||
Advertising expense | 54,800,000 | 28,500,000 | 33,700,000 | |||
Increase in deferred income taxes | 11,026,000 | 15,668,000 | 37,883,000 | |||
Decrease in accounts payable, accrued expenses and customer deposits | (430,159,000) | (59,203,000) | (198,756,000) | |||
Net cash provided by operating activities | $ 1,197,063,000 | 1,472,589,000 | $ 1,162,071,000 | |||
Revision of Prior Period, Error Correction, Adjustment | ||||||
Significant Accounting Policies [Line Items] | ||||||
Increase in deferred income taxes | 30,800,000 | |||||
Decrease in accounts payable, accrued expenses and customer deposits | 30,800,000 | |||||
Net cash provided by operating activities | 0 | |||||
SONIA | ||||||
Significant Accounting Policies [Line Items] | ||||||
Derivative basis spread on variable rate | 0.0326% | |||||
International | ||||||
Significant Accounting Policies [Line Items] | ||||||
Provision for credit losses | 90,100,000 | |||||
Term Loan | ||||||
Significant Accounting Policies [Line Items] | ||||||
Deferred financing costs | $ 16,700,000 | 7,100,000 | ||||
Revolving Credit Facility and Securitization Facility | ||||||
Significant Accounting Policies [Line Items] | ||||||
Deferred financing costs | 5,800,000 | 6,400,000 | ||||
Securitization Facility | ||||||
Significant Accounting Policies [Line Items] | ||||||
Securitized accounts receivable facility | $ 1,300,000,000 | $ 1,000,000,000 | $ 1,300,000,000 | |||
Securitization Facility | Second Amendment | ||||||
Significant Accounting Policies [Line Items] | ||||||
Securitized accounts receivable facility | 1,300,000,000 | |||||
New Credit Facility | ||||||
Significant Accounting Policies [Line Items] | ||||||
Payments of debt issuance costs | $ 2,300,000 | $ 2,600,000 | ||||
Minimum | Stock options | ||||||
Significant Accounting Policies [Line Items] | ||||||
Period of vesting provisions (in years) | 1 year | |||||
Minimum | Restricted Stock And Restricted Stock Units | ||||||
Significant Accounting Policies [Line Items] | ||||||
Period of vesting provisions (in years) | 1 year | |||||
Maximum | Stock options | ||||||
Significant Accounting Policies [Line Items] | ||||||
Period of vesting provisions (in years) | 5 years | |||||
Maximum | Restricted Stock And Restricted Stock Units | ||||||
Significant Accounting Policies [Line Items] | ||||||
Period of vesting provisions (in years) | 4 years | |||||
Customer Concentration Risk | Accounts Receivable | Accounts Receivable, after Allowance for Credit Loss, Current | ||||||
Significant Accounting Policies [Line Items] | ||||||
Concentration risk, percentage (more than) | 96.00% | 97.00% |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Foreign Exchange Gain (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Foreign exchange (losses) gains | $ (3.7) | $ 2.9 | $ 0.7 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Foreign currency losses on long-term intra-entity transactions | $ 44.4 | $ 219.8 | $ 88.1 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Company's Accounts Receivable and Securitized Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | $ 3,009,993 | $ 2,153,661 | ||
Less allowance for credit losses | (98,719) | (86,886) | $ (70,890) | $ (59,963) |
Net accounts and securitized accounts receivable | 2,911,274 | 2,066,775 | ||
Gross domestic unsecuritized accounts receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | 994,063 | 719,675 | ||
Gross domestic securitized accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | 1,118,000 | 700,000 | ||
Gross foreign receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross accounts receivables | $ 897,930 | $ 733,986 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Related to Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for doubtful accounts beginning of year | $ 86,886 | $ 70,890 | $ 59,963 |
Provision for credit losses | 37,919 | 158,549 | 74,309 |
Write-offs | (35,868) | (146,063) | (67,732) |
Recoveries | 13,459 | 9,603 | 4,798 |
Impact of foreign currency | (3,677) | (6,093) | (448) |
Allowance for doubtful accounts end of year | $ 98,719 | $ 86,886 | $ 70,890 |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities | ||
Net | $ 59,192 | $ 228,145 |
Accounts Receivable | Spot Trade | ||
Assets | ||
Gross | 1,185,900 | 521,500 |
Offset on the Balance Sheet | (1,057,700) | (478,200) |
Net | 128,200 | 43,300 |
Accounts Payable | Spot Trade | ||
Liabilities | ||
Gross | 1,199,500 | 527,500 |
Offset on the Balance Sheet | (1,057,700) | (478,200) |
Net | $ 141,800 | $ 49,300 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Deferred revenue contract liability | $ 73.7 | $ 73 | |
Revenue recognized from deferred | 41 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue, remaining performance obligation, amount | $ 43.3 | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue, remaining performance obligation, amount | $ 30.4 | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 5 years | ||
Minimum | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Threshold period past due when Company ceases billing and accruing late fees | 30 days | ||
Capitalized contract cost amortization period (in years) | 5 years | ||
Maximum | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Threshold period past due when Company ceases billing and accruing late fees | 40 days | ||
Term of derivative contract | 1 year | ||
Capitalized contract cost amortization period (in years) | 10 years | ||
Sales Revenue, Net | Contracts with Customers | Product Concentration Risk | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Concentration risk, percentage (more than) | 75.00% | ||
Prepaid Expenses | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Capitalized contract cost | $ 16.1 | 15.1 | |
Other Assets | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Capitalized contract cost | 38.9 | 37.2 | |
Selling Expense | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Capitalized contract cost amortization | 16 | 15.3 | $ 14.3 |
Processing Expense | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cost of equipment sales | $ 76.6 | $ 65.5 | $ 76.4 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | $ 802,255 | $ 755,477 | $ 667,381 | $ 608,623 | $ 617,333 | $ 585,283 | $ 525,146 | $ 661,093 | $ 2,833,736 | $ 2,388,855 | $ 2,648,848 |
United States (country of domicile) | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | 1,785,200 | 1,467,500 | 1,595,300 | ||||||||
Brazil | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | 368,100 | 344,200 | 427,900 | ||||||||
United Kingdom | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | 321,800 | 262,900 | 275,200 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | 358,600 | 314,200 | 350,400 | ||||||||
Fuel | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | 1,180,100 | 1,057,200 | 1,173,000 | ||||||||
Corporate payments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | 600,000 | 434,000 | 450,000 | ||||||||
Tolls | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | 306,000 | 292,000 | 357,200 | ||||||||
Lodging | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | 309,600 | 207,000 | 212,600 | ||||||||
Gift | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | 179,500 | 154,400 | 180,200 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | $ 258,500 | $ 244,300 | $ 275,900 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2021 | |
Assets: | |||
Total assets | $ 650,377 | $ 641,909 | |
Liabilities: | |||
Total liabilities | 228,145 | 59,192 | |
Gain on trading securities | 30,000 | ||
Repurchase agreements | |||
Assets: | |||
Cash and cash equivalents | 446,116 | 477,069 | |
Money market | |||
Assets: | |||
Cash and cash equivalents | 48,227 | 43,023 | |
Certificates of deposit | |||
Assets: | |||
Cash and cash equivalents | 188 | 958 | |
Level 1 | |||
Assets: | |||
Total assets | 0 | 0 | |
Liabilities: | |||
Total liabilities | 0 | 0 | |
Level 1 | Repurchase agreements | |||
Assets: | |||
Cash and cash equivalents | 0 | 0 | |
Level 1 | Money market | |||
Assets: | |||
Cash and cash equivalents | 0 | 0 | |
Level 1 | Certificates of deposit | |||
Assets: | |||
Cash and cash equivalents | 0 | 0 | |
Level 2 | |||
Assets: | |||
Total assets | 650,377 | 641,908 | |
Liabilities: | |||
Total liabilities | 228,145 | 59,192 | |
Level 2 | Repurchase agreements | |||
Assets: | |||
Cash and cash equivalents | 446,116 | 477,069 | |
Level 2 | Money market | |||
Assets: | |||
Cash and cash equivalents | 48,227 | 43,023 | |
Level 2 | Certificates of deposit | |||
Assets: | |||
Cash and cash equivalents | 188 | 958 | |
Level 3 | |||
Assets: | |||
Total assets | 0 | 0 | |
Liabilities: | |||
Total liabilities | 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 | |
Interest rate swaps | |||
Liabilities: | |||
Total liabilities | 87,873 | (30,733) | |
Interest rate swaps | Level 1 | |||
Liabilities: | |||
Total liabilities | 0 | 0 | |
Interest rate swaps | Level 2 | |||
Liabilities: | |||
Total liabilities | 87,873 | (30,733) | |
Interest rate swaps | Level 3 | |||
Liabilities: | |||
Total liabilities | 0 | 0 | |
Foreign exchange contracts | |||
Assets: | |||
Foreign exchange contracts | 155,846 | 120,859 | |
Cash collateral for foreign exchange contracts | 18,229 | 25,881 | |
Liabilities: | |||
Total liabilities | 140,272 | 89,925 | |
Cash collateral obligation for foreign exchange contracts | 38,569 | 24,803 | |
Foreign exchange contracts | Level 1 | |||
Assets: | |||
Foreign exchange contracts | 0 | 0 | |
Cash collateral for foreign exchange contracts | 0 | 0 | |
Liabilities: | |||
Total liabilities | 0 | 0 | |
Cash collateral obligation for foreign exchange contracts | 0 | 0 | |
Foreign exchange contracts | Level 2 | |||
Assets: | |||
Foreign exchange contracts | 155,846 | 120,859 | |
Cash collateral for foreign exchange contracts | 0 | 0 | |
Liabilities: | |||
Total liabilities | 140,272 | 89,925 | |
Cash collateral obligation for foreign exchange contracts | 0 | 0 | |
Foreign exchange contracts | Level 3 | |||
Assets: | |||
Foreign exchange contracts | 0 | 0 | |
Cash collateral for foreign exchange contracts | 0 | 0 | |
Liabilities: | |||
Total liabilities | 0 | 0 | |
Cash collateral obligation for foreign exchange contracts | $ 0 | 0 | |
Telematics | |||
Liabilities: | |||
Impairment loss on investment | $ 15,700 | ||
Impairment loss, cumulative amount | 136,300 | ||
Carrying amount of investments without readily determinable fair value | $ 52,000 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) | 2 Months Ended | 5 Months Ended | 12 Months Ended | |||||
Feb. 28, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 01, 2022 | Jan. 25, 2022 | Jul. 27, 2021 | |
Class of Stock [Line Items] | ||||||||
Repurchase of common stock | $ 1,355,722,000 | $ 849,909,000 | $ 694,909,000 | |||||
Shares acquired | $ 4,804,124,000 | $ 4,804,124,000 | $ 3,448,402,000 | |||||
Repurchase agreements | ||||||||
Class of Stock [Line Items] | ||||||||
Shares acquired (in shares) | 20,068,498 | |||||||
Repurchase of common stock | $ 4,400,000,000 | |||||||
Repurchase agreements | Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Shares acquired (in shares) | 1,510,027 | |||||||
Repurchase of common stock | $ 360,800,000 | |||||||
Repurchase agreements | Subsequent Event | 10b5-1 | ||||||||
Class of Stock [Line Items] | ||||||||
Shares acquired (in shares) | 1,066,015 | |||||||
Repurchase of common stock | $ 256,500,000 | |||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Increase in authorized amount of repurchases | $ 1,000,000,000 | |||||||
Aggregate authorized repurchase amount | $ 5,100,000,000 | |||||||
Shares acquired (in shares) | 5,451,556 | 3,497,285 | 2,211,866 | |||||
Remaining authorized repurchase amount | 700,000,000 | $ 700,000,000 | ||||||
Shares acquired | $ 1,400,000,000 | $ 1,400,000,000 | $ 940,800,000 | $ 636,800,000 | ||||
Common Stock | Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Increase in authorized amount of repurchases | $ 1,000,000,000 | |||||||
Aggregate authorized repurchase amount | $ 6,100,000,000 | |||||||
Remaining authorized repurchase amount | $ 1,300,000,000 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 07, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant (in shares) | 1,400,000 | |||
Tax benefits recorded on stock based compensation | $ 32.8 | $ 70.6 | $ 61.6 | |
Aggregate intrinsic value of options exercisable | $ 302.9 | |||
Weighted average remaining contractual term of options exercisable (in years) | 4 years 3 months 18 days | |||
Weighted-average remaining contractual life for options outstanding (in years) | 4 years 8 months 12 days | |||
Shares, granted (in shares) | 215,000 | 171,000 | 232,000 | |
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, granted (in shares) | 0 | 0 | ||
Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized to issue grants (in shares) | 16,750,000 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Expense Related to Share-Based Payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | $ 80,071 | $ 43,384 | $ 60,953 |
General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | 80,071 | 43,384 | 60,953 |
General and Administrative Expense | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | 30,057 | 23,407 | 32,736 |
General and Administrative Expense | Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | $ 50,014 | $ 19,977 | $ 28,217 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 108,654 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 80,305 |
Weighted Average Period of Expense Recognition (in Years) | 1 year 7 months 6 days |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 28,349 |
Weighted Average Period of Expense Recognition (in Years) | 9 months 3 days |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | ||||
Shares, outstanding, beginning balance (in shares) | 4,964 | 6,263 | 7,616 | |
Shares, granted (in shares) | 1,097 | 503 | 431 | |
Shares, exercised (in share) | (592) | (1,681) | (1,482) | |
Shares, forfeited (in shares) | (22) | (121) | (302) | |
Shares, outstanding, ending balance (in shares) | 5,447 | 4,964 | 6,263 | |
Weighted Average Exercise Price | ||||
Weighted average exercise price, outstanding, beginning balance (in usd per share) | $ 146.69 | $ 124.38 | $ 117.58 | |
Weighted average exercise price, granted (in usd per share) | 261.85 | 215.36 | 244.35 | |
Weighted average exercise price, exercised (in usd per share) | 82.50 | 80.84 | 115.53 | |
Weighted average exercise price, forfeited (in usd per share) | 230.14 | 194.61 | 167.35 | |
Weighted average exercise price, outstanding, ending balance (in usd per share) | $ 176.52 | $ 146.69 | $ 124.38 | |
Options, Additional Disclosures [Abstract] | ||||
Shares, expected to vest (in shares) | 1,648 | |||
Weighted average exercise price of options, expected to vest (in usd per share) | $ 248.75 | |||
Options exercisable (in shares) | 3,798 | 3,994 | 5,137 | 5,174 |
Weighted average exercise price of exercisable options, outstanding (in usd per share) | $ 145.18 | $ 130.37 | $ 109.03 | $ 98.39 |
Weighted average fair value of options, granted in period (in usd per share) | $ 72.84 | $ 53.18 | $ 57.99 | |
Aggregate intrinsic value, options outstanding | $ 257,707 | $ 626,107 | $ 1,022,860 | $ 518,954 |
Aggregate intrinsic value of options exercised during period | $ 83,686 | $ 322,823 | $ 255,242 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Stock Options Exercise Price (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Class of Stock [Line Items] | |
Exercise price, options outstanding (in shares) | 5,447 |
Exercise price, options exercisable (in shares) | 3,798 |
$35.04 – $196.18 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 35.04 |
Exercise price, maximum (in usd per share) | $ / shares | $ 196.18 |
Exercise price, options outstanding (in shares) | 3,618 |
Exercise price, weighted average remaining vesting life in years | 1 month 17 days |
Exercise price, options exercisable (in shares) | 3,444 |
$199.75 – $202.83 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 199.75 |
Exercise price, maximum (in usd per share) | $ / shares | $ 202.83 |
Exercise price, options outstanding (in shares) | 123 |
Exercise price, weighted average remaining vesting life in years | 2 months 8 days |
Exercise price, options exercisable (in shares) | 102 |
$205.28 – $216.18 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 205.28 |
Exercise price, maximum (in usd per share) | $ / shares | $ 216.18 |
Exercise price, options outstanding (in shares) | 90 |
Exercise price, weighted average remaining vesting life in years | 1 year 6 months 7 days |
Exercise price, options exercisable (in shares) | 42 |
$224.99 – $231.70 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 224.99 |
Exercise price, maximum (in usd per share) | $ / shares | $ 231.70 |
Exercise price, options outstanding (in shares) | 261 |
Exercise price, weighted average remaining vesting life in years | 1 year 10 months 6 days |
Exercise price, options exercisable (in shares) | 91 |
$248.28 – $252.50 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 248.28 |
Exercise price, maximum (in usd per share) | $ / shares | $ 252.50 |
Exercise price, options outstanding (in shares) | 233 |
Exercise price, weighted average remaining vesting life in years | 1 year 2 months 26 days |
Exercise price, options exercisable (in shares) | 109 |
$256.55 – $261.27 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 256.55 |
Exercise price, maximum (in usd per share) | $ / shares | $ 261.27 |
Exercise price, options outstanding (in shares) | 1,039 |
Exercise price, weighted average remaining vesting life in years | 2 years 2 months 12 days |
Exercise price, options exercisable (in shares) | 1 |
$263.21 – $319.55 | |
Class of Stock [Line Items] | |
Exercise price, minimum (in usd per share) | $ / shares | $ 263.21 |
Exercise price, maximum (in usd per share) | $ / shares | $ 319.55 |
Exercise price, options outstanding (in shares) | 83 |
Exercise price, weighted average remaining vesting life in years | 3 years |
Exercise price, options exercisable (in shares) | 9 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.45% | 0.37% | 2.40% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 34.44% | 31.00% | 26.40% |
Expected life (in years) | 4 years | 3 years 10 months 24 days | 3 years 8 months 12 days |
Performance options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.59% | ||
Dividend yield | 0.00% | ||
Expected volatility | 36.10% | ||
Expected life (in years) | 3 years 3 months 18 days | ||
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.48% | ||
Dividend yield | 0.00% | ||
Expected volatility | 25.40% | ||
Expected life (in years) | 2 years 4 months 9 days |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | |||
Shares, outstanding, beginning balance (in shares) | 174 | 243 | 174 |
Shares, granted (in shares) | 215 | 171 | 232 |
Shares, cancelled (in shares) | (38) | (100) | (49) |
Shares, issued (in shares) | (73) | (140) | (114) |
Shares, outstanding, ending balance (in shares) | 278 | 174 | 243 |
Weighted Average Grant Date Fair Value | |||
Weighted average grant date fair value, outstanding, beginning balance (in usd per share) | $ 265.29 | $ 246.34 | $ 190.73 |
Weighted average grant date fair value, granted (in usd per share) | 272.59 | 252.36 | 212.79 |
Weighted average grant date fair value, cancelled (in usd per share) | 265.76 | 249.17 | 225.96 |
Weighted average grant date fair value, issued (in usd per share) | 258.13 | 227.20 | 206.05 |
Weighted average grant date fair value, outstanding, ending balance (in usd per share) | $ 278.57 | $ 265.29 | $ 246.34 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 15, 2021 | Sep. 01, 2021 | Jun. 01, 2021 | Jan. 13, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2020 | Aug. 10, 2020 |
Business Combination Segment Allocation [Line Items] | |||||||||
Acquisitions, net of cash acquired | $ 602,120 | $ 80,787 | $ 448,277 | ||||||
ALE Solutions, Inc. | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Acquisitions, net of cash acquired | $ 421,800 | ||||||||
Intangible asset acquired, fair value | 180,500 | ||||||||
Aggregate purchase price | 421,833 | ||||||||
AFEX | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Acquisitions, net of cash acquired | $ 70,700 | ||||||||
Intangible asset acquired, fair value | 242,300 | ||||||||
Aggregate purchase price | 459,800 | ||||||||
Cash acquired | 210,300 | ||||||||
Restricted cash | 178,700 | ||||||||
Aggregate purchase price | 70,730 | ||||||||
Roger | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Intangible asset acquired, fair value | $ 5,400 | ||||||||
Aggregate purchase price | 39,000 | ||||||||
Aggregate purchase price | $ 39,003 | ||||||||
Other acquisitions | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Acquisitions, net of cash acquired | $ 5,000 | ||||||||
Payments to acquire joint venture | 37,800 | ||||||||
Payments for investments in other businesses | $ 6,800 | ||||||||
Business in the lodging space | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Intangible asset acquired, fair value | $ 42,144 | ||||||||
Aggregate purchase price | $ 77,600 | ||||||||
Non-compete agreements | ALE Solutions, Inc. | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Intangible asset acquired, fair value | $ 18,300 | ||||||||
Non-compete agreements | AFEX | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Intangible asset acquired, fair value | $ 4,100 | ||||||||
Non-compete agreements | Business in the lodging space | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Estimated fair value, non-compete agreements | $ 3,800 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 01, 2021 | Jun. 01, 2021 | Jan. 13, 2021 | Dec. 31, 2020 | Aug. 10, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 5,078,978 | $ 4,719,181 | $ 4,833,047 | ||||
ALE Solutions, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Current assets | $ 180,951 | ||||||
Long term assets | 10,121 | ||||||
Goodwill | 131,771 | ||||||
Intangibles | 180,500 | ||||||
Current liabilities | (73,031) | ||||||
Noncurrent liabilities | (8,479) | ||||||
Aggregate purchase price | $ 421,833 | ||||||
AFEX | |||||||
Business Acquisition [Line Items] | |||||||
Trade and other receivables | $ 8,159 | ||||||
Prepaid expenses and other current assets | 108,402 | ||||||
Property, plant and equipment | 1,723 | ||||||
Other long term assets | 51,074 | ||||||
Goodwill | 254,399 | ||||||
Intangibles | 242,300 | ||||||
Accounts payable and accrued expenses | (39,234) | ||||||
Other current liabilities | (81,430) | ||||||
Customer deposits | (375,049) | ||||||
Other noncurrent liabilities | (99,614) | ||||||
Aggregate purchase price | $ 70,730 | ||||||
Roger | |||||||
Business Acquisition [Line Items] | |||||||
Trade and other receivables | $ 110 | ||||||
Prepaid expenses and other current assets | 37 | ||||||
Other long term assets | 28 | ||||||
Goodwill | 34,359 | ||||||
Intangibles | 5,400 | ||||||
Current liabilities | (925) | ||||||
Deferred tax liabilities | (6) | ||||||
Aggregate purchase price | $ 39,003 | ||||||
Business in the lodging space | |||||||
Business Acquisition [Line Items] | |||||||
Trade and other receivables | $ 4,975 | ||||||
Prepaid expenses and other current assets | 145 | ||||||
Property, plant and equipment | 3,178 | ||||||
Other long term assets | 1,049 | ||||||
Goodwill | 28,038 | ||||||
Intangibles | 42,144 | ||||||
Liabilities | (1,147) | ||||||
Other noncurrent liabilities | (782) | ||||||
Aggregate purchase price | $ 77,600 |
Acquisitions - Summary of Final
Acquisitions - Summary of Final Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands | Sep. 01, 2021 | Jun. 01, 2021 | Jan. 13, 2021 | Aug. 10, 2020 | Dec. 31, 2021 |
Trade Names and Trademarks | |||||
Business Acquisition [Line Items] | |||||
Indefinite lived intangibles | $ 18,800 | ||||
Trade Names and Trademarks | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 7 years 2 months 12 days | ||||
Proprietary Technology | |||||
Business Acquisition [Line Items] | |||||
Definite lived intangibles | 14,400 | ||||
Lodging | |||||
Business Acquisition [Line Items] | |||||
Definite lived intangibles | 700 | ||||
Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Definite lived intangibles | 146,600 | ||||
ALE Solutions, Inc. | |||||
Business Acquisition [Line Items] | |||||
Definite lived intangibles | 180,500 | ||||
Total intangibles | $ 180,500 | ||||
ALE Solutions, Inc. | Proprietary Technology | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 4 years | ||||
ALE Solutions, Inc. | Lodging | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 20 years | ||||
ALE Solutions, Inc. | Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 15 years | ||||
AFEX | |||||
Business Acquisition [Line Items] | |||||
Total intangibles | $ 242,300 | ||||
AFEX | Trade Names and Trademarks | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 2 years | ||||
Definite lived intangibles | $ 5,400 | ||||
AFEX | Proprietary Technology | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 4 years | ||||
Definite lived intangibles | $ 11,800 | ||||
AFEX | Banking Relationships | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 20 years | ||||
Definite lived intangibles | $ 1,800 | ||||
AFEX | Licenses | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 20 years | ||||
Definite lived intangibles | $ 2,600 | ||||
AFEX | Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 10 years | ||||
Definite lived intangibles | $ 220,700 | ||||
Roger | |||||
Business Acquisition [Line Items] | |||||
Definite lived intangibles | $ 5,400 | ||||
Total intangibles | $ 5,400 | ||||
Roger | Proprietary Technology | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 10 years | ||||
Definite lived intangibles | $ 4,800 | ||||
Roger | Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 9 years | ||||
Definite lived intangibles | $ 600 | ||||
Business in the lodging space | |||||
Business Acquisition [Line Items] | |||||
Total intangibles | $ 42,144 | ||||
Business in the lodging space | Trade Names and Trademarks | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 5 years | ||||
Indefinite lived intangibles | $ 2,161 | ||||
Business in the lodging space | Proprietary Technology | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 5 years | ||||
Definite lived intangibles | $ 8,400 | ||||
Business in the lodging space | Customer Relationships | |||||
Business Acquisition [Line Items] | |||||
Definite lived intangibles | $ 26,400 | ||||
Business in the lodging space | Customer Relationships | Minimum | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 9 years | ||||
Business in the lodging space | Customer Relationships | Maximum | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 16 years | ||||
Business in the lodging space | Licensed Software and Technology | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 10 years | ||||
Definite lived intangibles | $ 4,400 | ||||
Business in the lodging space | Supplier Network | |||||
Business Acquisition [Line Items] | |||||
Useful lives (in years) | 10 years | ||||
Definite lived intangibles | $ 783 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes in Goodwill by Reportable Business Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning Balance of Goodwill | $ 4,719,181 | $ 4,833,047 |
Acquisitions | 423,815 | 28,934 |
Acquisition Accounting Adjustments | (896) | (1,908) |
Foreign Currency | (63,122) | (140,892) |
Ending Balance of Goodwill | 5,078,978 | 4,719,181 |
North America | ||
Goodwill [Roll Forward] | ||
Beginning Balance of Goodwill | 3,400,772 | 3,369,173 |
Acquisitions | 420,529 | 24,984 |
Acquisition Accounting Adjustments | 398 | (1,908) |
Foreign Currency | (7,441) | 8,523 |
Ending Balance of Goodwill | 3,814,258 | 3,400,772 |
Brazil | ||
Goodwill [Roll Forward] | ||
Beginning Balance of Goodwill | 585,861 | 756,975 |
Acquisitions | 0 | 0 |
Acquisition Accounting Adjustments | 0 | 0 |
Foreign Currency | (39,713) | (171,114) |
Ending Balance of Goodwill | 546,148 | 585,861 |
International | ||
Goodwill [Roll Forward] | ||
Beginning Balance of Goodwill | 732,548 | 706,899 |
Acquisitions | 3,286 | 3,950 |
Acquisition Accounting Adjustments | (1,294) | 0 |
Foreign Currency | (15,968) | 21,699 |
Ending Balance of Goodwill | $ 718,572 | $ 732,548 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill deductible for income tax purposes | $ 923.3 | $ 793.8 | |
Decrease to other intangible assets due to changes in foreign exchange rates | 32.7 | 83.7 | |
Amortization expense of intangible assets | $ 205.5 | $ 184.2 | $ 206.9 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amounts | $ 3,754,745 | $ 3,353,046 |
Accumulated Amortization | (1,419,360) | (1,237,164) |
Net Carrying Amount | 2,335,385 | 2,115,882 |
Trade names and trademarks—indefinite lived | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amounts | 466,327 | 455,632 |
Net Carrying Amount | $ 466,327 | 455,632 |
Customer and vendor agreements | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Life (Years) | 16 years 3 months 18 days | |
Gross Carrying Amounts | $ 2,925,719 | 2,594,909 |
Accumulated Amortization | (1,167,218) | (1,011,815) |
Net Carrying Amount | $ 1,758,501 | 1,583,094 |
Trade names and trademarks—other | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Life (Years) | 7 years 2 months 12 days | |
Gross Carrying Amounts | $ 12,093 | 6,720 |
Accumulated Amortization | (5,235) | (3,031) |
Net Carrying Amount | $ 6,858 | 3,689 |
Software | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Life (Years) | 5 years 10 months 24 days | |
Gross Carrying Amounts | $ 272,461 | 239,292 |
Accumulated Amortization | (198,628) | (182,448) |
Net Carrying Amount | $ 73,833 | 56,844 |
Non-compete agreements | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted- Avg Useful Life (Years) | 4 years 3 months 18 days | |
Gross Carrying Amounts | $ 78,145 | 56,493 |
Accumulated Amortization | (48,279) | (39,870) |
Net Carrying Amount | $ 29,866 | $ 16,623 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Future Estimated Amortization of Intangibles (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 213,678 |
2023 | 204,053 |
2024 | 196,009 |
2025 | 175,261 |
2026 | 152,363 |
Thereafter | $ 927,694 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 565,141 | $ 468,686 |
Less: accumulated depreciation | (328,847) | (266,177) |
Property and equipment, net | 236,294 | 202,509 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 472,145 | 393,217 |
Computer hardware and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 3 years | |
Computer hardware and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 5 years | |
Card-reading equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 36,829 | 25,427 |
Card-reading equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 4 years | |
Card-reading equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 6 years | |
Furniture, fixtures, and vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 22,650 | 19,575 |
Furniture, fixtures, and vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 2 years | |
Furniture, fixtures, and vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 10 years | |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 33,517 | $ 30,467 |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 5 years | |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (in Years) | 50 years |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 75,571 | $ 65,181 | $ 62,784 |
Capitalized computer software amortization expense | 46,700 | 40,200 | 37,200 |
Unamortized computer software costs | 155,300 | 129,900 | |
Capitalized computer software write down | $ 200 | $ 300 | $ 1,800 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued bonuses | $ 26,950 | $ 15,903 |
Accrued payroll and severance | 38,328 | 23,189 |
Accrued taxes | 93,627 | 78,771 |
Accrued commissions/rebates | 92,063 | 81,450 |
Other1 | 118,086 | 83,368 |
Total | $ 369,054 | $ 282,681 |
Debt - Summary of Debt Instrume
Debt - Summary of Debt Instruments (Detail) | Dec. 22, 2021USD ($) | Apr. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 15, 2021USD ($) | Sep. 14, 2021USD ($) | Mar. 29, 2021USD ($) | Mar. 28, 2021USD ($) | Jan. 22, 2019USD ($) | Aug. 30, 2018USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Other debt | $ 0 | $ 211,000 | ||||||||||
Total notes payable, credit agreements, and other obligations | 4,859,667,000 | 3,603,277,000 | ||||||||||
Securitization facility | 1,118,000,000 | 700,000,000 | ||||||||||
Total debt | 5,977,667,000 | 4,303,277,000 | ||||||||||
Current portion | 1,517,628,000 | 1,205,697,000 | ||||||||||
Long-term portion | [1] | 4,460,039,000 | 3,097,580,000 | |||||||||
Principal payments on notes payable | 507,500,000 | 175,285,000 | $ 138,500,000 | |||||||||
Derivative, notional amount | 32,324,500,000 | $ 16,925,400,000 | ||||||||||
Interest rate swaps | Designated as Hedging Instrument | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Derivative, notional amount | $ 1,000,000,000 | |||||||||||
Securitization Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | $ 1,300,000,000 | $ 1,000,000,000 | $ 1,300,000,000 | |||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.40% | 0.40% | ||||||||||
Unamortized debt issuance costs | $ 2,500,000 | $ 1,400,000 | ||||||||||
LIBOR Floor (in percent) | 0 | |||||||||||
Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility additional available borrowing capacity | $ 750,000,000 | |||||||||||
Debt instrument, leverage ratio | 3 | |||||||||||
Secured Debt | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.30% | |||||||||||
Variable Rate Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 2,000,000,000 | $ 2,000,000,000 | ||||||||||
Term Loan A | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term notes payable-domestic, net of discounts | $ 2,763,162,000 | 2,922,042,000 | ||||||||||
Line of credit facility, interest rate during period | 1.60% | |||||||||||
Unamortized discount | $ 4,339,000 | |||||||||||
Capitalized debt issuance costs | 0 | |||||||||||
Term Loan A | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | 3,225,000,000 | |||||||||||
Term Loan B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term notes payable-domestic, net of discounts | $ 1,871,505,000 | 337,347,000 | ||||||||||
Line of credit facility, interest rate during period | 1.85% | |||||||||||
Unamortized discount | $ 12,391,000 | |||||||||||
Capitalized debt issuance costs | 8,479,000 | |||||||||||
Term Loan B | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | $ 1,900,000,000 | |||||||||||
Increase in line of credit facility | $ 750,000,000 | |||||||||||
Term Loan B | Secured Debt | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||||
Term Loan B | Secured Debt | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 0.75% | |||||||||||
Term Loan B | Secured Debt | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | |||||||||||
Term Loan B | Secured Debt | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.35% | |||||||||||
Revolving A Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving line of credit | $ 225,000,000 | 280,000,000 | ||||||||||
Line of credit facility, interest rate during period | 1.61% | |||||||||||
Revolving A Credit Facility | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | $ 800,000,000 | |||||||||||
Revolving B Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving line of credit | 0 | 13,650,000 | ||||||||||
Revolving B Credit Facility | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | 450,000,000 | |||||||||||
Revolving line of credit B Facility - foreign swing line | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving line of credit | 0 | 50,028,000 | ||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unamortized debt issuance costs | $ 3,300,000 | |||||||||||
Revolving Credit Facility | SONIA | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 0.0326% | |||||||||||
Revolving Credit Facility | Federal Funds Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||||
Revolving Credit Facility | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||||
Revolving Credit Facility | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | $ 1,150,000,000 | $ 1,285,000,000 | ||||||||||
Loan term | 7 years | |||||||||||
Revolving C Credit Facility | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | 35,000,000 | |||||||||||
Term Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Capitalized debt issuance costs | $ 16,700,000 | $ 7,100,000 | ||||||||||
Interest rate, effective percentage | 1.79% | |||||||||||
Principal payments on notes payable | $ 507,500,000 | |||||||||||
Commercial Paper | Securitization Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 0.90% | 0.80% | ||||||||||
Commercial Paper | Securitization Facility | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | 90.00% | ||||||||||
Commercial Paper | Securitization Facility | Blended Rate Of LIBOR And Commercial Paper Rates Based On Weighted Average Advance | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 0.98% | 1.23% | ||||||||||
Line of credit facility, commitment fee percentage | 0.12% | 0.34% | ||||||||||
Swing Line | Securitization Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | $ 250,000,000 | $ 100,000,000 | ||||||||||
Period One | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payment period | 1 month | |||||||||||
Period One | Foreign Swing Line | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payment period | 20 days | |||||||||||
Period Two | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payment period | 3 months | |||||||||||
Period Three | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payment period | 6 months | |||||||||||
[1] | 1 Recast 2020 to reflect long term deferred revenue in other noncurrent liabilities, to conform to current year presentation. |
Debt - Summary of Contractual M
Debt - Summary of Contractual Maturities of Notes Payable and Other Obligations (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 1,517,628 |
2023 | 2,619,795 |
2024 | 15,682 |
2025 | 15,716 |
2026 | 15,750 |
Thereafter | $ 1,793,095 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 3,355,411 | $ 3,711,616 | $ 3,340,180 |
Other comprehensive (loss) income before reclassifications | (137,149) | (437,968) | (84,783) |
Amounts reclassified from AOCI | 49,747 | 39,264 | 5,828 |
Tax effect | (14,056) | 8,011 | 20,348 |
Total other comprehensive loss | (101,458) | (390,693) | (58,607) |
Ending Balance | 2,866,580 | 3,355,411 | 3,711,616 |
Total Accumulated Other Comprehensive (Loss) Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (1,363,158) | (972,465) | (913,858) |
Ending Balance | (1,464,616) | (1,363,158) | (972,465) |
Cumulative Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (1,296,962) | (929,713) | (913,858) |
Other comprehensive (loss) income before reclassifications | (144,543) | (367,249) | (15,855) |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 |
Total other comprehensive loss | (144,543) | (367,249) | (15,855) |
Ending Balance | (1,441,505) | (1,296,962) | (929,713) |
Unrealized (Losses) Gains on Derivative Instruments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (66,196) | (42,752) | 0 |
Other comprehensive (loss) income before reclassifications | 7,394 | (70,719) | (68,928) |
Amounts reclassified from AOCI | 49,747 | 39,264 | 5,828 |
Tax effect | (14,056) | 8,011 | 20,348 |
Total other comprehensive loss | 43,085 | (23,444) | (42,752) |
Ending Balance | $ (23,111) | $ (66,196) | $ (42,752) |
Income Taxes - Income Before Pr
Income Taxes - Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 515,041 | $ 457,090 | $ 505,818 |
Foreign | 593,767 | 425,435 | 572,001 |
Income before income taxes | $ 1,108,808 | $ 882,525 | $ 1,077,819 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 118,861 | $ 71,123 | $ 50,145 |
State | 31,674 | 19,597 | 10,285 |
Foreign | 107,751 | 71,921 | 84,433 |
Total current | 258,286 | 162,641 | 144,863 |
Deferred: | |||
Federal | (12,165) | 143 | (10,479) |
State | (4,540) | (4,323) | 3,745 |
Foreign | 27,730 | 19,848 | 44,617 |
Total deferred | 11,025 | 15,668 | 37,883 |
Total provision | $ 269,311 | $ 178,309 | $ 182,746 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Computed “expected” tax expense | $ 232,850 | $ 185,330 | $ 226,342 |
Change in valuation allowance | 1,378 | 25,932 | (28,614) |
Foreign income tax differential | (10,326) | (20,852) | (15,816) |
State taxes net of federal benefits | 18,352 | 7,489 | 12,482 |
Increase in tax expense due to uncertain tax positions | 8,185 | 14,848 | 0 |
Foreign withholding tax | 9,143 | 15,630 | 20,360 |
Excess tax benefits related to stock-based compensation | (16,304) | (58,942) | (38,156) |
Revaluation of capital loss deferred tax asset | 0 | 0 | (24,279) |
Sub-part F Income/GILTI | 72,449 | 34,990 | 49,859 |
Foreign tax credits | (63,926) | (30,497) | (38,657) |
Other | 17,510 | 4,381 | 19,225 |
Total provision | $ 269,311 | $ 178,309 | $ 182,746 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent [Abstract] | |||
Computed “expected” tax expense | 21.00% | 21.00% | 21.00% |
Change in valuation allowance | 0.10% | 2.90% | (2.70%) |
Foreign income tax differential | (0.90%) | (2.30%) | (1.40%) |
State taxes net of federal benefits | 1.70% | 0.80% | 1.20% |
Increase in tax expense due to uncertain tax positions | 0.70% | 1.70% | 0.00% |
Foreign withholding tax | 0.80% | 1.80% | 1.90% |
Excess tax benefits related to stock-based compensation | (1.50%) | (6.70%) | (3.50%) |
Revaluation of capital loss deferred tax asset | 0.00% | 0.00% | (2.30%) |
Sub-part F Income/GILTI | 6.50% | 4.00% | 4.60% |
Foreign tax credits | (5.80%) | (3.50%) | (3.60%) |
Other | 1.60% | 0.50% | 1.80% |
Provision for income taxes | 24.30% | 20.20% | 17.00% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Accounts receivable, principally due to the allowance for doubtful accounts | $ 13,987 | $ 10,515 |
Accrued expenses not currently deductible for tax | 6,252 | 3,442 |
Lease deferral | 20,349 | 23,506 |
Interest rate swap | 7,621 | 21,792 |
Stock based compensation | 39,658 | 36,015 |
Income tax credits | 51,264 | 51,264 |
Net operating loss carry forwards | 76,988 | 83,372 |
Accrued escheat | 3,170 | 3,567 |
Other | 10,078 | 11,711 |
Deferred tax assets before valuation allowance | 229,367 | 245,184 |
Valuation allowance | (94,601) | (90,340) |
Deferred tax assets, net | 134,766 | 154,844 |
Deferred tax liabilities: | ||
Intangibles—including goodwill | (520,349) | (481,388) |
Basis difference in investment in subsidiaries | (42,938) | (42,313) |
Lease deferral | (17,739) | (19,977) |
Accrued Expense Liability | (795) | (513) |
Prepaid expenses | (1,788) | (2,126) |
Withholding taxes | (38,704) | (30,488) |
Property and equipment and other | (76,810) | (71,342) |
Deferred tax liabilities | (699,123) | (648,147) |
Net deferred tax liabilities | $ (564,357) | $ (493,303) |
Income Taxes - Deferred Tax Bal
Income Taxes - Deferred Tax Balance Classification in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Long term deferred tax assets | $ 1,934 | $ 4,851 |
Long term deferred tax liabilities | (566,291) | (498,154) |
Net deferred tax liabilities | $ (564,357) | $ (493,303) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Increase in the total valuation allowance | $ 4,300 | |||
Net operating loss carryforwards for federal income tax purposes | 4,000 | |||
Net operating loss carryforwards for state income tax purposes | 837,200 | |||
Federal operating loss carry forwards | 93,900 | |||
Valuation allowance | 94,601 | $ 90,340 | ||
Foreign tax credit | 51,200 | |||
Valuation allowance of foreign tax credit | 51,200 | |||
Interest and penalties related to the unrecognized tax benefits | 5,600 | 5,700 | ||
Accumulated interest and penalties | 18,100 | 12,500 | ||
Total unrecognized tax benefits | 47,021 | $ 35,749 | $ 42,773 | $ 34,152 |
Deferred Tax Asset, Net Operating Loss Carryforward | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 42,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrecognized Income Tax Benefit [Roll Forward] | |||
Beginning balance, unrecognized tax benefits | $ 35,749 | $ 42,773 | $ 34,152 |
Additions based on tax provisions related to the current year | 8,543 | 6,412 | 4,284 |
Additions based on tax provisions related to the prior year | 5,909 | 13,532 | 11,679 |
Deductions based on settlement/expiration of prior year tax positions | (1,058) | (14,460) | (7,342) |
Deduction of cumulative interest and penalties | (12,508) | ||
Deductions based on settlement of prior year tax positions | (2,122) | ||
Ending balance, unrecognized tax benefits | $ 47,021 | $ 35,749 | $ 42,773 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leased Assets [Line Items] | ||
Total lease costs | $ 22.6 | $ 20.7 |
Minimum | ||
Operating Leased Assets [Line Items] | ||
Remaining lease term | 1 year | |
Lease renewable period (in years) | 1 year | |
Maximum | ||
Operating Leased Assets [Line Items] | ||
Remaining lease term | 30 years | |
Lease renewable period (in years) | 5 years |
Leases - Operating Lease ROU As
Leases - Operating Lease ROU Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
ROU assets | $ 84,777 | $ 76,797 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Short term lease liabilities | $ 20,296 | $ 17,047 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other noncurrent liabilities | Other noncurrent liabilities |
Long term lease liabilities | $ 79,905 | $ 75,350 |
Leases Leases - Schedule of Sup
Leases Leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Cash paid for operating lease liabilities | $ 23,803 | $ 20,068 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 29,428 | $ 7,134 |
Weighted-average remaining lease term (years) | 5 years 11 months 26 days | 7 years 25 days |
Weighted-average discount rate | 3.80% | 4.18% |
Leases Leases - Schedule of Lea
Leases Leases - Schedule of Lease Maturities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 1,535 |
2023 | 22,924 |
2024 | 20,725 |
2025 | 19,101 |
2026 | 16,734 |
Thereafter | 31,989 |
Total lease payments | 113,008 |
Less imputed interest | 12,807 |
Present value of lease liabilities | $ 100,201 |
Dispositions - Narrative (Detai
Dispositions - Narrative (Details) - Masternaut - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment loss on investment | $ 15.7 | |
Cumulative impairment loss on investments | $ 136.3 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Notional Amounts (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative, notional amount | $ 32,324.5 | $ 16,925.4 |
Swaps | ||
Derivative [Line Items] | ||
Derivative, notional amount | 2,670.4 | 684.5 |
Futures, forwards and spot | ||
Derivative [Line Items] | ||
Derivative, notional amount | 7,818.3 | 5,467.8 |
Written options | ||
Derivative [Line Items] | ||
Derivative, notional amount | 11,221.9 | 5,578.1 |
Purchased options | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 10,614 | $ 5,195 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative liabilities - fair value net | $ 59,192 | $ 228,145 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative assets, fair value gross | 338,800 | 326,100 |
Cash collateral | 25,881 | 18,229 |
Total fair value of gross derivative assets | 312,900 | 307,900 |
Derivative liabilities, fair value, gross | 307,800 | 310,500 |
Cash collateral | 24,803 | 38,569 |
Total fair value of gross derivative liabilities | 283,000 | 271,900 |
Derivative assets - fair value net | 120,859 | 155,846 |
Total net derivative assets | 95,000 | 137,600 |
Derivative liabilities - fair value net | 89,925 | 140,272 |
Total net derivative liabilities | $ 65,100 | $ 101,700 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative liabilities - fair value net | $ 59,192 | $ 228,145 |
Other current assets | ||
Derivative [Line Items] | ||
Derivative assets - fair value net | 94,000 | 139,300 |
Other noncurrent assets | ||
Derivative [Line Items] | ||
Derivative assets - fair value net | 26,900 | 16,600 |
Other current liabilities | ||
Derivative [Line Items] | ||
Derivative liabilities - fair value net | 66,900 | 127,700 |
Other noncurrent liabilities | ||
Derivative [Line Items] | ||
Derivative liabilities - fair value net | $ 23,000 | $ 12,500 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jan. 22, 2019USD ($)derivativeInstrumentHeld |
Derivative [Line Items] | |||
Number of cash flows entered into | derivativeInstrumentHeld | 3 | ||
Derivative, notional amount | $ 32,324.5 | $ 16,925.4 | |
Estimated net amount of existing losses expected to be reclassified into earnings | 23.4 | ||
Interest rate swaps | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative, notional amount | 1,000 | ||
Variable Rate Debt | |||
Derivative [Line Items] | |||
Long-term debt | $ 2,000 | $ 2,000 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Schedule of Cash Flow Hedges (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Notional amount | $ 32,324.5 | $ 16,925.4 |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 1,000 | |
Fixed Rates | 2.56% | |
Designated as Hedging Instrument | Interest Rate Swap 2 | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Fixed Rates | 2.56% | |
Designated as Hedging Instrument | Interest Rate Swap 3 | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Fixed Rates | 2.55% |
Derivative Financial Instrume_8
Derivative Financial Instruments - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative liabilities | $ (59,192) | $ (228,145) |
Swap contracts | ||
Derivative [Line Items] | ||
Derivative liabilities | 30,733 | (87,873) |
Designated as Hedging Instrument | Other current liabilities | Swap contracts | ||
Derivative [Line Items] | ||
Derivative liabilities | (23,400) | (49,300) |
Designated as Hedging Instrument | Other noncurrent liabilities | Swap contracts | ||
Derivative [Line Items] | ||
Derivative liabilities | $ (7,300) | $ (38,600) |
Derivative Financial Instrume_9
Derivative Financial Instruments - Schedule of Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Tax effect | $ 14,056 | $ (8,011) | $ (20,348) |
Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(14.1) million and $8.0 million for 2021 and 2020, respectively | (43,085) | 23,444 | 42,752 |
Unrealized (Losses) Gains on Derivative Instruments | |||
Derivative [Line Items] | |||
Tax effect | 14,056 | (8,011) | $ (20,348) |
Interest rate swaps | |||
Derivative [Line Items] | |||
Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(14.1) million and $8.0 million for 2021 and 2020, respectively | (6,700) | (62,700) | |
Amount of loss reclassified from accumulated other comprehensive loss into interest expense | 49,700 | 39,300 | |
Interest rate swaps | Unrealized (Losses) Gains on Derivative Instruments | |||
Derivative [Line Items] | |||
Tax effect | $ (14,100) | $ 8,000 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 225,004 | $ 234,007 | $ 196,247 | $ 184,239 | $ 209,851 | $ 188,817 | $ 158,488 | $ 147,060 | $ 839,497 | $ 704,216 | $ 895,073 |
Denominator for basic earnings per share (in shares) | 80,228 | 81,836 | 83,141 | 83,475 | 83,514 | 83,719 | 83,895 | 84,902 | 82,060 | 84,005 | 86,401 |
Dilutive securities (in shares) | 2,001 | 2,714 | 3,669 | ||||||||
Denominator for diluted earnings per share (in shares) | 81,981 | 83,716 | 85,295 | 85,764 | 85,846 | 86,273 | 86,570 | 88,205 | 84,061 | 86,719 | 90,070 |
Basic earnings per share (in usd per share) | $ 2.80 | $ 2.86 | $ 2.36 | $ 2.21 | $ 2.51 | $ 2.26 | $ 1.89 | $ 1.73 | $ 10.23 | $ 8.38 | $ 10.36 |
Diluted earnings per share (in usd per share) | $ 2.74 | $ 2.80 | $ 2.30 | $ 2.15 | $ 2.44 | $ 2.19 | $ 1.83 | $ 1.67 | $ 9.99 | $ 8.12 | $ 9.94 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted earnings per share excludes antidilutive effect (in shares) | 1,400,000 | 100,000 | 0 |
Performance options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted earnings per share excludes antidilutive effect (in shares) | 0 | 100,000 | 100,000 |
Segments - Additional Informati
Segments - Additional Information (Detail) - segment | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Number of reportable segments | 3 | 2 | |
Number of operating segments | 3 | ||
Sales Revenue, Net | Partner Concentration Risk | North America | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage (more than) | 10.00% | 10.00% | 10.00% |
Segments - Schedule of Company'
Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | $ 802,255 | $ 755,477 | $ 667,381 | $ 608,623 | $ 617,333 | $ 585,283 | $ 525,146 | $ 661,093 | $ 2,833,736 | $ 2,388,855 | $ 2,648,848 |
Operating income | 340,292 | $ 338,687 | $ 297,612 | $ 265,965 | 293,939 | $ 264,532 | $ 212,811 | $ 200,983 | 1,242,556 | 972,265 | 1,231,430 |
Depreciation and amortization | 284,197 | 254,802 | 274,210 | ||||||||
Capital expenditures | 111,530 | 78,425 | 75,170 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 2,833,736 | 2,388,855 | 2,648,848 | ||||||||
Operating income | 1,242,556 | 972,265 | 1,231,430 | ||||||||
Depreciation and amortization | 284,197 | 254,802 | 274,210 | ||||||||
Capital expenditures | 111,530 | 78,425 | 75,170 | ||||||||
Long-lived assets (excluding goodwill and investments) | 2,756,712 | 2,511,600 | 2,756,712 | 2,511,600 | 2,766,483 | ||||||
North America | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 1,921,077 | 1,581,547 | 1,708,546 | ||||||||
Operating income | 762,620 | 547,912 | 754,528 | ||||||||
Depreciation and amortization | 184,876 | 156,417 | 160,246 | ||||||||
Capital expenditures | 67,533 | 48,426 | 44,238 | ||||||||
Long-lived assets (excluding goodwill and investments) | 2,117,244 | 1,790,661 | 2,117,244 | 1,790,661 | 1,860,708 | ||||||
Brazil | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 368,080 | 344,248 | 427,921 | ||||||||
Operating income | 154,265 | 148,055 | 175,642 | ||||||||
Depreciation and amortization | 50,020 | 51,364 | 64,936 | ||||||||
Capital expenditures | 24,431 | 17,116 | 18,330 | ||||||||
Long-lived assets (excluding goodwill and investments) | 291,203 | 341,242 | 291,203 | 341,242 | 487,464 | ||||||
International | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net | 544,579 | 463,060 | 512,381 | ||||||||
Operating income | 325,671 | 276,298 | 301,260 | ||||||||
Depreciation and amortization | 49,301 | 47,021 | 49,028 | ||||||||
Capital expenditures | 19,566 | 12,883 | 12,602 | ||||||||
Long-lived assets (excluding goodwill and investments) | $ 348,265 | $ 379,697 | $ 348,265 | $ 379,697 | $ 418,311 |
Segments - Schedule of Long-Liv
Segments - Schedule of Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
United States (country of domicile) | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets (excluding goodwill and investments) | $ 1,848,923 | $ 1,547,423 |
Brazil | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets (excluding goodwill and investments) | 291,203 | 341,242 |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets (excluding goodwill and investments) | $ 245,654 | $ 269,556 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues, net | $ 802,255 | $ 755,477 | $ 667,381 | $ 608,623 | $ 617,333 | $ 585,283 | $ 525,146 | $ 661,093 | $ 2,833,736 | $ 2,388,855 | $ 2,648,848 |
Operating income | 340,292 | 338,687 | 297,612 | 265,965 | 293,939 | 264,532 | 212,811 | 200,983 | 1,242,556 | 972,265 | 1,231,430 |
Net income | $ 225,004 | $ 234,007 | $ 196,247 | $ 184,239 | $ 209,851 | $ 188,817 | $ 158,488 | $ 147,060 | $ 839,497 | $ 704,216 | $ 895,073 |
Earnings per share: | |||||||||||
Basic earnings per share (in usd per share) | $ 2.80 | $ 2.86 | $ 2.36 | $ 2.21 | $ 2.51 | $ 2.26 | $ 1.89 | $ 1.73 | $ 10.23 | $ 8.38 | $ 10.36 |
Diluted earnings per share (in usd per share) | $ 2.74 | $ 2.80 | $ 2.30 | $ 2.15 | $ 2.44 | $ 2.19 | $ 1.83 | $ 1.67 | $ 9.99 | $ 8.12 | $ 9.94 |
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 80,228 | 81,836 | 83,141 | 83,475 | 83,514 | 83,719 | 83,895 | 84,902 | 82,060 | 84,005 | 86,401 |
Diluted (in shares) | 81,981 | 83,716 | 85,295 | 85,764 | 85,846 | 86,273 | 86,570 | 88,205 | 84,061 | 86,719 | 90,070 |