Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 24, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'WEX | ' |
Entity Registrant Name | 'WEX INC. | ' |
Entity Central Index Key | '0001309108 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 38,875,635 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $391,171 | $197,662 |
Accounts receivable (less reserve for credit losses of $8,954 in 2013 and $11,709 in 2012) | 1,913,614 | 1,556,275 |
Available-for-sale securities | 16,208 | 16,350 |
Fuel price derivatives, at fair value | 488 | 0 |
Property, equipment and capitalized software (net of accumulated depreciation of $139,684 in 2013 and $125,659 in 2012) | 70,097 | 60,097 |
Deferred income taxes, net | 92,693 | 121,007 |
Goodwill | 824,307 | 847,986 |
Other intangible assets, net | 209,074 | 241,950 |
Other assets | 139,805 | 90,538 |
Total assets | 3,657,457 | 3,131,865 |
Liabilities and Stockholders’ Equity | ' | ' |
Accounts payable | 706,927 | 527,838 |
Accrued expenses | 79,754 | 67,419 |
Income taxes payable | 14,228 | 10,038 |
Deposits | 1,158,196 | 890,345 |
Borrowed federal funds | 0 | 48,400 |
Revolving line-of-credit facilities and term loan | 288,750 | 621,000 |
Deferred income taxes, net | 11,464 | 18,407 |
Notes outstanding | 400,000 | 0 |
Amounts due under tax receivable agreement | 79,705 | 86,550 |
Fuel price derivatives, at fair value | 983 | 1,729 |
Other liabilities | 15,822 | 20,546 |
Total liabilities | 2,755,829 | 2,292,272 |
Commitments and contingencies (Note 14) | ' | ' |
Redeemable noncontrolling interest (Note 11) | 19,762 | 21,662 |
Stockholders’ Equity | ' | ' |
Common stock $0.01 par value; 175,000 shares authorized; 42,897 in 2013 and 42,586 in 2012 shares issued; 38,982 in 2013 and 38,908 in 2012 shares outstanding | 429 | 426 |
Additional paid-in capital | 166,615 | 162,470 |
Retained earnings | 845,051 | 730,311 |
Accumulated other comprehensive income | 337 | 37,379 |
Less treasury stock at cost; 4,007 shares in 2013 and 3,766 in 2012 | -130,566 | -112,655 |
Total stockholders’ equity | 881,866 | 817,931 |
Total liabilities and stockholders’ equity | $3,657,457 | $3,131,865 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, reserve for credit losses | $8,954 | $11,709 |
Property, equipment and capitalized software, accumulated depreciation | $139,684 | $125,659 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 42,897,000 | 42,586,000 |
Common stock, shares outstanding | 38,982,000 | 38,908,000 |
Treasury stock, shares | 4,007,000 | 3,766,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Fleet payment solutions | $136,874 | $117,877 | $393,953 | $341,709 |
Other payment solutions | 54,651 | 43,090 | 141,227 | 112,444 |
Total revenues | 191,525 | 160,967 | 535,180 | 454,153 |
Expenses | ' | ' | ' | ' |
Salary and other personnel | 41,469 | 28,823 | 122,193 | 87,501 |
Service fees | 29,352 | 28,968 | 79,765 | 74,046 |
Provision for credit losses | 5,015 | 5,647 | 13,686 | 14,874 |
Technology leasing and support | 6,799 | 4,577 | 18,712 | 13,718 |
Occupancy and equipment | 3,822 | 3,032 | 11,818 | 9,062 |
Depreciation, amortization and impairment | 14,160 | 27,877 | 43,268 | 50,591 |
Operating interest expense | 976 | 1,243 | 3,205 | 3,430 |
Cost of hardware and equipment sold | 1,055 | 759 | 3,266 | 2,270 |
Other | 10,984 | 8,764 | 33,763 | 26,541 |
Total operating expenses | 113,632 | 109,690 | 329,676 | 282,033 |
Operating income | 77,893 | 51,277 | 205,504 | 172,120 |
Financing interest expense | -7,369 | -2,302 | -22,077 | -6,877 |
Gain (loss) on foreign currency transactions | 2,968 | 180 | 1,708 | -312 |
Net realized and unrealized loss on fuel price derivatives | -3,640 | -14,026 | -2,781 | -12,046 |
Decrease in tax refund due to former shareholders of RD Card Holdings Australia | 0 | 0 | 0 | 9,750 |
Decrease in amount due under tax receivable agreement | 150 | 0 | 150 | 0 |
Income before income taxes | 70,002 | 35,129 | 182,504 | 162,635 |
Income taxes | 26,224 | 20,845 | 68,097 | 94,780 |
Net income | 43,778 | 14,284 | 114,407 | 67,855 |
Less: Net loss from noncontrolling interest | -60 | -14 | -333 | -14 |
Net earnings attributable to WEX Inc. | $43,838 | $14,298 | $114,740 | $67,869 |
Net earnings attributable to WEX Inc. per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $1.12 | $0.37 | $2.95 | $1.75 |
Diluted (in dollars per share) | $1.12 | $0.37 | $2.93 | $1.74 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 38,978 | 38,793 | 38,934 | 38,832 |
Diluted (in shares) | 39,081 | 38,995 | 39,102 | 39,084 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $43,778 | $14,284 | $114,407 | $67,855 |
Changes in available-for-sale securities, net of tax effect of $(43) and $(289) in 2013 and $27 and $68 in 2012 | -73 | 44 | -492 | 114 |
Changes in interest rate swap, net of tax effect of $35 for the nine months ended 2012 | 0 | 0 | 0 | 60 |
Foreign currency translation | 7,856 | 9,229 | -38,117 | 7,412 |
Comprehensive income | 51,561 | 23,557 | 75,798 | 75,441 |
Less: comprehensive income (loss) attributable to noncontrolling interest | 112 | 209 | -1,900 | 209 |
Comprehensive income attributable to WEX Inc. | $51,449 | $23,348 | $77,698 | $75,232 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Changes in available-for-sale securities, tax effect | ($43) | $27 | ($289) | $68 |
Changes in interest rate swap, tax effect | $0 | $0 | $0 | $35 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Retained Earnings |
In Thousands, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2011 | $709,315 | $423 | $146,282 | $30,588 | ($101,367) | $633,389 |
Beginning Balance (in shares) at Dec. 31, 2011 | ' | 42,252 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stock issued to employees exercising stock options (in shares) | ' | 136 | ' | ' | ' | ' |
Stock issued to employees exercising stock options | 1,863 | 1 | 1,862 | ' | ' | ' |
Tax benefit from employees’ stock option and restricted stock units | 3,049 | ' | 3,049 | ' | ' | ' |
Stock issued to employees for vesting of restricted stock units (in shares) | ' | 100 | ' | ' | ' | ' |
Stock issued to employees for vesting of restricted stock units | 1 | 1 | ' | ' | ' | ' |
Stock-based compensation, net of share repurchases for tax withholdings | 5,865 | ' | 5,865 | ' | ' | ' |
Purchase of shares of treasury stock | -11,288 | ' | ' | ' | -11,288 | ' |
Changes in available-for-sale securities, net of tax effect of $68 in 2013 and $(289) in 2012 | 114 | ' | ' | 114 | ' | ' |
Changes in interest rate swaps, net of tax effect of $35 | 60 | ' | ' | 60 | ' | ' |
Foreign currency translation | 7,189 | ' | ' | 7,189 | ' | ' |
Net income | 67,869 | ' | ' | ' | ' | 67,869 |
Ending Balance at Sep. 30, 2012 | 784,037 | 425 | 157,058 | 37,951 | -112,655 | 701,258 |
Ending Balance (in shares) at Sep. 30, 2012 | ' | 42,488 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2012 | 817,931 | 426 | 162,470 | 37,379 | -112,655 | 730,311 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 42,586 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stock issued to employees exercising stock options (in shares) | ' | 70 | ' | ' | ' | ' |
Stock issued to employees exercising stock options | 1,672 | 1 | 1,671 | ' | ' | ' |
Tax benefit from employees’ stock option and restricted stock units | 6,509 | ' | 6,509 | ' | ' | ' |
Stock issued to employees for vesting of restricted stock units (in shares) | ' | 241 | ' | ' | ' | ' |
Stock issued to employees for vesting of restricted stock units | ' | 2 | -2 | ' | ' | ' |
Stock-based compensation, net of share repurchases for tax withholdings | -4,033 | ' | -4,033 | ' | ' | ' |
Purchase of shares of treasury stock | -17,911 | ' | ' | ' | -17,911 | ' |
Changes in available-for-sale securities, net of tax effect of $68 in 2013 and $(289) in 2012 | -492 | ' | ' | -492 | ' | ' |
Foreign currency translation | -36,550 | ' | ' | -36,550 | ' | ' |
Net income | 114,740 | ' | ' | ' | ' | 114,740 |
Ending Balance at Sep. 30, 2013 | $881,866 | $429 | $166,615 | $337 | ($130,566) | $845,051 |
Ending Balance (in shares) at Sep. 30, 2013 | ' | 42,897 | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Changes in available-for-sale securities, tax effect | ($289) | $68 |
Changes in interest rate swaps, tax effect | $0 | $35 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $114,407 | $67,855 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Fair value change of fuel price derivatives | -1,234 | 1,841 |
Stock-based compensation | 6,882 | 8,806 |
Depreciation, amortization and impairment | 45,021 | 35,604 |
Goodwill impairment | 0 | 16,171 |
Deferred taxes | 23,207 | 35,392 |
Provision for credit losses | 13,686 | 14,874 |
Loss on disposal of property, equipment and capitalized software | 637 | 0 |
Changes in operating assets and liabilities, net of effects of acquisition: | ' | ' |
Accounts receivable | -384,715 | -306,350 |
Other assets | -39,289 | -55,572 |
Accounts payable | 185,284 | 163,203 |
Accrued expenses | 13,030 | -5,755 |
Income taxes | 5,463 | 16,904 |
Other liabilities | -826 | -12,034 |
Amounts due under tax receivable agreement | -6,841 | -6,245 |
Net cash used for operating activities | -25,288 | -25,306 |
Cash flows from investing activities | ' | ' |
Purchases of property, equipment and capitalized software | -30,122 | -21,796 |
Purchases of available-for-sale securities | -1,704 | -224 |
Maturities of available-for-sale securities | 1,065 | 1,228 |
Acquisitions, net of cash | 0 | -26,217 |
Net cash used for investing activities | -30,761 | -47,009 |
Cash flows from financing activities | ' | ' |
Excess tax benefits from equity instrument share-based payment arrangements | 6,509 | 3,049 |
Repurchase of share-based awards to satisfy tax withholdings | -10,917 | -2,941 |
Proceeds from stock option exercises | 1,671 | 1,862 |
Net change in deposits | 267,859 | 512,456 |
Net change in borrowed federal funds | -48,400 | -6,900 |
Other financing debt | -3,003 | -19,560 |
Loan origination fee | -12,023 | 0 |
Borrowings on notes outstanding | 400,000 | 0 |
Net activity on 2011 revolving line-of-credit | -438,500 | 12,200 |
Purchase of shares of treasury stock | -17,911 | -11,288 |
Net cash provided by financing activities | 251,535 | 481,378 |
Effect of exchange rate changes on cash and cash equivalents | -1,977 | 449 |
Net change in cash and cash equivalents | 193,509 | 409,512 |
Cash and cash equivalents, beginning of period | 197,662 | 25,791 |
Cash and cash equivalents, end of period | 391,171 | 435,303 |
Supplemental cash flow information | ' | ' |
Interest paid | 20,291 | 9,676 |
Income taxes paid | 33,013 | 39,455 |
2011 term loan | ' | ' |
Cash flows from financing activities | ' | ' |
Net activity on term loan | -182,500 | -7,500 |
2013 term loan | ' | ' |
Cash flows from financing activities | ' | ' |
Net activity on term loan | 288,750 | 0 |
Rapid! Financial Services LLC | ' | ' |
Significant non-cash transactions | ' | ' |
Reduction of rapid! – estimated earn out | 0 | 839 |
UNIK | ' | ' |
Significant non-cash transactions | ' | ' |
Acquisition of UNIK - estimated earn out | 0 | 991 |
Increase in UNIK – estimated earn out | $198 | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles (“GAAP”) for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to consolidated financial statements included in the Annual Report on Form 10-K of WEX Inc. for the year ended December 31, 2012. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements that are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission (“SEC”) on March 1, 2013. When used in these notes, the term “Company” means WEX Inc. and all entities included in the consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2013, are not necessarily indicative of the results that may be expected for any future quarter(s) or the year ending December 31, 2013. | ||
The Company adjusted the balance sheet amounts at December 31, 2012, where appropriate, to account for the measurement period adjustments related to the CorporatePay, UNIK and Fleet One purchase price allocations discussed in Note 3, Business Acquisitions, below. | ||
The presentation of the Company’s consolidated balance sheet for the period ended December 31, 2012 has been corrected for an immaterial error in the classification of foreign deferred tax liabilities. As of December 31, 2012, the foreign jurisdiction deferred tax liability balance was erroneously netted with the domestic deferred tax asset balance and presented on the Consolidated Balance Sheet as a deferred tax asset. This correction of the error resulted in an increase in deferred tax assets and total assets of $18,407 and a corresponding increase in deferred tax liabilities, total liabilities, and total liabilities and stockholders’ equity of $18,407. The result of this correction did not impact the Company’s consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for any period presented. | ||
Fair Value of Financial Instruments | ||
The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other liabilities approximate their respective fair values due to the short-term nature of such instruments. The carrying values of certificates of deposit, interest-bearing money market deposits, borrowed federal funds and credit agreement borrowings, approximate their respective fair values as the interest rates on these financial instruments are variable. All other financial instruments are reflected at fair value on the condensed consolidated balance sheet. | ||
The notes outstanding as of September 30, 2013, have a carrying value of $400,000 and fair value of $360,000. The fair value is based on market rates for the issuance of debt. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
New Accounting Standards | ' | |
2 | New Accounting Standards | |
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-11 Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11"). The amendments in ASU 2013-11 require entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward except when the following exist: (i) an NOL carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position, and (ii) the entity does not intend to use the deferred tax asset for this purpose (provided the tax law permits a choice). If either of these conditions exists, entities should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. ASU 2013-11 is effective for interim and annual periods beginning after December 15, 2013. The Company does not believe that the adoption of ASU 2013-11 will have a material impact on its results of operations when adopted in 2014. | ||
In February 2013, the FASB issued Accounting Standards Update No. 2013-02 Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance is intended to provide disclosure on items reclassified out of accumulated other comprehensive income either in the notes or parenthetically on the face of the income statement. The required disclosure is in Note 10, Comprehensive Income. |
Business_Acquisitions
Business Acquisitions | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Business Acquisitions | ' | |||
3 | Business Acquisitions | |||
Acquisition of CorporatePay | ||||
On May 11, 2012, the Company acquired all of the stock of CorporatePay, a provider of corporate prepaid solutions to the travel industry in the United Kingdom for approximately GBP17,000 (US$27,783 at the time of the acquisition), net of cash acquired. The Company purchased CorporatePay to expand its Other Payment Solutions segment. During the second quarter of 2012, the Company allocated the purchase price of the acquisition based upon a preliminary estimate of the fair values of the assets acquired and liabilities assumed. During the first quarter of 2013, the Company obtained information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed as of the CorporatePay acquisition date. Based on such information, the Company retrospectively adjusted the fiscal year 2012 comparative information resulting in an increase in accounts receivable of $508, a decrease in deferred taxes of $32, an increase in intangible assets of $140, a decrease in goodwill of $247, and an increase in accrued expenses of $369. There were no changes to the previously reported consolidated statements of operations or statements of cash flows. The valuations of all assets and liabilities have been finalized. | ||||
The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: | ||||
Consideration paid (net of cash) | $ | 27,783 | ||
Less: | ||||
Accounts receivable | 1,585 | |||
Accounts payable | (629 | ) | ||
Other tangible liabilities, net | (4,040 | ) | ||
Acquired software(a) | 8,233 | |||
Customer relationships(b) | 1,614 | |||
Trademarks and trade name(c) | 1,453 | |||
Recorded goodwill | $ | 19,567 | ||
(a) | Weighted average life – 6.2 years. | |||
(b) | Weighted average life – 6.3 years. | |||
(c) | Weighted average life – 5.3 years. | |||
Acquisition of Ownership Interest in UNIK | ||||
On August 30, 2012, the Company acquired a 51 percent ownership interest in UNIK S.A. (“UNIK”), a privately-held provider of payroll cards in Brazil. The Company purchased its interest in UNIK to expand its Other Payment Solutions segment. UNIK is a provider of payroll cards, private label and processing services in Brazil specializing in the retail, government and transportation sectors. | ||||
The investment was achieved through the purchase of newly issued shares of UNIK for approximately R$44,800 (approximately US$22,800, at the time of the acquisition). The purchase agreement also includes a contingent consideration component based on performance milestones. Although the contingent consideration was not capped, the Company estimated the amount of the liability, at the time of acquisition, to be approximately R$2,000 (approximately US$1,000). On June 30, 2013, the Company revised the estimate based on current performance milestones to be approximately US$511, which was paid on July 1, 2013. The agreement further provides the Company with a call option which allows the Company to acquire the remaining shares at specific times over a three-year period. Additionally, the purchase agreement provides the noncontrolling shareholders with the right to put their interest back to the Company at specific times. The put options are exercisable at specific dates subject to the achievement of performance hurdles. Pricing for both the call and put options are based upon multiples of UNIK’s trailing twelve month EBITDA. Subsequent to the acquisition of UNIK, UNIK paid down approximately US$19,600 of existing financing debt. As of September 30, 2013, UNIK has approximately US$6,764 of financing debt, classified in other liabilities on the Company’s condensed consolidated balance sheets. | ||||
During the third quarter of 2012, the Company allocated the purchase price of the acquisition based upon a preliminary estimate of the fair values of the assets acquired and liabilities assumed. Goodwill associated with the transaction is not expected to be deductible for income tax purposes. In addition, the Company has recognized and measured a redeemable noncontrolling interest. The redeemable noncontrolling interest represents the portion of UNIK’s net assets owned by the noncontrolling shareholders and is presented in the mezzanine section on the Company’s condensed consolidated balance sheets. During the third quarter of 2013, the Company obtained information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed as of the UNIK acquisition date. Based on such information, the Company retrospectively adjusted the fiscal year 2012 comparative information resulting in an increase in deferred taxes of $2,243, an increase in goodwill of $4,355, and an increase in accrued expenses of $6,598. There were no changes to the previously reported consolidated statements of operations or statements of cash flows. The valuations of all assets and liabilities have been finalized. | ||||
The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: | ||||
Total UNIK value | $ | 44,701 | ||
Less: Redeemable noncontrolling interest | 21,904 | |||
Total purchase price (includes estimated earn out of $991) | $ | 22,797 | ||
Less: | ||||
Cash | 1,566 | |||
Accounts receivable | 11,726 | |||
Accounts payable | (12,640 | ) | ||
Other tangible liabilities, net | (36,866 | ) | ||
Acquired software(a) | 14,193 | |||
Customer relationships(b) | 15,171 | |||
Trademarks and trade name(c) | 1,272 | |||
Recorded goodwill | $ | 28,375 | ||
(a) | Weighted average life – 6.2 years. | |||
(b) | Weighted average life – 5.9 years. | |||
(c) | Weighted average life – 5.5 years. | |||
Acquisition of Fleet One | ||||
On October 4, 2012, the Company acquired certain assets of Fleet One, a privately-held provider of value-based business payment processing and information management solutions. The Company purchased Fleet One to expand its fuel card and fleet management information services, as well as to accelerate its presence in the over the road market. | ||||
During the fourth quarter of 2012, the Company allocated the purchase price of the acquisition based upon a preliminary estimate of the fair values of the assets acquired and liabilities assumed. During the third quarter of 2013, the Company obtained information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed as of the Fleet One acquisition date. Based on such information, the Company retrospectively adjusted the fiscal year 2012 comparative information resulting in an decrease in accounts receivable of $47, an increase in deferred taxes of $261, a decrease in goodwill of $407, a decrease in taxes payable of $113 and a decrease in accrued expenses of $80. There were no changes to the previously reported consolidated statements of operations or statements of cash flows. The valuations of all assets and liabilities have been finalized. | ||||
The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: | ||||
Consideration paid (net of cash) | $ | 376,258 | ||
Less: | ||||
Accounts receivable | 152,527 | |||
Accounts payable | (151,647 | ) | ||
Other tangible liabilities, net | (693 | ) | ||
Acquired software(a) | 35,000 | |||
Customer relationships(b) | 74,000 | |||
Trademarks and trade name(c) | 4,000 | |||
Recorded goodwill | $ | 263,071 | ||
(a) | Weighted average life – 6.7 years. | |||
(b) | Weighted average life – 5.5 years. | |||
(c) | Weighted average life – 5.5 years. |
Reserves_for_Credit_Losses
Reserves for Credit Losses | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||
Reserves for Credit Losses | ' | |||||||||||||||||||
4 | Reserves for Credit Losses | |||||||||||||||||||
In general, the Company’s trade receivables provide for payment terms of 30 days or less. The Company does not extend revolving credit to its customers with respect to these receivables. The portfolio of receivables consists of a large group of smaller balance homogeneous amounts that are collectively evaluated for impairment. | ||||||||||||||||||||
The following table presents the Company’s aging of accounts receivable: | ||||||||||||||||||||
Age Analysis of Past Due Financing Receivables, Gross | ||||||||||||||||||||
as of September 30, 2013, and September 30, 2012 | ||||||||||||||||||||
Current | 30-59 Days | 60-89 Days | Greater | Total | ||||||||||||||||
and Less | Past Due | Past Due | Than | |||||||||||||||||
Than 30 | 90 Days | |||||||||||||||||||
Days Past | Past | |||||||||||||||||||
Due | Due | |||||||||||||||||||
2013 | ||||||||||||||||||||
Accounts receivable, trade | $ | 1,852,563 | $ | 50,691 | $ | 10,718 | $ | 8,596 | $ | 1,922,568 | ||||||||||
Percent of total | 96.4 | % | 2.6 | % | 0.6 | % | 0.4 | % | ||||||||||||
2012 | ||||||||||||||||||||
Accounts receivable, trade | $ | 1,595,483 | $ | 32,031 | $ | 6,123 | $ | 7,130 | $ | 1,640,767 | ||||||||||
Percent of total | 97.2 | % | 2 | % | 0.4 | % | 0.4 | % | ||||||||||||
The following table presents changes in reserves for credit losses related to accounts receivable: | ||||||||||||||||||||
Nine months ended | ||||||||||||||||||||
September 30, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Balance, beginning of period | $ | 11,709 | $ | 11,526 | ||||||||||||||||
Provision for credit losses | 13,686 | 14,874 | ||||||||||||||||||
Charge-offs | (21,150 | ) | (20,397 | ) | ||||||||||||||||
Recoveries of amounts previously charged-off | 5,031 | 4,065 | ||||||||||||||||||
Currency translation | (322 | ) | — | |||||||||||||||||
Balance, end of period | $ | 8,954 | $ | 10,068 | ||||||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
5 | Goodwill and Other Intangible Assets | |||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The changes in goodwill during the first nine months of 2013 were as follows: | ||||||||||||||||||||||||
Fleet Payment Solutions Segment | Other | Total | ||||||||||||||||||||||
Payment | ||||||||||||||||||||||||
Solutions | ||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||
Gross goodwill, January 1, 2013, as adjusted | $ | 779,654 | $ | 85,840 | $ | 865,494 | ||||||||||||||||||
Impact of foreign currency translation | (21,123 | ) | (2,556 | ) | (23,679 | ) | ||||||||||||||||||
Gross goodwill, September 30, 2013 | 758,531 | 83,284 | 841,815 | |||||||||||||||||||||
Accumulated impairment, September 30, 2013 | (1,337 | ) | (16,171 | ) | (17,508 | ) | ||||||||||||||||||
Net goodwill, September 30, 2013 | $ | 757,194 | $ | 67,113 | $ | 824,307 | ||||||||||||||||||
The Company had no impairments to goodwill during the nine months ended September 30, 2013. | ||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||
The changes in other intangible assets during the first nine months of 2013 were as follows: | ||||||||||||||||||||||||
Net | Transfer from indefinite-lived intangible assets to definite-lived intangible assets | Amortization | Impact of | Net Carrying | ||||||||||||||||||||
Carrying | foreign | Amount, | ||||||||||||||||||||||
Amount, | currency | September 30, | ||||||||||||||||||||||
January 1, | translation | 2013 | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
(As adjusted) | ||||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software | $ | 71,343 | $ | — | $ | (6,350 | ) | $ | (1,584 | ) | $ | 63,409 | ||||||||||||
Customer relationships | 150,290 | — | (17,264 | ) | (5,819 | ) | 127,207 | |||||||||||||||||
Patent | 2,365 | — | (341 | ) | (176 | ) | 1,848 | |||||||||||||||||
Trade names | 7,407 | 2,421 | (609 | ) | (116 | ) | 9,103 | |||||||||||||||||
Indefinite-lived intangible assets | — | |||||||||||||||||||||||
Trademarks and trade names | 10,545 | (2,421 | ) | — | (617 | ) | 7,507 | |||||||||||||||||
Total | $ | 241,950 | $ | — | $ | (24,564 | ) | $ | (8,312 | ) | $ | 209,074 | ||||||||||||
The Company adjusted the balance sheet amount for goodwill and intangible assets at December 31, 2012, to account for the measurement period adjustments related to the CorporatePay, UNIK and Fleet One purchase price allocations. | ||||||||||||||||||||||||
During the third quarter of 2013, the Company determined that the intangible asset recorded for the trade name associated with Wright Express Corporation should be reclassified from an indefinite-lived intangible asset to a definite-lived intangible asset due to the current re-branding efforts of changing from the Wright Express brand to the WEX brand initiated domestically and abroad. The Company determined a 10 year life would be appropriate in conjunction with the re-branding strategy initiated during the third quarter of this year. | ||||||||||||||||||||||||
The following table presents the estimated amortization expense related to the definite-lived intangible assets listed above for the remainder of 2013 and for each of the five succeeding fiscal years: | ||||||||||||||||||||||||
Estimated Amortization Expense | ||||||||||||||||||||||||
Remaining 2013 | $ | 8,188 | ||||||||||||||||||||||
2014 | $ | 31,541 | ||||||||||||||||||||||
2015 | $ | 28,918 | ||||||||||||||||||||||
2016 | $ | 25,360 | ||||||||||||||||||||||
2017 | $ | 21,625 | ||||||||||||||||||||||
2018 | $ | 18,606 | ||||||||||||||||||||||
Other intangible assets consist of the following: | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Gross | Accumulated | Net Carrying | Gross | Accumulated | Net Carrying | |||||||||||||||||||
Carrying | Amortization | Amount | Carrying | Amortization | Amount | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software | $ | 84,023 | $ | (20,614 | ) | $ | 63,409 | $ | 86,527 | $ | (15,184 | ) | $ | 71,343 | ||||||||||
Non-compete agreement | 100 | (100 | ) | — | 100 | (100 | ) | — | ||||||||||||||||
Customer relationships | 192,846 | (65,639 | ) | 127,207 | 202,061 | (51,771 | ) | 150,290 | ||||||||||||||||
Patent | 3,083 | (1,235 | ) | 1,848 | 3,430 | (1,065 | ) | 2,365 | ||||||||||||||||
Trademarks and trade names | 10,137 | (1,034 | ) | 9,103 | 7,827 | (420 | ) | 7,407 | ||||||||||||||||
$ | 290,189 | $ | (88,622 | ) | 201,567 | $ | 299,945 | $ | (68,540 | ) | 231,405 | |||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks and trade names | 7,507 | 10,545 | ||||||||||||||||||||||
Total | $ | 209,074 | $ | 241,950 | ||||||||||||||||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings per Share | ' | |||||||||||||||
6 | Earnings per Share | |||||||||||||||
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net earnings attributable to WEX Inc. available for common stockholders – Basic and Diluted | $ | 43,838 | $ | 14,298 | $ | 114,740 | $ | 67,869 | ||||||||
Weighted average common shares outstanding – Basic | 38,978 | 38,793 | 38,934 | 38,832 | ||||||||||||
Unvested restricted stock units | 74 | 96 | 125 | 130 | ||||||||||||
Stock options | 29 | 106 | 43 | 122 | ||||||||||||
Weighted average common shares outstanding – Diluted | 39,081 | 38,995 | 39,102 | 39,084 | ||||||||||||
No shares were considered anti-dilutive during the periods reported. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||||||
7 | Derivative Instruments | ||||||||||||||||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is commodity price risk. The Company enters into put and call option contracts related to the Company’s commodity price risk, which are based on the wholesale price of gasoline and retail price of diesel fuel and settle on a monthly basis. These put and call option contracts, or fuel price derivative instruments, are designed to reduce the volatility of the Company’s cash flows associated with its fuel price-related earnings exposure in North America. In 2010, the Company entered into an interest rate swap arrangement designed as a cash flow hedge to reduce a portion of the variability of the interest payments under the existing credit agreement borrowings. The interest rate swap agreement expired in March of 2012. | |||||||||||||||||||||||||||||
Accounting guidance requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The Company designates interest rate swap arrangements as cash flow hedges of the forecasted interest payments on a portion of its variable-rate credit agreement. The Company’s fuel price derivative instruments do not qualify for hedge accounting treatment under current guidance, and therefore, no such hedging designation has been made. Because the derivatives are either accounting or economic hedges of operational exposures, cash flows from the settlement of such contracts are included in “Cash flows from operating activities” on the condensed consolidated statements of cash flows. | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. As of September 30, 2013, the Company had no outstanding cash flow hedges. | |||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
For derivative instruments that are not designated as hedging instruments, the gain or loss on the derivative is recognized in current earnings. As of September 30, 2013, the Company had the following put and call option contracts which settle on a monthly basis: | |||||||||||||||||||||||||||||
Aggregate | |||||||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||
(gallons) (a) | |||||||||||||||||||||||||||||
Fuel price derivative instruments – unleaded fuel | |||||||||||||||||||||||||||||
Option contracts settling October 2013 – March 2015 | 36,953 | ||||||||||||||||||||||||||||
Fuel price derivative instruments – diesel | |||||||||||||||||||||||||||||
Option contracts settling October 2013 – March 2015 | 17,402 | ||||||||||||||||||||||||||||
Total fuel price derivative instruments | 54,355 | ||||||||||||||||||||||||||||
(a) | The settlement of the put and call option contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygen Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. | ||||||||||||||||||||||||||||
The following table presents information on the location and amounts of derivative fair values in the condensed consolidated balance sheets: | |||||||||||||||||||||||||||||
Derivatives Classified as Assets | Derivatives Classified as Liabilities | ||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | ||||||||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Commodity contracts | Fuel price | $ | 488 | Fuel price | — | Fuel price | $ | 983 | Fuel price | $ | 1,729 | ||||||||||||||||||
derivatives, | derivatives, | derivatives, | derivatives, | ||||||||||||||||||||||||||
at fair value | at fair value | at fair value | at fair value | ||||||||||||||||||||||||||
The following tables present information on the location and amounts of derivative gains and losses in the condensed consolidated statements of income: | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) | |||||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||
Income on Derivative | |||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) | Three months ended September 30, | |||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||
Income on Derivative | 2013 | 2012 | |||||||||||||||||||||||||||
Commodity contracts | Net realized and unrealized loss on fuel price derivatives | $ | (3,640 | ) | $ | (14,026 | ) | ||||||||||||||||||||||
Amount of Gain or | Location of Gain or | Amount of Gain | Location of Gain or | Amount of Gain or | |||||||||||||||||||||||||
(Loss) Recognized in | (Loss) Reclassified | or (Loss) | (Loss) Recognized in | (Loss) Recognized in | |||||||||||||||||||||||||
OCI on Derivative | from Accumulated | Reclassified | Income on Derivative | Income on Derivative | |||||||||||||||||||||||||
(Effective | OCI into Income | from | (Ineffective Portion | (Ineffective Portion | |||||||||||||||||||||||||
Portion) (a) | (Effective Portion) | Accumulated | and Amount Excluded | and Amount | |||||||||||||||||||||||||
OCI into | from Effectiveness | Excluded from | |||||||||||||||||||||||||||
Income | Testing) (b) | Effectiveness Testing) | |||||||||||||||||||||||||||
(Effective | |||||||||||||||||||||||||||||
Portion) | |||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||
Relationships | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate contracts | $ | — | $ | 60 | Financing interest expense | $ | — | $ | (109 | ) | Financing interest expense | $ | — | $ | — | ||||||||||||||
Location of Gain or | Amount of Gain or | ||||||||||||||||||||||||||||
(Loss) Recognized in | (Loss) Recognized in | ||||||||||||||||||||||||||||
Income on Derivative | Income on Derivative | ||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2013 | 2012 | |||||||||||||||||||||||||||
Commodity contracts | Net realized and unrealized loss on fuel price derivatives | $ | (2,781 | ) | $ | (12,046 | ) | ||||||||||||||||||||||
(a) | The amount of gain or (loss) recognized in other comprehensive income ("OCI") on the Company’s interest rate swap arrangements has been recorded net of tax impact of $35 in 2012. | ||||||||||||||||||||||||||||
(b) | No ineffectiveness was reclassified into earnings nor was any amount excluded from effectiveness testing. |
Financing_Debt
Financing Debt | 9 Months Ended | ||
Sep. 30, 2013 | |||
Debt Disclosure [Abstract] | ' | ||
Financing Debt | ' | ||
8 | Financing Debt | ||
2013 Credit Agreement | |||
On January 18, 2013, the Company entered into an amended and restated credit agreement (the “2013 Credit Agreement”), among the Company and a syndicate of lenders. The 2013 Credit Agreement provides for a five-year amortizing $300,000 term loan facility, and a five-year $800,000 secured revolving credit facility with a $150,000 sub-limit for letters of credit. The indebtedness covenant under the 2013 Credit Agreement requires that the Company reduce the revolving commitments under the 2013 Credit Agreement on a dollar-for-dollar basis to the extent that the Company issued more than $300,000 in principal amount of senior or senior subordinated notes of the Company. Subject to certain conditions, including obtaining relevant commitments, the Company has the option to increase the facility by up to an additional $100,000. | |||
The 2013 Credit Agreement replaced the 2011 Credit Agreement, dated as of May 23, 2011. The 2013 Credit Agreement increased the outstanding amount of the term loan from $185,000 to $300,000 and increased the amount of the revolving loan from $700,000 to $800,000. On January 30, 2013, the revolving loan commitment under the 2013 Credit Agreement was reduced to $700,000. The reduction was required due to the completion of the $400,000, 4.75 percent senior notes due in 2023, described below. | |||
$400 Million Note Offering | |||
On January 18, 2013, the Company completed a $400,000 offering in aggregate principal amount of 4.75 percent senior notes due in 2023 (the “Notes”) at an issue price of 100.0 percent of the principal amount, plus accrued interest, from January 18, 2013, in a private placement for resale to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and in offshore transactions pursuant to Regulation S under the Securities Act. The Notes were issued pursuant to an indenture dated as of January 18, 2013 (the “Indenture”) among the Company, the guarantors listed therein, and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). The Notes mature on February 1, 2023, and interest accrues at the rate of 4.75 percent per annum. Interest is payable semiannually in arrears on February 1 and August 1 of each year, commencing on August 1, 2013. | |||
The Notes are guaranteed on a senior unsecured basis by each of the Company’s restricted subsidiaries and each of the Company’s regulated subsidiaries that guarantees the Company’s 2013 Credit Agreement, which, as of the issue date, consisted of four of the Company’s restricted subsidiaries. WEX Bank, which represents a substantial amount of the Company’s operations, is not a guarantor and is not subject to many of the restrictive covenants in the indenture governing the Notes. | |||
The Notes and guarantees described above are general senior unsecured obligations ranking equally with the Company’s existing and future senior debt, senior in right of payment to all of the Company’s subordinated debt, and effectively junior in right of payment to all of the Company’s existing and future secured debt, including the Company’s 2013 Credit Agreement, to the extent of the value of the collateral securing such debt. In addition, the Notes and the guarantees are structurally subordinated to all liabilities of the Company’s subsidiaries that are not guarantors, including WEX Bank. | |||
Prior to February 1, 2016, the Company may, subject to certain conditions, redeem up to 35 percent of the Notes from the proceeds of certain equity offerings at a redemption price of 104.75 percent of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. | |||
Prior to February 1, 2018, the Company may redeem the Notes, in whole or in part, at a redemption price equal to 100.0 percent of the principal amount of such Notes redeemed plus a “make-whole” premium (as described in the Indenture), together with any accrued and unpaid interest up to the date of redemption. | |||
At any time on or after February 1, 2018, the Company may redeem the Notes, in whole or in part, at the following redemption prices (expressed as a percentage of principal amount of the Notes), plus accrued and unpaid interest, if any, to, but excluding, the date of redemption if redeemed during the twelve month period beginning on February 1 of the following years: | |||
Years beginning on February 1 | Percentage of Principal | ||
Amount of Notes | |||
2018 | 102.375 | ||
2019 | 101.583 | ||
2020 | 100.792 | ||
2021 and thereafter | 100 | ||
Upon the occurrence of a change in control of the Company (as described in the Indenture), the Company must offer to repurchase the Notes at 101 percent of the principal amount of the Notes, plus accrued and unpaid interest up to the date of repurchase. | |||
The Indenture contains covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries and, in certain limited circumstances, WEX Bank and the Company’s other regulated subsidiaries, to (i) incur additional debt, (ii) pay dividends or make other distributions on, redeem or repurchase capital stock, or make investments or other restricted payments, (iii) enter into transactions with affiliates, (iv) dispose of assets or issue stock of restricted subsidiaries or regulated subsidiaries, (v) create liens on assets, or (vi) effect a consolidation or merger or sell all, or substantially all, of the Company’s assets. | |||
These covenants are subject to important exceptions and qualifications. At any time that the Notes are rated investment grade, which is not currently the case, and subject to certain conditions, certain covenants will be suspended with respect to the Notes. WEX Bank and the Company’s other regulated subsidiaries will not be subject to some of the restrictive covenants in the Indenture that place limitations on the Company and its restricted subsidiaries’ actions, and where WEX Bank and the Company’s regulated subsidiaries are subject to covenants, there are significant exceptions and limitations on the application of those covenants to WEX Bank and the Company’s regulated subsidiaries. | |||
The Company used the net proceeds of this offering to repay the outstanding amount under the revolving portion of its 2013 Credit Agreement and to pay related fees and expenses and for general corporate purposes. |
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value | ' | |||||||||||||||
9 | Fair Value | |||||||||||||||
The Company holds mortgage-backed securities, fixed income and equity securities, derivatives and certain other financial instruments which are carried at fair value. The Company determines fair value based upon quoted prices when available or through the use of alternative approaches, such as model pricing, when market quotes are not readily accessible or available. In determining the fair value of the Company’s obligations, various factors are considered, including: closing exchange or over-the-counter market price quotations; time value and volatility factors underlying options and derivatives; price activity for equivalent instruments; and the Company’s own credit standing. | ||||||||||||||||
These valuation techniques may be based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: | ||||||||||||||||
• | Level 1 – Quoted prices for identical instruments inactive markets. | |||||||||||||||
• | Level 2 – Quoted prices for similar instruments inactive markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||||||
• | Level 3 – Instruments whose significant value drivers are unobservable. | |||||||||||||||
The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels as of September 30, 2013: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
at Reporting Date Using | ||||||||||||||||
30-Sep-13 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||
Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Assets: | ||||||||||||||||
Mortgage-backed securities | $ | 867 | $ | — | $ | 867 | $ | — | ||||||||
Asset-backed securities | 1,490 | — | 1,490 | — | ||||||||||||
Municipal bonds | 535 | — | 535 | — | ||||||||||||
Equity securities | 13,316 | 13,316 | — | — | ||||||||||||
Total available-for-sale securities | $ | 16,208 | $ | 13,316 | $ | 2,892 | $ | — | ||||||||
Executive deferred compensation plan trust (a) | $ | 4,048 | $ | 4,048 | $ | — | $ | — | ||||||||
Fuel price derivatives – unleaded fuel (b) | $ | 22 | $ | — | $ | 22 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Fuel price derivatives – diesel (b) | 517 | — | — | 517 | ||||||||||||
(a) | The fair value of these instruments is recorded in other assets. | |||||||||||||||
(b) | The balance sheet presentation combines unleaded fuel and diesel fuel positions. | |||||||||||||||
The Notes outstanding at September 30, 2013, have a carrying value of $400,000 and fair value of $360,000. The fair value is based on market rates for the issuance of debt. | ||||||||||||||||
The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels as of December 31, 2012: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
at Reporting Date Using | ||||||||||||||||
31-Dec-12 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Mortgage-backed securities | $ | 1,839 | $ | — | $ | 1,839 | $ | — | ||||||||
Asset-backed securities | 1,654 | — | 1,654 | — | ||||||||||||
Municipal bonds | 641 | — | 641 | — | ||||||||||||
Equity securities | 12,216 | 12,216 | — | — | ||||||||||||
Total available-for-sale securities | $ | 16,350 | $ | 12,216 | $ | 4,134 | $ | — | ||||||||
Executive deferred compensation plan trust (a) | $ | 2,921 | $ | 2,921 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Fuel price derivatives – unleaded fuel (b) | $ | 1,622 | $ | — | $ | 1,622 | $ | — | ||||||||
Fuel price derivatives – diesel (b) | 107 | — | — | 107 | ||||||||||||
Total fuel price derivatives | $ | 1,729 | $ | — | $ | 1,622 | $ | 107 | ||||||||
Contingent consideration (c) | $ | 313 | — | — | $ | 313 | ||||||||||
(a) | The fair value of these instruments is recorded in other assets. | |||||||||||||||
(b) | The balance sheet presentation combines unleaded fuel and diesel fuel positions. | |||||||||||||||
(c) | The fair value of the contingent consideration is recorded in accrued expenses. | |||||||||||||||
The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended: | ||||||||||||||||
September 30, 2013 | 30-Sep-12 | |||||||||||||||
Fuel Price | Contingent | Fuel Price | ||||||||||||||
Derivatives – | Consideration | Derivatives – | ||||||||||||||
Diesel | Diesel | |||||||||||||||
Beginning balance | $ | 498 | $ | — | $ | 3,398 | ||||||||||
Total (losses) and gains – realized/unrealized | ||||||||||||||||
Included in earnings (a) | (1,015 | ) | — | (3,812 | ) | |||||||||||
Included in other comprehensive income | — | — | — | |||||||||||||
Purchases, issuances and settlements | — | (991 | ) | — | ||||||||||||
Transfers (in)/out of Level 3 | — | — | — | |||||||||||||
Ending balance | $ | (517 | ) | $ | (991 | ) | $ | (414 | ) | |||||||
(a) | Gains and losses (realized and unrealized), associated with fuel price derivatives, included in earnings for the three months ended September 30, 2013 and 2012, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. Gains associated with contingent consideration, included in earnings for the three months ended September 30, 2012, are reported in other expenses and loss of foreign currency transactions on the unaudited condensed consolidated statements of income. | |||||||||||||||
The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended: | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||
Contingent | Fuel Price | Contingent | Fuel Price | |||||||||||||
Consideration | Derivatives – | Consideration | Derivatives – | |||||||||||||
Diesel | Diesel | |||||||||||||||
Beginning balance | $ | (313 | ) | $ | (107 | ) | $ | (9,325 | ) | $ | (25 | ) | ||||
Total (losses) and gains – realized/unrealized | ||||||||||||||||
Included in earnings (a) | (198 | ) | (410 | ) | 839 | (389 | ) | |||||||||
Included in other comprehensive income | — | — | — | — | ||||||||||||
Purchases, issuances and settlements | — | — | (991 | ) | — | |||||||||||
Transfers (in)/out of Level 3 | 511 | — | 8,486 | — | ||||||||||||
Ending balance | $ | — | $ | (517 | ) | $ | (991 | ) | $ | (414 | ) | |||||
(a) | Gains and losses (realized and unrealized), associated with fuel price derivatives, included in earnings for the nine months ended September 30, 2013 and 2012, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. Gains associated with contingent consideration, included in earnings for the nine months ended September 30, 2013 and 2012, are reported in other expenses and loss of foreign currency transactions on the unaudited condensed consolidated statements of income. | |||||||||||||||
Available-for-sale securities and executive deferred compensation plan trust | ||||||||||||||||
When available, the Company uses quoted market prices to determine the fair value of available-for-sale securities; such items are classified in Level 1 of the fair-value hierarchy. These securities primarily consist of exchange-traded equity securities. | ||||||||||||||||
For mortgage-backed and asset-backed debt securities and bonds, the Company generally uses quoted prices for recent trading activity of assets with similar characteristics to the debt security or bond being valued. The securities and bonds priced using such methods are generally classified as Level 2. | ||||||||||||||||
Fuel price derivatives and interest rate swap arrangements | ||||||||||||||||
The majority of derivatives entered into by the Company are executed over-the-counter and are valued using internal valuation techniques as no quoted market prices exist for such instruments. The valuation technique and inputs depend on the type of derivative and the nature of the underlying instrument. The principal technique used to value these instruments is a comparison of the spot price of the underlying instrument to its related futures curve adjusted for the Company’s assumptions of volatility and present value, where appropriate. The fair values of derivative contracts reflect the expected cash the Company will pay or receive upon settlement of the respective contracts. | ||||||||||||||||
The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, the spot price of the underlying instruments, volatility, and correlation. The item is placed in either Level 2 or Level 3 depending on the observability of the significant inputs to the model. Correlation and inputs with longer tenures are generally less observable. | ||||||||||||||||
Fuel price derivatives – diesel. The assumptions used in the valuation of the diesel fuel price derivatives use both observable and unobservable inputs. There is a lack of price transparency with respect to forward prices for diesel fuel. Such unobservable inputs are significant to the diesel fuel derivative contract valuation methodology. | ||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements. The significant unobservable inputs used in the fair value measurement of the Company’s diesel fuel price derivative instruments designated as Level 3 as of September 30, 2013, are as follows: | ||||||||||||||||
Fair Value at | Valuation | Unobservable Input | Range | |||||||||||||
September 30, 2013 | Technique | $ per gallon | ||||||||||||||
Fuel price derivatives – diesel | $ | (517 | ) | Option model | Future retail price of diesel fuel after September 30, 2013 | $3.71 – 3.94 | ||||||||||
Sensitivity to Changes in Significant Unobservable Inputs. As presented in the table above, the significant unobservable inputs used in the fair value measurement of the Company’s diesel fuel price derivative instruments are the future retail price of diesel fuel from the fourth quarter of 2013 through the first quarter of 2015. Significant changes in these unobservable inputs in isolation would result in a significant change in the fair value measurement. | ||||||||||||||||
Contingent consideration | ||||||||||||||||
The Company had classified its liability for contingent consideration related to its acquisition of UNIK within Level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs, which include the projected revenues of UNIK over a four month period. These assumptions included assessing the probability of meeting certain milestones required to earn the contingent consideration. | ||||||||||||||||
During the second quarter of 2013, the Company determined a final payment of contingent consideration and increased the liability by $201. On June 30, 2013, the amount due was determined to be $511 and was paid on July 1, 2013. | ||||||||||||||||
The Company classified its liability for contingent consideration related to its acquisition of rapid! PayCard within Level 3 of the fair value hierarchy because the fair value was determined using significant unobservable inputs, which include the revenues of rapid! PayCard over a twelve month period ending on March 31, 2012. On March 31, 2012, the amount due was determined to be $8,486 and was paid on April 30, 2012. |
Comprehensive_Income
Comprehensive Income | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Comprehensive Income | ' | |||||||||||||||
10 | Comprehensive Income | |||||||||||||||
A reconciliation of comprehensive income for the three month period ended September 30, 2013 and 2012, is as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Unrealized | Foreign | Unrealized | Foreign | |||||||||||||
Gains and | Currency | Gains and | Currency | |||||||||||||
Losses on | Items | Losses on | Items | |||||||||||||
Available- | Available- | |||||||||||||||
for-Sale | for-Sale | |||||||||||||||
Securities | Securities | |||||||||||||||
Beginning balance | $ | (222 | ) | $ | (7,052 | ) | $ | 270 | $ | 28,631 | ||||||
Other comprehensive (loss) income | (73 | ) | 7,684 | 44 | 9,006 | |||||||||||
Ending balance | $ | (295 | ) | $ | 632 | $ | 314 | $ | 37,637 | |||||||
No amounts were reclassified from accumulated other comprehensive income in the periods presented. | ||||||||||||||||
A reconciliation of comprehensive income for the nine month period ended September 30, 2013 and 2012, is as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Unrealized | Foreign | Unrealized | Foreign | |||||||||||||
Gains and | Currency | Gains and | Currency | |||||||||||||
Losses on | Items | Losses on | Items | |||||||||||||
Available- | Available- | |||||||||||||||
for-Sale | for-Sale | |||||||||||||||
Securities | Securities | |||||||||||||||
Beginning balance | $ | 197 | $ | 37,182 | $ | 200 | $ | 30,448 | ||||||||
Other comprehensive (loss) income | (492 | ) | (36,550 | ) | 114 | 7,189 | ||||||||||
Ending balance | $ | (295 | ) | $ | 632 | $ | 314 | $ | 37,637 | |||||||
No amounts were reclassified from accumulated other comprehensive income in the periods presented. |
Redeemable_noncontrolling_inte
Redeemable noncontrolling interest | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||
Redeemable noncontrolling interest | ' | ||||||||||||
11 | Redeemable noncontrolling interest | ||||||||||||
On August 30, 2012, the Company acquired a 51 percent ownership interest in UNIK, a provider of payroll cards in Brazil. Redeemable noncontrolling interest is measured at fair value at the date of acquisition. The redeemable noncontrolling interest is reported on the Company’s condensed consolidated balance sheets as “Redeemable noncontrolling interest." | |||||||||||||
A reconciliation of redeemable noncontrolling interest for the three and nine month periods ended September 30, 2013 and September 30, 2012, is as follows: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Balance, beginning of period | $ | 19,650 | — | 21,662 | — | ||||||||
Acquisition of subsidiary at fair value | — | 21,904 | — | 21,904 | |||||||||
Net loss attributable to noncontrolling interest | (60 | ) | (14 | ) | (333 | ) | (14 | ) | |||||
Currency translation adjustment | 172 | 223 | (1,567 | ) | 223 | ||||||||
Ending balance | $ | 19,762 | 22,113 | 19,762 | 22,113 | ||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |
Sep. 30, 2013 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Stock-Based Compensation | ' | |
12 | Stock-Based Compensation | |
During the first quarter of 2013, the Company awarded restricted stock units and performance-based restricted stock units to employees under the 2010 Equity and Incentive Plan. Expense associated with the performance-based restricted stock units may increase or decrease due to changes in the probability of the Company achieving pre-established performance metrics. For the nine months ended September 30, 2013, total stock-based compensation expense recognized was approximately $6,882. As of September 30, 2013, total unrecognized compensation cost related to non-vested restricted stock units, and performance-based restricted stock units was approximately $10,606 to be recognized over the remaining vesting periods of these awards. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
13 | Income Taxes | |
On June 29, 2012, tax legislation was enacted in Australia that affected the tax deductibility of certain intangible assets. A tax charge of $31,083 was recorded in June of 2012 to reflect these tax legislation changes. The Company wrote-off an associated refund claim payable to the former shareholder of RD Card Holding Australia for $9,750, included in non-operating income. This payable was contingent on the receipt of the tax refunds generated by tax deductions associated with the amortization of the above mentioned intangible assets. | ||
Undistributed earnings of certain foreign subsidiaries of the Company amounted to $2,507 at September 30, 2013, and $1,756 at December 31, 2012. These earnings are considered to be indefinitely reinvested, and accordingly, no U.S. federal and state income taxes have been provided thereon. Upon distribution of these earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to the various foreign countries. The Company has determined that the amount of taxes attributable to these undistributed earnings is not practicably determinable. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
14 | Commitments and Contingencies | |
Litigation | ||
The Company is involved in pending litigation in the usual course of business. In the opinion of management, such litigation will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
15 | Segment Information | |||||||||||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The operating segments are reviewed separately as each operating segment represents a strategic business unit that generally offers different products and serves different markets. | ||||||||||||||||||||
The Company’s chief operating decision maker evaluates the operating results of the Company’s reportable segments based upon revenues and “adjusted net income,” which is defined by the Company as net income adjusted for fair value changes of derivative instruments, the amortization of purchased intangibles, the net impact of tax rate changes on the Company’s deferred tax asset and related changes in the tax-receivable agreement, deferred loan costs associated with the extinguishment of debt, certain non-cash asset impairment charges, the gains on the extinguishment of a portion of the tax receivable agreement and adjustments attributable to noncontrolling interest. These adjustments are reflected net of the tax impact. | ||||||||||||||||||||
The Company operates in two reportable segments, Fleet Payment Solutions and Other Payment Solutions. The Fleet Payment Solutions segment provides customers with payment and transaction processing services specifically designed for the needs of vehicle fleet customers. This segment also provides information management services to those fleet customers. The Other Payment Solutions segment provides customers with a payment processing solution for their corporate purchasing and transaction monitoring needs. Revenue in this segment is derived from the Company’s corporate purchase cards, virtual and prepaid card products. The corporate purchase card products are used by businesses to facilitate purchases of products and to utilize the Company’s information management capabilities. | ||||||||||||||||||||
Financing interest expense through the Company’s corporate debt, including the term loan and bond issuance, and net realized and unrealized losses on derivative instruments are allocated to the Fleet Payment Solutions segment in the computation of segment results for internal evaluation purposes. Total assets are not allocated to the segments. | ||||||||||||||||||||
The following table presents the Company’s reportable segment results on an adjusted net income basis for the three months ended September 30, 2013 and 2012: | ||||||||||||||||||||
Total | Operating | Depreciation | Provision for | Adjusted Net | ||||||||||||||||
Revenues | Interest | and | Income Taxes | Income | ||||||||||||||||
Expense | Amortization | |||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||
Fleet payment solutions | $ | 136,874 | $ | 427 | $ | 5,767 | $ | 21,726 | 35,119 | |||||||||||
Other payment solutions | 54,651 | 549 | 342 | 7,577 | 15,303 | |||||||||||||||
Total | $ | 191,525 | $ | 976 | $ | 6,109 | $ | 29,303 | 50,422 | |||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||
Fleet payment solutions | $ | 117,877 | $ | 838 | $ | 5,856 | $ | 21,874 | $ | 33,641 | ||||||||||
Other payment solutions | 43,090 | 404 | 441 | 5,589 | 8,394 | |||||||||||||||
Total | $ | 160,967 | $ | 1,242 | $ | 6,297 | $ | 27,463 | $ | 42,035 | ||||||||||
The following table presents the Company’s reportable segment results on an adjusted net income basis for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||
Total | Operating | Depreciation | Provision for | Adjusted Net | ||||||||||||||||
Revenues | Interest | and | Income Taxes | Income | ||||||||||||||||
Expense | Amortization | |||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||
Fleet payment solutions | $ | 393,953 | $ | 1,392 | $ | 17,358 | $ | 58,474 | 99,950 | |||||||||||
Other payment solutions | 141,227 | 1,813 | 1,346 | 17,128 | 29,840 | |||||||||||||||
Total | $ | 535,180 | $ | 3,205 | $ | 18,704 | $ | 75,602 | 129,790 | |||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||
Fleet payment solutions | $ | 341,709 | $ | 2,685 | $ | 17,699 | $ | 56,027 | $ | 94,169 | ||||||||||
Other payment solutions | 112,444 | 744 | 1,241 | 13,607 | 22,512 | |||||||||||||||
Total | $ | 454,153 | $ | 3,429 | $ | 18,940 | $ | 69,634 | $ | 116,681 | ||||||||||
The following table reconciles adjusted net income to net income: | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Adjusted net income WEX Inc. | $ | 50,422 | $ | 42,035 | $ | 129,790 | $ | 116,681 | ||||||||||||
Unrealized (loss) gains on fuel price derivatives | (2,733 | ) | (12,849 | ) | 1,234 | (1,841 | ) | |||||||||||||
Amortization of acquired intangible assets | (8,051 | ) | (5,411 | ) | (24,564 | ) | (15,481 | ) | ||||||||||||
Goodwill impairment | — | (16,171 | ) | — | (16,171 | ) | ||||||||||||||
Deferred loan costs associated with the extinguishment of debt | — | — | (1,004 | ) | — | |||||||||||||||
Non-cash adjustments related to tax receivable agreement | 150 | — | 150 | — | ||||||||||||||||
Change in tax refund due to former shareholders of RD Card Holding Australia | — | — | — | 9,750 | ||||||||||||||||
Other adjustments related to Fleet One acquisition | 658 | — | 658 | — | ||||||||||||||||
ANI adjustments attributable to noncontrolling interest | 313 | 77 | 971 | 77 | ||||||||||||||||
Tax impact | 3,079 | 6,617 | 7,505 | (25,146 | ) | |||||||||||||||
Net earnings attributable to WEX Inc. | $ | 43,838 | $ | 14,298 | $ | 114,740 | $ | 67,869 | ||||||||||||
The tax impact of the foregoing adjustments is the difference between the Company’s U.S. GAAP tax provision and a pro forma tax provision based upon the Company’s adjusted net income before taxes. The methodology utilized for calculating the Company’s adjusted net income tax provision is the same methodology utilized in calculating the Company’s U.S. GAAP tax provision. |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
CorporatePay | ' | |||
Business Acquisition [Line Items] | ' | |||
Summary of Allocation of Purchase Price to Assets and Liabilities Acquired | ' | |||
The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: | ||||
Consideration paid (net of cash) | $ | 27,783 | ||
Less: | ||||
Accounts receivable | 1,585 | |||
Accounts payable | (629 | ) | ||
Other tangible liabilities, net | (4,040 | ) | ||
Acquired software(a) | 8,233 | |||
Customer relationships(b) | 1,614 | |||
Trademarks and trade name(c) | 1,453 | |||
Recorded goodwill | $ | 19,567 | ||
(a) | Weighted average life – 6.2 years. | |||
(b) | Weighted average life – 6.3 years. | |||
(c) | Weighted average life – 5.3 years. | |||
UNIK | ' | |||
Business Acquisition [Line Items] | ' | |||
Summary of Allocation of Purchase Price to Assets and Liabilities Acquired | ' | |||
The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: | ||||
Total UNIK value | $ | 44,701 | ||
Less: Redeemable noncontrolling interest | 21,904 | |||
Total purchase price (includes estimated earn out of $991) | $ | 22,797 | ||
Less: | ||||
Cash | 1,566 | |||
Accounts receivable | 11,726 | |||
Accounts payable | (12,640 | ) | ||
Other tangible liabilities, net | (36,866 | ) | ||
Acquired software(a) | 14,193 | |||
Customer relationships(b) | 15,171 | |||
Trademarks and trade name(c) | 1,272 | |||
Recorded goodwill | $ | 28,375 | ||
(a) | Weighted average life – 6.2 years. | |||
(b) | Weighted average life – 5.9 years. | |||
(c) | Weighted average life – 5.5 years. | |||
Fleet One | ' | |||
Business Acquisition [Line Items] | ' | |||
Summary of Allocation of Purchase Price to Assets and Liabilities Acquired | ' | |||
The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: | ||||
Consideration paid (net of cash) | $ | 376,258 | ||
Less: | ||||
Accounts receivable | 152,527 | |||
Accounts payable | (151,647 | ) | ||
Other tangible liabilities, net | (693 | ) | ||
Acquired software(a) | 35,000 | |||
Customer relationships(b) | 74,000 | |||
Trademarks and trade name(c) | 4,000 | |||
Recorded goodwill | $ | 263,071 | ||
(a) | Weighted average life – 6.7 years. | |||
(b) | Weighted average life – 5.5 years. | |||
(c) | Weighted average life – 5.5 years. |
Reserves_for_Credit_Losses_Tab
Reserves for Credit Losses (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||
Aging of Accounts Receivable | ' | |||||||||||||||||||
The following table presents the Company’s aging of accounts receivable: | ||||||||||||||||||||
Age Analysis of Past Due Financing Receivables, Gross | ||||||||||||||||||||
as of September 30, 2013, and September 30, 2012 | ||||||||||||||||||||
Current | 30-59 Days | 60-89 Days | Greater | Total | ||||||||||||||||
and Less | Past Due | Past Due | Than | |||||||||||||||||
Than 30 | 90 Days | |||||||||||||||||||
Days Past | Past | |||||||||||||||||||
Due | Due | |||||||||||||||||||
2013 | ||||||||||||||||||||
Accounts receivable, trade | $ | 1,852,563 | $ | 50,691 | $ | 10,718 | $ | 8,596 | $ | 1,922,568 | ||||||||||
Percent of total | 96.4 | % | 2.6 | % | 0.6 | % | 0.4 | % | ||||||||||||
2012 | ||||||||||||||||||||
Accounts receivable, trade | $ | 1,595,483 | $ | 32,031 | $ | 6,123 | $ | 7,130 | $ | 1,640,767 | ||||||||||
Percent of total | 97.2 | % | 2 | % | 0.4 | % | 0.4 | % | ||||||||||||
Changes in Reserves for Credit Losses Related to Accounts Receivable | ' | |||||||||||||||||||
The following table presents changes in reserves for credit losses related to accounts receivable: | ||||||||||||||||||||
Nine months ended | ||||||||||||||||||||
September 30, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Balance, beginning of period | $ | 11,709 | $ | 11,526 | ||||||||||||||||
Provision for credit losses | 13,686 | 14,874 | ||||||||||||||||||
Charge-offs | (21,150 | ) | (20,397 | ) | ||||||||||||||||
Recoveries of amounts previously charged-off | 5,031 | 4,065 | ||||||||||||||||||
Currency translation | (322 | ) | — | |||||||||||||||||
Balance, end of period | $ | 8,954 | $ | 10,068 | ||||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Changes in Goodwill | ' | |||||||||||||||||||||||
The changes in goodwill during the first nine months of 2013 were as follows: | ||||||||||||||||||||||||
Fleet Payment Solutions Segment | Other | Total | ||||||||||||||||||||||
Payment | ||||||||||||||||||||||||
Solutions | ||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||
Gross goodwill, January 1, 2013, as adjusted | $ | 779,654 | $ | 85,840 | $ | 865,494 | ||||||||||||||||||
Impact of foreign currency translation | (21,123 | ) | (2,556 | ) | (23,679 | ) | ||||||||||||||||||
Gross goodwill, September 30, 2013 | 758,531 | 83,284 | 841,815 | |||||||||||||||||||||
Accumulated impairment, September 30, 2013 | (1,337 | ) | (16,171 | ) | (17,508 | ) | ||||||||||||||||||
Net goodwill, September 30, 2013 | $ | 757,194 | $ | 67,113 | $ | 824,307 | ||||||||||||||||||
Changes in Other Intangible Assets | ' | |||||||||||||||||||||||
The changes in other intangible assets during the first nine months of 2013 were as follows: | ||||||||||||||||||||||||
Net | Transfer from indefinite-lived intangible assets to definite-lived intangible assets | Amortization | Impact of | Net Carrying | ||||||||||||||||||||
Carrying | foreign | Amount, | ||||||||||||||||||||||
Amount, | currency | September 30, | ||||||||||||||||||||||
January 1, | translation | 2013 | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
(As adjusted) | ||||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software | $ | 71,343 | $ | — | $ | (6,350 | ) | $ | (1,584 | ) | $ | 63,409 | ||||||||||||
Customer relationships | 150,290 | — | (17,264 | ) | (5,819 | ) | 127,207 | |||||||||||||||||
Patent | 2,365 | — | (341 | ) | (176 | ) | 1,848 | |||||||||||||||||
Trade names | 7,407 | 2,421 | (609 | ) | (116 | ) | 9,103 | |||||||||||||||||
Indefinite-lived intangible assets | — | |||||||||||||||||||||||
Trademarks and trade names | 10,545 | (2,421 | ) | — | (617 | ) | 7,507 | |||||||||||||||||
Total | $ | 241,950 | $ | — | $ | (24,564 | ) | $ | (8,312 | ) | $ | 209,074 | ||||||||||||
Estimated Amortization Expense Related to Definite Lived Intangible Assets | ' | |||||||||||||||||||||||
The following table presents the estimated amortization expense related to the definite-lived intangible assets listed above for the remainder of 2013 and for each of the five succeeding fiscal years: | ||||||||||||||||||||||||
Estimated Amortization Expense | ||||||||||||||||||||||||
Remaining 2013 | $ | 8,188 | ||||||||||||||||||||||
2014 | $ | 31,541 | ||||||||||||||||||||||
2015 | $ | 28,918 | ||||||||||||||||||||||
2016 | $ | 25,360 | ||||||||||||||||||||||
2017 | $ | 21,625 | ||||||||||||||||||||||
2018 | $ | 18,606 | ||||||||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||||||||
Other intangible assets consist of the following: | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Gross | Accumulated | Net Carrying | Gross | Accumulated | Net Carrying | |||||||||||||||||||
Carrying | Amortization | Amount | Carrying | Amortization | Amount | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software | $ | 84,023 | $ | (20,614 | ) | $ | 63,409 | $ | 86,527 | $ | (15,184 | ) | $ | 71,343 | ||||||||||
Non-compete agreement | 100 | (100 | ) | — | 100 | (100 | ) | — | ||||||||||||||||
Customer relationships | 192,846 | (65,639 | ) | 127,207 | 202,061 | (51,771 | ) | 150,290 | ||||||||||||||||
Patent | 3,083 | (1,235 | ) | 1,848 | 3,430 | (1,065 | ) | 2,365 | ||||||||||||||||
Trademarks and trade names | 10,137 | (1,034 | ) | 9,103 | 7,827 | (420 | ) | 7,407 | ||||||||||||||||
$ | 290,189 | $ | (88,622 | ) | 201,567 | $ | 299,945 | $ | (68,540 | ) | 231,405 | |||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks and trade names | 7,507 | 10,545 | ||||||||||||||||||||||
Total | $ | 209,074 | $ | 241,950 | ||||||||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of Income and Share Data Used in Basic and Diluted Earnings Per Share Computations | ' | |||||||||||||||
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net earnings attributable to WEX Inc. available for common stockholders – Basic and Diluted | $ | 43,838 | $ | 14,298 | $ | 114,740 | $ | 67,869 | ||||||||
Weighted average common shares outstanding – Basic | 38,978 | 38,793 | 38,934 | 38,832 | ||||||||||||
Unvested restricted stock units | 74 | 96 | 125 | 130 | ||||||||||||
Stock options | 29 | 106 | 43 | 122 | ||||||||||||
Weighted average common shares outstanding – Diluted | 39,081 | 38,995 | 39,102 | 39,084 | ||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Put and Call Option Contracts | ' | ||||||||||||||||||||||||||||
As of September 30, 2013, the Company had the following put and call option contracts which settle on a monthly basis: | |||||||||||||||||||||||||||||
Aggregate | |||||||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||
(gallons) (a) | |||||||||||||||||||||||||||||
Fuel price derivative instruments – unleaded fuel | |||||||||||||||||||||||||||||
Option contracts settling October 2013 – March 2015 | 36,953 | ||||||||||||||||||||||||||||
Fuel price derivative instruments – diesel | |||||||||||||||||||||||||||||
Option contracts settling October 2013 – March 2015 | 17,402 | ||||||||||||||||||||||||||||
Total fuel price derivative instruments | 54,355 | ||||||||||||||||||||||||||||
(a) | The settlement of the put and call option contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygen Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. | ||||||||||||||||||||||||||||
Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||
The following table presents information on the location and amounts of derivative fair values in the condensed consolidated balance sheets: | |||||||||||||||||||||||||||||
Derivatives Classified as Assets | Derivatives Classified as Liabilities | ||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | ||||||||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Commodity contracts | Fuel price | $ | 488 | Fuel price | — | Fuel price | $ | 983 | Fuel price | $ | 1,729 | ||||||||||||||||||
derivatives, | derivatives, | derivatives, | derivatives, | ||||||||||||||||||||||||||
at fair value | at fair value | at fair value | at fair value | ||||||||||||||||||||||||||
Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income | ' | ||||||||||||||||||||||||||||
The following tables present information on the location and amounts of derivative gains and losses in the condensed consolidated statements of income: | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) | |||||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||
Income on Derivative | |||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) | Three months ended September 30, | |||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||
Income on Derivative | 2013 | 2012 | |||||||||||||||||||||||||||
Commodity contracts | Net realized and unrealized loss on fuel price derivatives | $ | (3,640 | ) | $ | (14,026 | ) | ||||||||||||||||||||||
Amount of Gain or | Location of Gain or | Amount of Gain | Location of Gain or | Amount of Gain or | |||||||||||||||||||||||||
(Loss) Recognized in | (Loss) Reclassified | or (Loss) | (Loss) Recognized in | (Loss) Recognized in | |||||||||||||||||||||||||
OCI on Derivative | from Accumulated | Reclassified | Income on Derivative | Income on Derivative | |||||||||||||||||||||||||
(Effective | OCI into Income | from | (Ineffective Portion | (Ineffective Portion | |||||||||||||||||||||||||
Portion) (a) | (Effective Portion) | Accumulated | and Amount Excluded | and Amount | |||||||||||||||||||||||||
OCI into | from Effectiveness | Excluded from | |||||||||||||||||||||||||||
Income | Testing) (b) | Effectiveness Testing) | |||||||||||||||||||||||||||
(Effective | |||||||||||||||||||||||||||||
Portion) | |||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||
Relationships | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate contracts | $ | — | $ | 60 | Financing interest expense | $ | — | $ | (109 | ) | Financing interest expense | $ | — | $ | — | ||||||||||||||
Location of Gain or | Amount of Gain or | ||||||||||||||||||||||||||||
(Loss) Recognized in | (Loss) Recognized in | ||||||||||||||||||||||||||||
Income on Derivative | Income on Derivative | ||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2013 | 2012 | |||||||||||||||||||||||||||
Commodity contracts | Net realized and unrealized loss on fuel price derivatives | $ | (2,781 | ) | $ | (12,046 | ) | ||||||||||||||||||||||
(a) | The amount of gain or (loss) recognized in other comprehensive income ("OCI") on the Company’s interest rate swap arrangements has been recorded net of tax impact of $35 in 2012. | ||||||||||||||||||||||||||||
(b) | No ineffectiveness was reclassified into earnings nor was any amount excluded from effectiveness testing. |
Financing_Debt_Tables
Financing Debt (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Debt Disclosure [Abstract] | ' | ||
Redemption Prices Expressed as a Percentage of Principal Amount of the Notes | ' | ||
At any time on or after February 1, 2018, the Company may redeem the Notes, in whole or in part, at the following redemption prices (expressed as a percentage of principal amount of the Notes), plus accrued and unpaid interest, if any, to, but excluding, the date of redemption if redeemed during the twelve month period beginning on February 1 of the following years: | |||
Years beginning on February 1 | Percentage of Principal | ||
Amount of Notes | |||
2018 | 102.375 | ||
2019 | 101.583 | ||
2020 | 100.792 | ||
2021 and thereafter | 100 |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets And Liabilities Measured At Fair Value | ' | |||||||||||||||
The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels as of December 31, 2012: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
at Reporting Date Using | ||||||||||||||||
31-Dec-12 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Mortgage-backed securities | $ | 1,839 | $ | — | $ | 1,839 | $ | — | ||||||||
Asset-backed securities | 1,654 | — | 1,654 | — | ||||||||||||
Municipal bonds | 641 | — | 641 | — | ||||||||||||
Equity securities | 12,216 | 12,216 | — | — | ||||||||||||
Total available-for-sale securities | $ | 16,350 | $ | 12,216 | $ | 4,134 | $ | — | ||||||||
Executive deferred compensation plan trust (a) | $ | 2,921 | $ | 2,921 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Fuel price derivatives – unleaded fuel (b) | $ | 1,622 | $ | — | $ | 1,622 | $ | — | ||||||||
Fuel price derivatives – diesel (b) | 107 | — | — | 107 | ||||||||||||
Total fuel price derivatives | $ | 1,729 | $ | — | $ | 1,622 | $ | 107 | ||||||||
Contingent consideration (c) | $ | 313 | — | — | $ | 313 | ||||||||||
(a) | The fair value of these instruments is recorded in other assets. | |||||||||||||||
(b) | The balance sheet presentation combines unleaded fuel and diesel fuel positions. | |||||||||||||||
(c) | The fair value of the contingent consideration is recorded in accrued expenses. | |||||||||||||||
The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels as of September 30, 2013: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
at Reporting Date Using | ||||||||||||||||
30-Sep-13 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||
Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Assets: | ||||||||||||||||
Mortgage-backed securities | $ | 867 | $ | — | $ | 867 | $ | — | ||||||||
Asset-backed securities | 1,490 | — | 1,490 | — | ||||||||||||
Municipal bonds | 535 | — | 535 | — | ||||||||||||
Equity securities | 13,316 | 13,316 | — | — | ||||||||||||
Total available-for-sale securities | $ | 16,208 | $ | 13,316 | $ | 2,892 | $ | — | ||||||||
Executive deferred compensation plan trust (a) | $ | 4,048 | $ | 4,048 | $ | — | $ | — | ||||||||
Fuel price derivatives – unleaded fuel (b) | $ | 22 | $ | — | $ | 22 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Fuel price derivatives – diesel (b) | 517 | — | — | 517 | ||||||||||||
(a) | The fair value of these instruments is recorded in other assets. | |||||||||||||||
(b) | The balance sheet presentation combines unleaded fuel and diesel fuel positions. | |||||||||||||||
Reconciliation Of Beginning And Ending Balances For Assets And Liabilities Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs | ' | |||||||||||||||
The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended: | ||||||||||||||||
September 30, 2013 | 30-Sep-12 | |||||||||||||||
Fuel Price | Contingent | Fuel Price | ||||||||||||||
Derivatives – | Consideration | Derivatives – | ||||||||||||||
Diesel | Diesel | |||||||||||||||
Beginning balance | $ | 498 | $ | — | $ | 3,398 | ||||||||||
Total (losses) and gains – realized/unrealized | ||||||||||||||||
Included in earnings (a) | (1,015 | ) | — | (3,812 | ) | |||||||||||
Included in other comprehensive income | — | — | — | |||||||||||||
Purchases, issuances and settlements | — | (991 | ) | — | ||||||||||||
Transfers (in)/out of Level 3 | — | — | — | |||||||||||||
Ending balance | $ | (517 | ) | $ | (991 | ) | $ | (414 | ) | |||||||
(a) | Gains and losses (realized and unrealized), associated with fuel price derivatives, included in earnings for the three months ended September 30, 2013 and 2012, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. Gains associated with contingent consideration, included in earnings for the three months ended September 30, 2012, are reported in other expenses and loss of foreign currency transactions on the unaudited condensed consolidated statements of income. | |||||||||||||||
The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended: | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||
Contingent | Fuel Price | Contingent | Fuel Price | |||||||||||||
Consideration | Derivatives – | Consideration | Derivatives – | |||||||||||||
Diesel | Diesel | |||||||||||||||
Beginning balance | $ | (313 | ) | $ | (107 | ) | $ | (9,325 | ) | $ | (25 | ) | ||||
Total (losses) and gains – realized/unrealized | ||||||||||||||||
Included in earnings (a) | (198 | ) | (410 | ) | 839 | (389 | ) | |||||||||
Included in other comprehensive income | — | — | — | — | ||||||||||||
Purchases, issuances and settlements | — | — | (991 | ) | — | |||||||||||
Transfers (in)/out of Level 3 | 511 | — | 8,486 | — | ||||||||||||
Ending balance | $ | — | $ | (517 | ) | $ | (991 | ) | $ | (414 | ) | |||||
(a) | Gains and losses (realized and unrealized), associated with fuel price derivatives, included in earnings for the nine months ended September 30, 2013 and 2012, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. Gains associated with contingent consideration, included in earnings for the nine months ended September 30, 2013 and 2012, are reported in other expenses and loss of foreign currency transactions on the unaudited condensed consolidated statements of income. | |||||||||||||||
Quantitative Information About Level Three Fair Value Measurements | ' | |||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s diesel fuel price derivative instruments designated as Level 3 as of September 30, 2013, are as follows: | ||||||||||||||||
Fair Value at | Valuation | Unobservable Input | Range | |||||||||||||
September 30, 2013 | Technique | $ per gallon | ||||||||||||||
Fuel price derivatives – diesel | $ | (517 | ) | Option model | Future retail price of diesel fuel after September 30, 2013 | $3.71 – 3.94 |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Reconciliation of Comprehensive Income | ' | |||||||||||||||
A reconciliation of comprehensive income for the three month period ended September 30, 2013 and 2012, is as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Unrealized | Foreign | Unrealized | Foreign | |||||||||||||
Gains and | Currency | Gains and | Currency | |||||||||||||
Losses on | Items | Losses on | Items | |||||||||||||
Available- | Available- | |||||||||||||||
for-Sale | for-Sale | |||||||||||||||
Securities | Securities | |||||||||||||||
Beginning balance | $ | (222 | ) | $ | (7,052 | ) | $ | 270 | $ | 28,631 | ||||||
Other comprehensive (loss) income | (73 | ) | 7,684 | 44 | 9,006 | |||||||||||
Ending balance | $ | (295 | ) | $ | 632 | $ | 314 | $ | 37,637 | |||||||
No amounts were reclassified from accumulated other comprehensive income in the periods presented. | ||||||||||||||||
A reconciliation of comprehensive income for the nine month period ended September 30, 2013 and 2012, is as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Unrealized | Foreign | Unrealized | Foreign | |||||||||||||
Gains and | Currency | Gains and | Currency | |||||||||||||
Losses on | Items | Losses on | Items | |||||||||||||
Available- | Available- | |||||||||||||||
for-Sale | for-Sale | |||||||||||||||
Securities | Securities | |||||||||||||||
Beginning balance | $ | 197 | $ | 37,182 | $ | 200 | $ | 30,448 | ||||||||
Other comprehensive (loss) income | (492 | ) | (36,550 | ) | 114 | 7,189 | ||||||||||
Ending balance | $ | (295 | ) | $ | 632 | $ | 314 | $ | 37,637 | |||||||
Redeemable_noncontrolling_inte1
Redeemable noncontrolling interest (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||
Redeemable Noncontrolling Interest | ' | ||||||||||||
A reconciliation of redeemable noncontrolling interest for the three and nine month periods ended September 30, 2013 and September 30, 2012, is as follows: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Balance, beginning of period | $ | 19,650 | — | 21,662 | — | ||||||||
Acquisition of subsidiary at fair value | — | 21,904 | — | 21,904 | |||||||||
Net loss attributable to noncontrolling interest | (60 | ) | (14 | ) | (333 | ) | (14 | ) | |||||
Currency translation adjustment | 172 | 223 | (1,567 | ) | 223 | ||||||||
Ending balance | $ | 19,762 | 22,113 | 19,762 | 22,113 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Reportable Segment Results | ' | |||||||||||||||||||
The following table presents the Company’s reportable segment results on an adjusted net income basis for the three months ended September 30, 2013 and 2012: | ||||||||||||||||||||
Total | Operating | Depreciation | Provision for | Adjusted Net | ||||||||||||||||
Revenues | Interest | and | Income Taxes | Income | ||||||||||||||||
Expense | Amortization | |||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||
Fleet payment solutions | $ | 136,874 | $ | 427 | $ | 5,767 | $ | 21,726 | 35,119 | |||||||||||
Other payment solutions | 54,651 | 549 | 342 | 7,577 | 15,303 | |||||||||||||||
Total | $ | 191,525 | $ | 976 | $ | 6,109 | $ | 29,303 | 50,422 | |||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||
Fleet payment solutions | $ | 117,877 | $ | 838 | $ | 5,856 | $ | 21,874 | $ | 33,641 | ||||||||||
Other payment solutions | 43,090 | 404 | 441 | 5,589 | 8,394 | |||||||||||||||
Total | $ | 160,967 | $ | 1,242 | $ | 6,297 | $ | 27,463 | $ | 42,035 | ||||||||||
The following table presents the Company’s reportable segment results on an adjusted net income basis for the nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||
Total | Operating | Depreciation | Provision for | Adjusted Net | ||||||||||||||||
Revenues | Interest | and | Income Taxes | Income | ||||||||||||||||
Expense | Amortization | |||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||
Fleet payment solutions | $ | 393,953 | $ | 1,392 | $ | 17,358 | $ | 58,474 | 99,950 | |||||||||||
Other payment solutions | 141,227 | 1,813 | 1,346 | 17,128 | 29,840 | |||||||||||||||
Total | $ | 535,180 | $ | 3,205 | $ | 18,704 | $ | 75,602 | 129,790 | |||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||
Fleet payment solutions | $ | 341,709 | $ | 2,685 | $ | 17,699 | $ | 56,027 | $ | 94,169 | ||||||||||
Other payment solutions | 112,444 | 744 | 1,241 | 13,607 | 22,512 | |||||||||||||||
Total | $ | 454,153 | $ | 3,429 | $ | 18,940 | $ | 69,634 | $ | 116,681 | ||||||||||
Reconciliation of Adjusted Net Income To Net Income | ' | |||||||||||||||||||
The following table reconciles adjusted net income to net income: | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Adjusted net income WEX Inc. | $ | 50,422 | $ | 42,035 | $ | 129,790 | $ | 116,681 | ||||||||||||
Unrealized (loss) gains on fuel price derivatives | (2,733 | ) | (12,849 | ) | 1,234 | (1,841 | ) | |||||||||||||
Amortization of acquired intangible assets | (8,051 | ) | (5,411 | ) | (24,564 | ) | (15,481 | ) | ||||||||||||
Goodwill impairment | — | (16,171 | ) | — | (16,171 | ) | ||||||||||||||
Deferred loan costs associated with the extinguishment of debt | — | — | (1,004 | ) | — | |||||||||||||||
Non-cash adjustments related to tax receivable agreement | 150 | — | 150 | — | ||||||||||||||||
Change in tax refund due to former shareholders of RD Card Holding Australia | — | — | — | 9,750 | ||||||||||||||||
Other adjustments related to Fleet One acquisition | 658 | — | 658 | — | ||||||||||||||||
ANI adjustments attributable to noncontrolling interest | 313 | 77 | 971 | 77 | ||||||||||||||||
Tax impact | 3,079 | 6,617 | 7,505 | (25,146 | ) | |||||||||||||||
Net earnings attributable to WEX Inc. | $ | 43,838 | $ | 14,298 | $ | 114,740 | $ | 67,869 | ||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Basis Of Preparation [Line Items] | ' | ' |
Increase (decrease) in total assets | $3,657,457 | $3,131,865 |
Increase (decrease) in total liabilities | 2,755,829 | 2,292,272 |
Increase (decrease) in total liabilities and stockholders' equity | 3,657,457 | 3,131,865 |
Notes outstanding, carrying value | 400,000 | 0 |
Notes outstanding, fair value | 360,000 | ' |
Restatement Adjustment - Error Correction | ' | ' |
Basis Of Preparation [Line Items] | ' | ' |
Increase (decrease) in deferred income tax assets | ' | 18,407 |
Increase (decrease) in total assets | ' | 18,407 |
Increase (decrease) in deferred tax liabilities | ' | 18,407 |
Increase (decrease) in total liabilities | ' | 18,407 |
Increase (decrease) in total liabilities and stockholders' equity | ' | $18,407 |
Business_Acquisitions_Addition
Business Acquisitions - Additional Information (Detail) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 11-May-12 | 11-May-12 | Dec. 31, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | CorporatePay | CorporatePay | CorporatePay | CorporatePay | UNIK | UNIK | UNIK | UNIK | UNIK | UNIK | Fleet One | Fleet One |
USD ($) | USD ($) | GBP (£) | Restatement Adjustment | USD ($) | BRL | USD ($) | USD ($) | Restatement Adjustment | Scenario, Revised | USD ($) | Restatement Adjustment | |||
USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid | ' | ' | $27,783 | $27,783 | £ 17,000 | ' | ' | ' | $22,797 | ' | ' | ' | $376,258 | ' |
Increase (decrease) accounts receivable | 1,913,614 | 1,556,275 | ' | ' | ' | 508 | ' | ' | ' | ' | ' | ' | ' | -47 |
Increase (decrease) in deferred income tax assets | ' | ' | ' | ' | ' | -32 | ' | ' | ' | ' | 2,243 | ' | ' | 261 |
Increase (decrease) other intangible assets, net | 209,074 | 241,950 | ' | ' | ' | 140 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) goodwill | 824,307 | 847,986 | ' | ' | ' | -247 | ' | ' | ' | ' | 4,355 | ' | ' | -407 |
Increase (decrease) accrued expenses | 79,754 | 67,419 | ' | ' | ' | 369 | ' | ' | ' | ' | 6,598 | ' | ' | -80 |
Increase (decrease) income taxes payable | 14,228 | 10,038 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -113 |
Percent of ownership interest acquired | ' | ' | ' | ' | ' | ' | 51.00% | 51.00% | ' | ' | ' | ' | ' | ' |
Value of newly issued shares | ' | ' | ' | ' | ' | ' | 22,800 | 44,800 | ' | ' | ' | ' | ' | ' |
Consideration for future performance milestones | ' | ' | ' | ' | ' | ' | 1,000 | 2,000 | 991 | ' | ' | 511 | ' | ' |
Period to acquire remaining shares | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' |
Cash paid on acquisition of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,600 | ' | ' | ' | ' |
Acquisition of debt unpaid | ' | ' | ' | ' | ' | ' | ' | ' | $6,764 | ' | ' | ' | ' | ' |
Summary_of_Allocation_of_Purch
Summary of Allocation of Purchase Price to Assets and Liabilities Acquired (Detail) | Sep. 30, 2013 | 11-May-12 | 11-May-12 | Sep. 30, 2013 | Aug. 30, 2012 | Aug. 30, 2012 | Sep. 30, 2013 | |||
In Thousands, unless otherwise specified | CorporatePay | CorporatePay | CorporatePay | UNIK | UNIK | UNIK | Fleet One | |||
USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | BRL | USD ($) | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Total UNIK value | ' | ' | ' | $44,701 | ' | ' | ' | |||
Less: Redeemable noncontrolling interest | ' | ' | ' | 21,904 | ' | ' | ' | |||
Consideration paid (net of cash) | 27,783 | 27,783 | 17,000 | 22,797 | ' | ' | 376,258 | |||
Estimated earn out | ' | ' | ' | 991 | 1,000 | 2,000 | ' | |||
Cash | ' | ' | ' | 1,566 | ' | ' | ' | |||
Accounts receivable | 1,585 | ' | ' | 11,726 | ' | ' | 152,527 | |||
Accounts payable | -629 | ' | ' | -12,640 | ' | ' | -151,647 | |||
Other tangible liabilities, net | -4,040 | ' | ' | -36,866 | ' | ' | -693 | |||
Acquired software | 8,233 | [1] | ' | ' | 14,193 | [1] | ' | ' | 35,000 | [2] |
Customer relationships | 1,614 | [3] | ' | ' | 15,171 | [4] | ' | ' | 74,000 | [5] |
Trademarks and trade name | 1,453 | [6] | ' | ' | 1,272 | [5] | ' | ' | 4,000 | [5] |
Recorded goodwill | $19,567 | ' | ' | $28,375 | ' | ' | $263,071 | |||
[1] | Weighted average life – 6.2 years. | |||||||||
[2] | Weighted average life – 6.7 years. | |||||||||
[3] | Weighted average life – 6.3 years. | |||||||||
[4] | Weighted average life – 5.9 years. | |||||||||
[5] | Weighted average life – 5.5 years. | |||||||||
[6] | Weighted average life – 5.3 years. |
Summary_of_Allocation_of_Purch1
Summary of Allocation of Purchase Price to Assets and Liabilities Acquired (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
CorporatePay | Acquired Software | ' |
Business Acquisition [Line Items] | ' |
Weighted average life | '6 years 2 months 12 days |
CorporatePay | Customer relationships | ' |
Business Acquisition [Line Items] | ' |
Weighted average life | '6 years 3 months 18 days |
CorporatePay | Trademarks and trade names | ' |
Business Acquisition [Line Items] | ' |
Weighted average life | '5 years 3 months 18 days |
UNIK | Acquired Software | ' |
Business Acquisition [Line Items] | ' |
Weighted average life | '6 years 2 months 12 days |
UNIK | Customer relationships | ' |
Business Acquisition [Line Items] | ' |
Weighted average life | '5 years 10 months 24 days |
UNIK | Trademarks and trade names | ' |
Business Acquisition [Line Items] | ' |
Weighted average life | '5 years 6 months |
Fleet One | Acquired Software | ' |
Business Acquisition [Line Items] | ' |
Weighted average life | '6 years 8 months 12 days |
Fleet One | Customer relationships | ' |
Business Acquisition [Line Items] | ' |
Weighted average life | '5 years 6 months |
Fleet One | Trademarks and trade names | ' |
Business Acquisition [Line Items] | ' |
Weighted average life | '5 years 6 months |
Reserves_for_Credit_Losses_Add
Reserves for Credit Losses - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Trade receivable payments terms | '30 days |
Aging_of_Accounts_Receivable_D
Aging of Accounts Receivable (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Accounts receivable, trade, Current and Less Than 30 Days Past Due | $1,852,563 | $1,595,483 |
Accounts receivable, trade, 30-59 Days Past Due | 50,691 | 32,031 |
Accounts receivable, trade, 60-89 Days Past Due | 10,718 | 6,123 |
Accounts receivable, trade, Greater Than 90 Days Past Due | 8,596 | 7,130 |
Accounts receivable, trade, Total | $1,922,568 | $1,640,767 |
Percent of total, Current and Less Than 30 Days Past Due | 96.40% | 97.20% |
Percent of total, 30-59 Days Past Due | 2.60% | 2.00% |
Percent of total, 60-89 Days Past Due | 0.60% | 0.40% |
Percent of total, Greater Than 90 Days Past Due | 0.40% | 0.40% |
Changes_in_Reserves_for_Credit
Changes in Reserves for Credit Losses Related to Accounts Receivable (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' |
Balance, beginning of period | $11,709 | $11,526 |
Provision for credit losses | 13,686 | 14,874 |
Charge-offs | -21,150 | -20,397 |
Recoveries of amounts previously charged-off | 5,031 | 4,065 |
Currency translation | -322 | 0 |
Balance, end of period | $8,954 | $10,068 |
Changes_In_Goodwill_Detail
Changes In Goodwill (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, January 1, 2013, as adjusted | $865,494 | ' |
Impact of foreign currency translation | -23,679 | ' |
Gross goodwill, September 30, 2013 | 841,815 | ' |
Accumulated impairment, September 30, 2013 | -17,508 | ' |
Net goodwill, September 30, 2013 | 824,307 | 847,986 |
Fleet Payment Solutions Segment | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, January 1, 2013, as adjusted | 779,654 | ' |
Impact of foreign currency translation | -21,123 | ' |
Gross goodwill, September 30, 2013 | 758,531 | ' |
Accumulated impairment, September 30, 2013 | -1,337 | ' |
Net goodwill, September 30, 2013 | 757,194 | ' |
Other Payment Solutions Segment | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, January 1, 2013, as adjusted | 85,840 | ' |
Impact of foreign currency translation | -2,556 | ' |
Gross goodwill, September 30, 2013 | 83,284 | ' |
Accumulated impairment, September 30, 2013 | -16,171 | ' |
Net goodwill, September 30, 2013 | $67,113 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Goodwill impairment | $0 | $16,171 | $0 | $16,171 |
Trade names | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Finite-lived intangible asset, useful life | '10 years | ' | ' | ' |
Changes_in_Intangible_Assets_D
Changes in Intangible Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Net Carrying Amount, Definite-lived intangible assets, January 1, 2013, as adjusted | ' | ' | $231,405 | ' |
Net Carrying Amount, Other Intangible Assets, January 1, 2013, as adjusted | ' | ' | 241,950 | ' |
Amortization, Definite-lived intangible assets | -8,051 | -5,411 | -24,564 | -15,481 |
Impact of foreign currency translation, Other Intangible Assets | ' | ' | -8,312 | ' |
Net Carrying Amount, Definite-lived intangible assets, September 30, 2013 | 201,567 | ' | 201,567 | ' |
Net Carrying Amount, Other Intangible Assets, September 30, 2013 | 209,074 | ' | 209,074 | ' |
Trademarks and trade names | ' | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Transfer from indefinite-lived intangible assets to definite-lived intangible assets | ' | ' | -2,421 | ' |
Net Carrying Amount, Indefinite-lived intangible assets, January 1, 2013, as adjusted | ' | ' | 10,545 | ' |
Impact of foreign currency translation, Indefinite-lived intangible assets | ' | ' | -617 | ' |
Net Carrying Amount, Indefinite-lived intangible assets, September 30, 2013 | 7,507 | ' | 7,507 | ' |
Acquired software | ' | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Net Carrying Amount, Definite-lived intangible assets, January 1, 2013, as adjusted | ' | ' | 71,343 | ' |
Amortization, Definite-lived intangible assets | ' | ' | -6,350 | ' |
Impact of foreign currency translation, Definite-lived intangible assets | ' | ' | -1,584 | ' |
Net Carrying Amount, Definite-lived intangible assets, September 30, 2013 | 63,409 | ' | 63,409 | ' |
Customer relationships | ' | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Net Carrying Amount, Definite-lived intangible assets, January 1, 2013, as adjusted | ' | ' | 150,290 | ' |
Amortization, Definite-lived intangible assets | ' | ' | -17,264 | ' |
Impact of foreign currency translation, Definite-lived intangible assets | ' | ' | -5,819 | ' |
Net Carrying Amount, Definite-lived intangible assets, September 30, 2013 | 127,207 | ' | 127,207 | ' |
Patent | ' | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Net Carrying Amount, Definite-lived intangible assets, January 1, 2013, as adjusted | ' | ' | 2,365 | ' |
Amortization, Definite-lived intangible assets | ' | ' | -341 | ' |
Impact of foreign currency translation, Definite-lived intangible assets | ' | ' | -176 | ' |
Net Carrying Amount, Definite-lived intangible assets, September 30, 2013 | 1,848 | ' | 1,848 | ' |
Trade names | ' | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Net Carrying Amount, Definite-lived intangible assets, January 1, 2013, as adjusted | ' | ' | 7,407 | ' |
Transfer from indefinite-lived intangible assets to definite-lived intangible assets | ' | ' | 2,421 | ' |
Amortization, Definite-lived intangible assets | ' | ' | -609 | ' |
Impact of foreign currency translation, Definite-lived intangible assets | ' | ' | -116 | ' |
Net Carrying Amount, Definite-lived intangible assets, September 30, 2013 | $9,103 | ' | $9,103 | ' |
Estimated_Amortization_Expense
Estimated Amortization Expense Related to Definite Lived Intangible Assets (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Remaining 2013 | $8,188 |
2014 | 31,541 |
2015 | 28,918 |
2016 | 25,360 |
2017 | 21,625 |
2018 | $18,606 |
Other_Intangible_Assets_Detail
Other Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | $290,189 | $299,945 |
Accumulated Amortization, Definite-lived intangible assets | -88,622 | -68,540 |
Net Carrying Amount, Definite-lived intangible assets | 201,567 | 231,405 |
Other intangible assets, Net Carrying Amount | 209,074 | 241,950 |
Acquired software | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | 84,023 | 86,527 |
Accumulated Amortization, Definite-lived intangible assets | -20,614 | -15,184 |
Net Carrying Amount, Definite-lived intangible assets | 63,409 | 71,343 |
Non-compete agreement | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | 100 | 100 |
Accumulated Amortization, Definite-lived intangible assets | -100 | -100 |
Net Carrying Amount, Definite-lived intangible assets | 0 | 0 |
Customer relationships | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | 192,846 | 202,061 |
Accumulated Amortization, Definite-lived intangible assets | -65,639 | -51,771 |
Net Carrying Amount, Definite-lived intangible assets | 127,207 | 150,290 |
Patent | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | 3,083 | 3,430 |
Accumulated Amortization, Definite-lived intangible assets | -1,235 | -1,065 |
Net Carrying Amount, Definite-lived intangible assets | 1,848 | 2,365 |
Trademarks and trade names | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | 10,137 | 7,827 |
Accumulated Amortization, Definite-lived intangible assets | -1,034 | -420 |
Net Carrying Amount, Definite-lived intangible assets | 9,103 | 7,407 |
Net Carrying Amount, Indefinite-lived intangible assets | $7,507 | $10,545 |
Reconciliation_of_Income_and_S
Reconciliation of Income and Share Data Used in Basic and Diluted Earnings Per Share Computations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net earnings attributable to WEX Inc. available for common stockholders – Basic and Diluted | $43,838 | $14,298 | $114,740 | $67,869 |
Weighted average common shares outstanding – Basic | 38,978 | 38,793 | 38,934 | 38,832 |
Unvested restricted stock units | 74 | 96 | 125 | 130 |
Stock options | 29 | 106 | 43 | 122 |
Weighted average common shares outstanding – Diluted | 39,081 | 38,995 | 39,102 | 39,084 |
Put_and_Call_Option_Contracts_
Put and Call Option Contracts (Detail) | 9 Months Ended | |
Sep. 30, 2013 | ||
gal | ||
Derivative [Line Items] | ' | |
Total fuel price derivative instruments, gallons | 54,355,000 | [1] |
Unleaded Fuel | ' | |
Derivative [Line Items] | ' | |
Total fuel price derivative instruments, gallons | 36,953,000 | [1] |
Diesel | ' | |
Derivative [Line Items] | ' | |
Total fuel price derivative instruments, gallons | 17,402,000 | [1] |
[1] | The settlement of the put and call option contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygen Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. |
Put_and_Call_Option_Contracts_1
Put and Call Option Contracts (Parenthetical) (Detail) | Sep. 30, 2013 | |
Minimum | Unleaded Fuel | ' | |
Derivative [Line Items] | ' | |
Option contracts settlement date | '2013-10 | [1] |
Minimum | Diesel | ' | |
Derivative [Line Items] | ' | |
Option contracts settlement date | '2013-10 | [1] |
Maximum | Unleaded Fuel | ' | |
Derivative [Line Items] | ' | |
Option contracts settlement date | '2015-03 | [1] |
Maximum | Diesel | ' | |
Derivative [Line Items] | ' | |
Option contracts settlement date | '2015-03 | [1] |
[1] | The settlement of the put and call option contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygen Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. |
Location_and_Amounts_of_Deriva
Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets (Detail) (Derivatives Not Designated as Hedging Instruments, Commodity contracts, Fuel price derivatives, at fair value, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives Not Designated as Hedging Instruments | Commodity contracts | Fuel price derivatives, at fair value | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives Classified as Assets | $488 | $0 |
Derivatives Classified as Liabilities | $983 | $1,729 |
Location_and_Amounts_of_Deriva1
Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Derivatives in Cash Flow Hedging Relationships | Interest rate contracts | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | ' | ' | $0 | [1] | $60 | [1] |
Derivatives Not Designated as Hedging Instruments | Commodity contracts | Net realized and unrealized gains (losses) on fuel price derivatives | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | -3,640 | -14,026 | -2,781 | -12,046 | ||
Financing interest expense | Derivatives in Cash Flow Hedging Relationships | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ' | ' | 0 | -109 | ||
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ' | ' | $0 | $0 | ||
[1] | The amount of gain or (loss) recognized in other comprehensive income ("OCI") on the Company’s interest rate swap arrangements has been recorded net of tax impact of $35 in 2012. |
Location_and_Amounts_of_Deriva2
Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income (Parenthetical) (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Tax impacts on interest rate swap arrangements | $35 |
Financing_Debt_Additional_Info
Financing Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Jan. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | 23-May-11 | Jan. 18, 2013 | Jan. 30, 2013 | 23-May-11 | Jan. 18, 2013 | Jan. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Senior Notes | Senior Notes | Semi Annual Payment, First Payment | Semi Annual Payment, Second Payment | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | Senior Notes Redeemed Prior to February One Twenty Sixteen | Senior Notes Redeemed Prior to February One Twenty Eighteen | ||
Senior Notes | Senior Notes | Term Loans Facility | Term Loans Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | |||||||
Minimum | Letter of Credit | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement loan, term | ' | ' | ' | ' | ' | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' |
Credit agreement loan, maximum | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | $800,000,000 | $700,000,000 | ' | ' | $150,000,000 | ' | ' |
Principal remaining outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' |
Credit agreement loan, option to increase | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement outstanding amount | ' | ' | ' | ' | ' | ' | ' | 185,000,000 | ' | ' | 700,000,000 | ' | ' | ' | ' |
Debt instrument, aggregate principal amount | ' | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, issuance price as a percentage of principal amount | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | 1-Feb-23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest payable month and day | ' | ' | ' | '--02-01 | '--08-01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest payment commencement date | ' | ' | 1-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' |
Debt instrument, redemption price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.75% | 100.00% |
Debt instrument, redemption date | 1-Feb-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-16 | ' |
Debt repurchase price | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes_Redemption_Prices_for_Fu
Notes Redemption Prices for Future year (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Senior Notes Redeemed During Twelve Months Beginning February 1, 2018 | ' |
Debt Instrument [Line Items] | ' |
Percentage of Principal Amount of Notes | 102.38% |
Senior Notes Redeemed During Twelve Months Beginning February 1, 2019 | ' |
Debt Instrument [Line Items] | ' |
Percentage of Principal Amount of Notes | 101.58% |
Senior Notes Redeemed During Twelve Months Beginning February 1, 2020 | ' |
Debt Instrument [Line Items] | ' |
Percentage of Principal Amount of Notes | 100.79% |
Senior Notes Redeemed During Twelve Months Beginning February 1, 2021 | ' |
Debt Instrument [Line Items] | ' |
Percentage of Principal Amount of Notes | 100.00% |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value and Related Hierarchy Levels (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | $16,208 | $16,350 | ||
Executive deferred compensation plan trust | 4,048 | [1] | 2,921 | [1] |
Total fuel price derivatives - liabilities | ' | 1,729 | ||
Contingent consideration | ' | 313 | [2] | |
Mortgage-backed securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 867 | 1,839 | ||
Asset-backed securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 1,490 | 1,654 | ||
Municipal bonds | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 535 | 641 | ||
Equity securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 13,316 | 12,216 | ||
Fuel price derivatives - unleaded fuel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives - assets | 22 | [3] | ' | |
Total fuel price derivatives - liabilities | ' | 1,622 | [3] | |
Fuel price derivatives - diesel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives - liabilities | 517 | [3] | 107 | [3] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 13,316 | 12,216 | ||
Executive deferred compensation plan trust | 4,048 | [1] | 2,921 | [1] |
Contingent consideration | ' | 0 | [2] | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 13,316 | 12,216 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fuel price derivatives - unleaded fuel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives - assets | 0 | [3] | ' | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fuel price derivatives - diesel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives - liabilities | 0 | [3] | ' | |
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 2,892 | 4,134 | ||
Total fuel price derivatives - liabilities | ' | 1,622 | ||
Contingent consideration | ' | 0 | [2] | |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 867 | 1,839 | ||
Significant Other Observable Inputs (Level 2) | Asset-backed securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 1,490 | 1,654 | ||
Significant Other Observable Inputs (Level 2) | Municipal bonds | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 535 | 641 | ||
Significant Other Observable Inputs (Level 2) | Fuel price derivatives - unleaded fuel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives - assets | 22 | [3] | ' | |
Total fuel price derivatives - liabilities | ' | 1,622 | [3] | |
Significant Other Observable Inputs (Level 2) | Fuel price derivatives - diesel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives - liabilities | 0 | [3] | ' | |
Significant Other Observable Inputs (Level 3) | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives - liabilities | ' | 107 | ||
Contingent consideration | ' | 313 | [2] | |
Significant Other Observable Inputs (Level 3) | Fuel price derivatives - unleaded fuel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives - assets | 0 | [3] | ' | |
Significant Other Observable Inputs (Level 3) | Fuel price derivatives - diesel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives - liabilities | $517 | [3] | $107 | [3] |
[1] | The fair value of these instruments is recorded in other assets. | |||
[2] | The fair value of the contingent consideration is recorded in accrued expenses. | |||
[3] | The balance sheet presentation combines unleaded fuel and diesel fuel positions. |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2012 | |
In Thousands, unless otherwise specified | UNIK | Rapid! Financial Services LLC | |||
Fair Value Measurements [Line Items] | ' | ' | ' | ' | |
Notes outstanding, carrying value | $400,000 | $0 | ' | ' | |
Notes outstanding, fair value | 360,000 | ' | ' | ' | |
Amount of increase in the value of a contingent consideration liability | ' | ' | 201 | ' | |
Contingent consideration | ' | $313 | [1] | $511 | $8,486 |
[1] | The fair value of the contingent consideration is recorded in accrued expenses. |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Balances for Assets (Liabilities) Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level Three) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Contingent Consideration | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | ' | $0 | ($313) | ($9,325) | ||||
Included in earnings (a) | ' | ' | -198 | [1] | 839 | [1] | ||
Included in other comprehensive income | ' | ' | 0 | 0 | ||||
Purchases, issuances and settlements | ' | -991 | ' | -991 | ||||
Transfers (in)/out of Level 3 | ' | ' | 511 | 8,486 | ||||
Ending balance | 0 | -991 | 0 | -991 | ||||
Fuel price derivatives - diesel | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | 498 | 3,398 | -107 | -25 | ||||
Included in earnings (a) | -1,015 | [2] | -3,812 | [2] | -410 | [1] | -389 | [1] |
Included in other comprehensive income | 0 | 0 | 0 | 0 | ||||
Ending balance | ($517) | ($414) | ($517) | ($414) | ||||
[1] | Gains and losses (realized and unrealized), associated with fuel price derivatives, included in earnings for the nine months ended September 30, 2013 and 2012, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. Gains associated with contingent consideration, included in earnings for the nine months ended September 30, 2013 and 2012, are reported in other expenses and loss of foreign currency transactions on the unaudited condensed consolidated statements of income. | |||||||
[2] | Gains and losses (realized and unrealized), associated with fuel price derivatives, included in earnings for the three months ended September 30, 2013 and 2012, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. Gains associated with contingent consideration, included in earnings for the three months ended September 30, 2012, are reported in other expenses and loss of foreign currency transactions on the unaudited condensed consolidated statements of income. |
Quantitative_Information_About
Quantitative Information About Level Three Fair Value Measurements (Detail) (Fuel price derivatives - diesel, USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Option Model | Option Model | ||||||
Minimum | Maximum | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value | ($517) | $498 | ($107) | ($414) | $3,398 | ($25) | ' | ' |
Future retail price of diesel (in dollars per gallon) | ' | ' | ' | ' | ' | ' | 3.71 | 3.94 |
Reconciliation_of_Comprehensiv
Reconciliation of Comprehensive Income (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Unrealized Gains and Losses on Available- for-Sale Securities | Unrealized Gains and Losses on Available- for-Sale Securities | Unrealized Gains and Losses on Available- for-Sale Securities | Unrealized Gains and Losses on Available- for-Sale Securities | Foreign Currency Items | Foreign Currency Items | Foreign Currency Items | Foreign Currency Items | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $337 | $37,379 | ($222) | $270 | $197 | $200 | ($7,052) | $28,631 | $37,182 | $30,448 |
Other comprehensive (loss) income | ' | ' | -73 | 44 | -492 | 114 | 7,684 | 9,006 | -36,550 | 7,189 |
Ending balance | $337 | $37,379 | ($295) | $314 | ($295) | $314 | $632 | $37,637 | $632 | $37,637 |
Recovered_Sheet1
Redeemable Noncontrolling Interest - Additional Information (Detail) (UNIK) | Aug. 30, 2012 |
UNIK | ' |
Redeemable Noncontrolling Interest [Line Items] | ' |
Percent of ownership interest acquired | 51.00% |
Recovered_Sheet2
Redeemable Noncontrolling Interests (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation of Redeemable Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | $19,650 | $0 | $21,662 | $0 |
Acquisition of subsidiary at fair value | ' | 21,904 | ' | 21,904 |
Net loss attributable to noncontrolling interest | -60 | -14 | -333 | -14 |
Currency translation adjustment | 172 | 223 | -1,567 | 223 |
Ending balance | $19,762 | $22,113 | $19,762 | $22,113 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Total stock-based compensation cost recognized | $6,882 |
Total unrecognized compensation cost | $10,606 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income tax expense | ' | ' | ' | $31,083 | ' |
Write-off of refund claim payable to former shareholder of RD Card Holding | 0 | 0 | 0 | 9,750 | ' |
Undistributed earnings of certain foreign subsidiaries | $2,507 | ' | $2,507 | ' | $1,756 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Reportable_Segment_Results_Det
Reportable Segment Results (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Total Revenues | $191,525 | $160,967 | $535,180 | $454,153 |
Depreciation and Amortization | ' | ' | 45,021 | 35,604 |
Provision for Income Taxes | 26,224 | 20,845 | 68,097 | 94,780 |
Adjusted Net Income | 50,422 | 42,035 | 129,790 | 116,681 |
Operating Segments | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Total Revenues | 191,525 | 160,967 | 535,180 | 454,153 |
Operating Interest Expense | 976 | 1,242 | 3,205 | 3,429 |
Depreciation and Amortization | 6,109 | 6,297 | 18,704 | 18,940 |
Provision for Income Taxes | 29,303 | 27,463 | 75,602 | 69,634 |
Adjusted Net Income | 50,422 | 42,035 | 129,790 | 116,681 |
Operating Segments | Fleet payment solutions | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Total Revenues | 136,874 | 117,877 | 393,953 | 341,709 |
Operating Interest Expense | 427 | 838 | 1,392 | 2,685 |
Depreciation and Amortization | 5,767 | 5,856 | 17,358 | 17,699 |
Provision for Income Taxes | 21,726 | 21,874 | 58,474 | 56,027 |
Adjusted Net Income | 35,119 | 33,641 | 99,950 | 94,169 |
Operating Segments | Other payment solutions | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Total Revenues | 54,651 | 43,090 | 141,227 | 112,444 |
Operating Interest Expense | 549 | 404 | 1,813 | 744 |
Depreciation and Amortization | 342 | 441 | 1,346 | 1,241 |
Provision for Income Taxes | 7,577 | 5,589 | 17,128 | 13,607 |
Adjusted Net Income | $15,303 | $8,394 | $29,840 | $22,512 |
Reconciliation_of_Adjusted_Net
Reconciliation of Adjusted Net Income to Net Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Adjusted net income WEX Inc. | $50,422 | $42,035 | $129,790 | $116,681 |
Unrealized (loss) gains on fuel price derivatives | -2,733 | -12,849 | 1,234 | -1,841 |
Amortization of acquired intangible assets | -8,051 | -5,411 | -24,564 | -15,481 |
Goodwill impairment | 0 | -16,171 | 0 | -16,171 |
Deferred loan costs associated with the extinguishment of debt | 0 | 0 | -1,004 | 0 |
Non-cash adjustments related to tax receivable agreement | 150 | 0 | 150 | 0 |
Change in tax refund due to former shareholders of RD Card Holding Australia | 0 | 0 | 0 | 9,750 |
Other adjustments related to Fleet One acquisition | 658 | 0 | 658 | 0 |
ANI adjustments attributable to noncontrolling interest | 313 | 77 | 971 | 77 |
Tax impact | 3,079 | 6,617 | 7,505 | -25,146 |
Net earnings attributable to WEX Inc. | $43,838 | $14,298 | $114,740 | $67,869 |