Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 20, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'WEX Inc. | ' | ' |
Trading Symbol | 'WEX | ' | ' |
Entity Central Index Key | '0001309108 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 38,890,626 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,944,526,729 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and cash equivalents | $361,486 | $197,662 | ||
Accounts receivable (less reserve for credit losses of $10,396 in 2013 and $11,709 in 2012) | 1,712,061 | 1,556,275 | ||
Available-for-sale securities | 15,963 | 16,350 | ||
Property, equipment and capitalized software, net | 72,277 | 60,097 | ||
Deferred income taxes, net | 88,965 | 121,007 | ||
Goodwill | 818,402 | [1] | 847,986 | [1] |
Other intangible assets, net | 208,997 | 241,950 | [2] | |
Other assets | 154,892 | 90,538 | ||
Total assets | 3,433,043 | 3,131,865 | ||
Liabilities and Stockholders’ Equity | ' | ' | ||
Accounts payable | 512,878 | 527,838 | ||
Accrued expenses | 92,335 | 67,419 | ||
Income taxes payable | 16,066 | 10,038 | ||
Deposits | 1,088,930 | 890,345 | ||
Borrowed federal funds | 0 | 48,400 | ||
Revolving line-of-credit facilities and term loan | 285,000 | 621,000 | ||
Deferred income taxes, net | 14,293 | 18,407 | ||
Notes outstanding | 400,000 | ' | ||
Amounts due under tax receivable agreement | 77,785 | 86,550 | ||
Fuel price derivatives, at fair value | 7,358 | 1,729 | ||
Other liabilities | 16,372 | 20,546 | ||
Total liabilities | 2,511,017 | 2,292,272 | ||
Commitments and contingencies (Note 17) | ' | ' | ||
Redeemable noncontrolling interest | 18,729 | 21,662 | ||
Stockholders’ Equity | ' | ' | ||
Common stock $0.01 par value; 175,000 shares authorized; 42,901 in 2013 and 42,586 in 2012 shares issued; 38,987 in 2013 and 38,908 in 2012 shares outstanding | 429 | 426 | ||
Additional paid-in capital | 168,891 | 162,470 | ||
Noncontrolling interest | 519 | ' | ||
Retained earnings | 879,519 | 730,311 | ||
Accumulated other comprehensive (loss) income | -15,495 | 37,379 | ||
Treasury stock at cost; 4,007 shares in 2013 and 3,766 shares in 2012 | -130,566 | -112,655 | ||
Total stockholders’ equity | 903,297 | 817,931 | ||
Total liabilities and stockholders’ equity | $3,433,043 | $3,131,865 | ||
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. | |||
[2] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, reserve for credit losses | $10,396 | $11,709 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 42,901,000 | 42,586,000 |
Common stock, shares outstanding | 38,987,000 | 38,908,000 |
Treasury stock, shares | 4,007,000 | 3,766,000 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Fleet payment solutions | $527,424 | $470,591 | $436,704 |
Other payment solutions | 190,039 | 152,560 | 116,372 |
Total revenues | 717,463 | 623,151 | 553,076 |
Expenses | ' | ' | ' |
Salary and other personnel | 164,521 | 123,380 | 104,610 |
Service fees | 103,428 | 103,189 | 70,202 |
Provision for credit losses | 20,200 | 22,539 | 27,527 |
Technology leasing and support | 24,217 | 18,537 | 15,423 |
Occupancy and equipment | 15,967 | 12,361 | 11,803 |
Advertising | 11,176 | 10,155 | 9,713 |
Marketing | 3,684 | 3,679 | 3,240 |
Postage and shipping | 5,140 | 4,347 | 4,325 |
Communications | 7,069 | 5,373 | 5,115 |
Depreciation, amortization and impairments | 58,208 | 75,263 | 45,369 |
Operating interest expense | 4,287 | 4,990 | 5,453 |
Other | 22,827 | 17,719 | 16,972 |
Total operating expenses | 440,724 | 401,532 | 319,752 |
Operating income | 276,739 | 221,619 | 233,324 |
Financing interest expense | -29,419 | -10,433 | -11,676 |
Net gain (loss) on foreign currency transactions | 964 | -299 | -459 |
Net realized and unrealized losses on fuel price derivatives | -9,851 | -12,365 | -11,869 |
Decrease in tax refund due to former shareholder of RD Card Holdings Australia | 0 | 9,750 | 0 |
Increase in amount due under tax receivable agreement | -33 | -2,089 | -715 |
Income before income taxes | 238,400 | 206,183 | 208,605 |
Income taxes | 90,102 | 109,474 | 74,983 |
Net income | 148,298 | 96,709 | 133,622 |
Less: Net loss from non-controlling interests | -910 | -213 | ' |
Net earnings attributable to WEX Inc. | $149,208 | $96,922 | $133,622 |
Net earnings attributable to WEX Inc. per share: | ' | ' | ' |
Basic (in usd per share) | $3.83 | $2.50 | $3.45 |
Diluted (in usd per share) | $3.82 | $2.48 | $3.43 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic (in usd per share) | 38,946 | 38,840 | 38,686 |
Diluted (in usd per share) | 39,103 | 39,092 | 38,998 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $148,298 | $96,709 | $133,622 |
Changes in available-for-sale securities, net of tax effect of $(367) in 2013, $(3) in 2012 and $66 in 2011 | -630 | -3 | 108 |
Changes in interest rate swap, net of tax effect of $0 in 2013, $35 in 2012 and $179 in 2011 | 0 | 60 | 308 |
Foreign currency translation | -54,776 | 6,705 | 2,567 |
Comprehensive income | 92,892 | 103,471 | 136,605 |
Less: comprehensive loss attributable to noncontrolling interest | -910 | -242 | ' |
Comprehensive income attributable to WEX Inc. | $93,802 | $103,713 | $136,605 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Changes in available-for-sale securities, tax effect | ($367) | ($3) | $66 |
Changes in interest rate swap, tax effect | $0 | $35 | $179 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Treasury Stock | Retained Earnings |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning Balances at Dec. 31, 2010 | $559,007 | $419 | $132,583 | $27,605 | ' | ($101,367) | $499,767 |
Beginning Balances (in shares) at Dec. 31, 2010 | ' | 38,437,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options (in shares) | ' | 216,000 | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options | 2,916 | 3 | 2,913 | ' | ' | ' | ' |
Tax benefit from stock option and restricted stock units | 3,970 | ' | 3,970 | ' | ' | ' | ' |
Stock issued upon vesting of restricted and deferred stock units (in shares) | ' | 112,000 | ' | ' | ' | ' | ' |
Stock issued upon vesting of restricted and deferred stock units | 1 | 1 | ' | ' | ' | ' | ' |
Stock-based compensation, net of shares repurchased for tax withholdings | 6,816 | ' | 6,816 | ' | ' | ' | ' |
Changes in available-for-sale securities, net of tax effect of $(367) in 2013, $(3) in 2012, and $66 in 2011 | 108 | ' | ' | 108 | ' | ' | ' |
Changes in interest rate swaps, net of tax effect of $35 in 2012 and $179 in 2011 | 308 | ' | ' | 308 | ' | ' | ' |
Foreign currency translation | 2,567 | ' | ' | 2,567 | ' | ' | ' |
Net earnings attributable to WEX Inc. | 133,622 | ' | ' | ' | ' | ' | 133,622 |
Ending Balance at Dec. 31, 2011 | 709,315 | 423 | 146,282 | 30,588 | ' | -101,367 | 633,389 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 38,765,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options (in shares) | ' | 234,000 | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options | 4,625 | 2 | 4,623 | ' | ' | ' | ' |
Tax benefit from stock option and restricted stock units | 4,466 | ' | 4,466 | ' | ' | ' | ' |
Stock issued upon vesting of restricted and deferred stock units (in shares) | ' | 109,000 | ' | ' | ' | ' | ' |
Stock issued upon vesting of restricted and deferred stock units | 1 | 1 | ' | ' | ' | ' | ' |
Stock-based compensation, net of shares repurchased for tax withholdings | 8,093 | ' | 8,093 | ' | ' | ' | ' |
Other | -994 | ' | -994 | ' | ' | ' | ' |
Purchase of shares of treasury stock (in shares) | ' | -200,000 | ' | ' | ' | ' | ' |
Purchase of shares of treasury stock | -11,288 | ' | ' | ' | ' | -11,288 | ' |
Changes in available-for-sale securities, net of tax effect of $(367) in 2013, $(3) in 2012, and $66 in 2011 | -3 | ' | ' | -3 | ' | ' | ' |
Changes in interest rate swaps, net of tax effect of $35 in 2012 and $179 in 2011 | 60 | ' | ' | 60 | ' | ' | ' |
Foreign currency translation | 6,734 | ' | ' | 6,734 | ' | ' | ' |
Net earnings attributable to WEX Inc. | 96,922 | ' | ' | ' | ' | ' | 96,922 |
Ending Balance at Dec. 31, 2012 | 817,931 | 426 | 162,470 | 37,379 | ' | -112,655 | 730,311 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 38,908,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options (in shares) | 70,000 | 70,000 | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options | 1,680 | 1 | 1,679 | ' | ' | ' | ' |
Tax benefit from stock option and restricted stock units | 6,539 | ' | 6,539 | ' | ' | ' | ' |
Stock issued upon vesting of restricted and deferred stock units (in shares) | ' | 250,000 | ' | ' | ' | ' | ' |
Stock issued upon vesting of restricted and deferred stock units | 0 | 2 | -2 | ' | ' | ' | ' |
Stock-based compensation, net of shares repurchased for tax withholdings | -1,795 | ' | -1,795 | ' | ' | ' | ' |
Purchase of shares of treasury stock (in shares) | ' | -241,000 | ' | ' | ' | ' | ' |
Purchase of shares of treasury stock | -17,911 | ' | ' | ' | ' | -17,911 | ' |
Changes in available-for-sale securities, net of tax effect of $(367) in 2013, $(3) in 2012, and $66 in 2011 | -630 | ' | ' | -630 | ' | ' | ' |
Noncontrolling interest investment | 1,032 | ' | ' | ' | 1,032 | ' | ' |
Noncontrolling interest net earnings | -513 | ' | ' | ' | -513 | ' | ' |
Foreign currency translation | -52,244 | ' | ' | -52,244 | ' | ' | ' |
Net earnings attributable to WEX Inc. | 149,208 | ' | ' | ' | ' | ' | 149,208 |
Ending Balance at Dec. 31, 2013 | $903,297 | $429 | $168,891 | ($15,495) | $519 | ($130,566) | $879,519 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 38,987,000 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Changes in available-for-sale securities, tax effect | ($367) | ($3) | $66 |
Changes in interest rate swaps, tax effect | $0 | $35 | $179 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities | ' | ' | ' | |
Net income | $148,298 | $96,709 | $133,622 | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' | ' | |
Net unrealized loss (gain) on derivative instruments | 5,628 | 1,724 | -10,872 | |
Stock-based compensation | 9,429 | 11,016 | 9,367 | |
Depreciation, amortization and asset impairments | 60,563 | 50,267 | 48,112 | |
Goodwill impairment | 0 | 17,508 | [1] | 0 |
Deferred taxes | 26,956 | 35,907 | 21,749 | |
Provision for credit losses | 20,200 | 22,539 | 27,527 | |
Loss on disposal of property, equipment and capitalized software | 1,122 | 9,503 | 0 | |
Changes in operating assets and liabilities, net of effects of acquisitions: | ' | ' | ' | |
Accounts receivable | -194,418 | -86,763 | -198,417 | |
Other assets | -55,440 | -43,665 | -11,133 | |
Accounts payable | -6,365 | -41,040 | 29,274 | |
Accrued expenses | 25,500 | -1,582 | 3,839 | |
Income taxes | 7,586 | 17,360 | -3,703 | |
Other liabilities | -743 | -11,459 | 9,185 | |
Amounts due under tax receivable agreement | -8,765 | -6,213 | -7,382 | |
Net cash provided by operating activities | 39,551 | 71,811 | 51,168 | |
Cash flows from investing activities | ' | ' | ' | |
Purchases of property, equipment and capitalized software | -39,455 | -28,036 | -25,145 | |
Purchases of available-for-sale securities | -1,802 | -864 | -8,509 | |
Maturities of available-for-sale securities | 1,192 | 1,551 | 841 | |
Acquisitions and investment, net of cash | -11,277 | -402,475 | -7,691 | |
Net cash used for investing activities | -51,342 | -429,824 | -40,504 | |
Cash flows from financing activities | ' | ' | ' | |
Excess tax benefits from equity instrument share-based payment arrangements | 6,539 | 4,466 | 3,970 | |
Repurchase of share-based awards to satisfy tax withholdings | -11,222 | -2,926 | -2,551 | |
Proceeds from stock option exercises | 1,679 | 4,625 | 2,913 | |
Net change in deposits | 198,596 | 193,726 | 163,853 | |
Net (decrease) increase in borrowed federal funds | -48,400 | 41,500 | -52,584 | |
Repayments borrowings on term loan | 0 | 0 | -75,000 | |
Loan origination fees | -12,023 | 0 | -6,184 | |
Borrowings on term note agreements | 400,000 | 0 | 0 | |
Other financing debt | -2,016 | -17,753 | 0 | |
Contingent consideration paid for rapid! PayCard | 0 | -8,486 | 0 | |
Purchase of shares of treasury stock | -17,911 | -11,288 | 0 | |
Net cash provided by (used for) financing activities | 179,242 | 529,564 | -2,583 | |
Effect of exchange rates on cash and cash equivalents | -3,627 | 320 | -335 | |
Net change in cash and cash equivalents | 163,824 | 171,871 | 7,746 | |
Cash and cash equivalents, beginning of period | 197,662 | 25,791 | 18,045 | |
Cash and cash equivalents, end of period | 361,486 | 197,662 | 25,791 | |
2007 Revolving Credit Facility | ' | ' | ' | |
Cash flows from financing activities | ' | ' | ' | |
Net repayments on 2007 revolving line-of-credit facility | 0 | 0 | -332,300 | |
2011 Credit Agreement | ' | ' | ' | |
Cash flows from financing activities | ' | ' | ' | |
Net (repayments) borrowings on 2011 revolving line-of-credit facility | -438,500 | 335,700 | 102,800 | |
Borrowings on term note agreements | 0 | 0 | 200,000 | |
Repayments of term note agreements | -182,500 | -10,000 | -7,500 | |
2013 Credit Agreement | ' | ' | ' | |
Cash flows from financing activities | ' | ' | ' | |
Borrowings on term note agreements | 300,000 | 0 | 0 | |
Repayments of term note agreements | ($15,000) | $0 | $0 | |
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Business Description | ||||||||||||
WEX Inc. (“Company”) is a provider of corporate card payment solutions. The Company provides products and services that meet the needs of businesses in various geographic regions including North and South America, Asia Pacific and Europe. The Company’s Fleet Payment Solutions and Other Payment Solutions segments provide its customers with security and control for complex payments across a wide spectrum of business sectors. The Company markets its products and services directly, as well as through strategic relationships which include major oil companies, fuel retailers and vehicle maintenance providers. | ||||||||||||
Basis of Presentation | ||||||||||||
The accompanying consolidated financial statements of WEX Inc. for the years ended December 31, 2013, 2012 and 2011, include the accounts of WEX Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
The Company adjusted the consolidated balance sheet amounts as of December 31, 2012, to account for the measurement period adjustments related to the CorporatePay, UNIK and Fleet One purchase price allocations discussed in Note 3, Business Acquisitions, and Other Intangible Asset Acquisitions below. The Company adjusted the statement of stockholders' equity amounts as of December 31, 2010, and for the years ended December 31, 2011 and 2012, to present treasury shares purchased and deferred stock units vested. The Company adjusted the statements of cash flow for the years ended December 31, 2011 and 2012, to combine acquisitions and investments into one single line item presentation. | ||||||||||||
The presentation of the Company’s consolidated balance sheet as of 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. | ||||||||||||
Use of Estimates and Assumptions | ||||||||||||
The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates and those differences may be material. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Highly liquid investments with remaining maturities at the time of purchase of three months or less (that are readily convertible to cash) are considered to be cash equivalents and are stated at cost, which approximates market value. Cash equivalents include federal funds sold, which are unsecured short-term investments entered into with financial institutions. | ||||||||||||
Accounts Receivable and Reserve for Credit Losses | ||||||||||||
Accounts receivable balances are stated at net realizable value. The balance includes a reserve for credit losses which reflects management’s estimate of uncollectable balances resulting from credit and fraud losses. Management has consistently considered its portfolio of charge card receivables as a large group of smaller balance accounts that it has collectively evaluated for impairment. The reserve for credit losses is established based on the determination of the amount of expected credit losses inherent in the accounts receivable as of the reporting date. Management reviews delinquency reports, historical collection rates, economic trends, geography and other information in order to make judgments as to probable credit losses. Management also uses historical charge off experience to determine the amount of losses inherent in accounts receivable at the reporting date. Assumptions regarding probable credit losses are reviewed periodically and may be impacted by actual performance of accounts receivable and changes in any of the factors discussed above. | ||||||||||||
Available-for-sale Securities | ||||||||||||
The Company records certain investments as available-for-sale securities. Available-for-sale securities are carried at fair value, with unrealized gains and losses, net of tax, reported on the consolidated balance sheet in accumulated other comprehensive income (loss). Realized gains and losses and declines in fair value determined to be other-than-temporary on available-for-sale securities are included in non-operating revenues and expenses. The cost basis of securities is based on the specific identification method. Interest and dividends earned on securities classified as available-for-sale are included in other revenues. Available-for-sale securities held by the Company were purchased and are held by WEX Bank in order to meet the requirements of the Community Reinvestment Act. | ||||||||||||
Derivatives | ||||||||||||
The Company uses derivative instruments as part of its overall strategy to manage its exposure to fluctuations in fuel prices and to reduce the impact of interest rate volatility. All derivatives are recorded at fair value on the consolidated balance sheet. | ||||||||||||
The Company’s fuel price derivative instruments do not qualify for hedge accounting treatment; therefore, gains or losses related to fuel price derivative instruments, both realized and unrealized, are recognized in earnings. These instruments are presented on the consolidated balance sheet as fuel price derivatives, at fair value. For the purposes of cash flow presentation, realized gains or losses are included in operating cash flows, as they are intended to hedge operating cash flows. | ||||||||||||
In prior years, the Company used interest rate derivatives designated as cash flow hedges and, accordingly, the change in fair value associated with the effective portion of these derivative instruments that qualified for hedge accounting treatment was recorded as a component of other comprehensive income (loss) and the ineffective portion, if any, was reported in earnings. Amounts included in other comprehensive income (loss) were reclassified into earnings in the same period during which the hedged item affected earnings. These instruments were presented as either other assets or accrued expenses on the consolidated balance sheet. | ||||||||||||
The Company assessed the hedge effectiveness of the interest rate swaps in accordance with the requirements outlined in the accounting standards. For these hedges, management documented, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. For those hedging relationships in which the critical terms of the entire debt instrument and the derivative were identical, and the creditworthiness of the counterparty to the hedging instrument remained sound, there was no hedge ineffectiveness as long as those conditions continue to be met. As of December 31, 2013, the Company does not have any interest rate swaps outstanding. | ||||||||||||
Property and Equipment | ||||||||||||
Property and equipment are stated at cost less accumulated depreciation. Replacements, renewals and improvements are capitalized and costs for repair and maintenance are expensed as incurred. Depreciation is primarily computed using the straight-line method over the estimated useful lives shown below. Leasehold improvements are primarily depreciated using the straight-line method over the lesser of the useful life of the asset or over the remaining lease term. | ||||||||||||
Below is the estimated useful lives for assets placed in service during 2013 and beyond: | ||||||||||||
Estimated Useful Lives | ||||||||||||
Furniture, fixtures and equipment | 3 to 5 years | |||||||||||
Computer software | 18 months to 7 years | |||||||||||
Leasehold improvements | up to 5 years | |||||||||||
Capitalized Software | ||||||||||||
The Company develops software that is used in providing processing and information management services to customers. A significant portion of the Company’s capital expenditures is devoted to the development of such internal-use computer software. Software development costs are capitalized beginning when technological feasibility of the software has been established. Costs incurred prior to establishing technological feasibility are expensed as incurred. Technological feasibility is established when the Company has completed all planning, designing, coding and testing activities that are necessary to determine that the software can be produced to meet its design specifications, including functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software. | ||||||||||||
Below are the amounts of internal-use software capitalized and amortized: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Amounts capitalized for internal-use computer software | $ | 18,360 | $ | 17,341 | $ | 17,463 | ||||||
Amounts expensed for amortization of internal-use computer software | 18,830 | 20,694 | 18,690 | |||||||||
Goodwill and Other Intangible Assets | ||||||||||||
The Company classifies intangible assets in the following three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. The Company tests intangible assets with definite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include a reduction in operating cash flow or a dramatic change in the manner in which the asset is intended to be used. The Company would record an impairment charge when the carrying value of the definite-lived intangible asset is not recoverable from the undiscounted cash flows generated from the use of the asset. | ||||||||||||
Intangible assets with indefinite lives and goodwill are not amortized. The Company tests these intangible assets and goodwill for impairment at least annually or more frequently if facts or circumstances indicate that such intangible assets or goodwill might be impaired. All goodwill and intangible assets are assigned to reporting units, which are one level below the Company’s operating segments. The Company performs impairment tests at the reporting unit level. Such impairment tests include comparing the fair value of the respective reporting unit with its carrying value, including goodwill. The Company uses a variety of methodologies to estimate fair value, but primarily relies on discounted cash flow analyses. Such analyses are corroborated using market analytics. Certain assumptions are used in determining the fair value, including assumptions about future cash flows and terminal values. When appropriate, the Company considers the assumptions that it believes hypothetical marketplace participants would use in estimating future cash flows. In addition, an appropriate discount rate is used, based on the Company’s cost of capital or reporting unit-specific economic factors. When the fair value is less than the carrying value of the intangible assets or the reporting unit, the Company records an impairment charge to reduce the carrying value of the assets to fair value. Impairment charges are recorded in depreciation, amortization and impairment expense on the consolidated statements of income. The Company's annual goodwill and intangible asset impairment tests performed as of October 1, 2013 did not identify any impairment. The Company’s annual goodwill and intangible assets impairment tests, performed as of October 1, 2012, identified an impairment of $1,337 of goodwill associated with the acquisition of Financial Automation Limited, acquired in August of 2008. On September 30, 2012, the Company impaired $16,171 of goodwill associated with Wright Express Australia Prepaid. | ||||||||||||
The Company determines the useful lives of its identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. The factors that management considers when determining useful lives include the contractual term of agreements, the history of the asset, the Company’s long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized over their useful lives, which is the period of time that the asset is expected to contribute directly or indirectly to future cash flows. An evaluation of the remaining useful lives of the definite-lived intangible assets is performed periodically to determine if any change is warranted. | ||||||||||||
Impairment and Disposals of Long-lived Assets | ||||||||||||
Long-lived assets are tested for impairment whenever facts or circumstances, such as a reduction in operating cash flow or a dramatic change in the manner the asset is intended to be used, indicate the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows associated with these assets or operations to their carrying value to determine if a write-down to fair value (normally measured by the expected present value technique) is required. The Company recognized an expense of $8,903 during the year ended December 31, 2012. This expense is a consequence of the Company’s decision to utilize the software acquired with the acquisition of Fleet One, during the fourth quarter of 2012, as the processing platform for its over-the-road product. The Company also recognized approximately $600 in impairments and disposals of various other long-lived assets during the year ended December 31, 2012, some of which were related to the Fleet One acquisition. The Company did not recognize any significant impairment expense on the Company’s long-lived assets during the years ended December 31, 2013 and 2011. Write-offs due to the acquisition of Fleet One were recorded in depreciation, amortization and impairments in the consolidated statements of income. Disposals over the ordinary course of business are recorded in occupancy and equipment in the consolidated statements of income. | ||||||||||||
Other Assets | ||||||||||||
The Company has an investment in the stock of the Federal Home Loan Bank totaling $1,479 for the year ended December 31, 2013, $1,534 for the year ended December 31, 2012 and $1,562 for the year ended December 31, 2011. The investment is carried at cost and not considered a readily marketable security. This investment is included in other assets on the consolidated balance sheets. As of December 31, 2013, the Company has concluded that the investment is not impaired. | ||||||||||||
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 consolidated balance sheet. | ||||||||||||
Revenue Recognition | ||||||||||||
The majority of the Company’s revenues are comprised of transaction-based fees, which generally are calculated based on measures such as (i) percentage of dollar value of volume processed; (ii) number of transactions processed; or (iii) some combination thereof. The Company has entered into agreements with major oil companies, fuel retailers and vehicle maintenance providers which provide products and/or services to the Company’s customers. These agreements specify that a transaction is deemed to be captured when the Company has validated that the transaction has no errors and has accepted and posted the data to the Company’s records. The Company recognizes revenues when persuasive evidence of an arrangement exists, the products and services have been provided to the client, the sales price is fixed or determinable and collectability is reasonably assured. | ||||||||||||
A description of the major components of revenue is as follows: | ||||||||||||
Payment Processing Revenue. Revenue consists of transaction fees assessed to major oil companies, fuel retailers and vehicle maintenance providers. In a payment processing transaction, we extend short-term credit to the fleet customer and pay the purchase price for the fleet customer’s transaction, less the payment processing fees we retain, to the merchant. We collect the total purchase price from the fleet customer. The fee charged is generally based upon a percentage of the total transaction amount; however, it may also be based on a fixed amount charged per transaction or on a combination of both measures. The Company records revenue at the time the transaction is captured. | ||||||||||||
Interchange income is earned by the Company’s corporate purchase card and payroll card products and is included in payment processing revenue. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card providers. The Company recognizes interchange income as earned. | ||||||||||||
With regard to payment processing revenue, the Company is generally responsible for the collection of the total transaction amount and the payment to the merchant of their sales amount, net of the payment processing revenue earned by the Company, and as such, recognizes revenue net of the wholesale cost of the underlying products and services. As a consequence, the Company’s accounts receivable and accounts payable related to its payment processing revenues are reflective of the total transaction amount processed by the Company, not the Company’s revenue. | ||||||||||||
Transaction Processing Revenue. The Company earns transaction fees, which are principally based on the number of transactions processed; however, the fees may be a percentage of the total transaction amount. These fees are recognized at the time the transaction is captured. | ||||||||||||
Account Servicing Revenue. Revenue is primarily comprised of monthly fees based on vehicles serviced. These fees are primarily in return for providing monthly vehicle data reports. Account servicing revenue is recognized monthly, as the Company fulfills its contractual service obligations. The Company also recognizes service fees related to rapid! PayCard services for card fees charged to the cardholder. | ||||||||||||
Finance Fees. The Company earns revenue by assessing monthly finance fees on accounts with overdue balances. These fees are recognized as revenue at the time the fees are assessed. The finance fee is calculated using a stated late fee rate based on the entire balance outstanding from the customer. On occasion, these fees are waived. The Company’s established reserve for such waived amounts is estimated and offset against the late fee revenue recognized. These waived fees amounted to $4,557 in 2013 and $3,905 in 2012. The Company’s subsidiary, Fleet One, engages in factoring, the purchase of accounts receivable from a third party at a discount. Revenue earned in this transaction is recorded in finance fees. We also recognize fees for interest associated with the Company’s fuel desk product and interest earned on the Company’s foreign paycard product. | ||||||||||||
Other. The Company assesses fees for providing ancillary services, such as information products and services, professional services and marketing services. Other revenues also include cross-border fees, fees for overnight shipping, certain customized electronic reporting and customer contact services provided on behalf of certain of the Company’s customers. Service related revenues are recognized in the period that the work is performed. | ||||||||||||
Interest and dividends earned on investments in available-for-sale securities are included in other revenues. Such income is recognized in the period that it is earned. | ||||||||||||
The Company sells telematics devices as part of its WEX Telematics program. In addition, the Company sells assorted equipment to its Pacific Pride franchisees. The Company recognizes revenue from these sales when the customer has accepted delivery of the product and collectability of the sales amount is reasonably assured. | ||||||||||||
The Company enters into contracts with certain large customers or strategic relationships that provide for fee rebates tied to performance milestones. Rebates are recorded as a reduction in revenue in the same period that revenue is earned or performance occurs. Rebates and incentives are calculated based on estimated performance and the terms of the related business agreements. | ||||||||||||
Stock-Based Compensation | ||||||||||||
The Company recognizes the fair value of all stock-based payments to employees in its financial statements. The Company measures stock-based compensation expense at the grant date, based on the estimated fair value of the award and uses the straight-line method of attribution, net of estimated forfeitures, for expensing awards over the employee requisite service period. The Company estimates the fair value of stock option awards using a Black-Scholes-Merton valuation model. The fair value of Restricted Stock Units (RSUs), including Performance Based Restricted Stock Units (PBRSUs), is determined and fixed on the grant date based on the Company's stock price. Stock-based compensation is recorded in salary and other personnel expense. | ||||||||||||
Advertising Costs | ||||||||||||
Advertising and marketing costs are expensed in the period the advertising activity occurs. | ||||||||||||
Income Taxes | ||||||||||||
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The realizability of deferred tax assets must also be assessed. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences became deductible. A valuation allowance must be established for deferred tax assets which are not believed to more likely than not be realized in the future. Deferred taxes are not provided for the undistributed earnings of the Company’s foreign subsidiaries that are considered to be indefinitely reinvested outside of the United States. | ||||||||||||
Current accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This accounting guidance also provides guidance on derecognition, classification, interest and penalties, accounting in the interim periods, disclosure, and transition. Penalties and interest related to uncertain tax positions are recognized as a component of income tax expense. To the extent penalties and interest are not assessed with respect to uncertain tax positions, amounts accrued are reduced and reflected as a reduction of the overall income tax provision. | ||||||||||||
Earnings per Common Share | ||||||||||||
When diluted earnings per common share is calculated, weighted-average outstanding shares are adjusted for the dilutive effect of shares issuable upon the assumed conversion of the Company’s common stock equivalents, which consist of outstanding stock options and unvested restricted stock units. Holders of unvested restricted stock units are not entitled to participate in dividends, should they be declared. | ||||||||||||
Income available for common stockholders used to calculate earnings per share is as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net earnings attributable and available for common stockholders –Basic and Diluted | $ | 149,208 | $ | 96,922 | $ | 133,622 | ||||||
Weighted average common shares outstanding used to calculate earnings per share are as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average common shares outstanding – Basic | 38,946 | 38,840 | 38,686 | |||||||||
Unvested restricted stock units | 117 | 138 | 128 | |||||||||
Stock options | 40 | 114 | 184 | |||||||||
Weighted average common shares outstanding – Diluted | 39,103 | 39,092 | 38,998 | |||||||||
Foreign Currency Movement | ||||||||||||
The financial statements of the Company’s foreign subsidiaries, whose functional currencies are other than the U.S. dollar, are translated to U.S. dollars. Assets and liabilities are translated at the year-end spot exchange rate, revenue and expenses at average exchange rates and equity transactions at historical exchange rates. Exchange differences arising on translation are recorded as a component of accumulated other comprehensive income (loss). | ||||||||||||
Realized and unrealized gains and losses on foreign currency transactions are recorded directly in the consolidated statements of income except when such gains or losses result from intercompany transactions where repayment is not anticipated for the foreseeable future. In these situations, the gains or losses are deferred and included as a component of accumulated other comprehensive income (loss). | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Accumulated other comprehensive income (loss) includes unrealized gains and losses on available-for-sale securities, the changes in fair values of derivative instruments designated as hedges of future cash flows related to interest rate variability and foreign currency translation adjustments pertaining to the net investment in foreign operations. Amounts are recognized net of tax to the extent applicable. Realized gains or losses on securities transactions are classified as non-operating in the Consolidated Statements of Income. | ||||||||||||
Recently Adopted 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 any of these conditions exist, 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 18, Accumulated Other Comprehensive Income. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
Supplemental Cash Flow Information | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest paid | $ | 23,646 | $ | 13,916 | $ | 15,704 | ||||||
Income taxes paid | $ | 48,869 | $ | 51,768 | $ | 52,930 | ||||||
Significant Non-cash Transactions | ||||||||||||
The purchase price for the Company’s acquisition of UNIK included $991 of contingent consideration for future performance milestones (discussed further in Note 3). On December 31, 2012, the Company estimated that approximately $313 would be paid on projected performance milestones. On June 30, 2013, the Company revised the estimate based on current performance milestones to be approximately $511, which was paid on July 1, 2013. The purchase price for the Company’s acquisition of rapid! Financial Services included $10,000 of contingent consideration for future performance milestones (discussed further in Note 3). On December 31, 2011, the Company estimated approximately $9,325 as the amount to be paid based on projected performance milestones. During the second quarter of 2012, the Company lowered the estimate to $8,486 and settled the contingent consideration. |
Business_Acquisitions_and_Othe
Business Acquisitions and Other Intangible Assets Acquisitions | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Acquisitions and Other Intangible Assets Acquisitions | ' | |||||||
Business Acquisitions and Other Intangible Asset Acquisitions | ||||||||
Acquisition of FastCred | ||||||||
On October 15, 2013, the Company's Brazilian 51 percent majority-owned subsidiary UNIK S.A. (“UNIK”) acquired all of the stock of FastCred, a provider of fleet cards to the heavy truck or over-the-road segment of the fleet market, for approximately $12,309, net of cash acquired. The Company purchased FastCred to expand its Fleet Payment Solutions segment. During the fourth quarter of 2013, the Company allocated $4,282 of the cost of the acquisition to goodwill and $12,594 to other intangible assets, primarily customer relationships. The allocation of the purchase price is preliminary as the Company is still reviewing the intangible asset valuation. The total weighted average useful life of the intangible assets acquired from FastCred is 5 years. Goodwill recorded as a result of the FastCred acquisition is not currently deductible for income tax purposes. No pro forma information has been included in these financial statements as the operations of FastCred for the period that they were not part of the Company are not material to the Company’s revenues, net income and earnings per share. | ||||||||
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 $27,800, net of cash acquired. The Company purchased CorporatePay to expand its Other Payment Solution 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. With the initial purchase of CorporatePay, the Company established a full valuation allowance of $1,219 on the acquired net operating losses. The Company believes it is more likely than not that the losses will not be utilized. The valuations of all assets and liabilities have been finalized. | ||||||||
Goodwill related to the CorporatePay acquisition is not expected to be deductible for income tax purposes. The results of operations of CorporatePay are reflected in the Other Payment Solutions segment from the date of acquisition. | ||||||||
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. | |||||||
No pro forma information has been included in these financial statements as the operations of CorporatePay for the period that they were not part of the Company are not material to the Company’s revenues, net income and earnings per share. | ||||||||
Acquisition of UNIK | ||||||||
On August 30, 2012, the Company acquired a 51 percent ownership interest in 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 consummated through the purchase of newly issued shares of UNIK for approximately $22,800. The purchase agreement also included a potential 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 $991 at the time of acquisition. On December 31, 2012, the Company revised the estimate based on current performance milestones to be approximately $313. On June 30, 2013, the Company finalized the contingent consideration amount based on current performance milestones and determined it to be approximately $511, which was paid on July 1, 2013. The purchase 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 agreement provides the noncontrolling shares 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. Using the proceeds from the acquisition of UNIK, UNIK paid down approximately $19,600 of existing financing debt. As of December 31, 2013, UNIK has approximately $7,278 of financing debt, classified in other liabilities on the Company’s consolidated balance sheets. | ||||||||
Based on its ownership position, the Company concluded that it has acquired a controlling interest in UNIK. 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 consolidated balance sheets. The results of operations of UNIK are reflected in the Other Payment Solutions segment. 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. | |||||||
No pro forma information has been included in these financial statements as the operations of UNIK for the period that they were not part of the Company are not material to the Company’s revenues, net income and earnings per share. | ||||||||
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. | ||||||||
Fleet One was purchased from the private equity firms of LLR Partners and FTV Capital for approximately $376,258, net of cash acquired. 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 a 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 operations at Fleet One contributed net revenues of approximately $14,200 and net earnings of approximately $1,400 from October 4, 2012, through December 31, 2012. The goodwill is expected to be deductible for tax purposes. Operations from Fleet One are reflected in the Fleet Payment Solutions segment from the date of acquisition. | ||||||||
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. | |||||||
The following represents unaudited pro forma operational results as if Fleet One had been included in the Company’s consolidated statements of operations as of the beginning of the fiscal years: | ||||||||
2012 | 2011 | |||||||
Net revenue | $ | 668,548 | $ | 603,904 | ||||
Net income | $ | 91,065 | $ | 123,940 | ||||
Pro forma net income per common share: | ||||||||
Net income per share – basic | $ | 2.34 | $ | 3.2 | ||||
Net income per share – diluted | $ | 2.33 | $ | 3.18 | ||||
The pro forma financial information assumes the companies were combined as of January 1, 2011, and includes business combination accounting effects from the acquisition including amortization charges from acquired intangible assets, interest expense for debt incurred in the acquisition and net income tax effects. The pro forma results of operations do not include any cost savings or other synergies that may result from the acquisition or any estimated costs that have been or will be incurred by the Company to integrate. The pro forma information as presented above is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal 2012 or 2011. | ||||||||
Acquisition of rapid! Financial Services LLC | ||||||||
On March 31, 2011, the Company acquired certain assets of rapid! Financial Services LLC (“rapid! PayCard”) for approximately $18,000 including an estimate of contingent consideration for future performance milestones of $10,000. rapid! PayCard is a provider of payroll prepaid cards, e-paystubs and e-W2s, and is focused on small and medium sized businesses. The Company purchased rapid! PayCard to expand its Other Payment Solutions segment. During the first quarter of 2011, 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 2012, the Company finalized the valuation of the intangible assets associated with the trade name. The goodwill is expected to be deductible for tax purposes. | ||||||||
A contingent consideration agreement was entered into in connection with the purchase of rapid! PayCard. Under the terms of the agreement the former owners of rapid! PayCard were entitled to receive additional consideration based upon the achievement of certain performance criteria, measured over the twelve-month period from the date of purchase. During the fourth quarter of 2011, the Company revised the estimate of contingent consideration to approximately $9,325. The resulting impact of this adjustment ($675) was an offset to other operating expense in our Other Payment Solutions segment. During the second quarter of 2012, the Company lowered the estimate to $8,486 and settled the contingent consideration. | ||||||||
The following is a summary of the allocation of the purchase price to the acquired assets and liabilities assumed: | ||||||||
Consideration (including estimated $10,000, contingent consideration) | $ | 18,081 | ||||||
Less: | ||||||||
Accounts receivable | 75 | |||||||
Accounts payable | (85 | ) | ||||||
Other tangible assets, net | 105 | |||||||
Customer relationships (a) | 4,600 | |||||||
Trade name (a) | 1,600 | |||||||
Recorded goodwill | $ | 11,786 | ||||||
(a) Weighted average life – 4.7 years | ||||||||
See Note 7 for further discussion of the goodwill and intangible balances that arose as a result of the above transactions. |
Reserves_for_Credit_Losses
Reserves for Credit Losses | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Receivables [Abstract] | ' | |||||||||||
Accounts Receivable and Reserves for Credit Losses | ' | |||||||||||
Accounts Receivable and Reserves for Credit Losses | ||||||||||||
In general, the terms of 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 is considered to be a large group of smaller balance homogeneous amounts that are collectively evaluated for impairment. | ||||||||||||
At December 31, 2013, approximately 95 percent of the outstanding balance of total trade accounts receivable was current and approximately 99 percent of the outstanding balance of total trade accounts receivable was less than 60 days past due. At December 31, 2012, approximately 96 percent of the outstanding balance of total trade accounts receivable was current and approximately 99 percent of the outstanding balance was less than 60 days past due.The outstanding balance is made up of receivables from a wide range of industries. No customer makes up more than 4 percent of the outstanding receivables at December 31, 2013. | ||||||||||||
The following table presents changes in reserves for credit losses related to accounts receivable: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of period | $ | 11,709 | $ | 11,526 | $ | 10,237 | ||||||
Provision for credit losses | 20,200 | 22,539 | 27,527 | |||||||||
Charge-offs | (27,781 | ) | (27,961 | ) | (31,578 | ) | ||||||
Recoveries of amounts previously charged-off | 6,663 | 5,605 | 5,340 | |||||||||
Currency translation | $ | (395 | ) | $ | — | $ | — | |||||
Balance, end of period | $ | 10,396 | $ | 11,709 | $ | 11,526 | ||||||
Investments
Investments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
Investments | ||||||||||||||||
Available-for-sale Securities | ||||||||||||||||
The Company’s available-for-sale securities as of December 31, 2013 and 2012, are presented below: | ||||||||||||||||
Cost | Gross | Gross | Fair Value | |||||||||||||
Unrealized | Unrealized | |||||||||||||||
Gains | Losses | |||||||||||||||
2013 | ||||||||||||||||
Mortgage-backed securities | $ | 867 | $ | 16 | $ | 44 | $ | 839 | ||||||||
Asset-backed securities | 1,393 | — | 2 | 1,391 | ||||||||||||
Municipal bonds | 610 | 4 | 95 | 519 | ||||||||||||
Equity securities (a) | 13,777 | — | 563 | 13,214 | ||||||||||||
Total available-for-sale securities | $ | 16,647 | $ | 20 | $ | 704 | $ | 15,963 | ||||||||
2012 | ||||||||||||||||
Mortgage-backed securities | $ | 1,780 | $ | 79 | $ | 20 | $ | 1,839 | ||||||||
Asset-backed securities | 1,652 | 3 | — | 1,655 | ||||||||||||
Municipal bonds | 630 | 13 | 2 | 641 | ||||||||||||
Equity securities (a) | 11,974 | 241 | — | 12,215 | ||||||||||||
Total available-for-sale securities | $ | 16,036 | $ | 336 | $ | 22 | $ | 16,350 | ||||||||
(a) | These securities exclude $4,339 in equity securities designated as trading as of December 31, 2013, and $2,921 as of December 31, 2012, included in other assets on the consolidated balance sheets. See Note 15 for additional information about the securities designated as trading. | |||||||||||||||
The Company’s management has determined that the gross unrealized losses on its investment securities at December 31, 2013 and 2012 are temporary in nature. The Company reviews its investments to identify and evaluate investments that have indications of possible impairment. The Company’s techniques used to measure the fair value of its investments are in Note 15, Fair Value. Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Substantially all of the Company’s fixed income securities are rated investment grade or better. | ||||||||||||||||
The Company had maturities of available-for-sale securities of $1,192 for the year ended December 31, 2013, $1,551 for the year ended December 31, 2012, and $841 for the year ended December 31, 2011. | ||||||||||||||||
The maturity dates of the Company’s available-for-sale securities are as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | ||||||||
Due after 1 year through year 5 | 729 | 728 | 348 | 348 | ||||||||||||
Due after 5 years through year 10 | — | — | 543 | 543 | ||||||||||||
Due after 10 years | 1,274 | 1,182 | 1,391 | 1,404 | ||||||||||||
Mortgage-backed securities with original maturities of 30 years | 867 | 839 | 1,780 | 1,839 | ||||||||||||
Equity securities with no maturity dates | 13,777 | 13,214 | 11,974 | 12,216 | ||||||||||||
Total | $ | 16,647 | $ | 15,963 | $ | 16,036 | $ | 16,350 | ||||||||
Property_Equipment_and_Capital
Property, Equipment and Capitalized Software, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Equipment and Capitalized Software, Net | ' | |||||||
6. Property, Equipment and Capitalized Software, Net | ||||||||
Property, equipment and capitalized software, net consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Furniture, fixtures and equipment | $ | 44,111 | $ | 32,923 | ||||
Computer software | 160,796 | 142,021 | ||||||
Software under development | 7,675 | 5,740 | ||||||
Leasehold improvements | 5,095 | 5,072 | ||||||
Total | 217,677 | 185,756 | ||||||
Less accumulated depreciation and amortization | (145,400 | ) | (125,659 | ) | ||||
Total property, equipment and capitalized software, net | $ | 72,277 | $ | 60,097 | ||||
In 2012, the Company wrote-off $8,903 of software and software under development related to the over-the-road line of business. The write-off was a consequence of the Company’s decision to utilize the software acquired with the acquisition of Fleet One, during the fourth quarter of 2012, as the processing platform for its over-the-road product. This charge is included in depreciation, amortization and impairments in the consolidated statements of income. The Company did not incur significant impairment charges during 2013 and 2011. Depreciation expense was $25,061, $25,384 and $22,957 in 2013, 2012 and 2011, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The changes in goodwill during the period January 1 to December 31, 2013 were as follows: | ||||||||||||||||||||||||
Fleet Payment | Other | Total (a) | ||||||||||||||||||||||
Solutions | Payment | |||||||||||||||||||||||
Segment (a) | Solutions | |||||||||||||||||||||||
Segment (a) | ||||||||||||||||||||||||
Gross goodwill, beginning of period (a) | $ | 779,654 | $ | 85,840 | $ | 865,494 | ||||||||||||||||||
Impact of foreign currency translation | (30,540 | ) | (3,326 | ) | (33,866 | ) | ||||||||||||||||||
Acquisition of FastCred | 4,282 | — | 4,282 | |||||||||||||||||||||
Gross goodwill, end of period | 753,396 | 82,514 | 835,910 | |||||||||||||||||||||
Accumulated impairment, end of period | (1,337 | ) | (16,171 | ) | (17,508 | ) | ||||||||||||||||||
Net goodwill, end of period | $ | 752,059 | $ | 66,343 | $ | 818,402 | ||||||||||||||||||
(a) | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. | |||||||||||||||||||||||
The changes in goodwill during the period January 1 to December 31, 2012 were as follows: | ||||||||||||||||||||||||
Fleet Payment | Other | Total (a) | ||||||||||||||||||||||
Solutions | Payment | |||||||||||||||||||||||
Segment (a) | Solutions | |||||||||||||||||||||||
Segment (a) | ||||||||||||||||||||||||
Gross goodwill, beginning of period | $ | 512,184 | $ | 37,920 | $ | 550,104 | ||||||||||||||||||
Impact of foreign currency translation | 4,399 | (22 | ) | 4,377 | ||||||||||||||||||||
Acquisition of UNIK (a) | — | 28,375 | 28,375 | |||||||||||||||||||||
Acquisition of CorporatePay (a) | — | 19,567 | 19,567 | |||||||||||||||||||||
Acquisition of Fleet One (a) | 263,071 | — | 263,071 | |||||||||||||||||||||
Gross goodwill, end of period (a) | $ | 779,654 | $ | 85,840 | $ | 865,494 | ||||||||||||||||||
Accumulated impairment, beginning of period | — | — | — | |||||||||||||||||||||
Impairment charge during period | (1,337 | ) | (16,171 | ) | (17,508 | ) | ||||||||||||||||||
Accumulated impairment, end of period | (1,337 | ) | (16,171 | ) | (17,508 | ) | ||||||||||||||||||
Net goodwill, end of period | $ | 778,317 | $ | 69,669 | $ | 847,986 | ||||||||||||||||||
(a) The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. | ||||||||||||||||||||||||
The Company adjusted the consolidated balance sheet amount for goodwill and intangible assets at December 31, 2012, and December 31, 2011, to account for the measurement period adjustments related to the CorporatePay, UNIK, Fleet One and rapid! PayCard purchase price allocations. | ||||||||||||||||||||||||
During the third quarter of 2012, the Company determined that pricing pressure in the prepaid giftcard product in Australia would result in lower future earnings than forecasted at the time of the purchase of WEX Prepaid Cards Australia. On September 30, 2012, the Company recorded an estimated goodwill impairment loss of $16,171 related to the purchase of WEX Prepaid Cards Australia. The Company used a discounted cash flow model of the projected earnings of Wright Express Prepaid Australia, which is a level 3 fair value measurement, to determine the amount of goodwill impairment. This amount was finalized during the fourth quarter of 2012. During the fourth quarter of 2012, the Company recorded a goodwill impairment loss of $1,337, which is a level 3 fair value measurement, related to the purchase of Financial Automation Limited, acquired in August of 2008. | ||||||||||||||||||||||||
The changes in intangible assets during the period January 1 to December 31, 2013, were as follows: | ||||||||||||||||||||||||
Net Carrying | Acquisition | Transfer from indefinite-lived intangible assets to definite-lived intangible assets | Amortization | Impacts of | Net Carrying | |||||||||||||||||||
Amount, | Foreign | Amount, | ||||||||||||||||||||||
Beginning of | Currency | End of | ||||||||||||||||||||||
Period (a) | Translation | Period | ||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software (a) | $ | 71,343 | — | — | (8,417 | ) | (2,162 | ) | 60,764 | |||||||||||||||
Customer relationships (a) | 150,290 | 12,594 | — | (23,552 | ) | (8,850 | ) | 130,482 | ||||||||||||||||
Patent | 2,365 | — | — | (465 | ) | (228 | ) | 1,672 | ||||||||||||||||
Trade name (a) | 7,407 | — | 2,421 | (713 | ) | (280 | ) | 8,835 | ||||||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks, trade names and brand names | 10,545 | — | (2,421 | ) | — | (880 | ) | 7,244 | ||||||||||||||||
Total | $ | 241,950 | $ | 12,594 | $ | — | (33,147 | ) | (12,400 | ) | 208,997 | |||||||||||||
(a) The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. | ||||||||||||||||||||||||
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 that a 10 year life would be appropriate in conjunction with the re-branding strategy initiated during the third quarter of this year. | ||||||||||||||||||||||||
The changes in intangible assets during the period January 1 to December 31, 2012, were as follows: | ||||||||||||||||||||||||
Net Carrying | Acquisition (a) | Amortization | Impacts of | Net Carrying | ||||||||||||||||||||
Amount, | Foreign | Amount, End | ||||||||||||||||||||||
Beginning of | Currency | of Period | ||||||||||||||||||||||
Period | Translation | |||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software (a) | $ | 19,034 | 57,426 | $ | (4,745 | ) | $ | (372 | ) | $ | 71,343 | |||||||||||||
Customer relationships (a) | 75,827 | 90,785 | (18,023 | ) | 1,701 | 150,290 | ||||||||||||||||||
Patent | 2,766 | — | (349 | ) | (52 | ) | 2,365 | |||||||||||||||||
Trade name (a) | 1,000 | 6,725 | (351 | ) | 33 | 7,407 | ||||||||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks, trade names and brand names | 10,429 | — | — | 116 | 10,545 | |||||||||||||||||||
Total | $ | 109,056 | $ | 154,936 | $ | (23,468 | ) | $ | 1,426 | $ | 241,950 | |||||||||||||
(a) The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. | ||||||||||||||||||||||||
The following table presents the estimated amortization expense related to the definite-lived intangible assets listed above for each of the next five fiscal years: | ||||||||||||||||||||||||
Estimated Amortization Expense | ||||||||||||||||||||||||
2014 | $ | 33,449 | ||||||||||||||||||||||
2015 | $ | 30,905 | ||||||||||||||||||||||
2016 | $ | 27,414 | ||||||||||||||||||||||
2017 | $ | 23,734 | ||||||||||||||||||||||
2018 | $ | 20,277 | ||||||||||||||||||||||
Other intangible assets consist of the following: | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Gross | Accumulated | Net Carrying | Gross | Accumulated | Net Carrying | |||||||||||||||||||
Carrying | Amortization | Amount | Carrying | Amortization | Amount (a) | |||||||||||||||||||
Amount | Amount (a) | |||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software | $ | 83,018 | $ | (22,254 | ) | $ | 60,764 | $ | 86,527 | $ | (15,184 | ) | $ | 71,343 | ||||||||||
Non-compete agreement | 100 | (100 | ) | — | 100 | (100 | ) | — | ||||||||||||||||
Customer relationships | 200,503 | (70,021 | ) | 130,482 | 202,061 | (51,771 | ) | 150,290 | ||||||||||||||||
Patent | 2,935 | (1,263 | ) | 1,672 | 3,430 | (1,065 | ) | 2,365 | ||||||||||||||||
Trade name | 10,112 | (1,277 | ) | 8,835 | 7,827 | (420 | ) | 7,407 | ||||||||||||||||
$ | 296,668 | $ | (94,915 | ) | 201,753 | $ | 299,945 | $ | (68,540 | ) | 231,405 | |||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks, trade names and brand names | 7,244 | 10,545 | ||||||||||||||||||||||
Total | $ | 208,997 | $ | 241,950 | ||||||||||||||||||||
(a) The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Accounts_Payable
Accounts Payable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable | ' | |||||||
Accounts Payable | ||||||||
Accounts payable consists of: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Merchants payable | $ | 481,325 | $ | 500,723 | ||||
Other payables | 31,553 | 27,115 | ||||||
Total accounts payable | $ | 512,878 | $ | 527,838 | ||||
Deposits_and_Borrowed_Federal_
Deposits and Borrowed Federal Funds | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Deposits and Borrowed Federal Funds | ' | |||||||||||
Deposits and Borrowed Federal Funds | ||||||||||||
The following table presents information about deposits: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Certificates of deposit with maturities within 1 year | $ | 453,539 | $ | 441,100 | ||||||||
Certificates of deposit with maturities greater than 1 year and less than 5 years | 117,857 | 48,343 | ||||||||||
Interest-bearing money market deposits | 222,546 | 123,614 | ||||||||||
Negotiable order of withdrawal deposits | 276,422 | 261,126 | ||||||||||
Non-interest bearing customer deposits | 18,566 | 16,162 | ||||||||||
Total deposits | $ | 1,088,930 | $ | 890,345 | ||||||||
Weighted average cost of funds on certificates of deposit outstanding | 0.53 | % | 0.57 | % | ||||||||
Weighted average cost of interest-bearing money market deposits | 0.25 | % | 0.39 | % | ||||||||
Weighted average cost of negotiable order of withdrawal deposits | — | — | ||||||||||
WEX Bank has issued certificates of deposit in various maturities ranging between 1 month and 2 years and with fixed interest rates ranging from 0.30 percent to 0.80 percent as of December 31, 2013. WEX Bank may issue certificates of deposit without limitation on the balance outstanding. WEX Bank must maintain minimum financial ratios, which include risk-based asset and capital requirements, as prescribed by the FDIC. As of December 31, 2013, certificates of deposit were in denominations of $250 or less. | ||||||||||||
The Company requires non-interest bearing deposits for certain customers as collateral for credit that has been extended. | ||||||||||||
The Company also had federal funds lines of credit totaling $125,000 at December 31, 2013 and $140,000 at December 31, 2012. There were no borrowings against these lines of credit at December 31, 2013 and $48,400 in outstanding borrowings against these lines of credit at December 31, 2012. | ||||||||||||
Interest-bearing money market deposits are issued in denominations of $250 or less, and pay interest at variable rates based on LIBOR or the Federal Funds rate. Money market deposits may be withdrawn by the holder at any time, although notification may be required and the monthly number of transactions is limited. As of December 31, 2013, the weighted average interest rate on interest-bearing money market deposits was 0.25 percent. | ||||||||||||
On January 11, 2012, the Company entered into an agreement with Higher One, Inc. (“Higher One”), a technology and payment services company focused on higher education, to offer negotiable order of withdrawal (“NOW”) accounts to a portion of Higher One’s customers. Higher One will provide processing and other administrative services while the Company, through its bank subsidiary WEX Bank, will establish and maintain the NOW accounts. During 2013 and the last three quarters of 2012, the Company received non-interest bearing NOW account deposits. As of December 31, 2013, the Company has $276,422 of non-interest bearing NOW account deposits outstanding. | ||||||||||||
The following table presents the average interest rates for deposits and borrowed federal funds: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Average interest rate: | ||||||||||||
Deposits | 0.51 | % | 0.65 | % | 0.81 | % | ||||||
Borrowed federal funds | 0.41 | % | 0.42 | % | 0.44 | % | ||||||
Negotiable order of withdrawal deposits | — | — | — | |||||||||
Interest-bearing money market deposits | 0.31 | % | 0.49 | % | 0.55 | % | ||||||
Average deposits and borrowed federal funds balance | $ | 1,012,806 | $ | 888,135 | $ | 695,765 | ||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments-Fuel Price Derivatives | ||||||||||||||||||||||||||||
For derivative instruments that are not designated as hedging instruments, the gain or loss on the derivative is recognized in current earnings. | ||||||||||||||||||||||||||||
As of December 31, 2013, the Company had the following put and call option contracts which settle on a monthly basis which do not have formal hedging designations: | ||||||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||||||
Notional | ||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||
(gallons) (a) | ||||||||||||||||||||||||||||
Fuel price derivative instruments – unleaded fuel | ||||||||||||||||||||||||||||
Put and call option contracts settling January 2014 – June 2015 | 37,865 | |||||||||||||||||||||||||||
Fuel price derivative instruments – diesel | ||||||||||||||||||||||||||||
Put and call option contracts settling January 2014 – June 2015 | 18,015 | |||||||||||||||||||||||||||
Total fuel price derivative instruments | 55,880 | |||||||||||||||||||||||||||
(a) | The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. | |||||||||||||||||||||||||||
As of December 31, 2012, the Company had the following put and call option contracts which settle on a monthly basis and do not have formal hedging designations: | ||||||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||||||
Notional | ||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||
(gallons) (a) | ||||||||||||||||||||||||||||
Fuel price derivative instruments – unleaded fuel | ||||||||||||||||||||||||||||
Put and call option contracts settling January 2013 – June 2014 | 35,752 | |||||||||||||||||||||||||||
Fuel price derivative instruments – diesel | ||||||||||||||||||||||||||||
Put and call option contracts settling January 2013 – June 2014 | 16,063 | |||||||||||||||||||||||||||
Total fuel price derivative instruments | 51,815 | |||||||||||||||||||||||||||
(a) | The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-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 | $ | — | Fuel price | $ | — | Fuel price | $ | 7,358 | Fuel price | $ | 1,729 | ||||||||||||||||
derivatives, | derivatives, | derivatives, | derivatives, | |||||||||||||||||||||||||
at fair value | at fair value | at fair value | at fair value | |||||||||||||||||||||||||
The following table presents information on the location and amounts of derivative gains and losses in the consolidated statements of income: | ||||||||||||||||||||||||||||
Derivatives | Amount of Gain or | Location of Gain or | Amount of Gain | Location of Gain or | Amount of Gain or | |||||||||||||||||||||||
Designated as | (Loss) Recognized in | (Loss) Reclassified | or (Loss) | (Loss) Recognized in | (Loss) Recognized in | |||||||||||||||||||||||
Hedging Instruments | OCI on Derivative | from Accumulated | Reclassified from | Income on Derivative | Income | |||||||||||||||||||||||
(Effective Portion) (a) | OCI into Income | Accumulated OCI | (Ineffective Portion | on Derivative | ||||||||||||||||||||||||
(Effective Portion) | into Income | and Amount Excluded | (Ineffective Portion | |||||||||||||||||||||||||
(Effective Portion) | from Effectiveness | and Amount Excluded | ||||||||||||||||||||||||||
Testing) (b) | from Effectiveness | |||||||||||||||||||||||||||
Testing)(b) | ||||||||||||||||||||||||||||
For | For the period | For the period ended | ||||||||||||||||||||||||||
the period ended | ended | December 31, | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate contracts | $ | — | $ | 60 | Financing interest | $ | — | $ | (109 | ) | Financing interest | $ | — | $ | — | |||||||||||||
expense | expense | |||||||||||||||||||||||||||
Derivatives Not | Location of | Amount of Gain or | ||||||||||||||||||||||||||
Designated as | Gain or (Loss) | (Loss) Recognized in | ||||||||||||||||||||||||||
Hedging Instruments | Recognized in | Income on Derivative | ||||||||||||||||||||||||||
Income on | For the period ended | |||||||||||||||||||||||||||
Derivative | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Commodity contracts | Net realized and | $ | (9,851 | ) | $ | (12,365 | ) | |||||||||||||||||||||
unrealized (losses) | ||||||||||||||||||||||||||||
gains on fuel price | ||||||||||||||||||||||||||||
derivatives | ||||||||||||||||||||||||||||
(a) | The amount of gain or (loss) recognized in OCI on the Company’s interest rate swap arrangements has been recorded net of tax impacts of $0 in 2013 and $35 in 2012. | |||||||||||||||||||||||||||
(b) | No ineffectiveness was reclassified into earnings nor was any amount excluded from effectiveness testing. | |||||||||||||||||||||||||||
For the Company’s North America operations, the Company uses derivative instruments to manage the impact of volatility in fuel prices. The Company enters into put and call option contracts (“Options”) based on the wholesale price of unleaded gasoline and retail price of diesel fuel, which settle on a monthly basis through the second quarter of 2015. The Options are intended to lock in a range of prices during any given quarter on a portion of the Company’s forecasted earnings subject to fuel price variations. The Company’s fuel price risk management program is designed to purchase derivative instruments to manage its fuel price-related earnings exposure. The fair value of these instruments is recorded in fuel price derivative instruments, at fair value on the consolidated balance sheets. | ||||||||||||||||||||||||||||
The following table presents information about the Options: | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Put Strike | Call Strike | Aggregate | Fair | Aggregate | Fair | |||||||||||||||||||||||
Price of | Price of | Notional | Value | Notional | Value | |||||||||||||||||||||||
Underlying | Underlying | Amount | Amount | |||||||||||||||||||||||||
Option | Option | (gallons) (b) | (gallons) | |||||||||||||||||||||||||
(per gallon) (a) | (per gallon) (a) | |||||||||||||||||||||||||||
Fuel price derivative instruments – unleaded fuel | ||||||||||||||||||||||||||||
Options settling October 2014 – June 2015 | $ | 2.568 | $ | 2.628 | 7,582 | $ | (481 | ) | — | $ | — | |||||||||||||||||
Options settling July 2014 – March 2015 | $ | 2.51 | $ | 2.57 | 7,732 | (1,076 | ) | — | — | |||||||||||||||||||
Options settling April 2014 – December 2014 | $ | 2.615 | $ | 2.675 | 7,861 | (1,051 | ) | — | — | |||||||||||||||||||
Options settling January 2014 – September 2014 | $ | 2.7 | $ | 2.76 | 8,182 | (911 | ) | — | — | |||||||||||||||||||
Options settling October 2013 – June 2014 | $ | 2.485 | $ | 2.545 | 4,144 | (1,407 | ) | 6,269 | (514 | ) | ||||||||||||||||||
Options settling July 2013 – March 2014 | $ | 2.633 | $ | 2.693 | 2,364 | (290 | ) | 4,643 | 308 | |||||||||||||||||||
Options settling April 2013 – December 2013 | $ | 2.67 | $ | 2.73 | — | — | 10,436 | (398 | ) | |||||||||||||||||||
Options settling January 2013 – September 2013 | $ | 2.843 | $ | 3.903 | — | — | 7,291 | 457 | ||||||||||||||||||||
Options settling October 2012 – June 2013 | $ | 2.54 | $ | 2.6 | — | — | 4,803 | (1,161 | ) | |||||||||||||||||||
Options settling July 2012 – March 2013 | $ | 2.605 | $ | 2.665 | — | — | 2,310 | (314 | ) | |||||||||||||||||||
Total fuel price derivative instruments – unleaded fuel | 37,865 | $ | (5,216 | ) | 35,752 | $ | (1,622 | ) | ||||||||||||||||||||
Fuel price derivative instruments – diesel | ||||||||||||||||||||||||||||
Options settling October 2014 – June 2015 | $ | 3.785 | $ | 3.845 | 3,609 | $ | (318 | ) | — | $ | — | |||||||||||||||||
Options settling July 2014 – March 2015 | $ | 3.788 | $ | 3.848 | 3,691 | (385 | ) | — | — | |||||||||||||||||||
Options settling April 2014 – December 2014 | $ | 3.8 | $ | 3.86 | 3,745 | (436 | ) | — | — | |||||||||||||||||||
Options settling January 2014 – September 2014 | $ | 3.81 | $ | 3.87 | 4,046 | (516 | ) | — | — | |||||||||||||||||||
Options settling October 2013 – June 2014 | $ | 3.713 | $ | 3.773 | 1,862 | (413 | ) | 2,816 | (224 | ) | ||||||||||||||||||
Options settling July 2013 – March 2014 | $ | 3.878 | $ | 3.938 | 1,062 | (74 | ) | 2,086 | 108 | |||||||||||||||||||
Options settling April 2013 – December 2013 | $ | 3.823 | $ | 3.883 | — | — | 4,689 | (162 | ) | |||||||||||||||||||
Options settling January 2013 – September 2013 | $ | 3.99 | $ | 4.05 | — | — | 3,276 | 363 | ||||||||||||||||||||
Options settling October 2012 – June 2013 | $ | 3.835 | $ | 3.895 | — | — | 2,158 | (89 | ) | |||||||||||||||||||
Options settling July 2012 – March 2013 | $ | 3.792 | $ | 3.852 | — | — | 1,038 | (103 | ) | |||||||||||||||||||
Total fuel price derivative instruments – diesel | 18,015 | $ | (2,142 | ) | 16,063 | (107 | ) | |||||||||||||||||||||
Total fuel price derivative instruments | 55,880 | $ | (7,358 | ) | 51,815 | (1,729 | ) | |||||||||||||||||||||
(a) | The settlement of the Options is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. | |||||||||||||||||||||||||||
(b) | The Options settle on a monthly basis. | |||||||||||||||||||||||||||
The following table summarizes the changes in fair value of the fuel price derivatives which have been recorded in net realized and unrealized losses on derivative instruments on the consolidated statements of income: | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Realized (losses) | $ | (4,223 | ) | $ | (10,641 | ) | $ | (22,741 | ) | |||||||||||||||||||
Unrealized (losses) gains | (5,628 | ) | (1,724 | ) | 10,872 | |||||||||||||||||||||||
Net realized and unrealized (losses) gains on derivative instruments | $ | (9,851 | ) | $ | (12,365 | ) | $ | (11,869 | ) |
Financing_Debt
Financing Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Financing Debt | ' | |||||||||||
Financing Debt | ||||||||||||
2007 Revolving Credit Facility and 2010 Term Loan Note | ||||||||||||
On May 22, 2007, the Company entered into a revolving credit facility (the “2007 Revolver”) with a lending syndicate. The 2007 Revolver initially provided for a five-year $350,000 unsecured revolving line of credit. In connection with the 2007 Revolver, the Company paid loan origination fees of $998. These fees were recorded as other assets on the consolidated balance sheet and were amortized on a straight-line basis (which approximates the effective interest rate method) over the term of the 2007 Revolver. On May 29, 2008, the Company entered into an incremental amendment agreement (the “Incremental Amendment Agreement”) of the 2007 Revolver to increase the aggregate unsecured revolving line-of-credit from $350,000 to $450,000. The Company incurred $1,556 in loan origination fees in conjunction with entering into the Incremental Amendment Agreement. These fees have been recorded as other assets on the consolidated balance sheet and were amortized over the remaining term of the 2007 Revolver. | ||||||||||||
On July 25, 2010, the Company entered into a $75,000 term credit facility (“2010 term loan”). The rate on the 2010 term loan was 250 basis points above LIBOR. In connection with the 2010 term loan, the Company paid loan origination fees of $2,269. The agreement did not change any of the Company’s existing financial covenants. | ||||||||||||
The 2007 Revolver and the 2010 term loan were refinanced in 2011 as described below. | ||||||||||||
2011 Credit Agreement | ||||||||||||
On May 23, 2011, the Company entered into a credit agreement (the “2011 Credit Agreement”), by and among the Company and certain of its subsidiaries, as borrowers, and Wright Express Card Holdings Australia Pty Ltd, as specified designated borrower, with a lending syndicate. The 2011 Credit Agreement was secured by pledges of the stock of the Company’s foreign subsidiaries. The 2011 Credit Agreement provided for a five-year $200,000 amortizing term loan facility and a five-year $700,000 revolving credit facility with a $100,000 sub-limit for letters of credit. Term loan payments in the amount of $2,500 per quarter began on June 30, 2011, and were scheduled to continue on the last day of each September, December, March and June thereafter, through and including March 31, 2016. On the maturity date for the term agreement, May 23, 2016, the remaining outstanding principal amount of $150,000 would have been due. | ||||||||||||
As of December 31, 2012, the Company had $621,000 of loans outstanding under the 2011 Credit Agreement (including $182,500 under the term loan and $438,500 under the revolving credit facility). As of December 31, 2012, the Company had posted approximately $2,350 letters of credit as collateral for fuel derivatives and lease agreements. Accordingly, at December 31, 2012, the Company had $264,150 of availability under the 2011 Credit Agreement, subject to the covenants as described below. The Company capitalized approximately $6,200 in loan origination fees in association with this borrowing and wrote-off approximately $700 of previous issuance costs in the second quarter of 2011. | ||||||||||||
Proceeds from the 2011 Credit Agreement were used to refinance the Company’s existing indebtedness under its 2007 Revolver, and the existing indebtedness under the 2010 term loan. The 2011 Credit Agreement was available for working capital purposes, acquisitions, payment of dividends and other restricted payments, refinancing of indebtedness, and other general corporate purposes. | ||||||||||||
Amounts outstanding under the 2011 Credit Agreement bears interest at a rate equal to, at the Company’s option, (a) the Eurocurrency Rate, as defined, plus a margin of 1.25 percent to 2.25 percent based on the ratio of consolidated funded indebtedness of the Company and its subsidiaries to consolidated EBITDA or (b) the highest of (i) the Federal Funds Rate plus 0.50 percent, (ii) the prime rate announced by lead lender, or (iii) the Eurocurrency Rate plus 1.00 percent, in each case plus a margin of 0.25 percent to 1.25 percent based on the ratio of consolidated funded indebtedness of the Company and its subsidiaries to consolidated EBITDA. In addition, the Company agreed to pay a quarterly commitment fee at a rate per annum ranging from 0.20 percent to 0.40 percent of the daily unused portion of the credit facility. Any outstanding loans under the 2011 Credit Agreement would have matured on May 23, 2016. | ||||||||||||
The 2011 Credit Agreement was replaced in January of 2013 by an Amended and Restated Credit Agreement (the “2013 Credit Agreement”). | ||||||||||||
2013 Credit Agreement and $400 Million Notes Outstanding | ||||||||||||
On January 18, 2013, the Company entered into the 2013 Credit Agreement, among the Company, as borrower, Wright Express Card Holdings Australia Pty Ltd, a wholly-owned subsidiary of the Company, as specified designated borrower (“Card Holdings Australia”, and, together with the Company, the “Borrowers”), Bank of America, N.A., as administrative agent and letter of credit issuer (“Bank of America”), and the other lenders party thereto (the “Lenders”). The 2013 Credit Agreement provides for a five-year $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 issues 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 amends, restates and substitutes for the 2011 Credit Agreement, among the Company, Card Holdings Australia, Bank of America, as administrative agent, the joint lead arrangers and other agents named therein, and a syndicate of lenders. The 2013 Credit Agreement increases the outstanding amount of the term loan from $185,000 to $300,000 and increases the amount of the revolving loan from $700,000 to $800,000. A portion of the indebtedness owing under the 2013 Credit Agreement is the same indebtedness as formerly evidenced by the 2011 Credit Agreement. | ||||||||||||
Amounts outstanding under the 2013 Credit Agreement bore interest at a rate equal to, at the Company’s option, (a) the Eurocurrency Rate, as defined, plus a margin of 1.25 percent to 2.25 percent based on the ratio of consolidated funded indebtedness of the Company and its subsidiaries to consolidated EBITDA or (b) the highest of (i) the Federal Funds Rate plus 0.50 percent, (ii) the prime rate announced by lead lender, and (iii) the Eurocurrency Rate plus 1.00 percent, in each case plus a margin of 0.25 percent to 1.25 percent based on the ratio of consolidated funded indebtedness of the Company and its subsidiaries to consolidated EBITDA. In addition, the Company has agreed to pay a quarterly commitment fee at a rate per annum ranging from 0.20 percent to 0.40 percent of the daily unused portion of the credit facility. Any outstanding loans under the 2013 Credit Agreement mature in January of 2018, unless extended pursuant to the terms of the 2013 Credit Agreement. | ||||||||||||
On January 30, 2013, the Company, completed a $400,000 offering in aggregate principal amount of 4.750 percent senior notes due 2023 (the “Notes”) at an issue price of 100.0 percent of the principal amount, plus accrued interest, from January 30, 2013, in a private placement 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 30, 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 will mature on February 1, 2023, and interest will accrue at the rate of 4.750 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, consist 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 be 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. | ||||||||||||
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) if redeemed during the twelve month period beginning on February 1 of the following years: (i) 102.375% percent in 2018, (ii) 101.583 percent in 2019, (iii) 100.792 percent in 2020, and (iv) 100.0 percent in 2021 and thereafter; plus, in each case, accrued and unpaid interest, if any, to, but excluding, the date of redemption. At any time 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, if any, to, but excluding, the date of redemption. | ||||||||||||
In addition, at any time 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. | ||||||||||||
Upon the occurrence of a change of 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, if any, to, but excluding, the date of repurchase. | ||||||||||||
Under the terms of the 2013 Credit Agreement, the $800,000 secured revolving credit facility was reduced to $700,000 as a result of the $400,000 Notes offering. | ||||||||||||
The Company capitalized approximately $15,547 in loan origination fees in association with these borrowings and wrote-off approximately $1,000 of previous issuance costs in the first quarter of 2013. | ||||||||||||
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. | ||||||||||||
As of December 31, 2013, the Company had $685,000 of loans outstanding. This includes $285,000 under the 2013 Credit Agreement and $400,000 of notes outstanding. As of December 31, 2013, the interest rate for the borrowings under the 2013 Credit Agreement was 1.93 percent | ||||||||||||
As of December 31, 2013, the Company has posted approximately $11,947 letters of credit as collateral for lease agreements and virtual card and fuel payment processing activity at our foreign subsidiaries. Accordingly, at December 31, 2013, the Company had $688,000 of availability under the 2013 Credit Agreement, subject to the covenants as described below. | ||||||||||||
The following table presents information about the outstanding borrowings under the 2013 Credit Agreement: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Outstanding balance on revolving line-of-credit and term loan with interest based on LIBOR | $ | 285,000 | $ | 592,500 | ||||||||
Outstanding balance on revolving line-of-credit with interest based on the prime rate | — | 28,500 | ||||||||||
Outstanding balance on $400 million 4.750% interest rate notes outstanding | 400,000 | — | ||||||||||
Total outstanding balance on revolving line-of-credit facility, term loan and notes | $ | 685,000 | $ | 621,000 | ||||||||
Weighted average rate based on LIBOR (including impact of interest rate swaps) | 1.93 | % | 1.71 | % | ||||||||
Rate based on the prime rate | 3.75 | % | 3.75 | % | ||||||||
Financing Interest | ||||||||||||
The following table presents the components of financing interest expense: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
2007 Revolver: | ||||||||||||
Interest expense based on LIBOR | $ | — | $ | — | $ | 1,084 | ||||||
Interest expense based on the prime rate | — | — | 270 | |||||||||
Fees | — | — | 100 | |||||||||
Amortization of loan origination fees | — | — | 249 | |||||||||
$ | — | $ | — | $ | 1,703 | |||||||
$75 Million 2010 Term Loan: | ||||||||||||
Interest expense based on LIBOR | $ | — | $ | — | $ | 911 | ||||||
Amortization of loan origination fees | — | — | 863 | |||||||||
$ | — | $ | — | $ | 1,774 | |||||||
2011 Credit Agreement | ||||||||||||
$700 Million Revolver: | ||||||||||||
Interest expense based on LIBOR | $ | 350 | $ | 3,103 | $ | 1,758 | ||||||
Interest expense based on the prime rate | 54 | 1,083 | 566 | |||||||||
Fees | 36 | 1,369 | 1,047 | |||||||||
Amortization of loan origination fees | 43 | 1,100 | 667 | |||||||||
$200 Million Term Loan: | ||||||||||||
Interest expense based on LIBOR | 170 | 3,339 | 2,330 | |||||||||
Amortization of loan origination fees | 11 | 297 | 208 | |||||||||
$ | 664 | $ | 10,291 | $ | 6,576 | |||||||
2013 Credit Agreement | ||||||||||||
$700 Million Revolver: | ||||||||||||
Interest expense based on LIBOR | $ | 400 | $ | — | $ | — | ||||||
Fees | $ | 2,098 | $ | — | $ | — | ||||||
Amortization of loan origination fees | $ | 1,122 | $ | — | $ | — | ||||||
$300 Million Term Loan: | ||||||||||||
Interest expense based on LIBOR | $ | 5,496 | $ | — | $ | — | ||||||
Amortization of loan origination fees | $ | 491 | $ | — | $ | — | ||||||
$400 Million Notes Outstanding: | ||||||||||||
4.750% interest expense | $ | 17,469 | $ | — | $ | — | ||||||
Amortization of loan origination fees | $ | 674 | $ | — | $ | — | ||||||
$ | 27,750 | $ | — | $ | — | |||||||
Realized losses on interest rate swaps (Note 10) | $ | — | $ | 109 | $ | 830 | ||||||
Deferred loan costs associated with the extinguishment of debt | 1,004 | — | — | |||||||||
Other | 1 | 33 | 793 | |||||||||
Total financing interest expense | $ | 29,419 | $ | 10,433 | $ | 11,676 | ||||||
Average interest rate (including impact of interest rate swaps): | ||||||||||||
Based on LIBOR | 1.93 | % | 1.79 | % | 1.91 | % | ||||||
Based on prime | 3.75 | % | 3.75 | % | 3.68 | % | ||||||
Average debt balance at LIBOR | $ | 300,056 | $ | 366,387 | $ | 362,014 | ||||||
Average debt balance at prime | $ | 19,162 | $ | 28,885 | $ | 22,615 | ||||||
Debt Covenants | ||||||||||||
The 2013 Credit Agreement and Indenture contain 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. | ||||||||||||
Other | ||||||||||||
As of December 31, 2013, WEX Bank pledged approximately $531,592 of fleet receivables held by WEX Bank to the Federal Reserve Bank as collateral for potential borrowings, through the Federal Reserve Bank Discount Window. Amounts that can be borrowed are based on the amount of collateral pledged to the Federal Reserve Bank and were approximately $313,639 as of December 31, 2013. As of December 31, 2013, WEX Bank had no borrowings on this line of credit through the Federal Reserve Bank Discount Window. | ||||||||||||
As of December 31, 2013, UNIK has approximately $7,278 of financing debt, classified in other liabilities on the Company’s consolidated balance sheets. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
Income before income taxes consisted of the following: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
United States | $ | 249,311 | $ | 224,029 | $ | 224,448 | ||||||||||
Foreign | (10,911 | ) | (17,846 | ) | (15,843 | ) | ||||||||||
Total | $ | 238,400 | $ | 206,183 | $ | 208,605 | ||||||||||
Income tax expense (benefit) from continuing operations consisted of the following for the years ended December 31: | ||||||||||||||||
United States | State | Foreign | Total | |||||||||||||
and Local | ||||||||||||||||
2013 | ||||||||||||||||
Current | $ | 52,118 | $ | 5,176 | $ | 5,255 | $ | 62,549 | ||||||||
Deferred | $ | 31,020 | $ | 1,562 | $ | (5,029 | ) | $ | 27,553 | |||||||
2012 | ||||||||||||||||
Current | $ | 48,632 | $ | 3,460 | $ | 18,681 | $ | 70,773 | ||||||||
Deferred | $ | 22,560 | $ | (1,301 | ) | $ | 17,442 | $ | 38,701 | |||||||
2011 | ||||||||||||||||
Current | $ | 43,886 | $ | 6,697 | $ | 1,050 | $ | 51,633 | ||||||||
Deferred | $ | 25,875 | $ | 299 | $ | (2,824 | ) | $ | 23,350 | |||||||
The reconciliation between the income tax computed by applying the U.S. federal statutory rate and the reported effective tax rate on income from continuing operations is as follows: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||||||
State income taxes (net of federal income tax benefit) | 1.9 | 1 | 1.2 | |||||||||||||
Foreign income tax rate differential | 0.8 | 16.8 | — | |||||||||||||
Revaluation of deferred tax assets for tax rate changes and blending differences, net | — | (0.5 | ) | — | ||||||||||||
Other | 0.1 | 0.8 | (0.3 | ) | ||||||||||||
Effective tax rate | 37.8 | % | 53.1 | % | 35.9 | % | ||||||||||
The tax effects of temporary differences in the recognition of income and expense for tax and financial reporting purposes that give rise to significant portions of the deferred tax assets and the deferred tax liabilities are presented below: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Deferred assets related to: | ||||||||||||||||
Reserve for credit losses | $ | 4,193 | $ | 4,935 | ||||||||||||
Foreign tax credit | 3,303 | 2,862 | ||||||||||||||
Stock-based compensation, net | 9,111 | 10,304 | ||||||||||||||
Net operating loss carry forwards | 11,765 | 9,766 | ||||||||||||||
Other assets | 4,588 | 5,880 | ||||||||||||||
Derivatives | 1,862 | — | ||||||||||||||
Intangibles, net | 51,563 | 79,995 | ||||||||||||||
86,385 | 113,742 | |||||||||||||||
Deferred tax liabilities related to: | ||||||||||||||||
Derivatives | — | 194 | ||||||||||||||
Other assets | 1,379 | 1,299 | ||||||||||||||
Property, equipment and capitalized software | 9,042 | 8,430 | ||||||||||||||
10,421 | 9,923 | |||||||||||||||
Valuation allowance primarily on net operating loss carryfowards | 1,292 | 1,219 | ||||||||||||||
Deferred income taxes, net | $ | 74,672 | $ | 102,600 | ||||||||||||
Net deferred tax assets (liabilities) by jurisdiction are as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
United States | $ | 87,940 | $ | 118,797 | ||||||||||||
Australia | (9,438 | ) | (13,053 | ) | ||||||||||||
New Zealand | 45 | 48 | ||||||||||||||
The Netherlands | 89 | 73 | ||||||||||||||
United Kingdom | 57 | (2,370 | ) | |||||||||||||
Brazil | (4,021 | ) | (895 | ) | ||||||||||||
Total | $ | 74,672 | $ | 102,600 | ||||||||||||
The deferred tax assets and deferred tax liabilities are included in deferred income taxes, net on the consolidated balance sheet where a right of offset exists. | ||||||||||||||||
The Company’s primary tax jurisdictions are the United States and Australia. The Company had approximately $561,469 of state and $31,489 of foreign net operating loss carry forwards at December 31, 2013 and approximately $462,396 of state and $22,183 of foreign net operating loss carry forwards at December 31, 2012. These U.S. losses expire at various times through 2033. Foreign losses in Brazil and the U.K. have indefinite carry forward periods. The Company has established a valuation allowance primarily for acquired net operating losses in the UK for which the Company has determined it is more likely than not that the losses will not be utilized. No valuation allowances have been established for all other deferred assets as the Company believes it is more likely than not that its deferred tax assets will be utilized within the carry forward periods. | ||||||||||||||||
Undistributed earnings of certain foreign subsidiaries of the Company amounted to $4,665 at December 31, 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. | ||||||||||||||||
Current accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This accounting guidance also provides guidance on derecognition, classification, interest and penalties, accounting in the interim periods, disclosure, and transition. | ||||||||||||||||
The Company files a consolidated federal income tax return in the United States, as well as consolidated or separate income tax returns in most states. The Company also files consolidated or separate income tax returns in non-U.S. jurisdictions where required. In the normal course of business, the Company is no longer subject to income tax examination for the years prior to 2010. | ||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties is as follows: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Beginning balance | $ | 6,176 | $ | 6,059 | $ | — | ||||||||||
Increases related to prior year tax position | — | — | 6,059 | |||||||||||||
(Decreases) increases related to prior year tax positions, due to foreign currency exchange | (893 | ) | 117 | — | ||||||||||||
Ending balance | $ | 5,283 | $ | 6,176 | $ | 6,059 | ||||||||||
At December 31, 2013, the Company had $6,908 of net unrecognized tax benefits. If recognized, $6,908 would reduce the Company’s effective tax rate. The Company does not anticipate settling any unrecognized tax benefit within the next 12 months. | ||||||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The Company has accrued $1,625 as of December 31, 2013, $1,313 as of December 31, 2012 and $500 as of December 31, 2011, for penalties and interest related to uncertain tax positions. | ||||||||||||||||
On June 29, 2012, tax legislation was enacted in Australia that affected the tax deductibility of certain intangible assets acquired as part of the 2010 acquisition of Wright Express Australia. The Company performed a review of the legislation to determine which of these intangible assets would be impacted. Based upon this review the Company recorded a tax charge of $31,432 in June of 2012 to reflect these impacts. 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 above mentioned intangible assets. | ||||||||||||||||
During 2012, the Company recorded an impairment charge related to goodwill in the amount of $17,508. This charge did not result in any tax provision benefit. The Company also recorded a tax charge of approximately $2,400 due to the impact of a retroactive tax legislation enacted on September 8, 2012 in Australia. This legislation impacted the potential deductibility of intercompany interest expense allowable in past and future tax years and hence resulted in a discrete charge in our recorded tax expense in the current year and a higher Australian effective tax rate in future periods. |
Tax_Receivable_Agreement
Tax Receivable Agreement | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Tax Receivable Agreement | ' |
Tax Receivable Agreement | |
As a consequence of the Company’s separation from its former parent company in 2005, the tax basis of the Company’s net tangible and intangible assets increased (the “Tax Basis Increase”). The Tax Basis Increase reduced the amount of tax that the Company would pay in the future to the extent the Company generated taxable income in sufficient amounts. The Company was contractually obligated, pursuant to its 2005 Tax Receivable Agreement with the Company’s former parent company (Cendant Corporation), to remit 85 percent of any such cash savings. The estimated total payments owed to Cendant Corporation based on facts available at that time, was reflected as a liability titled “Amounts due under tax receivable agreement.” | |
The amount of these estimated future payments is dependent upon future statutory tax rates and the Company’s ability to generate sufficient taxable income adequate to cover the tax depreciation, amortization and interest expense associated with the Tax Basis Increase. The Company regularly reviews its estimated blended tax rates and projections of future taxable earnings to determine whether changes in the estimated liability are required. Any changes to the estimated future payments due to changes in estimated blended tax rates are recorded in the income statement as changes in amounts due under tax receivable agreement. | |
Pursuant to the Separation and Distribution Agreement dated as of July 27, 2006, by and among Cendant Corporation (now known as Avis Budget Group, Inc. or “Avis”), Realogy Corporation (“Realogy”), Wyndham Worldwide Corporation (“Wyndham”) and Travelport Inc., Realogy acquired from Cendant the right to receive 62.5 percent of the payments by WEX Inc. to Cendant and Wyndham acquired from Cendant the right to receive 37.5 percent of the payments by WEX Inc. to Cendant under the 2005 Tax Receivable Agreement. | |
On June 26, 2009, the Company entered into a Tax Receivable Prepayment Agreement with Realogy, pursuant to which the Company paid Realogy $51,000, net of bank fees and legal expenses, as prepayment in full to settle the remaining obligations to Realogy under the 2005 Tax Receivable Agreement. In connection with the Tax Receivable Prepayment Agreement with Realogy, the Company entered into a Ratification Agreement on June 26, 2009 (the “Ratification Agreement”) with Avis, Realogy and Wyndham which amended the 2005 Tax Receivable Agreement to require the Company to pay 31.875 percent of the future tax savings related to the Tax Basis Increase to Wyndham. | |
For each year presented, there had been reassessment of the blended tax rates that are projected into the future. The net future benefits increased, which increased the associated liability to Wyndham, resulting in a $33, $2,089 and $715 charge to non-operating expense for the years ended December 31, 2013, 2012 and 2011, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
The Company sponsors a 401(k) retirement and savings plan. Employees are eligible to participate in the plan immediately. The Company’s employees who are at least 18 years of age, have worked at least 1,000 hours in the past year, and have completed one year of service are eligible for Company matching contributions in the plan. The Company matches 100 percent of each employee’s contributions up to a maximum of 6 percent of each employee’s eligible compensation. All contributions vest immediately. WEX Inc. has the right to discontinue the plan at any time. Contributions to the plan are voluntary. The Company contributed $2,991, $2,295 and $2,094 in matching funds to the plan for the years ended December 31, 2013, 2012 and 2011, respectively. | |
During 2012, the Company acquired Fleet One which, as of the date of the acquisition, had its own employee savings plan, the Fleet One 401(k) Retirement Plan (“Fleet One Plan”). As of December 31, 2012, the Fleet One Plan was merged with the existing WEX plan, and the existing plan recorded a receivable for the amount of net assets available for benefits it expected to receive from the Fleet One Plan. Subsequent to year end, net assets available for benefits totaling $2,787 were received by the plan on January 15, 2013, in a transfer from the Fleet One Plan. On January 1, 2013, Fleet One employees became eligible to participate in the existing WEX plan. | |
The Company also sponsors a defined contribution plan for certain employees designated by the Company. Participants may elect to defer receipt of designated percentages or amounts of their compensation. The Company maintains a grantor’s trust to hold the assets under the Company’s defined contribution plan. The obligation related to the defined contribution plan totaled $4,339 at December 31, 2013, and $2,921 at December 31, 2012. These amounts are included in other liabilities on the consolidated balance sheet. The assets held in trust are designated as trading securities and, as such, these trading securities are to be recorded at fair value with any changes recorded currently to earnings. The aggregate market value of the securities within the trust was $4,339 at December 31, 2013, and $2,921 at December 31, 2012. Such amounts are included in other assets on the consolidated balance sheet. |
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value | ' | |||||||||||||||
Fair Value | ||||||||||||||||
The Company holds mortgage-backed and other asset-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. The Company carries certain of its liabilities at fair value, including its derivative liabilities. 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; the Company’s own-credit standing; and counterparty credit risk. | ||||||||||||||||
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 in active markets. | |||||||||||||||
• | Level 2 – Quoted prices for similar instruments in active 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 for 2013: | ||||||||||||||||
Fair Value Measurements at Reporting Date | ||||||||||||||||
Using | ||||||||||||||||
31-Dec-13 | 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 | $ | 839 | $ | — | $ | 839 | $ | — | ||||||||
Asset-backed securities | 1,391 | — | 1,391 | — | ||||||||||||
Municipal bonds | 519 | — | 519 | — | ||||||||||||
Equity securities | 13,214 | 13,214 | — | — | ||||||||||||
Total available-for-sale securities | $ | 15,963 | $ | 13,214 | $ | 2,749 | $ | — | ||||||||
Executive deferred compensation plan trust (a) | $ | 4,339 | $ | 4,339 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Fuel price derivatives – unleaded fuel (b) | $ | 5,216 | $ | — | $ | 5,216 | $ | — | ||||||||
Fuel price derivatives – diesel (b) | 2,142 | — | — | 2,142 | ||||||||||||
Total fuel price derivatives | $ | 7,358 | $ | — | $ | 5,216 | $ | 2,142 | ||||||||
(a) | The fair value of these instruments is recorded in other assets. | |||||||||||||||
(b) | The consolidated balance sheet presentation combines unleaded fuel and diesel fuel positions. | |||||||||||||||
The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels for 2012: | ||||||||||||||||
Fair Value Measurements at Reporting Date | ||||||||||||||||
Using | ||||||||||||||||
31-Dec-12 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs (Level 3) | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(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 | $ | 313 | — | — | $ | 313 | ||||||||||
(a) | The fair value of these instruments is recorded in other assets. | |||||||||||||||
(b) | The consolidated balance sheet presentation combines unleaded fuel and diesel fuel positions. | |||||||||||||||
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 year ended December 31, 2013: | ||||||||||||||||
Contingent | Fuel Price | |||||||||||||||
Consideration | Derivatives – | |||||||||||||||
Diesel | ||||||||||||||||
Beginning balance | $ | (313 | ) | $ | (107 | ) | ||||||||||
Total gains or (losses) – realized/unrealized | ||||||||||||||||
Included in earnings (a) | (198 | ) | (2,035 | ) | ||||||||||||
Included in other comprehensive income | — | — | ||||||||||||||
Purchases, issuances and settlements | — | — | ||||||||||||||
Transfers (in)/out of Level 3 | 511 | — | ||||||||||||||
Ending balance | $ | — | $ | (2,142 | ) | |||||||||||
(a) | Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2013, are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. Gains and losses on the change of estimate on the contingent consideration are included in other expenses and and loss of foreign currency transactions on the 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 year ended December 31, 2012: | ||||||||||||||||
Contingent | Fuel Price | |||||||||||||||
Consideration | Derivatives | |||||||||||||||
– Diesel | ||||||||||||||||
Beginning balance | $ | (9,325 | ) | $ | (25 | ) | ||||||||||
Total gains or (losses) – realized/unrealized | ||||||||||||||||
Included in earnings (a) | 1,517 | (82 | ) | |||||||||||||
Included in other comprehensive income | — | — | ||||||||||||||
Purchases, issuances and settlements | 7,495 | — | ||||||||||||||
Transfers in/(out) of Level 3 | — | — | ||||||||||||||
Ending balance | $ | (313 | ) | $ | (107 | ) | ||||||||||
(a) | Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2012, are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. Gains and losses on the change of estimate on the contingent consideration are included in other expenses and and loss of foreign currency transactions on the 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. The obligations related to the deferred compensation plan trust are classified as Level 1 of the fair value hierarchy because the fair value is determined using quoted prices for identical instruments in active markets. | ||||||||||||||||
Fuel price derivatives | ||||||||||||||||
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 instrument, 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 items 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 contact 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 are as follows: | ||||||||||||||||
Fair Value at | Valuation | Unobservable Input | Range $ | |||||||||||||
December 31, 2013 | Technique | per gallon | ||||||||||||||
Fuel price derivatives – diesel | $ | 2,142 | Option model | Future retail price of diesel | 3.71 – 3.94 | |||||||||||
fuel after December 31, | ||||||||||||||||
2013 | ||||||||||||||||
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 first quarter of 2014 through the second 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 classified its liability for contingent consideration related to its acquisition of UNIK within Level 3 of the fair value hierarchy because the fair value was 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. | ||||||||||||||||
On June 30, 2013, the Company finalized the contingent consideration amount based on current performance milestones and determined it to be approximately $511, which 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 is determined using significant unobservable inputs, which include the projected 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. |
Noncontrolling_Interest
Noncontrolling Interest | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Noncontrolling Interest | ' | |||||||
Noncontrolling interest | ||||||||
On August 30, 2012, the Company acquired a 51 percent ownership interest in UNIK, a provider of payroll cards in Brazil. The purchase agreement 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 agreement provides the noncontrolling shareholders with the right to put their interest back to the Company at specific times. This redeemable noncontrolling interest was measured at fair value at the date of acquisition. The Company believes that it is probable that the noncontrolling interest in UNIK will become redeemable. However, as of December 31, 2013, the Company has determined that no accretion to the fair value of the minority interest is necessary as the fair value of the put option at the time of redemption is expected to approximates the value of the minority interest. | ||||||||
The redeemable noncontrolling interest is reported on the Company’s consolidated balance sheets as “Redeemable noncontrolling interest.” | ||||||||
A reconciliation of redeemable noncontrolling interests for the years ended December 31, 2013 and 2012, is as follows: | ||||||||
2013 | 2012 | |||||||
Balance, beginning of period | $ | 21,662 | $ | — | ||||
Acquisition of subsidiary at fair value | — | 21,904 | ||||||
Net loss attributable to redeemable noncontrolling interest | (401 | ) | (213 | ) | ||||
Currency translation adjustment | (2,532 | ) | (29 | ) | ||||
Ending balance | $ | 18,729 | 21,662 | |||||
On November 8, 2013, the Company announced that it plans to acquire the assets of ExxonMobil’s European commercial fuel card (“Esso Card”) program through a majority owned subsidiary, WEX Europe Services Limited. The Company formed this entity during 2013 and has 75 percent ownership. | ||||||||
A reconciliation of noncontrolling interest for the years ended December 31, 2013 is as follows: | ||||||||
2013 | ||||||||
Balance, beginning of period | $ | — | ||||||
Noncontrolling interest investment | 1,032 | |||||||
Net loss attributable to noncontrolling interest | (509 | ) | ||||||
Currency translation adjustment | (4 | ) | ||||||
Ending balance | $ | 519 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Litigation | ||||
The Company is involved in pending litigation in the ordinary course of business. In the opinion of management, such litigation will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. | ||||
Extension of Credit to Customers | ||||
The Company had aggregate commitments of approximately $5,650,000 at December 31, 2013, and $4,665,000 at December 31, 2012, related to payment processing services, primarily related to commitments to extend credit to customers and customers of strategic relationships as part of the Company’s established lending product agreements. Many of these commitments are not expected to be used; therefore, total unused credit available to customers and customers of strategic relationships does not represent future cash requirements. The Company can increase or decrease its customers’ credit lines at its discretion at any time. These amounts are not recorded on the consolidated balance sheet. | ||||
Operating Leases | ||||
The Company leases office space, equipment, and vehicles under non-cancelable operating leases that expire at various dates through 2019. In addition, the Company rents office equipment under agreements that may be canceled at any time. Rental expense related to office space, equipment, and vehicle leases amounted to $7,257 for the year ended December 31, 2013, $5,601 for the year ended December 31, 2012 and $4,794 for the year ended December 31, 2011. These amounts were included in occupancy and equipment on the consolidated statements of income. The Company leases information technology hardware and software under agreements that may be terminated by the Company at any time. Lease expense related to information technology hardware and software leases totaled $8,249 for the year ended December 31, 2013, $6,959 for the year ended December 31, 2012, and $5,342 for the year ended December 31, 2011. These amounts were included in technology leasing and support on the consolidated statements of income. | ||||
Future minimum lease payments under non-cancelable operating leases are as follows: | ||||
Payment | ||||
2014 | $ | 7,567 | ||
2015 | 6,546 | |||
2016 | 4,170 | |||
2017 | 3,351 | |||
2018 | 2,952 | |||
2019 and thereafter | 550 | |||
Total | $ | 25,136 | ||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||
A reconciliation of accumulated other comprehensive income for the twelve month periods ended December 31, 2013 and 2012, is as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Unrealized | Foreign | Unrealized | Interest Rate Swap | 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 | $ | (60 | ) | $ | 30,448 | |||||||||
Other comprehensive (loss) income | (630 | ) | (52,244 | ) | (3 | ) | 60 | 6,734 | ||||||||||||
Ending balance | $ | (433 | ) | $ | (15,062 | ) | $ | 197 | $ | — | $ | 37,182 | ||||||||
No significant amounts were reclassified from accumulated other comprehensive income in the periods presented. | ||||||||||||||||||||
The change in foreign currency items is primarily due to the foreign currency translation of non-cash assets such as goodwill and other intangible assets related to the Company's foreign subsidiaries. | ||||||||||||||||||||
The total tax effect on accumulated unrealized loss as of December 31, 2013 was $173 and the total tax effect on accumulated unrealized gain was $874 as of December 31, 2012. |
Cash_and_Dividend_Restrictions
Cash and Dividend Restrictions | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | ' |
Cash and Dividend Restrictions | ' |
Cash and Dividend Restrictions | |
Cash | |
WEX Bank is required to maintain reserves against certain customer deposits by keeping cash on hand or balances with the Federal Reserve Bank. The required amount of those reserves at December 31, 2013 and 2012 was $28,384 and $26,246, respectively. | |
Dividends | |
The Company has certain restrictions on the dividends it may pay under its revolving credit agreement. If the Company’s leverage ratio is higher than 1.75, after execution of a restricted payment, the Company may pay no more than $25,000 per annum for restricted payments, including dividends. The Company has not declared any dividends on its common stock since it commenced trading on the NYSE on February 16, 2005. | |
Dividends paid by WEX Bank have provided a substantial part of the Company’s operating funds and for the foreseeable future it is anticipated that dividends paid by WEX Bank will continue to be a source of operating funds to the Company. Capital adequacy requirements serve to limit the amount of dividends that may be paid by WEX Bank. WEX Bank is chartered under the laws of the State of Utah and the FDIC insures its deposits. Under Utah law, WEX Bank may only pay a dividend out of net profits after it has (i) provided for all expenses, losses, interest and taxes accrued or due from WEX Bank and (ii) transferred to a surplus fund 10 percent of its net profits before dividends for the period covered by the dividend, until the surplus reaches 100 percent of its capital stock. For purposes of these Utah dividend limitations, WEX Bank’s capital stock is $5,250 and its capital surplus exceeds 100 percent of capital stock. | |
Under FDIC regulations, WEX Bank may not pay any dividend if, following the payment of the dividend, WEX Bank would be “undercapitalized,” as defined under the Federal Deposit Insurance Act and applicable regulations. The FDIC also has the authority to prohibit WEX Bank from engaging in business practices that the FDIC considers to be unsafe or unsound, which, depending on the financial condition of WEX Bank, could include the payment of dividends. | |
WEX Bank complied with the aforementioned dividend restrictions for the years ended December 31, 2013, 2012, and 2011. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
In May of 2010, the Company adopted the WEX Inc. 2010 Equity Incentive Plan (the “Plan”). This Plan replaced the Company’s 2005 Equity and Incentive Plan. The Plan, which is stockholder-approved, permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based or cash-based awards to non-employee directors, officers, employees, advisors or consultants for up to 3,800 shares of common stock. The Company believes that such awards increase efforts on behalf of the Company and promote the success of the Company’s business. On December 31, 2013, the Company had four stock-based compensation programs, which are described below. The compensation cost that has been charged against income for these programs totals $9,429 for 2013, $11,016 for 2012, and $9,367 for 2011. | |||||||||||||
Restricted Stock Units | |||||||||||||
The Company awards restricted stock units (“RSU”) to non-employee directors and certain employees periodically under the Plan. An RSU is a right granted to receive stock at the end of a specified period. RSU awards generally vest evenly over a period of three or four years. The awards provide for accelerated vesting if there is a change of control (as defined in the Plan). The fair value of each RSU award is based on the closing market price of the Company’s stock on the day of grant as reported by the New York Stock Exchange (“NYSE”). | |||||||||||||
A summary of the status of the Company’s RSUs as of December 31, 2013, and changes during the year then ended is presented below: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant- | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Restricted Stock Units | |||||||||||||
Balance at January 1, 2013 | 185 | $ | 51.08 | ||||||||||
Granted | 111 | $ | 88.01 | ||||||||||
Vested – shares issued | (73 | ) | $ | 71.81 | |||||||||
Vested – shares deferred (a) | (3 | ) | $ | 43.48 | |||||||||
Forfeited | (8 | ) | $ | 60.8 | |||||||||
Withheld for taxes (b) | (35 | ) | $ | 49.63 | |||||||||
Balance at December 31, 2013 | 177 | $ | 67.28 | ||||||||||
(a) | The Company issued fully vested and non-forfeitable restricted stock units to certain non-employee directors and certain employees that are payable in shares of the Company’s common stock at a later date as specified by the award (deferred stock units or “DSUs”). | ||||||||||||
(b) | The Company has elected to pay cash equal to the minimum amount required to be withheld for income tax purposes instead of issuing the shares of common stock. The cash is remitted to the appropriate taxing authority. | ||||||||||||
As of December 31, 2013, there was $5,652 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted as RSUs. That cost is expected to be recognized over a weighted-average period of 1.1 years. The total grant-date fair value of shares granted was $9,757 during 2013, $7,830 during 2012, and $4,107 during 2011. The total fair value of shares vested (issued) was $5,259 during 2013, $6,347 during 2012, and $5,435 during 2011. | |||||||||||||
Deferred Stock Units | |||||||||||||
Under the Plan, the Company also grants deferred stock units (“DSU”) to non-employee directors. A DSU is a fully vested right to receive stock at a certain point in time in the future. DSUs do not require any future service or performance obligations to be met. DSUs may be granted immediately or may initially be granted as RSUs which become DSUs once a previously determined service obligation has been met. The fair value of each granted DSU award is based on the closing market price of the Company’s stock on the grant date as reported by the NYSE. | |||||||||||||
A summary of the status of the Company’s DSUs as of December 31, 2013, and changes during the year is presented below: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Deferred Stock Units | |||||||||||||
Balance at January 1, 2013 | 89 | $ | 25.16 | ||||||||||
Awards | 1 | $ | 80.91 | ||||||||||
Converted from RSUs | 3 | $ | 43.48 | ||||||||||
Balance at December 31, 2013 | 93 | $ | 26.35 | ||||||||||
There is no unrecognized compensation cost related to awards granted as, or converted to, DSUs. The Company has determined that the award was earned when granted and it is expensed at that time. The total fair value of shares granted and vested was $137 during 2013, $150 during 2012, and $173 during 2011. | |||||||||||||
Performance Based Restricted Stock Units | |||||||||||||
The Company also awards performance based restricted stock units (“PBRSUs”) to employees periodically under the Plan. A PBRSU is a right granted to receive stock at the end of a specified period. In a PBRSU, the number of shares earned varies based upon meeting certain performance goals, including revenue and earnings in excess of targets. PBRSU awards generally have performance goals tracking a one to four year period, depending on the nature of the performance goal. The fair value of each PBRSU award is based on the closing market price of the Company’s stock on the grant date as reported by the NYSE. | |||||||||||||
A summary of the status of certain of the Company’s PBRSUs at threshold and target performance as of December 31, 2013, and changes during the year then ended is presented below: | |||||||||||||
Units at | Units at | Units at | Weighted- | ||||||||||
Threshold | Target | Maximum | Average | ||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Performance Based Restricted Stock Units | |||||||||||||
Balance at January 1, 2013 | 106 | 211 | 422 | $ | 41.39 | ||||||||
Granted | 17 | 69 | 135 | $ | 77.95 | ||||||||
Forfeited | (1 | ) | (2 | ) | (4 | ) | $ | 78.24 | |||||
Canceled / Converted to RSUs | (106 | ) | (211 | ) | (422 | ) | $ | 40.14 | |||||
Balance at December 31, 2013 | 16 | 67 | 131 | $ | 77.94 | ||||||||
The range of unrecognized compensation cost related to the PBRSU awards is from $635 at threshold (25 percent below targeted performance), $2,601 at target (100 percent of targeted performance) and up to $5,082 at maximum (200 percent of targeted performance), as of December 31, 2013, depending on whether certain performance conditions are met. That cost is expected to be recognized over a weighted-average period of 1.4 years The total grant-date fair value of shares granted at target was $5,356 during 2013, $4,308 during 2012, and $4,157 during 2011. The total grant-date fair value of shares converted to RSUs and subsequently vested was $9,075 during 2013, $1,382 during 2012, and $327 during 2011. | |||||||||||||
Stock Options | |||||||||||||
The fair value of each option award is estimated on the grant date using a Black-Scholes-Merton option-pricing model that uses the assumptions noted in the following table. The expected term of the options represents the period of time that options granted are expected to be outstanding. Expected volatilities are based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock, and other factors. The risk-free interest rate for the period matching the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is the calculated yield on the Company’s stock at the time of the grant. | |||||||||||||
The stock options granted under the plan related to the Company’s employees consisted of: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term (in | |||||||||||||
years) | |||||||||||||
Stock Options | |||||||||||||
Outstanding at January 1, 2013 | 119 | $ | 19.65 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (70 | ) | $ | 23.83 | |||||||||
Forfeited or expired | — | — | |||||||||||
Outstanding at December 31, 2013 | 49 | $ | 13.59 | 3.17 | $ | 4,159 | |||||||
Exercisable on December 31, 2013 | 49 | $ | 13.59 | 3.17 | $ | 4,159 | |||||||
Vested and expected to vest at December 31, 2013 | 49 | $ | 13.59 | 3.17 | $ | 4,159 | |||||||
The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $3,632, $10,555 and $7,829, respectively. No options have been granted since March of 2010. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
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 because 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 related to the 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 these 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 our corporate purchase cards and 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. Revenue from one customer represents approximately 11 percent of the Company’s total 2013 revenue. Revenue from this customer is included in Other Payment Solutions revenue. | ||||||||||||||||||||
The accounting policies of the reportable segments are generally the same as those described in the summary of significant accounting policies. | ||||||||||||||||||||
Financing interest expense and net realized and unrealized losses on derivative instruments are not allocated to the Other 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 for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
Total | Operating | Depreciation | Provision for | Adjusted Net | ||||||||||||||||
Revenues | Interest | and | Income | Income | ||||||||||||||||
Expense | Amortization | Taxes | ||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Fleet Payment Solutions | $ | 527,424 | $ | 1,802 | $ | 23,351 | $ | 78,567 | $ | 129,825 | ||||||||||
Other Payment Solutions | 190,039 | 2,485 | 1,710 | 24,587 | 44,042 | |||||||||||||||
Total | $ | 717,463 | $ | 4,287 | $ | 25,061 | $ | 103,154 | $ | 173,867 | ||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Fleet Payment Solutions | $ | 470,591 | $ | 3,377 | $ | 23,721 | $ | 75,404 | $ | 128,259 | ||||||||||
Other Payment Solutions | 152,560 | 1,613 | 1,663 | 17,752 | 30,265 | |||||||||||||||
Total | $ | 623,151 | $ | 4,990 | $ | 25,384 | $ | 93,156 | $ | 158,524 | ||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||
Fleet Payment Solutions | $ | 436,704 | $ | 4,488 | $ | 21,331 | $ | 62,913 | $ | 112,668 | ||||||||||
Other Payment Solutions | 116,372 | 965 | 1,626 | 16,155 | 29,124 | |||||||||||||||
Total | $ | 553,076 | $ | 5,453 | $ | 22,957 | $ | 79,068 | $ | 141,792 | ||||||||||
The following table reconciles adjusted net income to net income: | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Total adjusted net income attributable to WEX Inc. | $ | 173,867 | $ | 158,524 | $ | 141,792 | ||||||||||||||
Unrealized losses on derivative instruments | (5,628 | ) | (1,724 | ) | 10,872 | |||||||||||||||
Amortization of acquired intangible assets | (33,147 | ) | (23,468 | ) | (22,412 | ) | ||||||||||||||
Goodwill impairment | — | (17,508 | ) | — | ||||||||||||||||
Deferred loan costs associated with the extinguishment of debt | (1,004 | ) | — | — | ||||||||||||||||
Change in tax refund due to former shareholders of RD Card Holdings Australia | — | 9,750 | — | |||||||||||||||||
Non-cash adjustments related to tax receivable agreement | (33 | ) | (2,089 | ) | (715 | ) | ||||||||||||||
Other adjustments related to Fleet One acquisition | 658 | (10,550 | ) | — | ||||||||||||||||
ANI adjustments attributable to noncontrolling interest | 1,443 | 305 | — | |||||||||||||||||
Tax impact | 13,052 | (16,318 | ) | 4,085 | ||||||||||||||||
Net earnings attributable to WEX Inc. | $ | 149,208 | $ | 96,922 | $ | 133,622 | ||||||||||||||
The tax impact of the foregoing adjustments is the difference between the Company’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 GAAP tax provision. | ||||||||||||||||||||
Geographic Data | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Total revenues: | ||||||||||||||||||||
United States | $ | 627,282 | $ | 541,404 | $ | 482,536 | ||||||||||||||
Australia | 61,645 | 68,932 | 67,360 | |||||||||||||||||
Other international | 28,536 | 12,815 | 3,180 | |||||||||||||||||
Total revenues | $ | 717,463 | $ | 623,151 | $ | 553,076 | ||||||||||||||
Goodwill: | ||||||||||||||||||||
United States | $ | 589,319 | $ | 589,319 | $ | 325,647 | ||||||||||||||
Australia | 180,274 | 210,746 | 222,545 | |||||||||||||||||
Other international | 48,809 | 47,921 | 1,312 | |||||||||||||||||
Total goodwill | $ | 818,402 | $ | 847,986 | $ | 549,504 | ||||||||||||||
Other intangible assets, net | ||||||||||||||||||||
United States | $ | 118,808 | $ | 135,386 | $ | 29,204 | ||||||||||||||
Australia | 43,385 | 62,757 | 76,019 | |||||||||||||||||
Other international | 46,804 | 43,807 | 4,433 | |||||||||||||||||
Total other intangibles assets, net | $ | 208,997 | $ | 241,950 | $ | 109,656 | ||||||||||||||
Property, equipment and capitalized software | ||||||||||||||||||||
United States | $ | 59,817 | $ | 47,915 | $ | 51,172 | ||||||||||||||
Australia | 5,988 | 7,383 | 6,419 | |||||||||||||||||
International | 6,472 | 4,799 | 4,487 | |||||||||||||||||
Total property, equipment and capitalized software | $ | 72,277 | $ | 60,097 | $ | 62,078 | ||||||||||||||
The Company adjusted the table above for the years ended December 31, 2011 and 2012, to present property, equipment and capitalized software. | ||||||||||||||||||||
No single county, other than the United States and Australia, made up more than 3 percent of total revenues for any of the years presented. |
Quarterly_Financial_Results_Un
Quarterly Financial Results (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Results (Unaudited) | ' | |||||||||||||||
Quarterly Financial Results (Unaudited) | ||||||||||||||||
Summarized quarterly results for the years ended December 31, 2013 and 2012, are as follows: | ||||||||||||||||
Three months ended | ||||||||||||||||
March 31 | 30-Jun | September 30 | December 31 | |||||||||||||
2013 | ||||||||||||||||
Total revenues | $ | 165,370 | $ | 178,285 | $ | 191,525 | $ | 182,283 | ||||||||
Operating income | $ | 60,530 | $ | 67,081 | $ | 77,893 | $ | 71,235 | ||||||||
Net earnings attributable to WEX Inc. | $ | 28,689 | $ | 42,213 | $ | 43,838 | $ | 34,468 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.74 | $ | 1.08 | $ | 1.12 | $ | 0.88 | ||||||||
Diluted | $ | 0.73 | $ | 1.08 | $ | 1.12 | $ | 0.88 | ||||||||
2012 | ||||||||||||||||
Total revenues | $ | 140,122 | $ | 153,064 | $ | 160,967 | $ | 168,998 | ||||||||
Operating income | $ | 57,963 | $ | 62,880 | $ | 51,277 | $ | 49,499 | ||||||||
Net earnings attributable to WEX Inc. | $ | 23,236 | $ | 30,335 | $ | 14,298 | $ | 29,053 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.6 | $ | 0.78 | $ | 0.37 | $ | 0.75 | ||||||||
Diluted | $ | 0.59 | $ | 0.78 | $ | 0.37 | $ | 0.74 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Business Description | ' | |||||||||||
Business Description | ||||||||||||
WEX Inc. (“Company”) is a provider of corporate card payment solutions. The Company provides products and services that meet the needs of businesses in various geographic regions including North and South America, Asia Pacific and Europe. The Company’s Fleet Payment Solutions and Other Payment Solutions segments provide its customers with security and control for complex payments across a wide spectrum of business sectors. The Company markets its products and services directly, as well as through strategic relationships which include major oil companies, fuel retailers and vehicle maintenance providers. | ||||||||||||
Basis of Presentation | ' | |||||||||||
Basis of Presentation | ||||||||||||
The accompanying consolidated financial statements of WEX Inc. for the years ended December 31, 2013, 2012 and 2011, include the accounts of WEX Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
The Company adjusted the consolidated balance sheet amounts as of December 31, 2012, to account for the measurement period adjustments related to the CorporatePay, UNIK and Fleet One purchase price allocations discussed in Note 3, Business Acquisitions, and Other Intangible Asset Acquisitions below. The Company adjusted the statement of stockholders' equity amounts as of December 31, 2010, and for the years ended December 31, 2011 and 2012, to present treasury shares purchased and deferred stock units vested. The Company adjusted the statements of cash flow for the years ended December 31, 2011 and 2012, to combine acquisitions and investments into one single line item presentation. | ||||||||||||
The presentation of the Company’s consolidated balance sheet as of 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. | ||||||||||||
Use of Estimates and Assumptions | ' | |||||||||||
Use of Estimates and Assumptions | ||||||||||||
The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates and those differences may be material. | ||||||||||||
Cash and Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents | ||||||||||||
Highly liquid investments with remaining maturities at the time of purchase of three months or less (that are readily convertible to cash) are considered to be cash equivalents and are stated at cost, which approximates market value. Cash equivalents include federal funds sold, which are unsecured short-term investments entered into with financial institutions. | ||||||||||||
Accounts Receivable and Reserve for Credit Losses | ' | |||||||||||
Accounts Receivable and Reserve for Credit Losses | ||||||||||||
Accounts receivable balances are stated at net realizable value. The balance includes a reserve for credit losses which reflects management’s estimate of uncollectable balances resulting from credit and fraud losses. Management has consistently considered its portfolio of charge card receivables as a large group of smaller balance accounts that it has collectively evaluated for impairment. The reserve for credit losses is established based on the determination of the amount of expected credit losses inherent in the accounts receivable as of the reporting date. Management reviews delinquency reports, historical collection rates, economic trends, geography and other information in order to make judgments as to probable credit losses. Management also uses historical charge off experience to determine the amount of losses inherent in accounts receivable at the reporting date. Assumptions regarding probable credit losses are reviewed periodically and may be impacted by actual performance of accounts receivable and changes in any of the factors discussed above. | ||||||||||||
Available-for-sale Securities | ' | |||||||||||
Available-for-sale Securities | ||||||||||||
The Company records certain investments as available-for-sale securities. Available-for-sale securities are carried at fair value, with unrealized gains and losses, net of tax, reported on the consolidated balance sheet in accumulated other comprehensive income (loss). Realized gains and losses and declines in fair value determined to be other-than-temporary on available-for-sale securities are included in non-operating revenues and expenses. The cost basis of securities is based on the specific identification method. Interest and dividends earned on securities classified as available-for-sale are included in other revenues. Available-for-sale securities held by the Company were purchased and are held by WEX Bank in order to meet the requirements of the Community Reinvestment Act. | ||||||||||||
Derivatives | ' | |||||||||||
Derivatives | ||||||||||||
The Company uses derivative instruments as part of its overall strategy to manage its exposure to fluctuations in fuel prices and to reduce the impact of interest rate volatility. All derivatives are recorded at fair value on the consolidated balance sheet. | ||||||||||||
The Company’s fuel price derivative instruments do not qualify for hedge accounting treatment; therefore, gains or losses related to fuel price derivative instruments, both realized and unrealized, are recognized in earnings. These instruments are presented on the consolidated balance sheet as fuel price derivatives, at fair value. For the purposes of cash flow presentation, realized gains or losses are included in operating cash flows, as they are intended to hedge operating cash flows. | ||||||||||||
In prior years, the Company used interest rate derivatives designated as cash flow hedges and, accordingly, the change in fair value associated with the effective portion of these derivative instruments that qualified for hedge accounting treatment was recorded as a component of other comprehensive income (loss) and the ineffective portion, if any, was reported in earnings. Amounts included in other comprehensive income (loss) were reclassified into earnings in the same period during which the hedged item affected earnings. These instruments were presented as either other assets or accrued expenses on the consolidated balance sheet. | ||||||||||||
The Company assessed the hedge effectiveness of the interest rate swaps in accordance with the requirements outlined in the accounting standards. For these hedges, management documented, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. For those hedging relationships in which the critical terms of the entire debt instrument and the derivative were identical, and the creditworthiness of the counterparty to the hedging instrument remained sound, there was no hedge ineffectiveness as long as those conditions continue to be met. As of December 31, 2013, the Company does not have any interest rate swaps outstanding. | ||||||||||||
Property and Equipment | ' | |||||||||||
Property and Equipment | ||||||||||||
Property and equipment are stated at cost less accumulated depreciation. Replacements, renewals and improvements are capitalized and costs for repair and maintenance are expensed as incurred. Depreciation is primarily computed using the straight-line method over the estimated useful lives shown below. Leasehold improvements are primarily depreciated using the straight-line method over the lesser of the useful life of the asset or over the remaining lease term. | ||||||||||||
Below is the estimated useful lives for assets placed in service during 2013 and beyond: | ||||||||||||
Estimated Useful Lives | ||||||||||||
Furniture, fixtures and equipment | 3 to 5 years | |||||||||||
Computer software | 18 months to 7 years | |||||||||||
Leasehold improvements | up to 5 years | |||||||||||
Capitalized Software | ' | |||||||||||
Capitalized Software | ||||||||||||
The Company develops software that is used in providing processing and information management services to customers. A significant portion of the Company’s capital expenditures is devoted to the development of such internal-use computer software. Software development costs are capitalized beginning when technological feasibility of the software has been established. Costs incurred prior to establishing technological feasibility are expensed as incurred. Technological feasibility is established when the Company has completed all planning, designing, coding and testing activities that are necessary to determine that the software can be produced to meet its design specifications, including functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software. | ||||||||||||
Below are the amounts of internal-use software capitalized and amortized: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Amounts capitalized for internal-use computer software | $ | 18,360 | $ | 17,341 | $ | 17,463 | ||||||
Amounts expensed for amortization of internal-use computer software | 18,830 | 20,694 | 18,690 | |||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||
Goodwill and Other Intangible Assets | ||||||||||||
The Company classifies intangible assets in the following three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. The Company tests intangible assets with definite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include a reduction in operating cash flow or a dramatic change in the manner in which the asset is intended to be used. The Company would record an impairment charge when the carrying value of the definite-lived intangible asset is not recoverable from the undiscounted cash flows generated from the use of the asset. | ||||||||||||
Intangible assets with indefinite lives and goodwill are not amortized. The Company tests these intangible assets and goodwill for impairment at least annually or more frequently if facts or circumstances indicate that such intangible assets or goodwill might be impaired. All goodwill and intangible assets are assigned to reporting units, which are one level below the Company’s operating segments. The Company performs impairment tests at the reporting unit level. Such impairment tests include comparing the fair value of the respective reporting unit with its carrying value, including goodwill. The Company uses a variety of methodologies to estimate fair value, but primarily relies on discounted cash flow analyses. Such analyses are corroborated using market analytics. Certain assumptions are used in determining the fair value, including assumptions about future cash flows and terminal values. When appropriate, the Company considers the assumptions that it believes hypothetical marketplace participants would use in estimating future cash flows. In addition, an appropriate discount rate is used, based on the Company’s cost of capital or reporting unit-specific economic factors. When the fair value is less than the carrying value of the intangible assets or the reporting unit, the Company records an impairment charge to reduce the carrying value of the assets to fair value. Impairment charges are recorded in depreciation, amortization and impairment expense on the consolidated statements of income. The Company's annual goodwill and intangible asset impairment tests performed as of October 1, 2013 did not identify any impairment. The Company’s annual goodwill and intangible assets impairment tests, performed as of October 1, 2012, identified an impairment of $1,337 of goodwill associated with the acquisition of Financial Automation Limited, acquired in August of 2008. On September 30, 2012, the Company impaired $16,171 of goodwill associated with Wright Express Australia Prepaid. | ||||||||||||
The Company determines the useful lives of its identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. The factors that management considers when determining useful lives include the contractual term of agreements, the history of the asset, the Company’s long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized over their useful lives, which is the period of time that the asset is expected to contribute directly or indirectly to future cash flows. An evaluation of the remaining useful lives of the definite-lived intangible assets is performed periodically to determine if any change is warranted. | ||||||||||||
Impairment of Long-lived Assets | ' | |||||||||||
Impairment and Disposals of Long-lived Assets | ||||||||||||
Long-lived assets are tested for impairment whenever facts or circumstances, such as a reduction in operating cash flow or a dramatic change in the manner the asset is intended to be used, indicate the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows associated with these assets or operations to their carrying value to determine if a write-down to fair value (normally measured by the expected present value technique) is required. The Company recognized an expense of $8,903 during the year ended December 31, 2012. This expense is a consequence of the Company’s decision to utilize the software acquired with the acquisition of Fleet One, during the fourth quarter of 2012, as the processing platform for its over-the-road product. The Company also recognized approximately $600 in impairments and disposals of various other long-lived assets during the year ended December 31, 2012, some of which were related to the Fleet One acquisition. The Company did not recognize any significant impairment expense on the Company’s long-lived assets during the years ended December 31, 2013 and 2011. Write-offs due to the acquisition of Fleet One were recorded in depreciation, amortization and impairments in the consolidated statements of income. Disposals over the ordinary course of business are recorded in occupancy and equipment in the consolidated statements of income. | ||||||||||||
Other Assets | ' | |||||||||||
Other Assets | ||||||||||||
The Company has an investment in the stock of the Federal Home Loan Bank totaling $1,479 for the year ended December 31, 2013, $1,534 for the year ended December 31, 2012 and $1,562 for the year ended December 31, 2011. The investment is carried at cost and not considered a readily marketable security. This investment is included in other assets on the consolidated balance sheets. As of December 31, 2013, the Company has concluded that the investment is not impaired. | ||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||
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 consolidated balance sheet. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition | ||||||||||||
The majority of the Company’s revenues are comprised of transaction-based fees, which generally are calculated based on measures such as (i) percentage of dollar value of volume processed; (ii) number of transactions processed; or (iii) some combination thereof. The Company has entered into agreements with major oil companies, fuel retailers and vehicle maintenance providers which provide products and/or services to the Company’s customers. These agreements specify that a transaction is deemed to be captured when the Company has validated that the transaction has no errors and has accepted and posted the data to the Company’s records. The Company recognizes revenues when persuasive evidence of an arrangement exists, the products and services have been provided to the client, the sales price is fixed or determinable and collectability is reasonably assured. | ||||||||||||
A description of the major components of revenue is as follows: | ||||||||||||
Payment Processing Revenue. Revenue consists of transaction fees assessed to major oil companies, fuel retailers and vehicle maintenance providers. In a payment processing transaction, we extend short-term credit to the fleet customer and pay the purchase price for the fleet customer’s transaction, less the payment processing fees we retain, to the merchant. We collect the total purchase price from the fleet customer. The fee charged is generally based upon a percentage of the total transaction amount; however, it may also be based on a fixed amount charged per transaction or on a combination of both measures. The Company records revenue at the time the transaction is captured. | ||||||||||||
Interchange income is earned by the Company’s corporate purchase card and payroll card products and is included in payment processing revenue. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card providers. The Company recognizes interchange income as earned. | ||||||||||||
With regard to payment processing revenue, the Company is generally responsible for the collection of the total transaction amount and the payment to the merchant of their sales amount, net of the payment processing revenue earned by the Company, and as such, recognizes revenue net of the wholesale cost of the underlying products and services. As a consequence, the Company’s accounts receivable and accounts payable related to its payment processing revenues are reflective of the total transaction amount processed by the Company, not the Company’s revenue. | ||||||||||||
Transaction Processing Revenue. The Company earns transaction fees, which are principally based on the number of transactions processed; however, the fees may be a percentage of the total transaction amount. These fees are recognized at the time the transaction is captured. | ||||||||||||
Account Servicing Revenue. Revenue is primarily comprised of monthly fees based on vehicles serviced. These fees are primarily in return for providing monthly vehicle data reports. Account servicing revenue is recognized monthly, as the Company fulfills its contractual service obligations. The Company also recognizes service fees related to rapid! PayCard services for card fees charged to the cardholder. | ||||||||||||
Finance Fees. The Company earns revenue by assessing monthly finance fees on accounts with overdue balances. These fees are recognized as revenue at the time the fees are assessed. The finance fee is calculated using a stated late fee rate based on the entire balance outstanding from the customer. On occasion, these fees are waived. The Company’s established reserve for such waived amounts is estimated and offset against the late fee revenue recognized. These waived fees amounted to $4,557 in 2013 and $3,905 in 2012. The Company’s subsidiary, Fleet One, engages in factoring, the purchase of accounts receivable from a third party at a discount. Revenue earned in this transaction is recorded in finance fees. We also recognize fees for interest associated with the Company’s fuel desk product and interest earned on the Company’s foreign paycard product. | ||||||||||||
Other. The Company assesses fees for providing ancillary services, such as information products and services, professional services and marketing services. Other revenues also include cross-border fees, fees for overnight shipping, certain customized electronic reporting and customer contact services provided on behalf of certain of the Company’s customers. Service related revenues are recognized in the period that the work is performed. | ||||||||||||
Interest and dividends earned on investments in available-for-sale securities are included in other revenues. Such income is recognized in the period that it is earned. | ||||||||||||
The Company sells telematics devices as part of its WEX Telematics program. In addition, the Company sells assorted equipment to its Pacific Pride franchisees. The Company recognizes revenue from these sales when the customer has accepted delivery of the product and collectability of the sales amount is reasonably assured. | ||||||||||||
The Company enters into contracts with certain large customers or strategic relationships that provide for fee rebates tied to performance milestones. Rebates are recorded as a reduction in revenue in the same period that revenue is earned or performance occurs. Rebates and incentives are calculated based on estimated performance and the terms of the related business agreements. | ||||||||||||
Stock-Based Compensation | ' | |||||||||||
Stock-Based Compensation | ||||||||||||
The Company recognizes the fair value of all stock-based payments to employees in its financial statements. The Company measures stock-based compensation expense at the grant date, based on the estimated fair value of the award and uses the straight-line method of attribution, net of estimated forfeitures, for expensing awards over the employee requisite service period. The Company estimates the fair value of stock option awards using a Black-Scholes-Merton valuation model. The fair value of Restricted Stock Units (RSUs), including Performance Based Restricted Stock Units (PBRSUs), is determined and fixed on the grant date based on the Company's stock price. Stock-based compensation is recorded in salary and other personnel expense. | ||||||||||||
Advertising Costs | ' | |||||||||||
Advertising Costs | ||||||||||||
Advertising and marketing costs are expensed in the period the advertising activity occurs. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The realizability of deferred tax assets must also be assessed. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences became deductible. A valuation allowance must be established for deferred tax assets which are not believed to more likely than not be realized in the future. Deferred taxes are not provided for the undistributed earnings of the Company’s foreign subsidiaries that are considered to be indefinitely reinvested outside of the United States. | ||||||||||||
Current accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This accounting guidance also provides guidance on derecognition, classification, interest and penalties, accounting in the interim periods, disclosure, and transition. Penalties and interest related to uncertain tax positions are recognized as a component of income tax expense. To the extent penalties and interest are not assessed with respect to uncertain tax positions, amounts accrued are reduced and reflected as a reduction of the overall income tax provision. | ||||||||||||
Earnings per Common Share | ' | |||||||||||
Earnings per Common Share | ||||||||||||
When diluted earnings per common share is calculated, weighted-average outstanding shares are adjusted for the dilutive effect of shares issuable upon the assumed conversion of the Company’s common stock equivalents, which consist of outstanding stock options and unvested restricted stock units. Holders of unvested restricted stock units are not entitled to participate in dividends, should they be declared. | ||||||||||||
Income available for common stockholders used to calculate earnings per share is as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net earnings attributable and available for common stockholders –Basic and Diluted | $ | 149,208 | $ | 96,922 | $ | 133,622 | ||||||
Weighted average common shares outstanding used to calculate earnings per share are as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average common shares outstanding – Basic | 38,946 | 38,840 | 38,686 | |||||||||
Unvested restricted stock units | 117 | 138 | 128 | |||||||||
Stock options | 40 | 114 | 184 | |||||||||
Weighted average common shares outstanding – Diluted | 39,103 | 39,092 | 38,998 | |||||||||
Foreign Currency Movement | ' | |||||||||||
Foreign Currency Movement | ||||||||||||
The financial statements of the Company’s foreign subsidiaries, whose functional currencies are other than the U.S. dollar, are translated to U.S. dollars. Assets and liabilities are translated at the year-end spot exchange rate, revenue and expenses at average exchange rates and equity transactions at historical exchange rates. Exchange differences arising on translation are recorded as a component of accumulated other comprehensive income (loss). | ||||||||||||
Realized and unrealized gains and losses on foreign currency transactions are recorded directly in the consolidated statements of income except when such gains or losses result from intercompany transactions where repayment is not anticipated for the foreseeable future. In these situations, the gains or losses are deferred and included as a component of accumulated other comprehensive income (loss). | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Accumulated other comprehensive income (loss) includes unrealized gains and losses on available-for-sale securities, the changes in fair values of derivative instruments designated as hedges of future cash flows related to interest rate variability and foreign currency translation adjustments pertaining to the net investment in foreign operations. Amounts are recognized net of tax to the extent applicable. Realized gains or losses on securities transactions are classified as non-operating in the Consolidated Statements of Income. | ||||||||||||
Recently Adopted Accounting Standards | ' | |||||||||||
Recently Adopted 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 any of these conditions exist, 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 18, Accumulated Other Comprehensive Income. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Estimated Useful Lives | ' | |||||||||||
Below is the estimated useful lives for assets placed in service during 2013 and beyond: | ||||||||||||
Estimated Useful Lives | ||||||||||||
Furniture, fixtures and equipment | 3 to 5 years | |||||||||||
Computer software | 18 months to 7 years | |||||||||||
Leasehold improvements | up to 5 years | |||||||||||
Schedule of Internal-Use Software | ' | |||||||||||
Below are the amounts of internal-use software capitalized and amortized: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Amounts capitalized for internal-use computer software | $ | 18,360 | $ | 17,341 | $ | 17,463 | ||||||
Amounts expensed for amortization of internal-use computer software | 18,830 | 20,694 | 18,690 | |||||||||
Income Available for Common Stockholders Used to Calculate Earnings Per Share | ' | |||||||||||
Income available for common stockholders used to calculate earnings per share is as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net earnings attributable and available for common stockholders –Basic and Diluted | $ | 149,208 | $ | 96,922 | $ | 133,622 | ||||||
Weighted Average Common Shares Outstanding Used to Calculate Earnings Per Share | ' | |||||||||||
Weighted average common shares outstanding used to calculate earnings per share are as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Weighted average common shares outstanding – Basic | 38,946 | 38,840 | 38,686 | |||||||||
Unvested restricted stock units | 117 | 138 | 128 | |||||||||
Stock options | 40 | 114 | 184 | |||||||||
Weighted average common shares outstanding – Diluted | 39,103 | 39,092 | 38,998 | |||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest paid | $ | 23,646 | $ | 13,916 | $ | 15,704 | ||||||
Income taxes paid | $ | 48,869 | $ | 51,768 | $ | 52,930 | ||||||
Business_Acquisitions_and_Othe1
Business Acquisitions and Other Intangible Assets Acquisitions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
CorporatePay | ' | |||||||
Schedule of Business Acquisitions, by Acquisition | ' | |||||||
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 Financial Services | ' | |||||||
Schedule of Business Acquisitions, by Acquisition | ' | |||||||
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 | ' | |||||||
Schedule of Business Acquisitions, by Acquisition | ' | |||||||
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. | |||||||
Pro Forma Operational Results of Company's Condensed Consolidated Statements of Operations | ' | |||||||
The following represents unaudited pro forma operational results as if Fleet One had been included in the Company’s consolidated statements of operations as of the beginning of the fiscal years: | ||||||||
2012 | 2011 | |||||||
Net revenue | $ | 668,548 | $ | 603,904 | ||||
Net income | $ | 91,065 | $ | 123,940 | ||||
Pro forma net income per common share: | ||||||||
Net income per share – basic | $ | 2.34 | $ | 3.2 | ||||
Net income per share – diluted | $ | 2.33 | $ | 3.18 | ||||
Rapid Financial Services LLC | ' | |||||||
Schedule of Business Acquisitions, by Acquisition | ' | |||||||
The following is a summary of the allocation of the purchase price to the acquired assets and liabilities assumed: | ||||||||
Consideration (including estimated $10,000, contingent consideration) | $ | 18,081 | ||||||
Less: | ||||||||
Accounts receivable | 75 | |||||||
Accounts payable | (85 | ) | ||||||
Other tangible assets, net | 105 | |||||||
Customer relationships (a) | 4,600 | |||||||
Trade name (a) | 1,600 | |||||||
Recorded goodwill | $ | 11,786 | ||||||
(a) Weighted average life – 4.7 years |
Reserves_for_Credit_Losses_Tab
Reserves for Credit Losses (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Receivables [Abstract] | ' | |||||||||||
Changes in Reserves for Credit Losses Related to Accounts Receivable | ' | |||||||||||
The following table presents changes in reserves for credit losses related to accounts receivable: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of period | $ | 11,709 | $ | 11,526 | $ | 10,237 | ||||||
Provision for credit losses | 20,200 | 22,539 | 27,527 | |||||||||
Charge-offs | (27,781 | ) | (27,961 | ) | (31,578 | ) | ||||||
Recoveries of amounts previously charged-off | 6,663 | 5,605 | 5,340 | |||||||||
Currency translation | $ | (395 | ) | $ | — | $ | — | |||||
Balance, end of period | $ | 10,396 | $ | 11,709 | $ | 11,526 | ||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Available-For-Sale Securities | ' | |||||||||||||||
The Company’s available-for-sale securities as of December 31, 2013 and 2012, are presented below: | ||||||||||||||||
Cost | Gross | Gross | Fair Value | |||||||||||||
Unrealized | Unrealized | |||||||||||||||
Gains | Losses | |||||||||||||||
2013 | ||||||||||||||||
Mortgage-backed securities | $ | 867 | $ | 16 | $ | 44 | $ | 839 | ||||||||
Asset-backed securities | 1,393 | — | 2 | 1,391 | ||||||||||||
Municipal bonds | 610 | 4 | 95 | 519 | ||||||||||||
Equity securities (a) | 13,777 | — | 563 | 13,214 | ||||||||||||
Total available-for-sale securities | $ | 16,647 | $ | 20 | $ | 704 | $ | 15,963 | ||||||||
2012 | ||||||||||||||||
Mortgage-backed securities | $ | 1,780 | $ | 79 | $ | 20 | $ | 1,839 | ||||||||
Asset-backed securities | 1,652 | 3 | — | 1,655 | ||||||||||||
Municipal bonds | 630 | 13 | 2 | 641 | ||||||||||||
Equity securities (a) | 11,974 | 241 | — | 12,215 | ||||||||||||
Total available-for-sale securities | $ | 16,036 | $ | 336 | $ | 22 | $ | 16,350 | ||||||||
(a) | These securities exclude $4,339 in equity securities designated as trading as of December 31, 2013, and $2,921 as of December 31, 2012, included in other assets on the consolidated balance sheets. See Note 15 for additional information about the securities designated as trading. | |||||||||||||||
Maturity Dates Of Available-For-Sale Securities | ' | |||||||||||||||
The maturity dates of the Company’s available-for-sale securities are as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||
Due within 1 year | $ | — | $ | — | $ | — | $ | — | ||||||||
Due after 1 year through year 5 | 729 | 728 | 348 | 348 | ||||||||||||
Due after 5 years through year 10 | — | — | 543 | 543 | ||||||||||||
Due after 10 years | 1,274 | 1,182 | 1,391 | 1,404 | ||||||||||||
Mortgage-backed securities with original maturities of 30 years | 867 | 839 | 1,780 | 1,839 | ||||||||||||
Equity securities with no maturity dates | 13,777 | 13,214 | 11,974 | 12,216 | ||||||||||||
Total | $ | 16,647 | $ | 15,963 | $ | 16,036 | $ | 16,350 | ||||||||
Property_Equipment_and_Capital1
Property, Equipment and Capitalized Software, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule Of Property, Equipment And Capitalized Software, Net | ' | |||||||
Property, equipment and capitalized software, net consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Furniture, fixtures and equipment | $ | 44,111 | $ | 32,923 | ||||
Computer software | 160,796 | 142,021 | ||||||
Software under development | 7,675 | 5,740 | ||||||
Leasehold improvements | 5,095 | 5,072 | ||||||
Total | 217,677 | 185,756 | ||||||
Less accumulated depreciation and amortization | (145,400 | ) | (125,659 | ) | ||||
Total property, equipment and capitalized software, net | $ | 72,277 | $ | 60,097 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Changes in Goodwill | ' | |||||||||||||||||||||||
The changes in goodwill during the period January 1 to December 31, 2013 were as follows: | ||||||||||||||||||||||||
Fleet Payment | Other | Total (a) | ||||||||||||||||||||||
Solutions | Payment | |||||||||||||||||||||||
Segment (a) | Solutions | |||||||||||||||||||||||
Segment (a) | ||||||||||||||||||||||||
Gross goodwill, beginning of period (a) | $ | 779,654 | $ | 85,840 | $ | 865,494 | ||||||||||||||||||
Impact of foreign currency translation | (30,540 | ) | (3,326 | ) | (33,866 | ) | ||||||||||||||||||
Acquisition of FastCred | 4,282 | — | 4,282 | |||||||||||||||||||||
Gross goodwill, end of period | 753,396 | 82,514 | 835,910 | |||||||||||||||||||||
Accumulated impairment, end of period | (1,337 | ) | (16,171 | ) | (17,508 | ) | ||||||||||||||||||
Net goodwill, end of period | $ | 752,059 | $ | 66,343 | $ | 818,402 | ||||||||||||||||||
(a) | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. | |||||||||||||||||||||||
The changes in goodwill during the period January 1 to December 31, 2012 were as follows: | ||||||||||||||||||||||||
Fleet Payment | Other | Total (a) | ||||||||||||||||||||||
Solutions | Payment | |||||||||||||||||||||||
Segment (a) | Solutions | |||||||||||||||||||||||
Segment (a) | ||||||||||||||||||||||||
Gross goodwill, beginning of period | $ | 512,184 | $ | 37,920 | $ | 550,104 | ||||||||||||||||||
Impact of foreign currency translation | 4,399 | (22 | ) | 4,377 | ||||||||||||||||||||
Acquisition of UNIK (a) | — | 28,375 | 28,375 | |||||||||||||||||||||
Acquisition of CorporatePay (a) | — | 19,567 | 19,567 | |||||||||||||||||||||
Acquisition of Fleet One (a) | 263,071 | — | 263,071 | |||||||||||||||||||||
Gross goodwill, end of period (a) | $ | 779,654 | $ | 85,840 | $ | 865,494 | ||||||||||||||||||
Accumulated impairment, beginning of period | — | — | — | |||||||||||||||||||||
Impairment charge during period | (1,337 | ) | (16,171 | ) | (17,508 | ) | ||||||||||||||||||
Accumulated impairment, end of period | (1,337 | ) | (16,171 | ) | (17,508 | ) | ||||||||||||||||||
Net goodwill, end of period | $ | 778,317 | $ | 69,669 | $ | 847,986 | ||||||||||||||||||
(a) The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. | ||||||||||||||||||||||||
Changes in Other Intangible Assets | ' | |||||||||||||||||||||||
The changes in intangible assets during the period January 1 to December 31, 2013, were as follows: | ||||||||||||||||||||||||
Net Carrying | Acquisition | Transfer from indefinite-lived intangible assets to definite-lived intangible assets | Amortization | Impacts of | Net Carrying | |||||||||||||||||||
Amount, | Foreign | Amount, | ||||||||||||||||||||||
Beginning of | Currency | End of | ||||||||||||||||||||||
Period (a) | Translation | Period | ||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software (a) | $ | 71,343 | — | — | (8,417 | ) | (2,162 | ) | 60,764 | |||||||||||||||
Customer relationships (a) | 150,290 | 12,594 | — | (23,552 | ) | (8,850 | ) | 130,482 | ||||||||||||||||
Patent | 2,365 | — | — | (465 | ) | (228 | ) | 1,672 | ||||||||||||||||
Trade name (a) | 7,407 | — | 2,421 | (713 | ) | (280 | ) | 8,835 | ||||||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks, trade names and brand names | 10,545 | — | (2,421 | ) | — | (880 | ) | 7,244 | ||||||||||||||||
Total | $ | 241,950 | $ | 12,594 | $ | — | (33,147 | ) | (12,400 | ) | 208,997 | |||||||||||||
(a) The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. | ||||||||||||||||||||||||
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 that a 10 year life would be appropriate in conjunction with the re-branding strategy initiated during the third quarter of this year. | ||||||||||||||||||||||||
The changes in intangible assets during the period January 1 to December 31, 2012, were as follows: | ||||||||||||||||||||||||
Net Carrying | Acquisition (a) | Amortization | Impacts of | Net Carrying | ||||||||||||||||||||
Amount, | Foreign | Amount, End | ||||||||||||||||||||||
Beginning of | Currency | of Period | ||||||||||||||||||||||
Period | Translation | |||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software (a) | $ | 19,034 | 57,426 | $ | (4,745 | ) | $ | (372 | ) | $ | 71,343 | |||||||||||||
Customer relationships (a) | 75,827 | 90,785 | (18,023 | ) | 1,701 | 150,290 | ||||||||||||||||||
Patent | 2,766 | — | (349 | ) | (52 | ) | 2,365 | |||||||||||||||||
Trade name (a) | 1,000 | 6,725 | (351 | ) | 33 | 7,407 | ||||||||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks, trade names and brand names | 10,429 | — | — | 116 | 10,545 | |||||||||||||||||||
Total | $ | 109,056 | $ | 154,936 | $ | (23,468 | ) | $ | 1,426 | $ | 241,950 | |||||||||||||
(a) The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||||||||||||||||||||||
The following table presents the estimated amortization expense related to the definite-lived intangible assets listed above for each of the next five fiscal years: | ||||||||||||||||||||||||
Estimated Amortization Expense | ||||||||||||||||||||||||
2014 | $ | 33,449 | ||||||||||||||||||||||
2015 | $ | 30,905 | ||||||||||||||||||||||
2016 | $ | 27,414 | ||||||||||||||||||||||
2017 | $ | 23,734 | ||||||||||||||||||||||
2018 | $ | 20,277 | ||||||||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||||||||
Other intangible assets consist of the following: | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Gross | Accumulated | Net Carrying | Gross | Accumulated | Net Carrying | |||||||||||||||||||
Carrying | Amortization | Amount | Carrying | Amortization | Amount (a) | |||||||||||||||||||
Amount | Amount (a) | |||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software | $ | 83,018 | $ | (22,254 | ) | $ | 60,764 | $ | 86,527 | $ | (15,184 | ) | $ | 71,343 | ||||||||||
Non-compete agreement | 100 | (100 | ) | — | 100 | (100 | ) | — | ||||||||||||||||
Customer relationships | 200,503 | (70,021 | ) | 130,482 | 202,061 | (51,771 | ) | 150,290 | ||||||||||||||||
Patent | 2,935 | (1,263 | ) | 1,672 | 3,430 | (1,065 | ) | 2,365 | ||||||||||||||||
Trade name | 10,112 | (1,277 | ) | 8,835 | 7,827 | (420 | ) | 7,407 | ||||||||||||||||
$ | 296,668 | $ | (94,915 | ) | 201,753 | $ | 299,945 | $ | (68,540 | ) | 231,405 | |||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks, trade names and brand names | 7,244 | 10,545 | ||||||||||||||||||||||
Total | $ | 208,997 | $ | 241,950 | ||||||||||||||||||||
(a) The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Accounts_Payable_Tables
Accounts Payable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule Of Accounts Payable | ' | |||||||
Accounts payable consists of: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Merchants payable | $ | 481,325 | $ | 500,723 | ||||
Other payables | 31,553 | 27,115 | ||||||
Total accounts payable | $ | 512,878 | $ | 527,838 | ||||
Deposits_and_Borrowed_Federal_1
Deposits and Borrowed Federal Funds (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Schedule Of Deposits | ' | |||||||||||
The following table presents information about deposits: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Certificates of deposit with maturities within 1 year | $ | 453,539 | $ | 441,100 | ||||||||
Certificates of deposit with maturities greater than 1 year and less than 5 years | 117,857 | 48,343 | ||||||||||
Interest-bearing money market deposits | 222,546 | 123,614 | ||||||||||
Negotiable order of withdrawal deposits | 276,422 | 261,126 | ||||||||||
Non-interest bearing customer deposits | 18,566 | 16,162 | ||||||||||
Total deposits | $ | 1,088,930 | $ | 890,345 | ||||||||
Weighted average cost of funds on certificates of deposit outstanding | 0.53 | % | 0.57 | % | ||||||||
Weighted average cost of interest-bearing money market deposits | 0.25 | % | 0.39 | % | ||||||||
Weighted average cost of negotiable order of withdrawal deposits | — | — | ||||||||||
Schedule Of Average Interest Rates | ' | |||||||||||
The following table presents the average interest rates for deposits and borrowed federal funds: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Average interest rate: | ||||||||||||
Deposits | 0.51 | % | 0.65 | % | 0.81 | % | ||||||
Borrowed federal funds | 0.41 | % | 0.42 | % | 0.44 | % | ||||||
Negotiable order of withdrawal deposits | — | — | — | |||||||||
Interest-bearing money market deposits | 0.31 | % | 0.49 | % | 0.55 | % | ||||||
Average deposits and borrowed federal funds balance | $ | 1,012,806 | $ | 888,135 | $ | 695,765 | ||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Put on Call Option Contracts | ' | |||||||||||||||||||||||||||
As of December 31, 2013, the Company had the following put and call option contracts which settle on a monthly basis which do not have formal hedging designations: | ||||||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||||||
Notional | ||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||
(gallons) (a) | ||||||||||||||||||||||||||||
Fuel price derivative instruments – unleaded fuel | ||||||||||||||||||||||||||||
Put and call option contracts settling January 2014 – June 2015 | 37,865 | |||||||||||||||||||||||||||
Fuel price derivative instruments – diesel | ||||||||||||||||||||||||||||
Put and call option contracts settling January 2014 – June 2015 | 18,015 | |||||||||||||||||||||||||||
Total fuel price derivative instruments | 55,880 | |||||||||||||||||||||||||||
(a) | The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. | |||||||||||||||||||||||||||
As of December 31, 2012, the Company had the following put and call option contracts which settle on a monthly basis and do not have formal hedging designations: | ||||||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||||||
Notional | ||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||
(gallons) (a) | ||||||||||||||||||||||||||||
Fuel price derivative instruments – unleaded fuel | ||||||||||||||||||||||||||||
Put and call option contracts settling January 2013 – June 2014 | 35,752 | |||||||||||||||||||||||||||
Fuel price derivative instruments – diesel | ||||||||||||||||||||||||||||
Put and call option contracts settling January 2013 – June 2014 | 16,063 | |||||||||||||||||||||||||||
Total fuel price derivative instruments | 51,815 | |||||||||||||||||||||||||||
(a) | The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate 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 | ' | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-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 | $ | — | Fuel price | $ | — | Fuel price | $ | 7,358 | 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 table presents information on the location and amounts of derivative gains and losses in the consolidated statements of income: | ||||||||||||||||||||||||||||
Derivatives | Amount of Gain or | Location of Gain or | Amount of Gain | Location of Gain or | Amount of Gain or | |||||||||||||||||||||||
Designated as | (Loss) Recognized in | (Loss) Reclassified | or (Loss) | (Loss) Recognized in | (Loss) Recognized in | |||||||||||||||||||||||
Hedging Instruments | OCI on Derivative | from Accumulated | Reclassified from | Income on Derivative | Income | |||||||||||||||||||||||
(Effective Portion) (a) | OCI into Income | Accumulated OCI | (Ineffective Portion | on Derivative | ||||||||||||||||||||||||
(Effective Portion) | into Income | and Amount Excluded | (Ineffective Portion | |||||||||||||||||||||||||
(Effective Portion) | from Effectiveness | and Amount Excluded | ||||||||||||||||||||||||||
Testing) (b) | from Effectiveness | |||||||||||||||||||||||||||
Testing)(b) | ||||||||||||||||||||||||||||
For | For the period | For the period ended | ||||||||||||||||||||||||||
the period ended | ended | December 31, | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate contracts | $ | — | $ | 60 | Financing interest | $ | — | $ | (109 | ) | Financing interest | $ | — | $ | — | |||||||||||||
expense | expense | |||||||||||||||||||||||||||
Derivatives Not | Location of | Amount of Gain or | ||||||||||||||||||||||||||
Designated as | Gain or (Loss) | (Loss) Recognized in | ||||||||||||||||||||||||||
Hedging Instruments | Recognized in | Income on Derivative | ||||||||||||||||||||||||||
Income on | For the period ended | |||||||||||||||||||||||||||
Derivative | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Commodity contracts | Net realized and | $ | (9,851 | ) | $ | (12,365 | ) | |||||||||||||||||||||
unrealized (losses) | ||||||||||||||||||||||||||||
gains on fuel price | ||||||||||||||||||||||||||||
derivatives | ||||||||||||||||||||||||||||
(a) | The amount of gain or (loss) recognized in OCI on the Company’s interest rate swap arrangements has been recorded net of tax impacts of $0 in 2013 and $35 in 2012. | |||||||||||||||||||||||||||
(b) | No ineffectiveness was reclassified into earnings nor was any amount excluded from effectiveness testing. | |||||||||||||||||||||||||||
Fair Value of Fuel Price Derivative Instrument In Consolidate Balance Sheet | ' | |||||||||||||||||||||||||||
The following table presents information about the Options: | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Put Strike | Call Strike | Aggregate | Fair | Aggregate | Fair | |||||||||||||||||||||||
Price of | Price of | Notional | Value | Notional | Value | |||||||||||||||||||||||
Underlying | Underlying | Amount | Amount | |||||||||||||||||||||||||
Option | Option | (gallons) (b) | (gallons) | |||||||||||||||||||||||||
(per gallon) (a) | (per gallon) (a) | |||||||||||||||||||||||||||
Fuel price derivative instruments – unleaded fuel | ||||||||||||||||||||||||||||
Options settling October 2014 – June 2015 | $ | 2.568 | $ | 2.628 | 7,582 | $ | (481 | ) | — | $ | — | |||||||||||||||||
Options settling July 2014 – March 2015 | $ | 2.51 | $ | 2.57 | 7,732 | (1,076 | ) | — | — | |||||||||||||||||||
Options settling April 2014 – December 2014 | $ | 2.615 | $ | 2.675 | 7,861 | (1,051 | ) | — | — | |||||||||||||||||||
Options settling January 2014 – September 2014 | $ | 2.7 | $ | 2.76 | 8,182 | (911 | ) | — | — | |||||||||||||||||||
Options settling October 2013 – June 2014 | $ | 2.485 | $ | 2.545 | 4,144 | (1,407 | ) | 6,269 | (514 | ) | ||||||||||||||||||
Options settling July 2013 – March 2014 | $ | 2.633 | $ | 2.693 | 2,364 | (290 | ) | 4,643 | 308 | |||||||||||||||||||
Options settling April 2013 – December 2013 | $ | 2.67 | $ | 2.73 | — | — | 10,436 | (398 | ) | |||||||||||||||||||
Options settling January 2013 – September 2013 | $ | 2.843 | $ | 3.903 | — | — | 7,291 | 457 | ||||||||||||||||||||
Options settling October 2012 – June 2013 | $ | 2.54 | $ | 2.6 | — | — | 4,803 | (1,161 | ) | |||||||||||||||||||
Options settling July 2012 – March 2013 | $ | 2.605 | $ | 2.665 | — | — | 2,310 | (314 | ) | |||||||||||||||||||
Total fuel price derivative instruments – unleaded fuel | 37,865 | $ | (5,216 | ) | 35,752 | $ | (1,622 | ) | ||||||||||||||||||||
Fuel price derivative instruments – diesel | ||||||||||||||||||||||||||||
Options settling October 2014 – June 2015 | $ | 3.785 | $ | 3.845 | 3,609 | $ | (318 | ) | — | $ | — | |||||||||||||||||
Options settling July 2014 – March 2015 | $ | 3.788 | $ | 3.848 | 3,691 | (385 | ) | — | — | |||||||||||||||||||
Options settling April 2014 – December 2014 | $ | 3.8 | $ | 3.86 | 3,745 | (436 | ) | — | — | |||||||||||||||||||
Options settling January 2014 – September 2014 | $ | 3.81 | $ | 3.87 | 4,046 | (516 | ) | — | — | |||||||||||||||||||
Options settling October 2013 – June 2014 | $ | 3.713 | $ | 3.773 | 1,862 | (413 | ) | 2,816 | (224 | ) | ||||||||||||||||||
Options settling July 2013 – March 2014 | $ | 3.878 | $ | 3.938 | 1,062 | (74 | ) | 2,086 | 108 | |||||||||||||||||||
Options settling April 2013 – December 2013 | $ | 3.823 | $ | 3.883 | — | — | 4,689 | (162 | ) | |||||||||||||||||||
Options settling January 2013 – September 2013 | $ | 3.99 | $ | 4.05 | — | — | 3,276 | 363 | ||||||||||||||||||||
Options settling October 2012 – June 2013 | $ | 3.835 | $ | 3.895 | — | — | 2,158 | (89 | ) | |||||||||||||||||||
Options settling July 2012 – March 2013 | $ | 3.792 | $ | 3.852 | — | — | 1,038 | (103 | ) | |||||||||||||||||||
Total fuel price derivative instruments – diesel | 18,015 | $ | (2,142 | ) | 16,063 | (107 | ) | |||||||||||||||||||||
Total fuel price derivative instruments | 55,880 | $ | (7,358 | ) | 51,815 | (1,729 | ) | |||||||||||||||||||||
(a) | The settlement of the Options is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. | |||||||||||||||||||||||||||
(b) | The Options settle on a monthly basis. | |||||||||||||||||||||||||||
Net Realized And Unrealized Gains Losses On Derivative Instruments | ' | |||||||||||||||||||||||||||
The following table summarizes the changes in fair value of the fuel price derivatives which have been recorded in net realized and unrealized losses on derivative instruments on the consolidated statements of income: | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Realized (losses) | $ | (4,223 | ) | $ | (10,641 | ) | $ | (22,741 | ) | |||||||||||||||||||
Unrealized (losses) gains | (5,628 | ) | (1,724 | ) | 10,872 | |||||||||||||||||||||||
Net realized and unrealized (losses) gains on derivative instruments | $ | (9,851 | ) | $ | (12,365 | ) | $ | (11,869 | ) |
Financing_Debt_Tables
Financing Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule Of Balance Outstanding On Revolving Line-Of-Credit Facility And Term Loan | ' | |||||||||||
The following table presents information about the outstanding borrowings under the 2013 Credit Agreement: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Outstanding balance on revolving line-of-credit and term loan with interest based on LIBOR | $ | 285,000 | $ | 592,500 | ||||||||
Outstanding balance on revolving line-of-credit with interest based on the prime rate | — | 28,500 | ||||||||||
Outstanding balance on $400 million 4.750% interest rate notes outstanding | 400,000 | — | ||||||||||
Total outstanding balance on revolving line-of-credit facility, term loan and notes | $ | 685,000 | $ | 621,000 | ||||||||
Weighted average rate based on LIBOR (including impact of interest rate swaps) | 1.93 | % | 1.71 | % | ||||||||
Rate based on the prime rate | 3.75 | % | 3.75 | % | ||||||||
Components Of Financing Interest Expense | ' | |||||||||||
The following table presents the components of financing interest expense: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
2007 Revolver: | ||||||||||||
Interest expense based on LIBOR | $ | — | $ | — | $ | 1,084 | ||||||
Interest expense based on the prime rate | — | — | 270 | |||||||||
Fees | — | — | 100 | |||||||||
Amortization of loan origination fees | — | — | 249 | |||||||||
$ | — | $ | — | $ | 1,703 | |||||||
$75 Million 2010 Term Loan: | ||||||||||||
Interest expense based on LIBOR | $ | — | $ | — | $ | 911 | ||||||
Amortization of loan origination fees | — | — | 863 | |||||||||
$ | — | $ | — | $ | 1,774 | |||||||
2011 Credit Agreement | ||||||||||||
$700 Million Revolver: | ||||||||||||
Interest expense based on LIBOR | $ | 350 | $ | 3,103 | $ | 1,758 | ||||||
Interest expense based on the prime rate | 54 | 1,083 | 566 | |||||||||
Fees | 36 | 1,369 | 1,047 | |||||||||
Amortization of loan origination fees | 43 | 1,100 | 667 | |||||||||
$200 Million Term Loan: | ||||||||||||
Interest expense based on LIBOR | 170 | 3,339 | 2,330 | |||||||||
Amortization of loan origination fees | 11 | 297 | 208 | |||||||||
$ | 664 | $ | 10,291 | $ | 6,576 | |||||||
2013 Credit Agreement | ||||||||||||
$700 Million Revolver: | ||||||||||||
Interest expense based on LIBOR | $ | 400 | $ | — | $ | — | ||||||
Fees | $ | 2,098 | $ | — | $ | — | ||||||
Amortization of loan origination fees | $ | 1,122 | $ | — | $ | — | ||||||
$300 Million Term Loan: | ||||||||||||
Interest expense based on LIBOR | $ | 5,496 | $ | — | $ | — | ||||||
Amortization of loan origination fees | $ | 491 | $ | — | $ | — | ||||||
$400 Million Notes Outstanding: | ||||||||||||
4.750% interest expense | $ | 17,469 | $ | — | $ | — | ||||||
Amortization of loan origination fees | $ | 674 | $ | — | $ | — | ||||||
$ | 27,750 | $ | — | $ | — | |||||||
Realized losses on interest rate swaps (Note 10) | $ | — | $ | 109 | $ | 830 | ||||||
Deferred loan costs associated with the extinguishment of debt | 1,004 | — | — | |||||||||
Other | 1 | 33 | 793 | |||||||||
Total financing interest expense | $ | 29,419 | $ | 10,433 | $ | 11,676 | ||||||
Average interest rate (including impact of interest rate swaps): | ||||||||||||
Based on LIBOR | 1.93 | % | 1.79 | % | 1.91 | % | ||||||
Based on prime | 3.75 | % | 3.75 | % | 3.68 | % | ||||||
Average debt balance at LIBOR | $ | 300,056 | $ | 366,387 | $ | 362,014 | ||||||
Average debt balance at prime | $ | 19,162 | $ | 28,885 | $ | 22,615 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Components Of Income Before Income Taxes | ' | |||||||||||||||
Income before income taxes consisted of the following: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
United States | $ | 249,311 | $ | 224,029 | $ | 224,448 | ||||||||||
Foreign | (10,911 | ) | (17,846 | ) | (15,843 | ) | ||||||||||
Total | $ | 238,400 | $ | 206,183 | $ | 208,605 | ||||||||||
Components Of Income Tax Expense (Benefit) | ' | |||||||||||||||
Income tax expense (benefit) from continuing operations consisted of the following for the years ended December 31: | ||||||||||||||||
United States | State | Foreign | Total | |||||||||||||
and Local | ||||||||||||||||
2013 | ||||||||||||||||
Current | $ | 52,118 | $ | 5,176 | $ | 5,255 | $ | 62,549 | ||||||||
Deferred | $ | 31,020 | $ | 1,562 | $ | (5,029 | ) | $ | 27,553 | |||||||
2012 | ||||||||||||||||
Current | $ | 48,632 | $ | 3,460 | $ | 18,681 | $ | 70,773 | ||||||||
Deferred | $ | 22,560 | $ | (1,301 | ) | $ | 17,442 | $ | 38,701 | |||||||
2011 | ||||||||||||||||
Current | $ | 43,886 | $ | 6,697 | $ | 1,050 | $ | 51,633 | ||||||||
Deferred | $ | 25,875 | $ | 299 | $ | (2,824 | ) | $ | 23,350 | |||||||
Reconciliation Of Provision Of Income Taxes | ' | |||||||||||||||
The reconciliation between the income tax computed by applying the U.S. federal statutory rate and the reported effective tax rate on income from continuing operations is as follows: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||||||
State income taxes (net of federal income tax benefit) | 1.9 | 1 | 1.2 | |||||||||||||
Foreign income tax rate differential | 0.8 | 16.8 | — | |||||||||||||
Revaluation of deferred tax assets for tax rate changes and blending differences, net | — | (0.5 | ) | — | ||||||||||||
Other | 0.1 | 0.8 | (0.3 | ) | ||||||||||||
Effective tax rate | 37.8 | % | 53.1 | % | 35.9 | % | ||||||||||
Deferred Tax Assets And Liabilities | ' | |||||||||||||||
The tax effects of temporary differences in the recognition of income and expense for tax and financial reporting purposes that give rise to significant portions of the deferred tax assets and the deferred tax liabilities are presented below: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Deferred assets related to: | ||||||||||||||||
Reserve for credit losses | $ | 4,193 | $ | 4,935 | ||||||||||||
Foreign tax credit | 3,303 | 2,862 | ||||||||||||||
Stock-based compensation, net | 9,111 | 10,304 | ||||||||||||||
Net operating loss carry forwards | 11,765 | 9,766 | ||||||||||||||
Other assets | 4,588 | 5,880 | ||||||||||||||
Derivatives | 1,862 | — | ||||||||||||||
Intangibles, net | 51,563 | 79,995 | ||||||||||||||
86,385 | 113,742 | |||||||||||||||
Deferred tax liabilities related to: | ||||||||||||||||
Derivatives | — | 194 | ||||||||||||||
Other assets | 1,379 | 1,299 | ||||||||||||||
Property, equipment and capitalized software | 9,042 | 8,430 | ||||||||||||||
10,421 | 9,923 | |||||||||||||||
Valuation allowance primarily on net operating loss carryfowards | 1,292 | 1,219 | ||||||||||||||
Deferred income taxes, net | $ | 74,672 | $ | 102,600 | ||||||||||||
Net Deferred Tax Assets By Jurisdiction | ' | |||||||||||||||
Net deferred tax assets (liabilities) by jurisdiction are as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
United States | $ | 87,940 | $ | 118,797 | ||||||||||||
Australia | (9,438 | ) | (13,053 | ) | ||||||||||||
New Zealand | 45 | 48 | ||||||||||||||
The Netherlands | 89 | 73 | ||||||||||||||
United Kingdom | 57 | (2,370 | ) | |||||||||||||
Brazil | (4,021 | ) | (895 | ) | ||||||||||||
Total | $ | 74,672 | $ | 102,600 | ||||||||||||
Reconciliation Of Unrecognized Tax Benefits | ' | |||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties is as follows: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Beginning balance | $ | 6,176 | $ | 6,059 | $ | — | ||||||||||
Increases related to prior year tax position | — | — | 6,059 | |||||||||||||
(Decreases) increases related to prior year tax positions, due to foreign currency exchange | (893 | ) | 117 | — | ||||||||||||
Ending balance | $ | 5,283 | $ | 6,176 | $ | 6,059 | ||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 for 2013: | ||||||||||||||||
Fair Value Measurements at Reporting Date | ||||||||||||||||
Using | ||||||||||||||||
31-Dec-13 | 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 | $ | 839 | $ | — | $ | 839 | $ | — | ||||||||
Asset-backed securities | 1,391 | — | 1,391 | — | ||||||||||||
Municipal bonds | 519 | — | 519 | — | ||||||||||||
Equity securities | 13,214 | 13,214 | — | — | ||||||||||||
Total available-for-sale securities | $ | 15,963 | $ | 13,214 | $ | 2,749 | $ | — | ||||||||
Executive deferred compensation plan trust (a) | $ | 4,339 | $ | 4,339 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Fuel price derivatives – unleaded fuel (b) | $ | 5,216 | $ | — | $ | 5,216 | $ | — | ||||||||
Fuel price derivatives – diesel (b) | 2,142 | — | — | 2,142 | ||||||||||||
Total fuel price derivatives | $ | 7,358 | $ | — | $ | 5,216 | $ | 2,142 | ||||||||
(a) | The fair value of these instruments is recorded in other assets. | |||||||||||||||
(b) | The consolidated balance sheet presentation combines unleaded fuel and diesel fuel positions. | |||||||||||||||
The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels for 2012: | ||||||||||||||||
Fair Value Measurements at Reporting Date | ||||||||||||||||
Using | ||||||||||||||||
31-Dec-12 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs (Level 3) | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(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 | $ | 313 | — | — | $ | 313 | ||||||||||
(a) | The fair value of these instruments is recorded in other assets. | |||||||||||||||
(b) | The consolidated 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 year ended December 31, 2013: | ||||||||||||||||
Contingent | Fuel Price | |||||||||||||||
Consideration | Derivatives – | |||||||||||||||
Diesel | ||||||||||||||||
Beginning balance | $ | (313 | ) | $ | (107 | ) | ||||||||||
Total gains or (losses) – realized/unrealized | ||||||||||||||||
Included in earnings (a) | (198 | ) | (2,035 | ) | ||||||||||||
Included in other comprehensive income | — | — | ||||||||||||||
Purchases, issuances and settlements | — | — | ||||||||||||||
Transfers (in)/out of Level 3 | 511 | — | ||||||||||||||
Ending balance | $ | — | $ | (2,142 | ) | |||||||||||
(a) | Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2013, are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. Gains and losses on the change of estimate on the contingent consideration are included in other expenses and and loss of foreign currency transactions on the 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 year ended December 31, 2012: | ||||||||||||||||
Contingent | Fuel Price | |||||||||||||||
Consideration | Derivatives | |||||||||||||||
– Diesel | ||||||||||||||||
Beginning balance | $ | (9,325 | ) | $ | (25 | ) | ||||||||||
Total gains or (losses) – realized/unrealized | ||||||||||||||||
Included in earnings (a) | 1,517 | (82 | ) | |||||||||||||
Included in other comprehensive income | — | — | ||||||||||||||
Purchases, issuances and settlements | 7,495 | — | ||||||||||||||
Transfers in/(out) of Level 3 | — | — | ||||||||||||||
Ending balance | $ | (313 | ) | $ | (107 | ) | ||||||||||
(a) | Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2012, are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. Gains and losses on the change of estimate on the contingent consideration are included in other expenses and and loss of foreign currency transactions on the 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 are as follows: | ||||||||||||||||
Fair Value at | Valuation | Unobservable Input | Range $ | |||||||||||||
December 31, 2013 | Technique | per gallon | ||||||||||||||
Fuel price derivatives – diesel | $ | 2,142 | Option model | Future retail price of diesel | 3.71 – 3.94 | |||||||||||
fuel after December 31, | ||||||||||||||||
2013 | ||||||||||||||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Redeemable noncontrolling interest | ' | |||||||
A reconciliation of redeemable noncontrolling interests for the years ended December 31, 2013 and 2012, is as follows: | ||||||||
2013 | 2012 | |||||||
Balance, beginning of period | $ | 21,662 | $ | — | ||||
Acquisition of subsidiary at fair value | — | 21,904 | ||||||
Net loss attributable to redeemable noncontrolling interest | (401 | ) | (213 | ) | ||||
Currency translation adjustment | (2,532 | ) | (29 | ) | ||||
Ending balance | $ | 18,729 | 21,662 | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | ' | |||||||
A reconciliation of noncontrolling interest for the years ended December 31, 2013 is as follows: | ||||||||
2013 | ||||||||
Balance, beginning of period | $ | — | ||||||
Noncontrolling interest investment | 1,032 | |||||||
Net loss attributable to noncontrolling interest | (509 | ) | ||||||
Currency translation adjustment | (4 | ) | ||||||
Ending balance | $ | 519 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future Minimum Lease Payments Under Non-Cancelable Operating Leases | ' | |||
Future minimum lease payments under non-cancelable operating leases are as follows: | ||||
Payment | ||||
2014 | $ | 7,567 | ||
2015 | 6,546 | |||
2016 | 4,170 | |||
2017 | 3,351 | |||
2018 | 2,952 | |||
2019 and thereafter | 550 | |||
Total | $ | 25,136 | ||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
A reconciliation of accumulated other comprehensive income for the twelve month periods ended December 31, 2013 and 2012, is as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Unrealized | Foreign | Unrealized | Interest Rate Swap | 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 | $ | (60 | ) | $ | 30,448 | |||||||||
Other comprehensive (loss) income | (630 | ) | (52,244 | ) | (3 | ) | 60 | 6,734 | ||||||||||||
Ending balance | $ | (433 | ) | $ | (15,062 | ) | $ | 197 | $ | — | $ | 37,182 | ||||||||
No significant amounts were reclassified from accumulated other comprehensive income in the periods presented. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary Of Restricted Stock Units | ' | ||||||||||||
A summary of the status of the Company’s RSUs as of December 31, 2013, and changes during the year then ended is presented below: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant- | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Restricted Stock Units | |||||||||||||
Balance at January 1, 2013 | 185 | $ | 51.08 | ||||||||||
Granted | 111 | $ | 88.01 | ||||||||||
Vested – shares issued | (73 | ) | $ | 71.81 | |||||||||
Vested – shares deferred (a) | (3 | ) | $ | 43.48 | |||||||||
Forfeited | (8 | ) | $ | 60.8 | |||||||||
Withheld for taxes (b) | (35 | ) | $ | 49.63 | |||||||||
Balance at December 31, 2013 | 177 | $ | 67.28 | ||||||||||
(a) | The Company issued fully vested and non-forfeitable restricted stock units to certain non-employee directors and certain employees that are payable in shares of the Company’s common stock at a later date as specified by the award (deferred stock units or “DSUs”). | ||||||||||||
(b) | The Company has elected to pay cash equal to the minimum amount required to be withheld for income tax purposes instead of issuing the shares of common stock. The cash is remitted to the appropriate taxing authority. | ||||||||||||
Summary Of Deferred Stock Units | ' | ||||||||||||
A summary of the status of the Company’s DSUs as of December 31, 2013, and changes during the year is presented below: | |||||||||||||
Units | Weighted- | ||||||||||||
Average | |||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Deferred Stock Units | |||||||||||||
Balance at January 1, 2013 | 89 | $ | 25.16 | ||||||||||
Awards | 1 | $ | 80.91 | ||||||||||
Converted from RSUs | 3 | $ | 43.48 | ||||||||||
Balance at December 31, 2013 | 93 | $ | 26.35 | ||||||||||
Summary Of Performance Based Restricted Stock Units | ' | ||||||||||||
A summary of the status of certain of the Company’s PBRSUs at threshold and target performance as of December 31, 2013, and changes during the year then ended is presented below: | |||||||||||||
Units at | Units at | Units at | Weighted- | ||||||||||
Threshold | Target | Maximum | Average | ||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Performance Based Restricted Stock Units | |||||||||||||
Balance at January 1, 2013 | 106 | 211 | 422 | $ | 41.39 | ||||||||
Granted | 17 | 69 | 135 | $ | 77.95 | ||||||||
Forfeited | (1 | ) | (2 | ) | (4 | ) | $ | 78.24 | |||||
Canceled / Converted to RSUs | (106 | ) | (211 | ) | (422 | ) | $ | 40.14 | |||||
Balance at December 31, 2013 | 16 | 67 | 131 | $ | 77.94 | ||||||||
Summary Of Stock Option Plan | ' | ||||||||||||
The stock options granted under the plan related to the Company’s employees consisted of: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term (in | |||||||||||||
years) | |||||||||||||
Stock Options | |||||||||||||
Outstanding at January 1, 2013 | 119 | $ | 19.65 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (70 | ) | $ | 23.83 | |||||||||
Forfeited or expired | — | — | |||||||||||
Outstanding at December 31, 2013 | 49 | $ | 13.59 | 3.17 | $ | 4,159 | |||||||
Exercisable on December 31, 2013 | 49 | $ | 13.59 | 3.17 | $ | 4,159 | |||||||
Vested and expected to vest at December 31, 2013 | 49 | $ | 13.59 | 3.17 | $ | 4,159 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Reportable Segment Results | ' | |||||||||||||||||||
The following table presents the Company’s reportable segment results for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
Total | Operating | Depreciation | Provision for | Adjusted Net | ||||||||||||||||
Revenues | Interest | and | Income | Income | ||||||||||||||||
Expense | Amortization | Taxes | ||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Fleet Payment Solutions | $ | 527,424 | $ | 1,802 | $ | 23,351 | $ | 78,567 | $ | 129,825 | ||||||||||
Other Payment Solutions | 190,039 | 2,485 | 1,710 | 24,587 | 44,042 | |||||||||||||||
Total | $ | 717,463 | $ | 4,287 | $ | 25,061 | $ | 103,154 | $ | 173,867 | ||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Fleet Payment Solutions | $ | 470,591 | $ | 3,377 | $ | 23,721 | $ | 75,404 | $ | 128,259 | ||||||||||
Other Payment Solutions | 152,560 | 1,613 | 1,663 | 17,752 | 30,265 | |||||||||||||||
Total | $ | 623,151 | $ | 4,990 | $ | 25,384 | $ | 93,156 | $ | 158,524 | ||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||
Fleet Payment Solutions | $ | 436,704 | $ | 4,488 | $ | 21,331 | $ | 62,913 | $ | 112,668 | ||||||||||
Other Payment Solutions | 116,372 | 965 | 1,626 | 16,155 | 29,124 | |||||||||||||||
Total | $ | 553,076 | $ | 5,453 | $ | 22,957 | $ | 79,068 | $ | 141,792 | ||||||||||
Reconciliation Of Adjusted Net Income To Net Income | ' | |||||||||||||||||||
The following table reconciles adjusted net income to net income: | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Total adjusted net income attributable to WEX Inc. | $ | 173,867 | $ | 158,524 | $ | 141,792 | ||||||||||||||
Unrealized losses on derivative instruments | (5,628 | ) | (1,724 | ) | 10,872 | |||||||||||||||
Amortization of acquired intangible assets | (33,147 | ) | (23,468 | ) | (22,412 | ) | ||||||||||||||
Goodwill impairment | — | (17,508 | ) | — | ||||||||||||||||
Deferred loan costs associated with the extinguishment of debt | (1,004 | ) | — | — | ||||||||||||||||
Change in tax refund due to former shareholders of RD Card Holdings Australia | — | 9,750 | — | |||||||||||||||||
Non-cash adjustments related to tax receivable agreement | (33 | ) | (2,089 | ) | (715 | ) | ||||||||||||||
Other adjustments related to Fleet One acquisition | 658 | (10,550 | ) | — | ||||||||||||||||
ANI adjustments attributable to noncontrolling interest | 1,443 | 305 | — | |||||||||||||||||
Tax impact | 13,052 | (16,318 | ) | 4,085 | ||||||||||||||||
Net earnings attributable to WEX Inc. | $ | 149,208 | $ | 96,922 | $ | 133,622 | ||||||||||||||
Schedule Of Revenue By Geographic Data | ' | |||||||||||||||||||
Geographic Data | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Total revenues: | ||||||||||||||||||||
United States | $ | 627,282 | $ | 541,404 | $ | 482,536 | ||||||||||||||
Australia | 61,645 | 68,932 | 67,360 | |||||||||||||||||
Other international | 28,536 | 12,815 | 3,180 | |||||||||||||||||
Total revenues | $ | 717,463 | $ | 623,151 | $ | 553,076 | ||||||||||||||
Goodwill: | ||||||||||||||||||||
United States | $ | 589,319 | $ | 589,319 | $ | 325,647 | ||||||||||||||
Australia | 180,274 | 210,746 | 222,545 | |||||||||||||||||
Other international | 48,809 | 47,921 | 1,312 | |||||||||||||||||
Total goodwill | $ | 818,402 | $ | 847,986 | $ | 549,504 | ||||||||||||||
Other intangible assets, net | ||||||||||||||||||||
United States | $ | 118,808 | $ | 135,386 | $ | 29,204 | ||||||||||||||
Australia | 43,385 | 62,757 | 76,019 | |||||||||||||||||
Other international | 46,804 | 43,807 | 4,433 | |||||||||||||||||
Total other intangibles assets, net | $ | 208,997 | $ | 241,950 | $ | 109,656 | ||||||||||||||
Property, equipment and capitalized software | ||||||||||||||||||||
United States | $ | 59,817 | $ | 47,915 | $ | 51,172 | ||||||||||||||
Australia | 5,988 | 7,383 | 6,419 | |||||||||||||||||
International | 6,472 | 4,799 | 4,487 | |||||||||||||||||
Total property, equipment and capitalized software | $ | 72,277 | $ | 60,097 | $ | 62,078 | ||||||||||||||
Quarterly_Financial_Results_Un1
Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Summary Of Quarterly Financial Results | ' | |||||||||||||||
Summarized quarterly results for the years ended December 31, 2013 and 2012, are as follows: | ||||||||||||||||
Three months ended | ||||||||||||||||
March 31 | 30-Jun | September 30 | December 31 | |||||||||||||
2013 | ||||||||||||||||
Total revenues | $ | 165,370 | $ | 178,285 | $ | 191,525 | $ | 182,283 | ||||||||
Operating income | $ | 60,530 | $ | 67,081 | $ | 77,893 | $ | 71,235 | ||||||||
Net earnings attributable to WEX Inc. | $ | 28,689 | $ | 42,213 | $ | 43,838 | $ | 34,468 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.74 | $ | 1.08 | $ | 1.12 | $ | 0.88 | ||||||||
Diluted | $ | 0.73 | $ | 1.08 | $ | 1.12 | $ | 0.88 | ||||||||
2012 | ||||||||||||||||
Total revenues | $ | 140,122 | $ | 153,064 | $ | 160,967 | $ | 168,998 | ||||||||
Operating income | $ | 57,963 | $ | 62,880 | $ | 51,277 | $ | 49,499 | ||||||||
Net earnings attributable to WEX Inc. | $ | 23,236 | $ | 30,335 | $ | 14,298 | $ | 29,053 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.6 | $ | 0.78 | $ | 0.37 | $ | 0.75 | ||||||||
Diluted | $ | 0.59 | $ | 0.78 | $ | 0.37 | $ | 0.74 | ||||||||
Estimated_Useful_Lives_Detail
Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Furniture, fixtures and equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment | '3 years |
Furniture, fixtures and equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment | '5 years |
Computer Software | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment | '18 months |
Computer Software | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment | '7 years |
Leasehold Improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment | '5 years |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | |
Wright Express Prepaid Australia | Financial Automation Limited | Financial Automation Limited | |||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | |
Prior Period Reclassification Adjustment | $18,407 | ' | ' | ' | ' | ' | |
Amounts capitalized for internal-use computer software | 18,360 | 17,341 | 17,463 | ' | ' | ' | |
Amounts expensed for amortization of internal-use computer software | 18,830 | 20,694 | 18,690 | ' | ' | ' | |
Goodwill impairment loss | 0 | 17,508 | [1] | 0 | 16,171 | 1,337 | 1,337 |
Impairment expense | ' | 8,903 | ' | ' | ' | ' | |
Impairment of other long lived assets | ' | 600 | ' | ' | ' | ' | |
Investment in the stock of the Federal Home Loan Bank | 1,479 | 1,534 | 1,562 | ' | ' | ' | |
Offset of waived finance fees | $4,557 | $3,905 | ' | ' | ' | ' | |
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Income_Available_for_Common_St
Income Available for Common Stockholders Used to Calculate Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Net earnings attributable to WEX Inc. available for common stockholders - Diluted | $149,208 | $96,922 | $133,622 |
Weighted_Average_Common_Shares
Weighted Average Common Shares Outstanding Used to Calculate Earnings Per Share (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Weighted average common shares outstanding – Basic | 38,946,000 | 38,840,000 | 38,686,000 |
Unvested restricted stock units | 117,000 | 138,000 | 128,000 |
Stock options | 40,000 | 114,000 | 184,000 |
Weighted average common shares outstanding – Diluted | 39,103,000 | 39,092,000 | 38,998,000 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Interest paid | $23,646 | $13,916 | $15,704 |
Income taxes paid | $48,869 | $51,768 | $52,930 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | Dec. 31, 2012 | Aug. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Unik Financial Services | Unik Financial Services | Unik Financial Services | Rapid Financial Services LLC | Rapid Financial Services LLC | Rapid Financial Services LLC | |
Other Significant Noncash Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Consideration for future performance milestones | ' | $991 | ' | ' | ' | ' | ' |
Contingent consideration | 313 | 991 | 511 | 313 | 10,000 | 8,486 | 9,325 |
Consideration for future performance milestones | ' | ' | ' | ' | 10,000 | ' | ' |
Contingent consideration paid | ' | ' | ' | ' | ' | $8,486 | ' |
Business_Acquisitions_and_Othe2
Business Acquisitions and Other Intangible Assets Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 11-May-12 | Dec. 31, 2013 | Aug. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | ||||
FastCred | FastCred | WEX Europe Services | CorporatePay | CorporatePay | CorporatePay | CorporatePay | Unik Financial Services | Unik Financial Services | Unik Financial Services | Unik Financial Services | Unik Financial Services | Unik Financial Services | Fleet One | Fleet One | Fleet One | Rapid Financial Services LLC | Rapid Financial Services LLC | Rapid Financial Services LLC | Rapid Financial Services LLC | Rapid Financial Services LLC | Rapid Financial Services LLC | ||||||||||||||||
Customer relationships | Scenario, Revised | Customer relationships | Customer relationships | Tradenames And Customer Relationship | |||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percent of ownership interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | 75.00% | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | $11,277 | $402,475 | $7,691 | $12,309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Goodwill | 818,402 | [1] | ' | ' | ' | 847,986 | [1] | ' | ' | ' | 818,402 | [1] | 847,986 | [1] | 549,504 | ' | 4,282 | ' | 19,567 | ' | ' | ' | ' | 28,375 | ' | ' | ' | ' | 263,071 | ' | ' | ' | 11,786 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,594 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Intangible assets, useful life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | '6 years 3 months 18 days | ' | ' | ' | ' | ' | '5 years 10 months 24 days | ' | ' | '5 years 6 months | ' | ' | ' | ' | ' | '4 years 8 months 12 days | ||||
Consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,783 | ' | 27,800 | ' | ' | 22,797 | ' | ' | ' | ' | 376,258 | ' | ' | ' | 18,081 | ' | ' | 18,000 | ' | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 508 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -47 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -32 | ' | ' | ' | ' | -2,243 | ' | ' | ' | ' | 261 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -247 | ' | ' | ' | ' | 4,355 | ' | ' | ' | ' | -407 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accrued Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 369 | ' | ' | ' | ' | 6,598 | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Valuation allowance | 1,292 | ' | ' | ' | 1,219 | ' | ' | ' | 1,292 | 1,219 | ' | ' | ' | ' | ' | 1,219 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Value of newly issued shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Contingent consideration | ' | ' | ' | ' | 313 | ' | ' | ' | ' | 313 | ' | ' | ' | ' | ' | ' | ' | ' | 991 | ' | 511 | 313 | 313 | ' | ' | ' | ' | ' | ' | 8,486 | 9,325 | 10,000 | ' | ||||
Payment Of Contingent Consideration Financing | 0 | ' | ' | ' | 8,486 | ' | ' | ' | 0 | 8,486 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 511 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Period to acquire remaining shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cash paid on acquisition of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Acquisition of debt unpaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,278 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cash Paid to acquire entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 376,258 | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenues | 182,283 | 191,525 | 178,285 | 165,370 | 168,998 | 160,967 | 153,064 | 140,122 | 717,463 | 623,151 | 553,076 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,200 | ' | ' | ' | ' | ' | ' | ' | ||||
Net earnings attributable to WEX Inc. | 34,468 | 43,838 | 42,213 | 28,689 | 29,053 | 14,298 | 30,335 | 23,236 | 149,208 | 96,922 | 133,622 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400 | ' | ' | ' | ' | ' | ' | ' | ||||
Adjustment for estimated contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($675) | ' | ' | ' | ' | ' | ||||
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Summary_of_Allocation_of_Purch
Summary of Allocation of Purchase Price to Assets and Liabilities Acquired (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | 11-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2011 | ||||||
In Thousands, unless otherwise specified | Fleet One | CorporatePay | CorporatePay | Unik Financial Services | Rapid Financial Services LLC | Rapid Financial Services LLC | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total UNIK value | ' | ' | ' | ' | ' | ' | $44,701 | ' | ' | ||||||
Less: Redeemable noncontrolling interest | ' | ' | ' | ' | ' | ' | 21,904 | ' | ' | ||||||
Total purchase price | ' | ' | ' | 376,258 | 27,783 | 27,800 | 22,797 | 18,081 | 18,000 | ||||||
Cash | ' | ' | ' | ' | ' | ' | 1,566 | ' | ' | ||||||
Accounts receivable | ' | ' | ' | 152,527 | 1,585 | ' | 11,726 | 75 | ' | ||||||
Accounts payable | ' | ' | ' | -151,647 | -629 | ' | -12,640 | -85 | ' | ||||||
Other tangible liabilities, net | ' | ' | ' | -693 | -4,040 | ' | -36,866 | 105 | ' | ||||||
Acquired software(a) | ' | ' | ' | 35,000 | [1] | 8,233 | [2] | ' | 14,193 | [2] | ' | ' | |||
Trademarks and trade name(c) | ' | ' | ' | 4,000 | [3] | 1,453 | [4] | ' | 1,272 | [3] | ' | ' | |||
Trade name (a) | ' | ' | ' | ' | ' | ' | ' | 1,600 | [5] | ' | |||||
Customer relationships | ' | ' | ' | 74,000 | [3] | 1,614 | [6] | ' | 15,171 | [7] | 4,600 | [5] | ' | ||
Recorded goodwill | $818,402 | [8] | $847,986 | [8] | $549,504 | $263,071 | $19,567 | ' | $28,375 | $11,786 | ' | ||||
[1] | Weighted average life – 6.7 years. | ||||||||||||||
[2] | Weighted average life – 6.2 years. | ||||||||||||||
[3] | Weighted average life – 5.5 years. | ||||||||||||||
[4] | Weighted average life – 5.3 years. | ||||||||||||||
[5] | Weighted average life – 4.7 years | ||||||||||||||
[6] | Weighted average life – 6.3 years. | ||||||||||||||
[7] | Weighted average life – 5.9 years. | ||||||||||||||
[8] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Summary_of_Allocation_of_Purch1
Summary of Allocation of Purchase Price to Assets and Liabilities Acquired (Phantom) (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2011 | Mar. 31, 2011 |
In Thousands, unless otherwise specified | CorporatePay | CorporatePay | CorporatePay | Unik Financial Services | Unik Financial Services | Unik Financial Services | Unik Financial Services | Unik Financial Services | Unik Financial Services | Fleet One | Fleet One | Fleet One | Rapid Financial Services LLC | Rapid Financial Services LLC | Rapid Financial Services LLC | |
Acquired Software | Customer relationships | Trade name | Acquired Software | Customer relationships | Trade name | Acquired Software | Customer relationships | Trade name | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnout Consideration Associated With Acquisition | ' | ' | ' | ' | $991 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average life | ' | '6 years 2 months 12 days | '6 years 3 months 18 days | '5 years 3 months 18 days | ' | ' | ' | '6 years 2 months 12 days | '5 years 10 months 24 days | '5 years 6 months | '6 years 8 months 12 days | '5 years 6 months | '5 years 6 months | ' | ' | ' |
Contingent consideration | $313 | ' | ' | ' | $991 | $511 | $313 | ' | ' | ' | ' | ' | ' | $8,486 | $9,325 | $10,000 |
Pro_Forma_Operational_Results_
Pro Forma Operational Results of Company's Consolidated Statements of Operations (Detail) (Fleet One, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Fleet One | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Net revenue | $668,548 | $603,904 |
Net income | $91,065 | $123,940 |
Pro forma net income per common share: | ' | ' |
Net income per share - basic (in usd per share) | $2.34 | $3.20 |
Net income per share - diluted (in usd per share) | $2.33 | $3.18 |
Reserves_for_Credit_Losses_Add
Reserves for Credit Losses - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Trade receivable payments terms | '30 days | ' |
Percent of total, Current and Less Than 30 Days Past Due | 95.00% | 96.00% |
Percentage of Trade Receivables, Outstanding Balances Within Sixty Days | 99.00% | 99.00% |
Accounts Receivable | Customer Concentration Risk | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Concentration Risk, Number of Customers | 0 | ' |
Concentration Risk, Percentage (no more than 4 percent of outstanding receivables) | 4.00% | ' |
Changes_in_Reserves_for_Credit
Changes in Reserves for Credit Losses Related to Accounts Receivable (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $11,709 | $11,526 | $10,237 |
Provision for credit losses | 20,200 | 22,539 | 27,527 |
Charge-offs | -27,781 | -27,961 | -31,578 |
Recoveries of amounts previously charged-off | 6,663 | 5,605 | 5,340 |
Currency translation | -395 | ' | ' |
Balance, end of period | $10,396 | $11,709 | $11,526 |
AvailableForSale_Securities_De
Available-For-Sale Securities (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost | $16,647 | $16,036 | ||
Gross Unrealized Gains | 20 | 336 | ||
Gross Unrealized Losses | 704 | 22 | ||
Fair Value | 15,963 | 16,350 | ||
Mortgage-backed securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost | 867 | 1,780 | ||
Gross Unrealized Gains | 16 | 79 | ||
Gross Unrealized Losses | 44 | 20 | ||
Fair Value | 839 | 1,839 | ||
Asset-backed securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost | 1,393 | 1,652 | ||
Gross Unrealized Gains | 0 | 3 | ||
Gross Unrealized Losses | 2 | 0 | ||
Fair Value | 1,391 | 1,655 | ||
Municipal bonds | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost | 610 | 630 | ||
Gross Unrealized Gains | 4 | 13 | ||
Gross Unrealized Losses | 95 | 2 | ||
Fair Value | 519 | 641 | ||
Equity securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost | 13,777 | [1] | 11,974 | [1] |
Gross Unrealized Gains | 0 | [1] | 241 | [1] |
Gross Unrealized Losses | 563 | [1] | 0 | |
Fair Value | $13,214 | [1] | $12,215 | [1] |
[1] | These securities exclude $4,339 in equity securities designated as trading as of December 31, 2013, and $2,921 as of December 31, 2012, included in other assets on the consolidated balance sheets. See Note 15 for additional information about the securities designated as trading. |
AvailableForSale_Securities_Pa
Available-For-Sale Securities (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Equity securities designated as trading | $4,339 | $2,921 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Maturities of available-for-sale securities | $1,192 | $1,551 | $841 |
Maturity_Dates_Of_AvailableFor
Maturity Dates Of Available-For-Sale Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-Sale Amortized Cost | ' | ' |
Due within 1 year, Cost | $0 | $0 |
Due after 1 year through year 5, Cost | 729 | 348 |
Due after 5 years through year 10, Cost | 0 | 543 |
Due after 10 years, Cost | 1,274 | 1,391 |
Mortgage-backed securities with original maturities of 30 years, Cost | 867 | 1,780 |
Equity securities with no maturity dates, Cost | 13,777 | 11,974 |
Total, Cost | 16,647 | 16,036 |
Available-for-Sale Fair Value | ' | ' |
Due within 1 year, Fair Value | 0 | 0 |
Due after 1 year through year 5, Fair Value | 728 | 348 |
Due after 5 years through year 10, Fair Value | 0 | 543 |
Due after 10 years, Fair Value | 1,182 | 1,404 |
Mortgage-backed securities with original maturities of 30 years, Fair Value | 839 | 1,839 |
Equity securities with no maturity dates, Fair Value | 13,214 | 12,216 |
Total, Fair Value | $15,963 | $16,350 |
Recovered_Sheet1
Property, Equipment And Capitalized Software, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, gross | $217,677 | $185,756 | ' |
Less accumulated depreciation and amortization | -145,400 | -125,659 | ' |
Total property, equipment and capitalized software, net | 72,277 | 60,097 | 62,078 |
Furniture, fixtures and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, gross | 44,111 | 32,923 | ' |
Computer Software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, gross | 160,796 | 142,021 | ' |
Software under development | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, gross | 7,675 | 5,740 | ' |
Leasehold Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, equipment and capitalized software, gross | $5,095 | $5,072 | ' |
Recovered_Sheet2
Property, Equipment And Capitalized Software, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense of property, equipment, and capitalized software | $25,061 | $25,384 | $22,957 |
Software and Software Development Costs | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairment of software and software under development | ' | $8,903 | ' |
Changes_In_Goodwill_Detail
Changes In Goodwill (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Gross goodwill, beginning of period, as adjusted | $865,494 | [1] | $550,104 | [1] | ' | |
Impact of foreign currency translation | -33,866 | [1] | 4,377 | [1] | ' | |
Acquisition | 4,282 | [1] | ' | ' | ||
Gross goodwill, end of period | 835,910 | [1] | 865,494 | [1] | 550,104 | [1] |
Accumulated impairment, beginning of period | -17,508 | [1] | 0 | [1] | ' | |
Net goodwill, end of period | 818,402 | [1] | 847,986 | [1] | 549,504 | |
Goodwill impairment | 0 | -17,508 | [1] | 0 | ||
Accumulated impairment, end of period | -17,508 | [1] | -17,508 | [1] | 0 | [1] |
FastCred | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Net goodwill, end of period | 4,282 | ' | ' | |||
Unik Financial Services | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Acquisition | ' | 28,375 | [1] | ' | ||
Net goodwill, end of period | 28,375 | ' | ' | |||
Rapid Financial Services LLC | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Net goodwill, end of period | 11,786 | ' | ' | |||
Rapid! PayCard | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Acquisition | ' | 19,567 | [1] | ' | ||
Fleet One | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Acquisition | ' | 263,071 | [1] | ' | ||
Net goodwill, end of period | 263,071 | ' | ' | |||
Fleet Payment Solutions Segment | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Gross goodwill, beginning of period, as adjusted | 779,654 | [1] | 512,184 | [1] | ' | |
Impact of foreign currency translation | -30,540 | [1] | 4,399 | [1] | ' | |
Gross goodwill, end of period | 753,396 | [1] | 779,654 | [1] | ' | |
Accumulated impairment, beginning of period | -1,337 | [1] | 0 | [1] | ' | |
Net goodwill, end of period | 752,059 | [1] | 778,317 | [1] | ' | |
Goodwill impairment | ' | -1,337 | [1] | ' | ||
Accumulated impairment, end of period | -1,337 | [1] | -1,337 | [1] | ' | |
Fleet Payment Solutions Segment | FastCred | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Acquisition | 4,282 | [1] | ' | ' | ||
Fleet Payment Solutions Segment | Unik Financial Services | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Acquisition | ' | 0 | [1] | ' | ||
Fleet Payment Solutions Segment | Rapid! PayCard | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Acquisition | ' | 0 | [1] | ' | ||
Fleet Payment Solutions Segment | Fleet One | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Acquisition | ' | 263,071 | [1] | ' | ||
Other Payment Solutions Segment | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Gross goodwill, beginning of period, as adjusted | 85,840 | [1] | 37,920 | [1] | ' | |
Impact of foreign currency translation | -3,326 | [1] | -22 | [1] | ' | |
Acquisition | 0 | [1] | ' | ' | ||
Gross goodwill, end of period | 82,514 | [1] | 85,840 | [1] | ' | |
Accumulated impairment, beginning of period | -16,171 | [1] | 0 | [1] | ' | |
Net goodwill, end of period | 66,343 | [1] | 69,669 | [1] | ' | |
Goodwill impairment | ' | -16,171 | [1] | ' | ||
Accumulated impairment, end of period | -16,171 | [1] | -16,171 | [1] | ' | |
Other Payment Solutions Segment | Unik Financial Services | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Acquisition | ' | 28,375 | [1] | ' | ||
Other Payment Solutions Segment | Rapid! PayCard | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Acquisition | ' | 19,567 | [1] | ' | ||
Other Payment Solutions Segment | Fleet One | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Acquisition | ' | $0 | [1] | ' | ||
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | |
Wright Express Prepaid Australia | Financial Automation Limited | Financial Automation Limited | WEX Brand | |||||
Trademarks, trade names and brand names | ||||||||
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | |
Goodwill impairment loss | $0 | $17,508 | [1] | $0 | $16,171 | $1,337 | $1,337 | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | '10 years | |
Expected amortization expense related to the definite-lived intangible assets, 2014 | 33,449 | ' | ' | ' | ' | ' | ' | |
Expected amortization expense related to the definite-lived intangible assets, 2015 | 30,905 | ' | ' | ' | ' | ' | ' | |
Expected amortization expense related to the definite-lived intangible assets, 2016 | 27,414 | ' | ' | ' | ' | ' | ' | |
Expected amortization expense related to the definite-lived intangible assets, 2017 | 23,734 | ' | ' | ' | ' | ' | ' | |
Expected amortization expense related to the definite-lived intangible assets, 2018 | $20,277 | ' | ' | ' | ' | ' | ' | |
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Changes_in_Intangible_Assets_D
Changes in Intangible Assets (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Net Carrying Amount, Definite-lived intangible assets, Beginning Balance | $231,405 | ' | ' | ||
Net Carrying Amount, Other Intangible Assets, Beginning Balance | 241,950 | [1] | 109,056 | ' | |
Acquisition, Other Intangible Assets | 12,594 | 154,936 | [2] | ' | |
Transfer from Indefinite-lived Intangible Assets to Definite-lived Intangible Assets | 0 | ' | ' | ||
Amortization, Definite-lived intangible assets | -33,147 | -23,468 | -22,412 | ||
Impact of foreign currency translation, Other Intangible Assets | -12,400 | 1,426 | ' | ||
Net Carrying Amount, Definite-lived intangible assets, Ending Balance | 201,753 | 231,405 | ' | ||
Net Carrying Amount, Other Intangible Assets, Ending Balance | 208,997 | 241,950 | [1] | 109,056 | |
Trademarks, trade names and brand names | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Net Carrying Amount, Indefinite-lived intangible assets, Ending Balance | 7,244 | 10,545 | [1] | ' | |
Transfer from Indefinite-lived Intangible Assets to Definite-lived Intangible Assets | -2,421 | ' | ' | ||
Impact of foreign currency translation, Indefinite-lived intangible assets | -880 | 116 | ' | ||
Net Carrying Amount, Indefinite-lived intangible assets, Beginning Balance | 10,545 | [1] | 10,429 | ' | |
Acquired software | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Net Carrying Amount, Definite-lived intangible assets, Beginning Balance | 71,343 | [1],[2] | 19,034 | [2] | ' |
Acquisition, Definite-lived intangible assets | 0 | [1] | 57,426 | [2] | ' |
Amortization, Definite-lived intangible assets | -8,417 | [1] | -4,745 | [2] | ' |
Impact of foreign currency translation, Definite-lived intangible assets | -2,162 | [1] | -372 | [2] | ' |
Net Carrying Amount, Definite-lived intangible assets, Ending Balance | 60,764 | [1] | 71,343 | [1],[2] | ' |
Customer relationships | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Net Carrying Amount, Definite-lived intangible assets, Beginning Balance | 150,290 | [1],[2] | 75,827 | [2] | ' |
Acquisition, Definite-lived intangible assets | 12,594 | [1] | 90,785 | [2] | ' |
Amortization, Definite-lived intangible assets | -23,552 | [1] | -18,023 | [2] | ' |
Impact of foreign currency translation, Definite-lived intangible assets | -8,850 | [1] | 1,701 | [2] | ' |
Net Carrying Amount, Definite-lived intangible assets, Ending Balance | 130,482 | [1] | 150,290 | [1],[2] | ' |
Patent | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Net Carrying Amount, Definite-lived intangible assets, Beginning Balance | 2,365 | [1] | 2,766 | ' | |
Amortization, Definite-lived intangible assets | -465 | -349 | ' | ||
Impact of foreign currency translation, Definite-lived intangible assets | -228 | -52 | ' | ||
Net Carrying Amount, Definite-lived intangible assets, Ending Balance | 1,672 | 2,365 | [1] | ' | |
Trade name | ' | ' | ' | ||
Other Intangible Assets [Line Items] | ' | ' | ' | ||
Net Carrying Amount, Definite-lived intangible assets, Beginning Balance | 7,407 | [1],[2] | 1,000 | [2] | ' |
Acquisition, Definite-lived intangible assets | 0 | [1] | 6,725 | [2] | ' |
Transfer from Indefinite-lived Intangible Assets to Definite-lived Intangible Assets | 2,421 | [1] | ' | ' | |
Amortization, Definite-lived intangible assets | -713 | [1] | -351 | [2] | ' |
Impact of foreign currency translation, Definite-lived intangible assets | -280 | [1] | 33 | [2] | ' |
Net Carrying Amount, Definite-lived intangible assets, Ending Balance | $8,835 | [1] | $7,407 | [1],[2] | ' |
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting | ||||
[2] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Other_Intangible_Assets_Detail
Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | ||||||
Other Intangible Assets [Line Items] | ' | ' | ' | |||
2014 | $33,449 | ' | ' | |||
2015 | 30,905 | ' | ' | |||
2016 | 27,414 | ' | ' | |||
2017 | 23,734 | ' | ' | |||
2018 | 20,277 | ' | ' | |||
Definite-lived intangible assets, Gross Carrying Amount | 296,668 | 299,945 | ' | |||
Accumulated Amortization, Definite-lived intangible assets | -94,915 | -68,540 | ' | |||
Net Carrying Amount, Definite-lived intangible assets, | 201,753 | 231,405 | ' | |||
Other intangible assets, Net Carrying Amount | 208,997 | 241,950 | [1] | 109,056 | ||
Acquired software | ' | ' | ' | |||
Other Intangible Assets [Line Items] | ' | ' | ' | |||
Definite-lived intangible assets, Gross Carrying Amount | 83,018 | 86,527 | ' | |||
Accumulated Amortization, Definite-lived intangible assets | -22,254 | -15,184 | ' | |||
Net Carrying Amount, Definite-lived intangible assets, | 60,764 | [1] | 71,343 | [1],[2] | 19,034 | [2] |
Non-compete agreements | ' | ' | ' | |||
Other Intangible Assets [Line Items] | ' | ' | ' | |||
Definite-lived intangible assets, Gross Carrying Amount | 100 | 100 | ' | |||
Accumulated Amortization, Definite-lived intangible assets | -100 | -100 | ' | |||
Customer relationships | ' | ' | ' | |||
Other Intangible Assets [Line Items] | ' | ' | ' | |||
Definite-lived intangible assets, Gross Carrying Amount | 200,503 | 202,061 | ' | |||
Accumulated Amortization, Definite-lived intangible assets | -70,021 | -51,771 | ' | |||
Net Carrying Amount, Definite-lived intangible assets, | 130,482 | [1] | 150,290 | [1],[2] | 75,827 | [2] |
Trade name | ' | ' | ' | |||
Other Intangible Assets [Line Items] | ' | ' | ' | |||
Definite-lived intangible assets, Gross Carrying Amount | 10,112 | 7,827 | ' | |||
Accumulated Amortization, Definite-lived intangible assets | -1,277 | -420 | ' | |||
Net Carrying Amount, Definite-lived intangible assets, | 8,835 | [1] | 7,407 | [1],[2] | 1,000 | [2] |
Patent | ' | ' | ' | |||
Other Intangible Assets [Line Items] | ' | ' | ' | |||
Definite-lived intangible assets, Gross Carrying Amount | 2,935 | 3,430 | ' | |||
Accumulated Amortization, Definite-lived intangible assets | -1,263 | -1,065 | ' | |||
Net Carrying Amount, Definite-lived intangible assets, | 1,672 | 2,365 | [1] | 2,766 | ||
Trademarks, trade names and brand names | ' | ' | ' | |||
Other Intangible Assets [Line Items] | ' | ' | ' | |||
Net Carrying Amount, Indefinite-lived intangible assets | $7,244 | $10,545 | [1] | $10,429 | ||
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting | |||||
[2] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Accounts_Payable_Detail
Accounts Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Merchants payable | $481,325 | $500,723 |
Other payables | 31,553 | 27,115 |
Total accounts payable | $512,878 | $527,838 |
Recovered_Sheet3
Deposits And Borrowed Federal Funds (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Banking and Thrift [Abstract] | ' | ' | ' |
Certificates of deposit with maturities within 1 year | $453,539 | $441,100 | ' |
Certificates of deposit with maturities greater than 1 year and less than 5 years | 117,857 | 48,343 | ' |
Interest-bearing money market deposits | 222,546 | 123,614 | ' |
Negotiable order of withdrawal deposits | 276,422 | 261,126 | ' |
Non-interest bearing customer deposits | 18,566 | 16,162 | ' |
Total deposits | $1,088,930 | $890,345 | ' |
Weighted average cost of funds on certificates of deposit outstanding | 0.53% | 0.57% | ' |
Weighted average cost of interest-bearing money market deposits | 0.25% | 0.39% | ' |
Weighted average cost of negotiable order of withdrawal deposits | 0.00% | 0.00% | 0.00% |
Deposits_and_Borrowed_Federal_2
Deposits and Borrowed Federal Funds - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Interest-bearing Deposits | Maximum | Minimum | |||
Deposit Liabilities And Borrowed Federal Funds [Line Items] | ' | ' | ' | ' | ' |
Certificates of deposit, maturities range | ' | ' | ' | '2 years | '1 month |
Certificates of deposit, fixed interest rates range | ' | ' | ' | 0.80% | 0.30% |
Certificates of deposit, denominations (250 or less) | $250,000 | ' | ' | ' | ' |
Federal funds lines-of-credit | 125,000,000 | 140,000,000 | ' | ' | ' |
Outstanding borrowings against federal funds lines-of-credit | ' | 48,400,000 | ' | ' | ' |
Interest-bearing money market deposits, denominations | ' | ' | 250,000 | ' | ' |
Weighted average interest rate on interest-bearing money market deposits | 0.25% | 0.39% | 0.25% | ' | ' |
Non-interest bearing deposits outstanding | $276,422,000 | $261,126,000 | ' | ' | ' |
Recovered_Sheet4
Deposits And Borrowed Federal Funds Average Interest Rate (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Disclosure Deposits And Borrowed Federal Funds Average Interest Rate [Abstract] | ' | ' | ' |
Deposits | 0.51% | 0.65% | 0.81% |
Borrowed federal funds | 0.41% | 0.42% | 0.44% |
Negotiable order of withdrawal deposits | 0.00% | 0.00% | 0.00% |
Interest-bearing money market deposits | 0.31% | 0.49% | 0.55% |
Average deposits and borrowed federal funds balance | $1,012,806 | $888,135 | $695,765 |
Put_and_Call_Option_Contracts_
Put and Call Option Contracts (Detail) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative [Line Items] | ' | ' | ||
Total fuel price derivative instruments, gallons | 55,880,000 | [1] | 51,815,000 | [1] |
Unleaded Fuel | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Total fuel price derivative instruments, gallons | 37,865,000 | [1] | 35,752,000 | [1] |
Diesel | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Total fuel price derivative instruments, gallons | 18,015,000 | [1] | 16,063,000 | [1] |
[1] | The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate 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) | Dec. 31, 2013 | Dec. 31, 2012 |
Minimum | Unleaded Fuel | ' | ' |
Derivative [Line Items] | ' | ' |
Option contracts settlement date | '2014-01 | '2013-01 |
Minimum | Diesel | ' | ' |
Derivative [Line Items] | ' | ' |
Option contracts settlement date | '2014-01 | '2013-01 |
Maximum | Unleaded Fuel | ' | ' |
Derivative [Line Items] | ' | ' |
Option contracts settlement date | '2015-06 | '2014-06 |
Maximum | Diesel | ' | ' |
Derivative [Line Items] | ' | ' |
Option contracts settlement date | '2015-06 | '2014-06 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) | 1 Months Ended |
Dec. 31, 2010 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Previously held interest rate derivative expiration date | '2012-03 |
Location_and_Amounts_of_Deriva
Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets (Detail) (Commodity Contract, Fuel price derivatives, at fair value, Derivatives not designated as hedging instruments, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commodity Contract | Fuel price derivatives, at fair value | Derivatives not designated as hedging instruments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $0 | $0 |
Liability Derivatives, Fair Value | $7,358 | $1,729 |
Location_and_Amounts_of_Deriva1
Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ||
Gain (Loss) on Price Risk Derivatives, Net | ($9,851) | ($12,365) | ($11,869) | ||
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 Contract | Net realized and unrealized gains (losses) on fuel price derivatives | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ||
Gain (Loss) on Price Risk Derivatives, Net | -9,851 | -12,365 | ' | ||
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 | [2] | $0 | [2] | ' |
[1] | The amount of gain or (loss) recognized in OCI on the Company’s interest rate swap arrangements has been recorded net of tax impacts of $0 in 2013 and $35 in 2012. | ||||
[2] | No ineffectiveness was reclassified into earnings nor was any amount excluded from effectiveness testing. |
Location_and_Amounts_of_Deriva2
Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Tax impacts on interest rate swap arrangements | $0 | $35 |
Fair_Value_Of_Fuel_Price_Deriv
Fair Value Of Fuel Price Derivative Instruments In Consolidated Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | gal | gal | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 55,880,000 | [1] | 51,815,000 |
Total fuel price derivative instruments, Fair Value | ($7,358) | ($1,729) | |
Unleaded Fuel | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 37,865,000 | [1] | 35,752,000 |
Total fuel price derivative instruments, Fair Value | -5,216 | -1,622 | |
Unleaded Fuel | Options settling October 2014 – June 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 7,582,000 | [1] | ' |
Total fuel price derivative instruments, Fair Value | -481 | ' | |
Unleaded Fuel | Options settling July 2014 – March 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 7,732,000 | [1] | ' |
Total fuel price derivative instruments, Fair Value | -1,076 | ' | |
Unleaded Fuel | Options settling April 2014 – December 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 7,861,000 | [1] | ' |
Total fuel price derivative instruments, Fair Value | -1,051 | ' | |
Unleaded Fuel | Options settling January 2014 – September 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 8,182,000 | [1] | ' |
Total fuel price derivative instruments, Fair Value | -911 | ' | |
Unleaded Fuel | Options settling October 2013 – June 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 4,144,000 | [1] | 6,269,000 |
Total fuel price derivative instruments, Fair Value | -1,407 | -514 | |
Unleaded Fuel | Options settling July 2013 – March 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 2,364,000 | [1] | 4,643,000 |
Total fuel price derivative instruments, Fair Value | -290 | 308 | |
Unleaded Fuel | Options settling April 2013 – December 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | ' | 10,436,000 | |
Total fuel price derivative instruments, Fair Value | ' | -398 | |
Unleaded Fuel | Options settling January 2013 – September 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | ' | 7,291,000 | |
Total fuel price derivative instruments, Fair Value | ' | 457 | |
Unleaded Fuel | Options settling October 2012 – June 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | ' | 4,803,000 | |
Total fuel price derivative instruments, Fair Value | ' | -1,161 | |
Unleaded Fuel | Options settling July 2012 – March 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | ' | 2,310,000 | |
Total fuel price derivative instruments, Fair Value | ' | -314 | |
Diesel | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 18,015,000 | [1] | 16,063,000 |
Total fuel price derivative instruments, Fair Value | -2,142 | -107 | |
Diesel | Options settling October 2014 – June 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 3,609,000 | [1] | ' |
Total fuel price derivative instruments, Fair Value | -318 | ' | |
Diesel | Options settling July 2014 – March 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 3,691,000 | [1] | ' |
Total fuel price derivative instruments, Fair Value | -385 | ' | |
Diesel | Options settling April 2014 – December 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 3,745,000 | [1] | ' |
Total fuel price derivative instruments, Fair Value | -436 | ' | |
Diesel | Options settling January 2014 – September 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 4,046,000 | [1] | ' |
Total fuel price derivative instruments, Fair Value | -516 | ' | |
Diesel | Options settling October 2013 – June 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 1,862,000 | [1] | 2,816,000 |
Total fuel price derivative instruments, Fair Value | -413 | -224 | |
Diesel | Options settling July 2013 – March 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | 1,062,000 | [1] | 2,086,000 |
Total fuel price derivative instruments, Fair Value | -74 | 108 | |
Diesel | Options settling April 2013 – December 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | ' | 4,689,000 | |
Total fuel price derivative instruments, Fair Value | ' | -162 | |
Diesel | Options settling January 2013 – September 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | ' | 3,276,000 | |
Total fuel price derivative instruments, Fair Value | ' | 363 | |
Diesel | Options settling October 2012 – June 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | ' | 2,158,000 | |
Total fuel price derivative instruments, Fair Value | ' | -89 | |
Diesel | Options settling July 2012 – March 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Aggregate Notional (gallons) | ' | 1,038,000 | |
Total fuel price derivative instruments, Fair Value | ' | ($103) | |
Put Option | Unleaded Fuel | Options settling October 2014 – June 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.568 | [2] | ' |
Put Option | Unleaded Fuel | Options settling July 2014 – March 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.51 | [2] | ' |
Put Option | Unleaded Fuel | Options settling April 2014 – December 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.615 | [2] | ' |
Put Option | Unleaded Fuel | Options settling January 2014 – September 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.7 | [2] | ' |
Put Option | Unleaded Fuel | Options settling October 2013 – June 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.485 | [2] | ' |
Put Option | Unleaded Fuel | Options settling July 2013 – March 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.633 | [2] | ' |
Put Option | Unleaded Fuel | Options settling April 2013 – December 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.67 | [2] | ' |
Put Option | Unleaded Fuel | Options settling January 2013 – September 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.843 | [2] | ' |
Put Option | Unleaded Fuel | Options settling October 2012 – June 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.54 | [2] | ' |
Put Option | Unleaded Fuel | Options settling July 2012 – March 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.605 | [2] | ' |
Put Option | Diesel | Options settling October 2014 – June 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.785 | [2] | ' |
Put Option | Diesel | Options settling July 2014 – March 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.788 | [2] | ' |
Put Option | Diesel | Options settling April 2014 – December 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.8 | [2] | ' |
Put Option | Diesel | Options settling January 2014 – September 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.81 | [2] | ' |
Put Option | Diesel | Options settling October 2013 – June 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.713 | [2] | ' |
Put Option | Diesel | Options settling July 2013 – March 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.878 | [2] | ' |
Put Option | Diesel | Options settling April 2013 – December 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.823 | [2] | ' |
Put Option | Diesel | Options settling January 2013 – September 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.99 | [2] | ' |
Put Option | Diesel | Options settling October 2012 – June 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.835 | [2] | ' |
Put Option | Diesel | Options settling July 2012 – March 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.792 | [2] | ' |
Call Option | Unleaded Fuel | Options settling October 2014 – June 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.628 | [2] | ' |
Call Option | Unleaded Fuel | Options settling July 2014 – March 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.57 | [2] | ' |
Call Option | Unleaded Fuel | Options settling April 2014 – December 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.675 | [2] | ' |
Call Option | Unleaded Fuel | Options settling January 2014 – September 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.76 | [2] | ' |
Call Option | Unleaded Fuel | Options settling October 2013 – June 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.545 | [2] | ' |
Call Option | Unleaded Fuel | Options settling July 2013 – March 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.693 | [2] | ' |
Call Option | Unleaded Fuel | Options settling April 2013 – December 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.73 | [2] | ' |
Call Option | Unleaded Fuel | Options settling January 2013 – September 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.903 | [2] | ' |
Call Option | Unleaded Fuel | Options settling October 2012 – June 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.6 | [2] | ' |
Call Option | Unleaded Fuel | Options settling July 2012 – March 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 2.665 | [2] | ' |
Call Option | Diesel | Options settling October 2014 – June 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.845 | [2] | ' |
Call Option | Diesel | Options settling July 2014 – March 2015 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.848 | [2] | ' |
Call Option | Diesel | Options settling April 2014 – December 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.86 | [2] | ' |
Call Option | Diesel | Options settling January 2014 – September 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.87 | [2] | ' |
Call Option | Diesel | Options settling October 2013 – June 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.773 | [2] | ' |
Call Option | Diesel | Options settling July 2013 – March 2014 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.938 | [2] | ' |
Call Option | Diesel | Options settling April 2013 – December 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.883 | [2] | ' |
Call Option | Diesel | Options settling January 2013 – September 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 4.05 | [2] | ' |
Call Option | Diesel | Options settling October 2012 – June 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.895 | [2] | ' |
Call Option | Diesel | Options settling July 2012 – March 2013 | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | 3.852 | [2] | ' |
[1] | The Options settle on a monthly basis. | ||
[2] | The settlement of the Options is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. |
Summary_of_Changes_of_Fuel_Pri
Summary of Changes of Fuel Price Derivatives which Have Been Recorded in Net Realized And Unrealized Gains (Losses) on Derivative Instruments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Realized (losses) | ($4,223) | ($10,641) | ($22,741) |
Unrealized (losses) gains | -5,628 | -1,724 | 10,872 |
Net realized and unrealized (losses) gains on derivative instruments | ($9,851) | ($12,365) | ($11,869) |
Financing_Debt_Additional_Info
Financing Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 22-May-07 | 29-May-08 | Jul. 25, 2010 | 23-May-11 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | 23-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | 23-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | 23-May-11 | Jan. 18, 2013 | Jan. 18, 2013 | 23-May-11 | Jan. 18, 2013 | 23-May-11 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Unik Financial Services | 2007 Revolving Credit Facility | Incremental Amendment Agreement | 2010 Term Loan | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 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 During Twelve Months Beginning February One Twenty Eighteen | Senior Notes Redeemed During Twelve Months Beginning February One Twenty Nineteen | Senior Notes Redeemed During Twelve Months Beginning February One Twenty Twenty | Senior Notes Redeemed During Twelve Months Beginning February One Twenty Twenty One | Senior Notes Redeemed Prior to February One Twenty Eighteen | Senior Notes Redeemed Prior to February One Twenty Sixteen | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | London Interbank Offered Rate (LIBOR) | Interest Rate Option One | Interest Rate Option One | Interest Rate Option One | Interest Rate Option One | Interest Rate Option Two | Interest Rate Option Two | Interest Rate Option Two | Interest Rate Option Two | Interest Rate Option Two | Interest Rate Option Two | Interest Rate Option Two | Interest Rate Option Two | ||||
Minimum | Maximum | Term Loans Facility | Term Loans Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Term Loans Facility | Term Loans Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Senior Subordinated Notes | Entity | Minimum | Maximum | Senior Notes | Senior Notes | Term Loans Facility | Revolving Credit Facility | 2010 Term Loan | Eurodollar | Eurodollar | Eurodollar | Eurodollar | 2013 Credit Agreement | 2013 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | Eurodollar | Eurodollar | Federal Funds Rate | Federal Funds Rate | ||||||||||||||||||||||
Letter of Credit | Letter of Credit | Letter of Credit | Letter of Credit | 2013 Credit Agreement | 2013 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | Minimum | Maximum | Minimum | Maximum | 2013 Credit Agreement | 2011 Credit Agreement | 2013 Credit Agreement | 2011 Credit Agreement | |||||||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement loan, term | ' | ' | ' | ' | '5 years | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement loan, maximum | $125,000,000 | $140,000,000 | ' | ' | $350,000,000 | $450,000,000 | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' | $700,000,000 | ' | ' | $100,000,000 | ' | $300,000 | $185,000 | $800,000 | $700,000 | $150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan origination fees paid | ' | ' | ' | ' | 998,000 | 1,556,000 | 2,269,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25000.00% | 1.25% | 2.25% | 1.25% | 2.25% | ' | ' | ' | ' | 1.00% | 1.00% | 0.50% | 0.50% |
Payment due for term loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
line of credit first required payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-May-16 | ' | ' | ' | ' | 23-May-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability under credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264,150,000 | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,547 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding loan credit agreement | ' | 48,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 621,000,000 | ' | ' | ' | ' | 182,500,000 | 438,500,000 | ' | 11,947,000 | 2,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 685,000,000 | ' | ' | ' | ' | 285,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Previous issuance costs, wrote-off | 1,004,000 | 0 | 0 | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
margin rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 1.25% | 0.25% | 1.25% | ' | ' | ' | ' |
Quarterly commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.93% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in credit agreement loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, due year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2023 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, issuance price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument First Interest Payment Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-16 | 1-Feb-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.38% | 101.58% | 100.79% | 100.00% | ' | 104.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Repurchase Price Percentage On Principal Amount Plus Accrued And Unpaid Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pledged receivables held as collateral | 531,592,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available for borrowings | 313,639,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 688,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid on acquisition of debt | ' | ' | ' | 19,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of debt unpaid | ' | ' | ' | $7,278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_Of_Balance_Outstandin
Schedule Of Balance Outstanding On Revolving Line-Of-Credit Facility And Term Loan (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 30, 2013 |
In Thousands, unless otherwise specified | Libor | Libor | Prime Rate | Prime Rate | 2013 Credit Agreement | 2013 Credit Agreement | ||
Senior Notes | Senior Notes | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance on revolving line-of-credit and term loan with interest based on LIBOR | $285,000 | $621,000 | $285,000 | $592,500 | $0 | $28,500 | ' | ' |
Senior Notes | 400,000 | ' | ' | ' | ' | ' | 400,000 | 400,000 |
Long-term Debt | $685,000 | $621,000 | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | 1.93% | 1.71% | 3.75% | 3.75% | ' | ' |
Components_Of_Financing_Intere
Components Of Financing Interest Expense (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Libor | Libor | Libor | Prime Rate | Prime Rate | Prime Rate | 2007 Revolving Credit Facility | 2007 Revolving Credit Facility | 2007 Revolving Credit Facility | 2007 Revolving Credit Facility | 2007 Revolving Credit Facility | 2007 Revolving Credit Facility | 2010 Term Loan | 2010 Term Loan | 2010 Term Loan | 2010 Term Loan | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | ||||
Libor | Libor | Prime Rate | Prime Rate | Libor | Libor | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Term Loans Facility | Term Loans Facility | Term Loans Facility | Term Loans Facility | Term Loans Facility | Term Loans Facility | Senior Notes | Revolving Credit Facility | Revolving Credit Facility | Term Loans Facility | Term Loans Facility | ||||||||||||||||||||
Libor | Libor | Libor | Prime Rate | Prime Rate | Prime Rate | Libor | Libor | Libor | Libor | Libor | |||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $1,084,000 | $0 | $270,000 | ' | ' | $0 | $911,000 | ' | ' | ' | ' | ' | ' | ' | $350,000 | $3,103,000 | $1,758,000 | $54,000 | $1,083,000 | $566,000 | ' | ' | ' | $170,000 | $3,339,000 | $2,330,000 | ' | ' | $17,469,000 | ' | $400,000 | ' | $5,496,000 |
Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000 | 1,369,000 | 1,047,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,098,000 | ' | ' | ' |
Amortization of loan origination fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 249,000 | ' | ' | ' | ' | 0 | 863,000 | ' | ' | ' | ' | ' | ' | 43,000 | 1,100,000 | 667,000 | ' | ' | ' | ' | ' | ' | 11,000 | 297,000 | 208,000 | ' | ' | ' | ' | ' | 674,000 | 1,122,000 | ' | 491,000 | ' |
Total financing interest expense | 29,419,000 | 10,433,000 | 11,676,000 | ' | ' | ' | ' | ' | ' | 0 | 1,703,000 | ' | ' | ' | ' | 0 | 1,774,000 | ' | ' | ' | 664,000 | 10,291,000 | 6,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,750,000 | ' | ' | ' | ' | ' |
Realized losses on interest rate swaps (Note 10) | 0 | 109,000 | 830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Previous issuance costs, wrote-off | 1,004,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' |
Other | 1,000 | 33,000 | 793,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average interest rate (including impact of interest rate swaps): | ' | ' | ' | 1.93% | 1.79% | 1.91% | 3.75% | 3.75% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Average Outstanding Amount | ' | ' | ' | $300,056,000 | $366,387,000 | $362,014,000 | $19,162,000 | $28,885,000 | $22,615,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components_Of_Income_Before_In
Components Of Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States | $249,311 | $224,029 | $224,448 |
Foreign | -10,911 | -17,846 | -15,843 |
Income before income taxes | $238,400 | $206,183 | $208,605 |
Components_Of_Income_Tax_Expen
Components Of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current, United States | $52,118 | $48,632 | $43,886 |
Deferred, United States | 31,020 | 22,560 | 25,875 |
Current, State and Local | 5,176 | 3,460 | 6,697 |
Deferred, State and Local | 1,562 | -1,301 | 299 |
Current, Foreign | 5,255 | 18,681 | 1,050 |
Deferred, Foreign | -5,029 | 17,442 | -2,824 |
Current, Total | 62,549 | 70,773 | 51,633 |
Deferred, Total | $27,553 | $38,701 | $23,350 |
Reconciliation_Of_Provision_Of
Reconciliation Of Provision Of Income Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal income tax benefit) | 1.90% | 1.00% | 1.20% |
Foreign income tax rate differential | 0.80% | 16.80% | ' |
Revaluation of deferred tax assets for tax rate changes and blending differences, net | 0.00% | -0.50% | ' |
Other | 0.10% | 0.80% | -0.30% |
Effective tax rate | 37.80% | 53.10% | 35.90% |
Deferred_Tax_Assets_And_Liabil
Deferred Tax Assets And Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred assets related to: | ' | ' |
Reserve for credit losses | $4,193 | $4,935 |
Foreign tax credit | 3,303 | 2,862 |
Stock-based compensation, net | 9,111 | 10,304 |
Net operating loss carry forwards | 11,765 | 9,766 |
Other assets | 4,588 | 5,880 |
Deferred Tax Assets, Derivative Instruments | 1,862 | ' |
Intangibles, net | 51,563 | 79,995 |
Deferred tax assets, gross | 86,385 | 113,742 |
Deferred tax liabilities related to: | ' | ' |
Derivatives | 0 | 194 |
Other assets | 1,379 | 1,299 |
Property, equipment and capitalized software | 9,042 | 8,430 |
Deferred Tax Liabilities, Gross | 10,421 | 9,923 |
Valuation allowance primarily on net operating loss carryfowards | 1,292 | 1,219 |
Deferred income taxes, net | $74,672 | $102,600 |
Net_Deferred_Tax_Assets_By_Jur
Net Deferred Tax Assets By Jurisdiction (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred Tax Assets, Net, Total | $74,672 | $102,600 |
UNITED STATES | ' | ' |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred Tax Assets, Net, Total | 87,940 | 118,797 |
AUSTRALIA | ' | ' |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred Tax Assets, Net, Total | -9,438 | -13,053 |
NEW ZEALAND | ' | ' |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred Tax Assets, Net, Total | 45 | 48 |
NETHERLANDS | ' | ' |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred Tax Assets, Net, Total | 89 | 73 |
UNITED KINGDOM | ' | ' |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred Tax Assets, Net, Total | 57 | -2,370 |
BRAZIL | ' | ' |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred Tax Assets, Net, Total | ($4,021) | ($895) |
Income_Taxes_Additional_Inform
Income Taxes- Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | |
State and Local Jurisdiction | State and Local Jurisdiction | Foreign Tax Authority | Foreign Tax Authority | AUSTRALIA | |||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating loss carry forwards | ' | ' | ' | $561,469 | $462,396 | $31,489 | $22,183 | ' | |
Valuation allowance | 1,292 | 1,219 | ' | ' | ' | ' | ' | ' | |
Undistributed earnings of certain foreign subsidiaries | 4,665 | 1,756 | ' | ' | ' | ' | ' | ' | |
Unrecognized tax benefits, net | 6,908 | ' | ' | ' | ' | ' | ' | ' | |
Unrecognized tax benefits that, if recognized, would impact effective tax rate | 6,908 | ' | ' | ' | ' | ' | ' | ' | |
Accrued penalties and interest related to uncertain tax positions | 1,625 | 1,313 | 500 | ' | ' | ' | ' | ' | |
Income tax expense | 90,102 | 109,474 | 74,983 | ' | ' | ' | ' | 31,432 | |
Write-off of refund claim payable to former shareholder of RD Card Holding | 0 | 9,750 | 0 | ' | ' | ' | ' | 9,750 | |
Goodwill impairment | 0 | 17,508 | [1] | 0 | ' | ' | ' | ' | ' |
Increase in income tax due to retroactive adjustment | ' | $2,400 | ' | ' | ' | ' | ' | ' | |
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Reconciliation_Of_Unrecognized
Reconciliation Of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning balance | $6,176 | $6,059 | $0 |
Increases related to prior year tax position | 0 | 0 | 6,059 |
(Decreases) increases related to prior year tax positions, due to foreign currency exchange | -893 | 117 | 0 |
Ending balance | $5,283 | $6,176 | $6,059 |
Tax_Receivable_Agreement_Addit
Tax Receivable Agreement - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 26, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 27, 2007 | Jun. 26, 2009 | Jul. 27, 2007 |
Realogy Corporation | Wyndham Worldwide Corporation | Wyndham Worldwide Corporation | |||||
Tax Receivable Agreement [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of remittance of cash savings | ' | 85.00% | ' | ' | ' | ' | ' |
Acquired right to receive percentage of payment | ' | ' | ' | ' | 62.50% | ' | 37.50% |
Pursuant Of Tax Receivable Prepayment To Third Party | $51,000 | ' | ' | ' | ' | ' | ' |
Percentage Of Right To Receive Payments Under Ratification Agreement | ' | ' | ' | ' | ' | 31.88% | ' |
Charge to non-operating expense | ' | $33 | $2,089 | $715 | ' | ' | ' |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Y | ||||
H | ||||
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Eligible age to participate | ' | 18 | ' | ' |
Hours worked to be eligible to participate | ' | 1,000 | ' | ' |
Eligible year of service for Company matching contributions | ' | '1 year | ' | ' |
Company matching percentage of each employee's contributions to maximum employee eligible compensation | ' | 100.00% | ' | ' |
Maximum percentage of employee eligible compensation to the plan | ' | 6.00% | ' | ' |
Contributions by company | ' | $2,991 | $2,295 | $2,094 |
Defined Benefit Plan Fair Value of Plan Assets Received from Acquisition | 2,787 | ' | ' | ' |
Aggregate market value of the securities | ' | 4,339 | 2,921 | ' |
Obligation related to defined contribution plan | ' | $4,339 | $2,921 | ' |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value and Related Hierarchy Levels (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Aug. 30, 2012 | Apr. 30, 2012 | ||||||||||||
In Thousands, unless otherwise specified | Mortgage-backed securities | Mortgage-backed securities | Asset-backed securities | Asset-backed securities | Municipal bonds | Municipal bonds | Equity securities | Equity securities | Fuel price derivatives - unleaded fuel | Fuel price derivatives - unleaded fuel | Fuel price derivatives - diesel | Fuel price derivatives - diesel | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 3) | Significant Other Observable Inputs (Level 3) | Significant Other Observable Inputs (Level 3) | Significant Other Observable Inputs (Level 3) | Unik Financial Services | Unik Financial Services | Unik Financial Services | Rapid! PayCard | |||||||||||||||
Equity securities | Equity securities | Mortgage-backed securities | Mortgage-backed securities | Asset-backed securities | Asset-backed securities | Municipal bonds | Municipal bonds | Fuel price derivatives - unleaded fuel | Fuel price derivatives - unleaded fuel | Fuel price derivatives - diesel | Fuel price derivatives - diesel | ||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Payment Of Contingent Consideration Financing | $0 | $8,486 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $511 | ' | ' | $8,486 | ||||||||||||
Available-for-sale securities | 15,963 | 16,350 | ' | 839 | 1,839 | 1,391 | 1,654 | 519 | 641 | 13,214 | 12,216 | ' | ' | ' | ' | 13,214 | 12,216 | 13,214 | 12,216 | 2,749 | 4,134 | 839 | 1,839 | 1,391 | 1,654 | 519 | 641 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Executive deferred compensation plan trust | 4,339 | [1] | 2,921 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,339 | [1] | 2,921 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total fuel price derivatives - liabilities | 7,358 | 1,729 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,216 | [2] | 1,622 | [2] | 2,142 | [2] | 107 | [2] | ' | ' | ' | ' | 5,216 | 1,622 | ' | ' | ' | ' | ' | ' | 5,216 | [2] | 1,622 | [2] | 2,142 | 107 | 2,142 | [2] | 107 | [2] | ' | ' | ' | ' | ||||
Contingent consideration | ' | $313 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $313 | ' | ' | $511 | $313 | $991 | ' | ||||||||||||
[1] | The fair value of these instruments is recorded in other assets. | ||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The consolidated balance sheet presentation combines unleaded fuel and diesel fuel positions. |
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 $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Contingent Consideration | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Beginning balance | ($313) | ($9,325) | ||
Total gains or (losses) - realized/unrealized Included in earnings | -198 | [1] | 1,517 | [2] |
Purchases, issuances and settlements | ' | 7,495 | ||
Transfers in/(out) of Level 3 | 511 | ' | ||
Ending balance | 0 | -313 | ||
Fuel price derivatives - diesel | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Beginning balance | -107 | -25 | ||
Total gains or (losses) - realized/unrealized Included in earnings | -2,035 | [1] | -82 | [2] |
Ending balance | ($2,142) | ($107) | ||
[1] | Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2013, are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. Gains and losses on the change of estimate on the contingent consideration are included in other expenses and and loss of foreign currency transactions on the consolidated statements of income. | |||
[2] | Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2012, are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. Gains and losses on the change of estimate on the contingent consideration are included in other expenses and and loss of foreign currency transactions on the consolidated statements of income. |
Quantitative_Information_About
Quantitative Information About Level Three Fair Value Measurements (Detail) (Fuel price derivatives - diesel, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Option Model | Option Model | |||
Minimum | Maximum | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $2,142 | ' | ' | ' | ' |
Fair Value | ($2,142) | ($107) | ($25) | ' | ' |
Future retail price of diesel | ' | ' | ' | 3.71 | 3.94 |
Noncontrolling_Interest_Additi
Noncontrolling Interest - Additional Information (Detail) | 0 Months Ended | |
Aug. 30, 2012 | Dec. 31, 2013 | |
Unik Financial Services | WEX Europe Services | |
Redeemable Noncontrolling Interest [Line Items] | ' | ' |
Percent of ownership interest acquired | 51.00% | 75.00% |
Period to acquire remaining shares | '3 years | ' |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' |
Balance, beginning of period | $21,662 | $0 |
Acquisition of subsidiary at fair value | 0 | 21,904 |
Net loss attributable to redeemable noncontrolling interest | 401 | 213 |
Currency translation adjustment | -2,532 | -29 |
Ending balance | 18,729 | 21,662 |
Noncontrolling interest investment | 1,032 | ' |
Net loss attributable to noncontrolling interest | -910 | -213 |
Ending balance | 519 | ' |
WEX Europe Services | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' |
Balance, beginning of period | 0 | ' |
Noncontrolling interest investment | 1,032 | ' |
Net loss attributable to noncontrolling interest | 509 | ' |
Currency translation adjustment | -4 | ' |
Ending balance | $519 | ' |
Recovered_Sheet5
Commitments And Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Office space, equipment, and vehicle | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Lease expense | $7,257 | $5,601 | $4,794 |
Technology and Software | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Lease expense | 8,249 | 6,959 | 5,342 |
Commitments to Extend Credit | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Extension of credit to customers commitments, amount | $5,650,000 | $4,665,000 | ' |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments Under Non-Cancelable Operating Lease (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $7,567 |
2015 | 6,546 |
2016 | 4,170 |
2017 | 3,351 |
2018 | 2,952 |
2019 and thereafter | 550 |
Total | $25,136 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Ending balance | ($15,495) | $37,379 |
Unrealized Gains and Losses on Available-for-Sale Securities | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax | -173 | 874 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning balance | 197 | 200 |
Other comprehensive (loss) income | -630 | -3 |
Ending balance | -433 | 197 |
Interest Rate Swap | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning balance | ' | -60 |
Other comprehensive (loss) income | ' | 60 |
Ending balance | ' | 0 |
Foreign Currency Items | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning balance | 37,182 | 30,448 |
Other comprehensive (loss) income | -52,244 | 6,734 |
Ending balance | ($15,062) | $37,182 |
Recovered_Sheet6
Cash And Dividend Restrictions - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | ' | ' |
Reserve balance on deposits | $28,384,000 | $26,246,000 |
Leverage ratio | 1.75 | ' |
Maximum restricted payments, including dividends, per annum | 25,000,000 | ' |
Percentage of transfer to surplus fund | 10.00% | ' |
Required percentage of surplus to capital stock | 100.00% | ' |
Capital stock | $5,250,000 | ' |
capital surplus as percent of capital stock | 100.00% | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized | 3,800,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plans | 4 | ' | ' |
Total stock-based compensation cost recognized | $9,429 | $11,016 | $9,367 |
Shares exercised, total intrinsic value | 3,632 | 10,555 | 7,829 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total unrecognized compensation cost | 5,652 | ' | ' |
Compensation cost expected recognition weighted average period (in years) | '1 year 1 month 6 days | ' | ' |
Shares granted fair value | 9,757 | 7,830 | 4,107 |
Shares vested fair value | 5,259 | 6,347 | 5,435 |
Restricted Stock Units (RSUs) | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
vesting period, (in years) | '3 years | ' | ' |
Restricted Stock Units (RSUs) | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
vesting period, (in years) | '4 years | ' | ' |
Deferred Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares granted and vested fair value | 137 | 150 | 173 |
Performance Based Restricted Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation cost expected recognition weighted average period (in years) | '1 year 4 months 24 days | ' | ' |
Shares vested fair value | 9,075 | 1,382 | 327 |
Performance Based Restricted Stock Units | Units At Threshold | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total unrecognized compensation cost | 635 | ' | ' |
Percentage of targeted performance | 25.00% | ' | ' |
Performance Based Restricted Stock Units | Units At Target | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total unrecognized compensation cost | 2,601 | ' | ' |
Shares granted fair value | 5,356 | 4,308 | 4,157 |
Percentage of targeted performance | 100.00% | ' | ' |
Performance Based Restricted Stock Units | Units At Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total unrecognized compensation cost | $5,082 | ' | ' |
Percentage of targeted performance | 200.00% | ' | ' |
Performance Based Restricted Stock Units | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance goals tracking period | '1 year | ' | ' |
Performance Based Restricted Stock Units | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance goals tracking period | '4 years | ' | ' |
Summary_Of_Restricted_Stock_Un
Summary Of Restricted Stock Units (Detail) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | |
Units, Beginning balance outstanding | 185,000 | |
Units, Granted | 111,000 | |
Forfeited | -8,000 | |
Units, Withheld for taxes | -35,000 | [1] |
Units, Ending balance outstanding | 177,000 | |
Weighted-Average Grant-Date Fair Value, Beginning balance outstanding | $51.08 | |
Weighted-Average Grant-Date Fair Value, Granted | $88.01 | |
Weighted-Average Grant-Date Fair Value, Forfeited | $60.80 | |
Weighted-Average Grant-Date Fair Value, Withheld for taxes | $49.63 | [1] |
Weighted-Average Grant-Date Fair Value, Ending balance outstanding | $67.28 | |
Restricted Stock Units Issued | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | |
Units, Vested | -73,000 | |
Weighted-Average Grant-Date Fair Value, Vested | $71.81 | |
Restricted Stock Units Deferred | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | |
Units, Vested | -3,000 | [2] |
Weighted-Average Grant-Date Fair Value, Vested | $43.48 | [2] |
[1] | The Company has elected to pay cash equal to the minimum amount required to be withheld for income tax purposes instead of issuing the shares of common stock. The cash is remitted to the appropriate taxing authority. | |
[2] | The Company issued fully vested and non-forfeitable restricted stock units to certain non-employee directors and certain employees that are payable in shares of the Company’s common stock at a later date as specified by the award (deferred stock units or “DSUsâ€). |
Summary_Of_Deferred_Stock_Unit
Summary Of Deferred Stock Units (Detail) (Deferred Stock Units, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Stock Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Units, Beginning balance outstanding | 89,000 |
Units, Awards | 1,000 |
Units, Converted from RSUs | 3,000 |
Units, Ending balance outstanding | 93,000 |
Weighted-Average Grant-Date Fair Value, Beginning balance outstanding | $25.16 |
Weighted-Average Grant-Date Fair Value, Awards | $80.91 |
Weighted-Average Grant-Date Fair Value, Converted from RSUs | $43.48 |
Weighted-Average Grant-Date Fair Value, Ending balance outstanding | $26.35 |
Summary_Of_Performance_Based_R
Summary Of Performance Based Restricted Stock Units (Detail) (Performance Based Restricted Stock Units, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Weighted-Average Grant-Date Fair Value, Beginning balance outstanding | $41.39 |
Weighted-Average Grant-Date Fair Value, Granted | $77.95 |
Weighted-Average Grant-Date Fair Value, Forfeited | $78.24 |
Weighted-Average Grant-Date Fair Value, Cancelled | $40.14 |
Weighted-Average Grant-Date Fair Value, Ending balance outstanding | $77.94 |
Units At Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Units, Beginning balance outstanding | 422,000 |
Units, Granted | 135,000 |
Units, Forfeited | -4,000 |
Units, Cancelled | -422,000 |
Units, Ending balance outstanding | 131,000 |
Units At Target | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Units, Beginning balance outstanding | 211,000 |
Units, Granted | 69,000 |
Units, Forfeited | -2,000 |
Units, Cancelled | -211,000 |
Units, Ending balance outstanding | 67,000 |
Units At Threshold | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Units, Beginning balance outstanding | 106,000 |
Units, Granted | 17,000 |
Units, Forfeited | -1,000 |
Units, Cancelled | -106,000 |
Units, Ending balance outstanding | 16,000 |
Summary_of_Fair_Value_Assumpti
Summary of Fair Value Assumptions (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Weighted average exercise price | $13.59 | $19.65 |
Summary_of_Stock_Option_Plan_D
Summary of Stock Option Plan (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Shares, Beginning balance outstanding | 119,000 |
Shares, Granted | 0 |
Shares, Exercised | -70,000 |
Shares, Forfeited or expired | 0 |
Shares, Ending balance outstanding | 49,000 |
Exercisable on December 31, 2013 | 49,000 |
Vested and expected to vest at December 31, 2013 | 49,000 |
Weighted-Average Exercise Price, Beginning balance outstanding | $19.65 |
Weighted-Average Exercise Price, Granted | $0 |
Weighted-Average Exercise Price, Exercised | $23.83 |
Weighted-Average Exercise Price, Forfeited or expired | $0 |
Weighted-Average Exercise Price, Ending balance outstanding | $13.59 |
Exercisable on December 31, 2013 | $13.59 |
Vested and expected to vest at December 31, 2013 | $13.59 |
Weighted Average Remaining Contractual Term (in Years) | '3 years 2 months 1 day |
Exercisable on December 31, 2013 | '3 years 2 months 1 day |
Vested and expected to vest at December 31, 2013 | '3 years 2 months 1 day |
Outstanding at December 31, 2013 | $4,159 |
Exercisable on December 31, 2013 | 4,159 |
Vested and expected to vest at December 31, 2013 | $4,159 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Concentration Risk [Line Items] | ' |
Number of reportable segments | 2 |
Sales Revenue, Net | Customer Concentration Risk | ' |
Concentration Risk [Line Items] | ' |
Concentration Risk, Percentage (less than 3 percent for total revenues) | 11.00% |
Maximum | International | Sales Revenue, Net | Geographic Concentration Risk | ' |
Concentration Risk [Line Items] | ' |
Concentration Risk, Percentage (less than 3 percent for total revenues) | 3.00% |
Reportable_Segment_Results_Det
Reportable Segment Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | $182,283 | $191,525 | $178,285 | $165,370 | $168,998 | $160,967 | $153,064 | $140,122 | $717,463 | $623,151 | $553,076 |
Operating Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 29,419 | 10,433 | 11,676 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 60,563 | 50,267 | 48,112 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 90,102 | 109,474 | 74,983 |
Adjusted Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 173,867 | 158,524 | 141,792 |
Fleet Payment Solutions Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 527,424 | 470,591 | 436,704 |
Operating Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,802 | 3,377 | 4,488 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 23,351 | 23,721 | 21,331 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 78,567 | 75,404 | 62,913 |
Adjusted Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 129,825 | 128,259 | 112,668 |
Other Payment Solutions Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 190,039 | 152,560 | 116,372 |
Operating Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,485 | 1,613 | 965 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,710 | 1,663 | 1,626 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 24,587 | 17,752 | 16,155 |
Adjusted Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 44,042 | 30,265 | 29,124 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 717,463 | 623,151 | 553,076 |
Operating Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,287 | 4,990 | 5,453 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 25,061 | 25,384 | 22,957 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 103,154 | 93,156 | 79,068 |
Adjusted Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $173,867 | $158,524 | $141,792 |
Reconciliation_of_Adjusted_Net
Reconciliation of Adjusted Net Income to Net Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total adjusted net income attributable to WEX Inc. | ' | ' | ' | ' | ' | ' | ' | ' | $173,867,000 | $158,524,000 | $141,792,000 | |
Net unrealized loss (gain) on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | 5,628,000 | 1,724,000 | -10,872,000 | |
Amortization of acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | -33,147,000 | -23,468,000 | -22,412,000 | |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -17,508,000 | [1] | 0 |
Deferred loan costs associated with the extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -1,004,000 | 0 | 0 | |
Change in tax refund due to former shareholders of RD Card Holdings Australia | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 9,750,000 | 0 | |
Non-cash adjustments related to tax receivable agreement | ' | ' | ' | ' | ' | ' | ' | ' | -33,000 | -2,089,000 | -715,000 | |
Net Income (Loss), Attributable to Noncontrolling Interest, Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 1,443,000 | 305,000 | 0 | |
Tax impact | ' | ' | ' | ' | ' | ' | ' | ' | 13,052,000 | -16,318,000 | 4,085,000 | |
Net earnings attributable to WEX Inc. | 34,468,000 | 43,838,000 | 42,213,000 | 28,689,000 | 29,053,000 | 14,298,000 | 30,335,000 | 23,236,000 | 149,208,000 | 96,922,000 | 133,622,000 | |
Fleet One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other adjustments related to Fleet One acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 658,000 | -10,550,000 | 0 | |
Net earnings attributable to WEX Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,400,000 | ' | |
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Schedule_Of_Revenue_By_Geograp
Schedule Of Revenue By Geographic Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Revenues | $182,283 | $191,525 | $178,285 | $165,370 | $168,998 | $160,967 | $153,064 | $140,122 | $717,463 | $623,151 | $553,076 | ||||
Goodwill | 818,402 | [1] | ' | ' | ' | 847,986 | [1] | ' | ' | ' | 818,402 | [1] | 847,986 | [1] | 549,504 |
Total other intangibles assets, net | 208,997 | ' | ' | ' | 241,950 | ' | ' | ' | 208,997 | 241,950 | 109,656 | ||||
Property, equipment and capitalized software, net | 72,277 | ' | ' | ' | 60,097 | ' | ' | ' | 72,277 | 60,097 | 62,078 | ||||
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 627,282 | 541,404 | 482,536 | ||||
Goodwill | 589,319 | ' | ' | ' | 589,319 | ' | ' | ' | 589,319 | 589,319 | 325,647 | ||||
Total other intangibles assets, net | 118,808 | ' | ' | ' | 135,386 | ' | ' | ' | 118,808 | 135,386 | 29,204 | ||||
Property, equipment and capitalized software, net | 59,817 | ' | ' | ' | 47,915 | ' | ' | ' | 59,817 | 47,915 | 51,172 | ||||
Australia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 61,645 | 68,932 | 67,360 | ||||
Goodwill | 180,274 | ' | ' | ' | 210,746 | ' | ' | ' | 180,274 | 210,746 | 222,545 | ||||
Total other intangibles assets, net | 43,385 | ' | ' | ' | 62,757 | ' | ' | ' | 43,385 | 62,757 | 76,019 | ||||
Property, equipment and capitalized software, net | 5,988 | ' | ' | ' | 7,383 | ' | ' | ' | 5,988 | 7,383 | 6,419 | ||||
International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 28,536 | 12,815 | 3,180 | ||||
Goodwill | 48,809 | ' | ' | ' | 47,921 | ' | ' | ' | 48,809 | 47,921 | 1,312 | ||||
Total other intangibles assets, net | 46,804 | ' | ' | ' | 43,807 | ' | ' | ' | 46,804 | 43,807 | 4,433 | ||||
Property, equipment and capitalized software, net | $6,472 | ' | ' | ' | $4,799 | ' | ' | ' | $6,472 | $4,799 | $4,487 | ||||
[1] | The prior years amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Summary_Of_Quarterly_Financial
Summary Of Quarterly Financial Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | $182,283 | $191,525 | $178,285 | $165,370 | $168,998 | $160,967 | $153,064 | $140,122 | $717,463 | $623,151 | $553,076 |
Operating income | 71,235 | 77,893 | 67,081 | 60,530 | 49,499 | 51,277 | 62,880 | 57,963 | 276,739 | 221,619 | 233,324 |
Net earnings attributable to WEX Inc. | $34,468 | $43,838 | $42,213 | $28,689 | $29,053 | $14,298 | $30,335 | $23,236 | $149,208 | $96,922 | $133,622 |
Basic (in usd per share) | $0.88 | $1.12 | $1.08 | $0.74 | $0.75 | $0.37 | $0.78 | $0.60 | $3.83 | $2.50 | $3.45 |
Diluted (in usd per share) | $0.88 | $1.12 | $1.08 | $0.73 | $0.74 | $0.37 | $0.78 | $0.59 | $3.82 | $2.48 | $3.43 |