Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 23, 2014 | |
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-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 38,768,316 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $576,706 | $361,486 |
Accounts receivable (less reserve for credit losses of $13,446 in 2014 and $10,396 in 2013) | 2,033,974 | 1,712,061 |
Available-for-sale securities | 18,740 | 15,963 |
Fuel price derivatives, at fair value | 6,782 | 0 |
Property, equipment and capitalized software (net of accumulated depreciation of $165,784 in 2014 and $145,400 in 2013) | 96,057 | 72,275 |
Deferred income taxes, net | 3,776 | 88,965 |
Goodwill | 1,095,233 | 819,892 |
Other intangible assets, net | 471,860 | 206,744 |
Acquisition deposit | 77,224 | 0 |
Other assets | 199,210 | 154,892 |
Total assets | 4,579,562 | 3,432,278 |
Liabilities and Stockholders’ Equity | ' | ' |
Accounts payable | 658,443 | 512,878 |
Accrued expenses | 119,804 | 92,335 |
Income taxes payable | 9,386 | 16,066 |
Deposits | 1,468,734 | 1,088,930 |
Revolving line-of-credit facilities and term loan | 683,825 | 285,000 |
Deferred income taxes, net | 24,607 | 13,528 |
Notes outstanding | 400,000 | 400,000 |
Other debt | 54,662 | 7,278 |
Amounts due under tax receivable agreement | 72,012 | 77,785 |
Fuel price derivatives, at fair value | 0 | 7,358 |
Other liabilities | 14,337 | 9,094 |
Total liabilities | 3,505,810 | 2,510,252 |
Commitments and contingencies (Note 14) | ' | ' |
Redeemable non-controlling interest | 17,983 | 18,729 |
Stockholders’ Equity | ' | ' |
Common stock $0.01 par value; 175,000 shares authorized; 42,995 shares issued in 2014 and 42,901 in 2013; 38,870 shares outstanding in 2014 and 38,987 in 2013 | 430 | 429 |
Additional paid-in capital | 177,305 | 168,891 |
Non-controlling interest | 19,271 | 519 |
Retained earnings | 1,033,837 | 879,519 |
Accumulated other comprehensive income | -24,743 | -15,495 |
Less treasury stock at cost; 4,218 shares in 2014 and 4,007 shares in 2013 | -150,331 | -130,566 |
Total stockholders’ equity | 1,055,769 | 903,297 |
Total liabilities and stockholders’ equity | $4,579,562 | $3,432,278 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, reserve for credit losses | $13,446 | $10,396 |
Property, equipment and capitalized software, accumulated depreciation | $165,784 | $145,400 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 42,995,000 | 42,901,000 |
Common stock, shares outstanding | 38,870,000 | 38,987,000 |
Treasury stock, shares | 4,218,000 | 4,007,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' |
Fleet payment solutions | $144,497 | $136,874 | $425,760 | $393,953 |
Other payment solutions | 77,637 | 54,651 | 180,023 | 141,227 |
Total revenues | 222,134 | 191,525 | 605,783 | 535,180 |
Expenses | ' | ' | ' | ' |
Salary and other personnel | 55,392 | 41,469 | 142,720 | 122,193 |
Service fees | 34,024 | 29,352 | 88,160 | 79,765 |
Provision for credit losses | 7,261 | 5,015 | 23,154 | 13,686 |
Technology leasing and support | 8,006 | 6,799 | 22,184 | 18,712 |
Occupancy and equipment | 5,362 | 3,822 | 13,489 | 11,818 |
Depreciation, amortization and impairment | 19,600 | 14,160 | 49,794 | 43,268 |
Operating interest expense | 1,860 | 976 | 4,747 | 3,205 |
Cost of hardware and equipment sold | 1,830 | 1,055 | 5,033 | 3,266 |
Other | 13,438 | 10,984 | 39,275 | 33,763 |
Gain on sale of subsidiary | -27,169 | 0 | -27,169 | 0 |
Total operating expenses | 119,604 | 113,632 | 361,387 | 329,676 |
Operating income | 102,530 | 77,893 | 244,396 | 205,504 |
Financing interest expense | -9,840 | -7,369 | -24,472 | -22,077 |
Net (loss) gain on foreign currency transactions | -7,560 | 2,968 | -5,289 | 1,708 |
Net realized and unrealized gain (loss) on fuel price derivatives | 14,773 | -3,640 | 9,057 | -2,781 |
(Increase) decrease in amount due under tax receivable agreement | -1,356 | 150 | -1,356 | 150 |
Income before income taxes | 98,547 | 70,002 | 222,336 | 182,504 |
Income taxes | 24,697 | 26,224 | 69,557 | 68,097 |
Net income | 73,850 | 43,778 | 152,779 | 114,407 |
Less: Net loss attributable to non-controlling interests | -593 | -60 | -1,539 | -333 |
Net earnings attributable to WEX Inc. | $74,443 | $43,838 | $154,318 | $114,740 |
Net earnings attributable to WEX Inc. per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $1.92 | $1.12 | $3.97 | $2.95 |
Diluted (in dollars per share) | $1.91 | $1.12 | $3.96 | $2.93 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 38,867 | 38,978 | 38,896 | 38,934 |
Diluted (in shares) | 38,961 | 39,081 | 39,004 | 39,102 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $73,850 | $43,778 | $152,779 | $114,407 |
Changes in available-for-sale securities, net of tax effect of $(15) and $(43) for the three months ended September 30, 2014 and 2013, and $116 and $(289) for the nine months ended September 30, 2014 and 2013 | -26 | -73 | 200 | -492 |
Foreign currency translation | -33,832 | 7,856 | -11,170 | -38,117 |
Comprehensive income | 39,992 | 51,561 | 141,809 | 75,798 |
Less: comprehensive (loss) income attributable to non-controlling interests | -3,571 | 112 | -3,261 | -1,900 |
Comprehensive income attributable to WEX Inc. | $43,563 | $51,449 | $145,070 | $77,698 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Changes in available-for-sale securities, tax effect | ($15) | ($43) | $116 | ($289) |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Retained Earnings | Non-controlling interest in subsidiaries |
In Thousands, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2012 | $817,931 | $426 | $162,470 | $37,379 | ($112,655) | $730,311 | $0 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 38,908 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options (in shares) | ' | 70 | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options | 1,672 | 1 | 1,671 | ' | ' | ' | ' |
Tax benefit from stock option and restricted stock units | 6,509 | ' | 6,509 | ' | ' | ' | ' |
Stock issued upon vesting of restricted and deferred stock units (in shares) | ' | 241 | ' | ' | ' | ' | ' |
Stock issued upon vesting of restricted and deferred stock units | 0 | 2 | -2 | ' | ' | ' | ' |
Stock-based compensation, net of share repurchases for tax withholdings | -4,033 | ' | -4,033 | ' | ' | ' | ' |
Purchase of shares of treasury stock, Shares | ' | 0 | ' | ' | ' | ' | ' |
Purchase of shares of treasury stock | -17,911 | ' | ' | ' | -17,911 | ' | ' |
Changes in available-for-sale securities, net of tax effect of $116 in 2014 and $(289) in 2013 | -492 | ' | ' | -492 | ' | ' | ' |
Foreign currency translation | -36,550 | ' | ' | -36,550 | ' | ' | 0 |
Net income (loss) | 114,740 | ' | ' | ' | ' | 114,740 | 0 |
Ending Balance at Sep. 30, 2013 | 881,866 | 429 | 166,615 | 337 | -130,566 | 845,051 | 0 |
Ending Balance (in shares) at Sep. 30, 2013 | ' | 39,219 | ' | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 903,297 | 429 | 168,891 | -15,495 | -130,566 | 879,519 | 519 |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 38,987 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options (in shares) | ' | 17 | ' | ' | ' | ' | ' |
Stock issued upon exercise of stock options | 236 | 0 | 236 | ' | ' | ' | ' |
Tax benefit from stock option and restricted stock units | 1,432 | ' | 1,432 | ' | ' | ' | ' |
Stock issued upon vesting of restricted and deferred stock units (in shares) | ' | 77 | ' | ' | ' | ' | ' |
Stock issued upon vesting of restricted and deferred stock units | 0 | 1 | -1 | ' | ' | ' | ' |
Stock-based compensation, net of share repurchases for tax withholdings | 6,747 | ' | 6,747 | ' | ' | ' | ' |
Purchase of shares of treasury stock, Shares | ' | -211 | ' | ' | ' | ' | ' |
Purchase of shares of treasury stock | -19,765 | ' | ' | ' | -19,765 | ' | ' |
Changes in available-for-sale securities, net of tax effect of $116 in 2014 and $(289) in 2013 | 200 | ' | ' | 200 | ' | ' | ' |
Foreign currency translation | -10,455 | ' | ' | -9,448 | ' | ' | -1,007 |
Non-controlling interest investment | 21,267 | ' | ' | ' | ' | ' | 21,267 |
Net income (loss) | 152,810 | ' | ' | ' | ' | 154,318 | -1,508 |
Ending Balance at Sep. 30, 2014 | $1,055,769 | $430 | $177,305 | ($24,743) | ($150,331) | $1,033,837 | $19,271 |
Ending Balance (in shares) at Sep. 30, 2014 | ' | 38,870 | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Changes in available-for-sale securities, tax effect | ($116) | $289 |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $152,779 | $114,407 |
Adjustments to reconcile net income to net cash used for operating activities: | ' | ' |
Fair value change of fuel price derivatives | -14,140 | -1,234 |
Stock-based compensation | 10,089 | 6,882 |
Depreciation, amortization and impairment | 51,658 | 45,021 |
Gain on divestiture | -27,169 | 0 |
Deferred taxes | 25,190 | 23,207 |
Provision for credit losses | 23,154 | 13,686 |
Loss on disposal of property, equipment and capitalized software | 1,138 | 637 |
Changes in operating assets and liabilities, net of effects of acquisition: | ' | ' |
Accounts receivable | -389,339 | -384,715 |
Other assets | -42,455 | -39,289 |
Accounts payable | 201,506 | 185,284 |
Accrued expenses | 19,203 | 13,030 |
Income taxes | -6,757 | 5,463 |
Other liabilities | -1,724 | -826 |
Amounts due under tax receivable agreement | -5,772 | -6,841 |
Net cash used for operating activities | -2,639 | -25,288 |
Cash flows from investing activities | ' | ' |
Purchases of property, equipment and capitalized software | -39,403 | -30,122 |
Purchases of available-for-sale securities | -2,740 | -1,704 |
Maturities of available-for-sale securities | 279 | 1,065 |
Acquisitions and investments, net of cash | 591,791 | 0 |
Proceeds from sale of subsidiary | 46,890 | 0 |
Net cash used for investing activities | -586,765 | -30,761 |
Cash flows from financing activities | ' | ' |
Excess tax benefits from equity instrument share-based payment arrangements | 1,432 | 6,509 |
Repurchase of share-based awards to satisfy tax withholdings | -3,342 | -10,917 |
Proceeds from stock option exercises | 235 | 1,671 |
Net change in deposits | 379,812 | 267,859 |
Net change in borrowed federal funds | 0 | -48,400 |
Other debt | 47,798 | -3,003 |
Loan origination fee | -3,309 | -12,023 |
Borrowings on notes outstanding | 0 | 400,000 |
Purchase of shares of treasury stock | -19,765 | -17,911 |
Net cash provided by financing activities | 801,686 | 251,535 |
Effect of exchange rate changes on cash and cash equivalents | 2,938 | -1,977 |
Net change in cash and cash equivalents | 215,220 | 193,509 |
Cash and cash equivalents, beginning of period | 361,486 | 197,662 |
Cash and cash equivalents, end of period | 576,706 | 391,171 |
Supplemental cash flow information | ' | ' |
Interest paid | 31,757 | 20,291 |
Income taxes paid | 49,504 | 33,013 |
2011 term loan | ' | ' |
Cash flows from financing activities | ' | ' |
Net activity on term loans | 0 | -182,500 |
2013 term loan | ' | ' |
Cash flows from financing activities | ' | ' |
Net activity on term loans | -14,375 | 288,750 |
2014 term loan | ' | ' |
Cash flows from financing activities | ' | ' |
Net activity on term loans | 222,500 | 0 |
UNIK | ' | ' |
Significant non-cash transactions | ' | ' |
Increase in UNIK estimated earn out | 0 | 198 |
2011 revolving line-of-credit | ' | ' |
Cash flows from financing activities | ' | ' |
Net activity on credit facility | 0 | -438,500 |
2014 revolving credit facility | ' | ' |
Cash flows from financing activities | ' | ' |
Net activity on credit facility | $190,700 | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | ||
Sep. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
1 | Basis of Presentation | ||
The acronyms and abbreviations identified below are used in the accompanying unaudited condensed consolidated financial statements and the notes thereto. The following is provided to aid the reader and provide a reference point when reviewing the unaudited condensed consolidated financial statements. | |||
2011 Credit Agreement | Credit agreement entered into on May 23, 2011 among the Company, as borrower, WEX Card Holdings Australia Pty Ltd, a wholly-owned subsidiary of the Company, as specified designated borrower, Bank of America, N.A., as administrative agent and letter of credit issuer, and the other lenders party thereto | ||
2013 Credit Agreement | Amended and restated credit agreement entered into on January 18, 2013 by and among the Company and certain of our subsidiaries, as borrowers, and WEX Card Holdings Australia Pty Ltd, as specified designated borrower, with a lending syndicate | ||
2014 Amendment Agreement | Amendment and restatement agreement entered into on August 22, 2014, among the Company, the lenders party thereto, and Bank of America, N.A., as administrative agent | ||
2014 Credit Agreement | Second amended and restated credit agreement entered into on August 22, 2014, by and among the Company and certain of our subsidiaries, as borrowers, and WEX Card Holding Australia | ||
Adjusted Net Income or ANI | A non-GAAP metric that adjusts net earnings attributable to WEX Inc. for fair value changes of derivative instruments, the amortization of purchased intangibles, the expense associated with stock-based compensation, acquisition related expenses, 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, gains on the extinguishment of a portion of the tax receivable agreement, gain or losses on divestitures and adjustments attributable to non-controlling interests, as well as the related tax impacts of the adjustments | ||
ASU 2014-08 | Accounting Standards Update No. 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | ||
ASU 2014-09 | Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers (Topic 606) | ||
ASU 2014-15 | Accounting Standards Update No. 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | ||
Company | WEX Inc. and all entities included in the unaudited condensed consolidated financial statements | ||
Esso Card | ExxonMobil’s European commercial fleet card portfolio | ||
Evolution1 | EB Holdings Corp. and its subsidiaries which includes Evolution1, Inc., acquired by the Company on July 16, 2014 | ||
FASB | Financial Accounting Standards Board | ||
GAAP | Generally Accepted Accounting Principles in the United States | ||
Indenture | The Notes were issued pursuant to an indenture dated as of January 30, 2013 among the Company, the guarantors listed therein, and The Bank of New York Mellon Trust Company, N.A., as trustee | ||
NCI | Non-controlling interests | ||
NOL | Net operating loss | ||
Notes | $400 million notes with a 4.75% fixed rate, issued on January 30, 2013 | ||
NOW deposits | Negotiable order of withdrawal deposits | ||
Pacific Pride | Pacific Pride Services, LLC, previously a wholly owned subsidiary, sold on July 29, 2014 | ||
SEC | Securities and Exchange Commission | ||
UNIK | UNIK S.A., the Company's Brazilian 51 percent majority owned subsidiary | ||
WEX | WEX Inc. | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by GAAP for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of WEX Inc. for the year ended December 31, 2013. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements that are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on February 27, 2014. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for any future quarter(s) or the year ending December 31, 2014. | |||
Certain prior-year amounts have been reclassified to conform with the current year’s presentation. Specifically, UNIK debt previously included in Other liabilities was reclassified to Other debt on the condensed consolidated balance sheets. | |||
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, NOW deposits, interest-bearing money market deposits, borrowed federal funds and credit agreement borrowings approximate their respective fair values as the interest rates on these financial instruments are variable. All other financial instruments are reflected at fair value on the condensed consolidated balance sheets. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
New Accounting Standards | ' | |
2 | New Accounting Standards | |
In April 2014, the FASB issued ASU 2014-08. Under the new guidance, only disposals representing a strategic shift in operations that have a major effect on the organization's operations and financial results, or a business activity classified as held for sale, should be presented as discontinued operations. Additionally, these amendments expanded the disclosure requirements for discontinued operations that will provide financial statement users with more information regarding the assets, liabilities, income and expenses of discontinued operations. This update is effective for interim and annual periods beginning after December 15, 2014. In addition, early adoption is permitted and the Company has elected to adopt this standard as of April 1, 2014. The adoption of this standard update affects presentation only and, as such, is not expected to have a material impact on the Company's consolidated financial statements. | ||
In May 2014, the FASB issued ASU 2014-09, which will supersede most existing revenue recognition guidance under U.S. GAAP. The new revenue recognition standard requires entities to recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The new standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method. | ||
In August 2014, the FASB issued ASU 2014-15 related to the disclosures regarding going concern. The new standard provides guidance regarding management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Business_Acquisitions
Business Acquisitions | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Business Acquisitions | ' | |||||||||||||||
3 | Business Acquisitions | |||||||||||||||
Esso Card Program | ||||||||||||||||
During the fourth quarter of 2013, the Company announced that it plans to acquire the assets of ExxonMobil’s European commercial fuel card program through a majority owned subsidiary, WEX Europe Services Limited. The anticipated Esso Card program transaction is expected to close late in the fourth quarter of 2014 or in the first quarter of 2015. During the third quarter of 2014, the Company made an advance payment to ExxonMobil of approximately $80,000 for a portion of the acquisition consideration, per the terms of the purchase agreement. Of this amount, 25 percent of the total was paid by the minority shareholder. | ||||||||||||||||
Acquisition of Evolution1 | ||||||||||||||||
On July 16, 2014, the Company acquired all of the outstanding stock of Evolution1, a leading provider of cloud-based technology and payment solutions within the healthcare industry, for approximately $532,200 in cash. The transaction was financed through the Company’s cash on hand and existing credit facility. Evolution1 developed and operates an all-in-one, multi-tenant technology platform, card products, and mobile offering that supports a full range of healthcare account types. This includes consumer-directed payments for health savings accounts, health reimbursement arrangements, flexible spending accounts, voluntary employee beneficiary associations, and defined contribution and wellness programs. The Company acquired Evolution1 to advance the Company's capabilities in the healthcare market and enhance the Company's positioning and exposure to this growing market. | ||||||||||||||||
During the third quarter of 2014, the Company obtained preliminary information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed in the Evolution1 acquisition. Based on such information, the Company recorded intangible assets and goodwill in accordance with the estimates described below. The Company is still reviewing the valuation of all assets and liabilities and has not finalized the purchase accounting. | ||||||||||||||||
The operations of Evolution1 contributed net revenues of approximately $16,540 and net losses of approximately $2,080 from July 16, 2014, through September 30, 2014, which includes finance costs. Evolution1 had previously recorded goodwill on its financial statements from prior acquisition, some of which is expected to be deductible for tax purposes. The Company has incurred $6,059 in acquisition costs. The results of operations for Evolution1 are presented in the Company's Other Payment Solutions segment. | ||||||||||||||||
The following is a summary of the preliminary allocation of the purchase price to the assets and liabilities acquired: | ||||||||||||||||
Consideration paid (net of cash) | $ | 532,174 | ||||||||||||||
Less: | ||||||||||||||||
Accounts receivable | 8,417 | |||||||||||||||
Accounts payable | (174 | ) | ||||||||||||||
Deferred tax liabilities, net | (71,101 | ) | ||||||||||||||
Other tangible assets and liabilities, net | (3,736 | ) | ||||||||||||||
Acquired software(a) | 70,000 | |||||||||||||||
Customer relationships(b) | 211,000 | |||||||||||||||
Trademarks and trade name(c) | 18,900 | |||||||||||||||
Recorded goodwill | $ | 298,868 | ||||||||||||||
(a) | Weighted average life – 6.4 years. | |||||||||||||||
(b) | Weighted average life – 9.7 years. | |||||||||||||||
(c) | Weighted average life – 9.9 years. | |||||||||||||||
The following represents unaudited pro forma operational results as if Evolution1 had been included in the Company’s unaudited consolidated statements of operations as of the beginning of the fiscal periods ended: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 225,181 | $ | 207,905 | $ | 653,192 | $ | 589,123 | ||||||||
Net income attributable to WEX Inc. | $ | 69,889 | $ | 37,309 | $ | 141,206 | $ | 98,303 | ||||||||
Pro forma net income attributable to WEX Inc. per common share: | ||||||||||||||||
Net income per share – basic | $ | 1.8 | $ | 0.96 | $ | 3.63 | $ | 2.52 | ||||||||
Net income per share – diluted | $ | 1.79 | $ | 0.95 | $ | 3.62 | $ | 2.51 | ||||||||
The pro forma financial information assumes that the companies were combined as of January 1, 2013, and includes the business combination accounting impact 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 integration costs that have been or will be incurred by the Company. 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 year 2014 or fiscal year 2013. | ||||||||||||||||
Acquisition of FastCred | ||||||||||||||||
On October 15, 2013, UNIK acquired all of the stock of FastCred, a provider of fleet cards to the heavy truck or over-the-road segment of the Brazilian 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 preliminarily allocated $4,282 of the cost of the acquisition to goodwill and $12,594 to other intangible assets, primarily customer relationships and acquired software. During the first quarter of 2014, the Company obtained additional information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed as of the FastCred acquisition date. Based on such information, the Company retrospectively adjusted the fiscal year 2013 comparative information resulting in an increase in goodwill of $1,490, a decrease in intangible assets of $2,253, a decrease in property, equipment and capitalized software of $2, and a decrease in deferred income tax liabilities of $765. There were no changes to the previously reported consolidated statements of operations or statements of cash flows. The valuation of all assets and liabilities have been finalized. The total weighted average useful life of the intangible assets acquired from FastCred is four years for customer relationships and three years for acquired software. 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 or earnings per share. |
Sale_of_Subsidiary
Sale of Subsidiary | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Sale of Pacific Pride LLC | ' | |||
4 | Sale of Subsidiary | |||
On July 29, 2014, the Company sold its wholly owned subsidiary Pacific Pride for $48,230, subject to final working capital adjustments, which resulted in a pre-tax gain of $27,169. The transfer of the operations of Pacific Pride occurred on July 31, 2014. The Company decided to sell the operations of Pacific Pride as it did not align with the long-term strategy of the core fleet business. The operations of Pacific Pride are not material to the Company's annual revenue, net income or earnings per share. Simultaneously with the sale, the Company entered into a multi-year agreement with the buyer that will continue to allow WEX branded card acceptance at Pacific Pride locations. The Company does not view this divestiture as a strategic shift in its Fleet Payment Solution segment. | ||||
The following is a summary of the allocation of the assets and liabilities sold: | ||||
Consideration received | $ | 48,230 | ||
Less: | ||||
Expenses associated with the sale | 1,340 | |||
Accounts receivable | 47,586 | |||
Accounts payable | (53,001 | ) | ||
Other tangible assets and liabilities, net | 828 | |||
Customer relationships | 3,727 | |||
Trademarks and trade name | 1,444 | |||
Goodwill | 19,137 | |||
Gain on sale | $ | 27,169 | ||
Reserves_for_Credit_Losses
Reserves for Credit Losses | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Reserves for Credit Losses | ' | |||||||
5 | Reserves for Credit Losses | |||||||
In general, the Company’s trade receivables provide for payment terms of 30 days or less. The Company does not extend revolving credit to its customers with respect to these receivables. The portfolio of receivables consists of a large group of smaller balance homogeneous amounts that are collectively evaluated for impairment. No customer made up more than six percent of the outstanding receivables at September 30, 2014. | ||||||||
As of September 30, 2014, approximately 96 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. As of September 30, 2013, 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. | ||||||||
The following table presents changes in reserves for credit losses related to accounts receivable: | ||||||||
Nine months ended September 30, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 10,396 | $ | 11,709 | ||||
Provision for credit losses | 23,154 | 13,686 | ||||||
Charge-offs | (25,776 | ) | (21,150 | ) | ||||
Recoveries of amounts previously charged-off | 5,730 | 5,031 | ||||||
Currency translation | (58 | ) | (322 | ) | ||||
Balance, end of period | $ | 13,446 | $ | 8,954 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
6 | Goodwill and Other Intangible Assets | |||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The changes in goodwill during the first nine months of 2014 were as follows: | ||||||||||||||||||||||||
Fleet Payment Solutions Segment | Other | Total | ||||||||||||||||||||||
Payment | ||||||||||||||||||||||||
Solutions | ||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||
Gross goodwill, January 1, 2014 | $ | 754,886 | $ | 82,514 | $ | 837,400 | ||||||||||||||||||
Impact of foreign currency translation | (3,276 | ) | (1,114 | ) | (4,390 | ) | ||||||||||||||||||
Acquisition of Evolution1 | — | 298,868 | 298,868 | |||||||||||||||||||||
Sale of subsidiary | (19,137 | ) | — | (19,137 | ) | |||||||||||||||||||
Gross goodwill, September 30, 2014 | 732,473 | 380,268 | 1,112,741 | |||||||||||||||||||||
Accumulated impairment, September 30, 2014 | (1,337 | ) | (16,171 | ) | (17,508 | ) | ||||||||||||||||||
Net goodwill, September 30, 2014 | $ | 731,136 | $ | 364,097 | $ | 1,095,233 | ||||||||||||||||||
As described in Note 3, the Company adjusted the amount of goodwill and intangible assets as of December 31, 2013 in the accompanying condensed consolidated balance sheet to account for the measurement period adjustments to the FastCred purchase price allocation. | ||||||||||||||||||||||||
The Company had no impairments to goodwill during the nine months ended September 30, 2014. | ||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||
The changes in other intangible assets during the first nine months of 2014 were as follows: | ||||||||||||||||||||||||
Net | Acquisition | Amortization | Disposals | Impact of | Net Carrying | |||||||||||||||||||
Carrying | foreign | Amount, September 30, 2014 | ||||||||||||||||||||||
Amount, | currency | |||||||||||||||||||||||
January 1, | translation | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software | $ | 61,590 | $ | 70,000 | $ | (6,982 | ) | $ | — | $ | (505 | ) | $ | 124,103 | ||||||||||
Customer relationships | 127,403 | 211,000 | (20,296 | ) | (3,727 | ) | (490 | ) | 313,890 | |||||||||||||||
Patent | 1,672 | — | (253 | ) | — | (9 | ) | 1,410 | ||||||||||||||||
Trade names | 8,835 | 18,900 | (884 | ) | (1,444 | ) | (108 | ) | 25,299 | |||||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks and trade names | 7,244 | — | — | — | (86 | ) | 7,158 | |||||||||||||||||
Total | $ | 206,744 | $ | 299,900 | $ | (28,415 | ) | $ | (5,171 | ) | $ | (1,198 | ) | $ | 471,860 | |||||||||
The following table presents the estimated amortization expense related to the definite-lived intangible assets listed above for the remainder of 2014 and for each of the five succeeding fiscal years: | ||||||||||||||||||||||||
Remaining 2014 | $ | 12,220 | ||||||||||||||||||||||
2015 | $ | 46,847 | ||||||||||||||||||||||
2016 | $ | 45,172 | ||||||||||||||||||||||
2017 | $ | 44,313 | ||||||||||||||||||||||
2018 | $ | 41,330 | ||||||||||||||||||||||
2019 | $ | 38,384 | ||||||||||||||||||||||
Other intangible assets, net consist of the following: | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross | Accumulated | Net Carrying | Gross | Accumulated | Net Carrying | |||||||||||||||||||
Carrying | Amortization | Amount | Carrying | Amortization | Amount | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software | $ | 152,596 | $ | (28,493 | ) | $ | 124,103 | $ | 83,844 | $ | (22,254 | ) | $ | 61,590 | ||||||||||
Non-compete agreement | — | — | — | 100 | (100 | ) | — | |||||||||||||||||
Customer relationships | 393,269 | (79,379 | ) | 313,890 | 197,424 | (70,021 | ) | 127,403 | ||||||||||||||||
Patent | 2,886 | (1,476 | ) | 1,410 | 2,935 | (1,263 | ) | 1,672 | ||||||||||||||||
Trademarks and trade names | 27,445 | (2,146 | ) | 25,299 | 10,112 | (1,277 | ) | 8,835 | ||||||||||||||||
$ | 576,196 | $ | (111,494 | ) | 464,702 | $ | 294,415 | $ | (94,915 | ) | 199,500 | |||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks and trade names | 7,158 | 7,244 | ||||||||||||||||||||||
Total | $ | 471,860 | $ | 206,744 | ||||||||||||||||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings per Share | ' | |||||||||||||||
7 | Earnings per Share | |||||||||||||||
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net earnings attributable to WEX Inc. available for common stockholders – Basic and Diluted | $ | 74,443 | $ | 43,838 | $ | 154,318 | $ | 114,740 | ||||||||
Weighted average common shares outstanding – Basic | 38,867 | 38,978 | 38,896 | 38,934 | ||||||||||||
Unvested restricted stock units | 74 | 74 | 85 | 125 | ||||||||||||
Stock options | 20 | 29 | 23 | 43 | ||||||||||||
Weighted average common shares outstanding – Diluted | 38,961 | 39,081 | 39,004 | 39,102 | ||||||||||||
No shares were considered anti-dilutive during the periods reported. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||
8 | Derivative Instruments | ||||||||||||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. Derivative instruments are utilized to manage the Company's commodity price risk. The Company enters into put and call option contracts related to the Company’s commodity price risk, which are based on the wholesale price of gasoline and the retail price of diesel fuel and settle on a monthly basis. These put and call option contracts, or fuel price derivative instruments, are designed to reduce the volatility of the Company’s cash flows associated with its fuel price-related earnings exposure in North America. | |||||||||||||||||||||||||
Beginning in April 2014, the Company initiated a partial foreign exchange hedging program. The Company uses currency forward contracts to offset the foreign currency impact of balance sheet translation. These derivatives have one month terms. The gains or losses on the currency forward contracts are reported in earnings within the same unaudited condensed consolidated statement of income line as the impact of the foreign currency translation, net gains or losses on foreign currency translations. | |||||||||||||||||||||||||
Accounting guidance requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheet. The Company’s fuel price derivative instruments and foreign currency instruments do not qualify for hedge accounting treatment under the current accounting guidance, and therefore, no such hedging designation has been made. | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||
For derivative instruments that are not designated as hedging instruments, the gain or loss on the derivative is recognized in current earnings. As of September 30, 2014, the Company had the following put and call option contracts, which are not designated as hedging contracts and settle on a monthly basis: | |||||||||||||||||||||||||
Aggregate | |||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
(gallons) (a) | |||||||||||||||||||||||||
Fuel price derivative instruments – unleaded fuel | |||||||||||||||||||||||||
Option contracts settling October 2014 – March 2016 | 39,374 | ||||||||||||||||||||||||
Fuel price derivative instruments – diesel | |||||||||||||||||||||||||
Option contracts settling October 2014 – March 2016 | 19,238 | ||||||||||||||||||||||||
Total fuel price derivative instruments | 58,612 | ||||||||||||||||||||||||
(a) | The settlement of the put and call option contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. | ||||||||||||||||||||||||
The following table presents information on the location and amounts of derivative fair values in the condensed consolidated balance sheets: | |||||||||||||||||||||||||
Derivatives Classified as Assets | Derivatives Classified as Liabilities | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | |||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||
Commodity contracts | Fuel price | $ | 6,782 | Fuel price | $ | — | Fuel price | $ | — | Fuel price | $ | 7,358 | |||||||||||||
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 condensed consolidated statements of income: | |||||||||||||||||||||||||
Amount of Gain or | |||||||||||||||||||||||||
(Loss) Recognized in | |||||||||||||||||||||||||
Income on Derivative | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) | Three months ended September 30, | Nine months ended | ||||||||||||||||||||||
Recognized in | September 30, | ||||||||||||||||||||||||
Income on Derivative | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Commodity contracts | Net realized and unrealized gain (loss) on fuel price derivatives | $ | 14,773 | $ | (3,640 | ) | $ | 9,057 | $ | (2,781 | ) | ||||||||||||||
Foreign exchange contracts | Net realized gain (loss) on currency forward contracts | 8,177 | $ | — | 6,893 | $ | — | ||||||||||||||||||
Financing_and_Other_Debt
Financing and Other Debt | 9 Months Ended | |
Sep. 30, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Financing and Other Debt | ' | |
9 | Financing and Other Debt | |
2014 Credit Agreement Amendment | ||
On August 22, 2014, the Company, entered into the agreements described below to modify certain terms of its existing bank borrowing agreements in order to permit the additional financings and investments to facilitate the consummation of the Esso Card transaction. | ||
Amendment and Restatement Agreement | ||
On August 22, 2014, the Company entered into the "2014 Amendment Agreement." Pursuant to the Amendment Agreement, certain lenders party to the “2013 Credit Agreement”, consented to the amendment and restatement of the 2013 Credit Agreement in the form of the “2014 Credit Agreement.” | ||
The 2014 Amendment Agreement (i) provides for a new tranche of term loans under the 2014 Credit Agreement in an aggregate principal amount equal to $222,500 on the terms and conditions set forth in the 2014 Credit Agreement, (ii) modifies certain of the negative covenants as described below in the description of the 2014 Credit Agreement and (iii) provides for the addition of Wright Express International Holdings Limited as a designated borrower, subject to specified conditions precedent. | ||
Second Amended and Restated Credit Agreement | ||
On August 22, 2014, the Company entered into the 2014 Credit Agreement. The 2014 Credit Agreement provides for a term loan facility in an amount equal to $500,000 that matures on January 31, 2018, and a $700,000 secured revolving credit facility, with a $150,000 sublimit for letters of credit and a $20,000 sublimit for swingline loans, that terminates on January 31, 2018. | ||
The 2014 Credit Agreement amends and restates the 2013 Credit Agreement. The 2014 Credit Agreement increases the outstanding amount of the term loans from $277,500 to $500,000, and does not change the amount of the $700,000 revolving loan. A portion of the indebtedness owing under the 2014 Credit Agreement is the same indebtedness as formerly evidenced by the 2013 Credit Agreement. | ||
Proceeds from the 2014 Credit Agreement may be used for working capital purposes, acquisitions, payment of dividends and other restricted payments, refinancing of indebtedness, and other general corporate purposes. | ||
Amounts outstanding under the 2014 Credit Agreement bear interest at a rate equal to, at the Company’s option, (a) the Eurocurrency Rate, as defined in the 2014 Credit Agreement, plus a margin of 1.25% to 2.75% 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%, (ii) the prime rate announced by Bank of America N.A., and (iii) the Eurocurrency Rate plus 1.00%, in each case plus a margin of 0.25% to 1.75% 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% to 0.45% based on the ratio of consolidated funded indebtedness of the Company and its subsidiaries to consolidated EBITDA of the daily unused portion of the 2014 Credit Agreement. | ||
The 2014 Credit Agreement contains customary representations and warranties, as well as affirmative and negative covenants. The 2014 Credit Agreement also requires that the Company maintain at the end of each fiscal quarter the following financial ratios: | ||
• | a consolidated EBIT to consolidated interest charges ratio of no less than 3.00 to 1.00, measured quarterly; and | |
• | a consolidated funded indebtedness (excluding the amount of consolidated funded indebtedness due to permitted securitization transactions) to consolidated EBITDA ratio of no more than 3.25 to 1.00, measured quarterly. | |
The Company may elect to increase the permissible ratio under the latter financial covenant to 3.75 to 1.00 (for four fiscal quarters) or to 4.25 to 1.00 (for two fiscal quarters) in connection with certain acquisitions. | ||
2013 Credit Agreement | ||
On January 18, 2013, the Company entered into the 2013 Credit Agreement. The 2013 Credit Agreement provides for a five-year amortizing $300,000 term loan facility, and a five-year $800,000 secured revolving credit facility with a $150,000 sub-limit for letters of credit. The 2013 Credit Agreement replaced the 2011 Credit Agreement and increased the outstanding amount of the term loan from $185,000 to $300,000 and increased the amount of the revolving loan from $700,000 to $800,000. On January 30, 2013, the revolving loan commitment under the 2013 Credit Agreement was reduced to $700,000. The reduction was required due to the issuance of the Notes described below. | ||
$400 Million Note Offering | ||
On January 30, 2013, the Company completed a $400,000 offering in aggregate principal amount of 4.75 percent senior notes due in 2023 at an issue price of 100.0 percent of the principal amount, plus accrued interest, from January 30, 2013, in a private placement for resale to “qualified institutional buyers” as defined in Rule 144A under the Securities Act, and in offshore transactions pursuant to Regulation S under the Securities Act. The Notes were issued pursuant to the Indenture dated as of January 30, 2013 among the Company, the guarantors listed therein, and The Bank of New York Mellon Trust Company, N.A., as trustee. The Notes will mature on February 1, 2023, and interest accrues 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 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. | ||
Other debt | ||
UNIK debt | ||
UNIK had approximately $9,662 of debt as of September 30, 2014, and $7,278 of debt as of December 31, 2013. UNIK's debt is comprised of various credit facilities held in Brazil, with various maturity dates. The weighted average annual interest rate was 14.5 percent as of September 30, 2014, and 15.8 percent as of December 31, 2013. This debt is classified in Other debt on the Company’s unaudited consolidated balance sheets for the periods presented. | ||
Participation debt | ||
During the second quarter of 2014, WEX Bank entered into an agreement with a third party bank to fund a customer balance that exceeds the lending limit. This participation agreement allows WEX Bank to fund the portion of the customer balance that exceeds the lending limit. This borrowing carries a variable interest rate of 3-month LIBOR plus a margin of 2.25 percent. The balance of the participation debt as of September 30, 2014, was $45,000, which is secured by a participation interest in the underlying customer receivable. The participation debt balance will fluctuate on a daily basis based on customer funding needs, and will range from $0 to $45,000. The participation debt agreement will mature on April 1, 2016. This debt is classified in Other debt on the Company’s unaudited consolidated balance sheets for the periods presented. |
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value | ' | |||||||||||||||
10 | Fair Value | |||||||||||||||
The Company holds mortgage-backed securities, fixed income and equity securities, derivatives (see Note 8, Derivative Instruments) and certain other financial instruments which are carried at fair value. The Company determines fair value based upon quoted prices when available or through the use of alternative approaches, such as model pricing, when market quotes are not readily accessible or available. In determining the fair value of the Company’s obligations, various factors are considered, including: closing exchange or over-the-counter market price quotations; time value and volatility factors underlying options and derivatives; price activity for equivalent instruments; and the Company’s own credit standing. | ||||||||||||||||
These valuation techniques may be based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: | ||||||||||||||||
• | Level 1 – Quoted prices for identical instruments 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 that are measured at fair value and the related hierarchy levels as of September 30, 2014: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
at Reporting Date Using | ||||||||||||||||
30-Sep-14 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||
Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Assets: | ||||||||||||||||
Mortgage-backed securities | $ | 811 | $ | — | $ | 811 | $ | — | ||||||||
Asset-backed securities | 1,218 | — | 1,218 | — | ||||||||||||
Municipal bonds | 531 | — | 531 | — | ||||||||||||
Equity securities | 16,180 | 16,180 | — | — | ||||||||||||
Total available-for-sale securities | $ | 18,740 | $ | 16,180 | $ | 2,560 | $ | — | ||||||||
Executive deferred compensation plan trust (a) | $ | 5,608 | $ | 5,608 | $ | — | $ | — | ||||||||
Fuel price derivatives – unleaded fuel (b) | $ | 4,496 | $ | — | $ | 4,496 | $ | — | ||||||||
Fuel price derivatives – diesel (b) | 2,286 | — | — | 2,286 | ||||||||||||
Total fuel price derivatives | $ | 6,782 | $ | — | $ | 4,496 | $ | 2,286 | ||||||||
(a) | The fair value of these instruments is recorded in Other assets. | |||||||||||||||
(b) | The balance sheet presentation combines unleaded fuel and diesel fuel positions. | |||||||||||||||
The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels as of December 31, 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 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 three months ended: | ||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||
Fuel Price | Fuel Price | |||||||||||||||
Derivatives – | Derivatives – | |||||||||||||||
Diesel | Diesel | |||||||||||||||
Beginning balance | $ | (1,925 | ) | $ | 498 | |||||||||||
Total gains and (losses) – realized/unrealized | ||||||||||||||||
Included in earnings (a) | 4,211 | (1,015 | ) | |||||||||||||
Included in other comprehensive income | — | — | ||||||||||||||
Purchases, issuances and settlements | — | — | ||||||||||||||
Transfers (in)/out of Level 3 | — | — | ||||||||||||||
Ending balance | $ | 2,286 | $ | (517 | ) | |||||||||||
(a) | Gains and losses (realized and unrealized) associated with fuel price derivatives, included in earnings for the three months ended September 30, 2014 and 2013, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. | |||||||||||||||
The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended: | ||||||||||||||||
September 30, 2014 | 30-Sep-13 | |||||||||||||||
Fuel Price | Contingent | Fuel Price | ||||||||||||||
Derivatives – | Consideration | Derivatives – | ||||||||||||||
Diesel | Diesel | |||||||||||||||
Beginning balance | $ | (2,142 | ) | $ | (313 | ) | $ | (107 | ) | |||||||
Total (losses) and gains – realized/unrealized | ||||||||||||||||
Included in earnings (a) | 4,428 | (198 | ) | (410 | ) | |||||||||||
Included in other comprehensive income | — | — | — | |||||||||||||
Purchases, issuances and settlements | — | — | — | |||||||||||||
Transfers (in)/out of Level 3 | — | 511 | — | |||||||||||||
Ending balance | $ | 2,286 | $ | — | $ | (517 | ) | |||||||||
(a) | Gains and losses (realized and unrealized) associated with fuel price derivatives, included in earnings for the nine months ended September 30, 2014 and 2013, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. Gains associated with contingent consideration, included in earnings for the nine months ended September 30, 2013, are reported in other expenses and loss of foreign currency transactions on the unaudited condensed consolidated statements of income. | |||||||||||||||
$400 Million Notes outstanding | ||||||||||||||||
The Notes outstanding as of September 30, 2014, have a carrying value of $400,000 and fair value of $378,000. As of December 31, 2013, the carrying value of the $400,000 in Notes outstanding had a fair value of $365,000. The fair value is based on market rates for the issuance of our debt. The Company determined the fair value of its Notes outstanding are based on current quoted market prices. | ||||||||||||||||
Available-for-sale securities and executive deferred compensation plan trust | ||||||||||||||||
When available, the Company uses quoted market prices to determine the fair value of available-for-sale securities; such items are classified in Level 1 of the fair-value hierarchy. These securities primarily consist of exchange-traded equity securities. | ||||||||||||||||
For mortgage-backed and asset-backed debt securities and bonds, the Company generally uses quoted prices for recent trading activity of assets with similar characteristics to the debt security or bond being valued. The securities and bonds priced using such methods are generally classified as Level 2. | ||||||||||||||||
Fuel price derivatives | ||||||||||||||||
The majority of derivatives entered into by the Company are executed over-the-counter and are valued using internal valuation techniques, as no quoted market prices exist for such instruments. The valuation technique and inputs depend on the type of derivative and the nature of the underlying instrument. The principal technique used to value these instruments is a comparison of the spot price of the underlying instrument to its related futures curve adjusted for the Company’s assumptions of volatility and present value, where appropriate. The fair values of derivative contracts reflect the expected cash the Company will pay or receive upon settlement of the respective contracts. | ||||||||||||||||
The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, the spot price of the underlying instruments, volatility, and correlation. The item is placed in either Level 2 or Level 3 depending on the observability of the significant inputs to the model. Correlation and inputs with longer tenures are generally less observable. | ||||||||||||||||
Fuel price derivatives – diesel. The assumptions used in the valuation of the diesel fuel price derivatives use both observable and unobservable inputs. There is a lack of price transparency with respect to forward prices for diesel fuel. Such unobservable inputs are significant to the diesel fuel derivative contract valuation methodology. | ||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements. The significant unobservable inputs used in the fair value measurement of the Company’s diesel fuel price derivative instruments designated as Level 3 as of September 30, 2014, are as follows: | ||||||||||||||||
Fair Value | Valuation | Unobservable Input | Range | |||||||||||||
Technique | $ per gallon | |||||||||||||||
Fuel price derivatives – diesel | $ | 2,286 | Option model | Future retail price of diesel fuel after September 30, 2014 | $3.67 – 3.85 | |||||||||||
Sensitivity to Changes in Significant Unobservable Inputs. As presented in the table above, the significant unobservable inputs used in the fair value measurement of the Company’s diesel fuel price derivative instruments are the future retail price of diesel fuel from the fourth quarter of 2014 through the first quarter of 2016. Significant changes in these unobservable inputs in isolation would result in a significant change in the fair value measurement. | ||||||||||||||||
Contingent consideration | ||||||||||||||||
The Company had classified its liability for contingent consideration related to its acquisition of UNIK within Level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs, which include the projected revenues of UNIK over a four month period. The fair value determination 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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||
11 | Accumulated Other Comprehensive Income | |||||||||||||||
A reconciliation of accumulated other comprehensive income for the three month periods ended September 30, 2014 and 2013, is as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Unrealized | Foreign | Unrealized | Foreign | |||||||||||||
Gains and | Currency | Gains and | Currency | |||||||||||||
Losses on | Items | Losses on | Items | |||||||||||||
Available- | Available- | |||||||||||||||
for-Sale | for-Sale | |||||||||||||||
Securities | Securities | |||||||||||||||
Beginning balance | $ | (207 | ) | $ | 6,344 | $ | (222 | ) | $ | (7,052 | ) | |||||
Other comprehensive income (loss) | (26 | ) | (30,854 | ) | (73 | ) | 7,684 | |||||||||
Ending balance | $ | (233 | ) | $ | (24,510 | ) | $ | (295 | ) | $ | 632 | |||||
A reconciliation of accumulated other comprehensive income for the nine month periods ended September 30, 2014 and 2013, is as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Unrealized | Foreign | Unrealized | Foreign | |||||||||||||
Gains and | Currency | Gains and | Currency | |||||||||||||
Losses on | Items | Losses on | Items | |||||||||||||
Available- | Available- | |||||||||||||||
for-Sale | for-Sale | |||||||||||||||
Securities | Securities | |||||||||||||||
Beginning balance | $ | (433 | ) | $ | (15,062 | ) | $ | 197 | $ | 37,182 | ||||||
Other comprehensive (loss) income | 200 | (9,448 | ) | (492 | ) | (36,550 | ) | |||||||||
Ending balance | $ | (233 | ) | $ | (24,510 | ) | $ | (295 | ) | $ | 632 | |||||
No 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 net accumulated unrealized losses, as of September 30, 2014, was $943, and the total tax effect on net accumulated unrealized losses, as of September 30, 2013, was $300. |
Noncontrolling_interests
Non-controlling interests | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Non-controlling interests | ' | |||||||||||||||
12 | Non-controlling interests | |||||||||||||||
On August 30, 2012, the Company acquired a 51 percent ownership interest in UNIK. Redeemable non-controlling interest was measured at fair value at the date of acquisition. The redeemable non-controlling interest is reported on the Company’s unaudited condensed consolidated balance sheets as “Redeemable non-controlling interest." | ||||||||||||||||
A reconciliation of redeemable non-controlling interest for the three and nine month periods ended September 30, 2014 and September 30, 2013, is as follows: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 19,732 | $ | 19,650 | $ | 18,729 | $ | 21,662 | ||||||||
Net income (loss) attributable to non-controlling interest | 218 | (60 | ) | (31 | ) | (333 | ) | |||||||||
Currency translation adjustment | (1,967 | ) | 172 | (715 | ) | (1,567 | ) | |||||||||
Ending balance | $ | 17,983 | $ | 19,762 | $ | 17,983 | $ | 19,762 | ||||||||
On November 8, 2013, the Company announced that it plans to acquire the assets of the 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 non-controlling interest for the three and nine month periods ended September 30, 2014 is as follows: | ||||||||||||||||
Three months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||||||||
Balance, beginning of period | $ | 859 | $ | 519 | ||||||||||||
Non-controlling interest investment | 20,234 | 21,267 | ||||||||||||||
Net loss attributable to non-controlling interest | (811 | ) | (1,508 | ) | ||||||||||||
Currency translation adjustment | (1,011 | ) | (1,007 | ) | ||||||||||||
Ending balance | $ | 19,271 | $ | 19,271 | ||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
13 | Income Taxes | |
Undistributed earnings of certain foreign subsidiaries of the Company amounted to $7,087 at September 30, 2014, and $4,665 at December 31, 2013. 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. | ||
During the third quarter of 2014, the Company completed a strategic tax review project which resulted in a change in estimate to reflect the tax impacts of the domestic production activities deduction and research and development credits in the Company's income tax provision. The Company has amended prior year tax returns as a result of this change in estimate which reduced the third quarter's tax expense by approximately $11,300. In addition, the current year to date tax provision was reduced by $1,700 as a result of the change in estimate which was also recorded in the third quarter. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
14 | 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 adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
15 | Segment Information | |||||||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The operating segments are reviewed separately as each operating segment represents a strategic business unit that generally offers different products and serves different markets. | ||||||||||||||||
The Company’s chief operating decision maker evaluates the operating results of the Company’s reportable segments based upon revenues and “adjusted net income,” which is defined by the Company as net income adjusted for fair value changes of derivative instruments, the amortization of purchased intangibles, expense associated with stock-based compensation, acquisition related expenses, 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, gain or loss on divestitures and adjustments attributable to non-controlling interests. | ||||||||||||||||
The Company operates in two reportable segments, Fleet Payment Solutions and Other Payment Solutions. The Fleet Payment Solutions segment provides customers with payment and transaction processing services specifically designed for the needs of vehicle fleet customers. This segment also provides information management services to those fleet customers. The Other Payment Solutions segment provides customers with a payment processing solution for their corporate purchasing and transaction monitoring needs. Revenue in this segment is derived from the Company’s corporate purchase cards and virtual and prepaid card products. The corporate purchase card products are used by businesses to facilitate purchases of their products and to utilize the Company’s information management capabilities. | ||||||||||||||||
Net realized and unrealized losses on derivative instruments are allocated to the Fleet Payment Solutions segment in the computation of segment results for internal evaluation purposes. Total assets are not allocated to the segments. | ||||||||||||||||
The following table presents the Company’s reportable segment results on an adjusted pre-tax net income before NCI basis for the three months ended September 30, 2014 and 2013: | ||||||||||||||||
Total | Operating | Depreciation | Adjusted Pre-Tax Income before NCI | |||||||||||||
Revenues | Interest | and | ||||||||||||||
Expense | Amortization | |||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||
Fleet payment solutions | $ | 144,497 | $ | 1,033 | $ | 6,412 | $ | 48,728 | ||||||||
Other payment solutions | 77,637 | 827 | 1,390 | 29,699 | ||||||||||||
Total | $ | 222,134 | $ | 1,860 | $ | 7,802 | $ | 78,427 | ||||||||
Three months ended September 30, 2013 | ||||||||||||||||
Fleet payment solutions | $ | 136,874 | $ | 427 | $ | 5,767 | $ | 59,117 | ||||||||
Other payment solutions | 54,651 | 549 | 342 | 23,355 | ||||||||||||
Total | $ | 191,525 | $ | 976 | $ | 6,109 | $ | 82,472 | ||||||||
The following table presents the Company’s reportable segment results on an adjusted pre-tax net income before NCI basis for the nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Total | Operating | Depreciation | Adjusted Pre-Tax Income before NCI | |||||||||||||
Revenues | Interest | and | ||||||||||||||
Expense | Amortization | |||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||
Fleet payment solutions | $ | 425,760 | $ | 2,143 | $ | 19,225 | $ | 155,335 | ||||||||
Other payment solutions | 180,023 | 2,604 | 2,154 | 71,611 | ||||||||||||
Total | $ | 605,783 | $ | 4,747 | $ | 21,379 | $ | 226,946 | ||||||||
Nine months ended September 30, 2013 | ||||||||||||||||
Fleet payment solutions | $ | 393,953 | $ | 1,392 | $ | 17,358 | $ | 164,832 | ||||||||
Other payment solutions | 141,227 | 1,813 | 1,346 | 48,080 | ||||||||||||
Total | $ | 535,180 | $ | 3,205 | $ | 18,704 | $ | 212,912 | ||||||||
The following table reconciles adjusted pre-tax income before NCI to income before income taxes: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Adjusted pre-tax income before NCI | $ | 78,427 | $ | 82,472 | $ | 226,946 | $ | 212,912 | ||||||||
Unrealized gain (loss) on fuel price derivatives | 16,213 | (2,733 | ) | 14,140 | 1,234 | |||||||||||
Amortization of acquired intangible assets | (11,798 | ) | (8,051 | ) | (28,415 | ) | (24,564 | ) | ||||||||
Stock-based compensation | (4,549 | ) | (2,494 | ) | (10,089 | ) | (6,882 | ) | ||||||||
Deferred loan costs associated with the extinguishment of debt | — | — | — | (1,004 | ) | |||||||||||
Acquisition related expenses | (5,559 | ) | — | (6,059 | ) | — | ||||||||||
Non-cash adjustments related to tax receivable agreement | (1,356 | ) | 150 | (1,356 | ) | 150 | ||||||||||
Gain on divestiture | 27,169 | — | 27,169 | — | ||||||||||||
Other adjustments related to Fleet One acquisition | — | 658 | — | 658 | ||||||||||||
Income before income taxes | $ | 98,547 | $ | 70,002 | $ | 222,336 | $ | 182,504 | ||||||||
Beginning in the first half of 2014, adjusted pre-tax income before NCI excludes the expense of stock-based compensation and acquisition related expenses. For comparative purposes, adjusted pre-tax income before NCI for the prior periods has been adjusted to reflect the exclusion of stock-based compensation and differs from the figures previously reported due to this adjustment. The Company believes this adjustment makes this non-GAAP measurement more comparable to its peers. In addition, in light of the recent sale of Pacific Pride Services LLC, the Company clarifies that the gain or loss associated with a divestiture will not be included in adjusted pre-tax income before NCI, which it believes is consistent with its practice of excluding other non-recurring items associated with strategic transactions. |
New_Accounting_Standards_Polic
New Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Standards | ' |
In April 2014, the FASB issued ASU 2014-08. Under the new guidance, only disposals representing a strategic shift in operations that have a major effect on the organization's operations and financial results, or a business activity classified as held for sale, should be presented as discontinued operations. Additionally, these amendments expanded the disclosure requirements for discontinued operations that will provide financial statement users with more information regarding the assets, liabilities, income and expenses of discontinued operations. This update is effective for interim and annual periods beginning after December 15, 2014. In addition, early adoption is permitted and the Company has elected to adopt this standard as of April 1, 2014. The adoption of this standard update affects presentation only and, as such, is not expected to have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, which will supersede most existing revenue recognition guidance under U.S. GAAP. The new revenue recognition standard requires entities to recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The new standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method. | |
In August 2014, the FASB issued ASU 2014-15 related to the disclosures regarding going concern. The new standard provides guidance regarding management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Business_Acquisitions_Business
Business Acquisitions Business Acquisitions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | |||||||||||||||
The following is a summary of the preliminary allocation of the purchase price to the assets and liabilities acquired: | ||||||||||||||||
Consideration paid (net of cash) | $ | 532,174 | ||||||||||||||
Less: | ||||||||||||||||
Accounts receivable | 8,417 | |||||||||||||||
Accounts payable | (174 | ) | ||||||||||||||
Deferred tax liabilities, net | (71,101 | ) | ||||||||||||||
Other tangible assets and liabilities, net | (3,736 | ) | ||||||||||||||
Acquired software(a) | 70,000 | |||||||||||||||
Customer relationships(b) | 211,000 | |||||||||||||||
Trademarks and trade name(c) | 18,900 | |||||||||||||||
Recorded goodwill | $ | 298,868 | ||||||||||||||
(a) | Weighted average life – 6.4 years. | |||||||||||||||
(b) | Weighted average life – 9.7 years. | |||||||||||||||
(c) | Weighted average life – 9.9 years. | |||||||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||||||
The following represents unaudited pro forma operational results as if Evolution1 had been included in the Company’s unaudited consolidated statements of operations as of the beginning of the fiscal periods ended: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | 225,181 | $ | 207,905 | $ | 653,192 | $ | 589,123 | ||||||||
Net income attributable to WEX Inc. | $ | 69,889 | $ | 37,309 | $ | 141,206 | $ | 98,303 | ||||||||
Pro forma net income attributable to WEX Inc. per common share: | ||||||||||||||||
Net income per share – basic | $ | 1.8 | $ | 0.96 | $ | 3.63 | $ | 2.52 | ||||||||
Net income per share – diluted | $ | 1.79 | $ | 0.95 | $ | 3.62 | $ | 2.51 | ||||||||
Sale_of_Subsidiary_Tables
Sale of Subsidiary (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||
The following is a summary of the allocation of the assets and liabilities sold: | ||||
Consideration received | $ | 48,230 | ||
Less: | ||||
Expenses associated with the sale | 1,340 | |||
Accounts receivable | 47,586 | |||
Accounts payable | (53,001 | ) | ||
Other tangible assets and liabilities, net | 828 | |||
Customer relationships | 3,727 | |||
Trademarks and trade name | 1,444 | |||
Goodwill | 19,137 | |||
Gain on sale | $ | 27,169 | ||
Reserves_for_Credit_Losses_Tab
Reserves for Credit Losses (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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: | ||||||||
Nine months ended September 30, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 10,396 | $ | 11,709 | ||||
Provision for credit losses | 23,154 | 13,686 | ||||||
Charge-offs | (25,776 | ) | (21,150 | ) | ||||
Recoveries of amounts previously charged-off | 5,730 | 5,031 | ||||||
Currency translation | (58 | ) | (322 | ) | ||||
Balance, end of period | $ | 13,446 | $ | 8,954 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Changes in Goodwill | ' | |||||||||||||||||||||||
The changes in goodwill during the first nine months of 2014 were as follows: | ||||||||||||||||||||||||
Fleet Payment Solutions Segment | Other | Total | ||||||||||||||||||||||
Payment | ||||||||||||||||||||||||
Solutions | ||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||
Gross goodwill, January 1, 2014 | $ | 754,886 | $ | 82,514 | $ | 837,400 | ||||||||||||||||||
Impact of foreign currency translation | (3,276 | ) | (1,114 | ) | (4,390 | ) | ||||||||||||||||||
Acquisition of Evolution1 | — | 298,868 | 298,868 | |||||||||||||||||||||
Sale of subsidiary | (19,137 | ) | — | (19,137 | ) | |||||||||||||||||||
Gross goodwill, September 30, 2014 | 732,473 | 380,268 | 1,112,741 | |||||||||||||||||||||
Accumulated impairment, September 30, 2014 | (1,337 | ) | (16,171 | ) | (17,508 | ) | ||||||||||||||||||
Net goodwill, September 30, 2014 | $ | 731,136 | $ | 364,097 | $ | 1,095,233 | ||||||||||||||||||
Changes in Other Intangible Assets | ' | |||||||||||||||||||||||
The changes in other intangible assets during the first nine months of 2014 were as follows: | ||||||||||||||||||||||||
Net | Acquisition | Amortization | Disposals | Impact of | Net Carrying | |||||||||||||||||||
Carrying | foreign | Amount, September 30, 2014 | ||||||||||||||||||||||
Amount, | currency | |||||||||||||||||||||||
January 1, | translation | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software | $ | 61,590 | $ | 70,000 | $ | (6,982 | ) | $ | — | $ | (505 | ) | $ | 124,103 | ||||||||||
Customer relationships | 127,403 | 211,000 | (20,296 | ) | (3,727 | ) | (490 | ) | 313,890 | |||||||||||||||
Patent | 1,672 | — | (253 | ) | — | (9 | ) | 1,410 | ||||||||||||||||
Trade names | 8,835 | 18,900 | (884 | ) | (1,444 | ) | (108 | ) | 25,299 | |||||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks and trade names | 7,244 | — | — | — | (86 | ) | 7,158 | |||||||||||||||||
Total | $ | 206,744 | $ | 299,900 | $ | (28,415 | ) | $ | (5,171 | ) | $ | (1,198 | ) | $ | 471,860 | |||||||||
Estimated Amortization Expense Related to Definite Lived Intangible Assets | ' | |||||||||||||||||||||||
The following table presents the estimated amortization expense related to the definite-lived intangible assets listed above for the remainder of 2014 and for each of the five succeeding fiscal years: | ||||||||||||||||||||||||
Remaining 2014 | $ | 12,220 | ||||||||||||||||||||||
2015 | $ | 46,847 | ||||||||||||||||||||||
2016 | $ | 45,172 | ||||||||||||||||||||||
2017 | $ | 44,313 | ||||||||||||||||||||||
2018 | $ | 41,330 | ||||||||||||||||||||||
2019 | $ | 38,384 | ||||||||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||||||||
Other intangible assets, net consist of the following: | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross | Accumulated | Net Carrying | Gross | Accumulated | Net Carrying | |||||||||||||||||||
Carrying | Amortization | Amount | Carrying | Amortization | Amount | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Definite-lived intangible assets | ||||||||||||||||||||||||
Acquired software | $ | 152,596 | $ | (28,493 | ) | $ | 124,103 | $ | 83,844 | $ | (22,254 | ) | $ | 61,590 | ||||||||||
Non-compete agreement | — | — | — | 100 | (100 | ) | — | |||||||||||||||||
Customer relationships | 393,269 | (79,379 | ) | 313,890 | 197,424 | (70,021 | ) | 127,403 | ||||||||||||||||
Patent | 2,886 | (1,476 | ) | 1,410 | 2,935 | (1,263 | ) | 1,672 | ||||||||||||||||
Trademarks and trade names | 27,445 | (2,146 | ) | 25,299 | 10,112 | (1,277 | ) | 8,835 | ||||||||||||||||
$ | 576,196 | $ | (111,494 | ) | 464,702 | $ | 294,415 | $ | (94,915 | ) | 199,500 | |||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||||||
Trademarks and trade names | 7,158 | 7,244 | ||||||||||||||||||||||
Total | $ | 471,860 | $ | 206,744 | ||||||||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of Income and Share Data Used in Basic and Diluted Earnings Per Share Computations | ' | |||||||||||||||
The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net earnings attributable to WEX Inc. available for common stockholders – Basic and Diluted | $ | 74,443 | $ | 43,838 | $ | 154,318 | $ | 114,740 | ||||||||
Weighted average common shares outstanding – Basic | 38,867 | 38,978 | 38,896 | 38,934 | ||||||||||||
Unvested restricted stock units | 74 | 74 | 85 | 125 | ||||||||||||
Stock options | 20 | 29 | 23 | 43 | ||||||||||||
Weighted average common shares outstanding – Diluted | 38,961 | 39,081 | 39,004 | 39,102 | ||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Put And Call Option Contracts | ' | ||||||||||||||||||||||||
As of September 30, 2014, the Company had the following put and call option contracts, which are not designated as hedging contracts and settle on a monthly basis: | |||||||||||||||||||||||||
Aggregate | |||||||||||||||||||||||||
Notional | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
(gallons) (a) | |||||||||||||||||||||||||
Fuel price derivative instruments – unleaded fuel | |||||||||||||||||||||||||
Option contracts settling October 2014 – March 2016 | 39,374 | ||||||||||||||||||||||||
Fuel price derivative instruments – diesel | |||||||||||||||||||||||||
Option contracts settling October 2014 – March 2016 | 19,238 | ||||||||||||||||||||||||
Total fuel price derivative instruments | 58,612 | ||||||||||||||||||||||||
(a) | The settlement of the put and call option contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. | ||||||||||||||||||||||||
Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
The following table presents information on the location and amounts of derivative fair values in the condensed consolidated balance sheets: | |||||||||||||||||||||||||
Derivatives Classified as Assets | Derivatives Classified as Liabilities | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | |||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||
Commodity contracts | Fuel price | $ | 6,782 | Fuel price | $ | — | Fuel price | $ | — | Fuel price | $ | 7,358 | |||||||||||||
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 condensed consolidated statements of income: | |||||||||||||||||||||||||
Amount of Gain or | |||||||||||||||||||||||||
(Loss) Recognized in | |||||||||||||||||||||||||
Income on Derivative | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) | Three months ended September 30, | Nine months ended | ||||||||||||||||||||||
Recognized in | September 30, | ||||||||||||||||||||||||
Income on Derivative | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Commodity contracts | Net realized and unrealized gain (loss) on fuel price derivatives | $ | 14,773 | $ | (3,640 | ) | $ | 9,057 | $ | (2,781 | ) | ||||||||||||||
Foreign exchange contracts | Net realized gain (loss) on currency forward contracts | 8,177 | $ | — | 6,893 | $ | — | ||||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets And Liabilities Measured At Fair Value | ' | |||||||||||||||
The following table presents the Company’s assets that are measured at fair value and the related hierarchy levels as of September 30, 2014: | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
at Reporting Date Using | ||||||||||||||||
30-Sep-14 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||
Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Assets: | ||||||||||||||||
Mortgage-backed securities | $ | 811 | $ | — | $ | 811 | $ | — | ||||||||
Asset-backed securities | 1,218 | — | 1,218 | — | ||||||||||||
Municipal bonds | 531 | — | 531 | — | ||||||||||||
Equity securities | 16,180 | 16,180 | — | — | ||||||||||||
Total available-for-sale securities | $ | 18,740 | $ | 16,180 | $ | 2,560 | $ | — | ||||||||
Executive deferred compensation plan trust (a) | $ | 5,608 | $ | 5,608 | $ | — | $ | — | ||||||||
Fuel price derivatives – unleaded fuel (b) | $ | 4,496 | $ | — | $ | 4,496 | $ | — | ||||||||
Fuel price derivatives – diesel (b) | 2,286 | — | — | 2,286 | ||||||||||||
Total fuel price derivatives | $ | 6,782 | $ | — | $ | 4,496 | $ | 2,286 | ||||||||
(a) | The fair value of these instruments is recorded in Other assets. | |||||||||||||||
(b) | The balance sheet presentation combines unleaded fuel and diesel fuel positions. | |||||||||||||||
The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels as of December 31, 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 balance sheet presentation combines unleaded fuel and diesel fuel positions. | |||||||||||||||
Reconciliation Of Beginning And Ending Balances For Assets And Liabilities Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs | ' | |||||||||||||||
The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended: | ||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||
Fuel Price | Fuel Price | |||||||||||||||
Derivatives – | Derivatives – | |||||||||||||||
Diesel | Diesel | |||||||||||||||
Beginning balance | $ | (1,925 | ) | $ | 498 | |||||||||||
Total gains and (losses) – realized/unrealized | ||||||||||||||||
Included in earnings (a) | 4,211 | (1,015 | ) | |||||||||||||
Included in other comprehensive income | — | — | ||||||||||||||
Purchases, issuances and settlements | — | — | ||||||||||||||
Transfers (in)/out of Level 3 | — | — | ||||||||||||||
Ending balance | $ | 2,286 | $ | (517 | ) | |||||||||||
(a) | Gains and losses (realized and unrealized) associated with fuel price derivatives, included in earnings for the three months ended September 30, 2014 and 2013, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. | |||||||||||||||
The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended: | ||||||||||||||||
September 30, 2014 | 30-Sep-13 | |||||||||||||||
Fuel Price | Contingent | Fuel Price | ||||||||||||||
Derivatives – | Consideration | Derivatives – | ||||||||||||||
Diesel | Diesel | |||||||||||||||
Beginning balance | $ | (2,142 | ) | $ | (313 | ) | $ | (107 | ) | |||||||
Total (losses) and gains – realized/unrealized | ||||||||||||||||
Included in earnings (a) | 4,428 | (198 | ) | (410 | ) | |||||||||||
Included in other comprehensive income | — | — | — | |||||||||||||
Purchases, issuances and settlements | — | — | — | |||||||||||||
Transfers (in)/out of Level 3 | — | 511 | — | |||||||||||||
Ending balance | $ | 2,286 | $ | — | $ | (517 | ) | |||||||||
(a) | Gains and losses (realized and unrealized) associated with fuel price derivatives, included in earnings for the nine months ended September 30, 2014 and 2013, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. Gains associated with contingent consideration, included in earnings for the nine months ended September 30, 2013, are reported in other expenses and loss of foreign currency transactions on the unaudited condensed consolidated statements of income. | |||||||||||||||
Quantitative Information About Level Three Fair Value Measurements | ' | |||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s diesel fuel price derivative instruments designated as Level 3 as of September 30, 2014, are as follows: | ||||||||||||||||
Fair Value | Valuation | Unobservable Input | Range | |||||||||||||
Technique | $ per gallon | |||||||||||||||
Fuel price derivatives – diesel | $ | 2,286 | Option model | Future retail price of diesel fuel after September 30, 2014 | $3.67 – 3.85 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Reconciliation of Accumulated Other Comprehensive Income | ' | |||||||||||||||
A reconciliation of accumulated other comprehensive income for the three month periods ended September 30, 2014 and 2013, is as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Unrealized | Foreign | Unrealized | Foreign | |||||||||||||
Gains and | Currency | Gains and | Currency | |||||||||||||
Losses on | Items | Losses on | Items | |||||||||||||
Available- | Available- | |||||||||||||||
for-Sale | for-Sale | |||||||||||||||
Securities | Securities | |||||||||||||||
Beginning balance | $ | (207 | ) | $ | 6,344 | $ | (222 | ) | $ | (7,052 | ) | |||||
Other comprehensive income (loss) | (26 | ) | (30,854 | ) | (73 | ) | 7,684 | |||||||||
Ending balance | $ | (233 | ) | $ | (24,510 | ) | $ | (295 | ) | $ | 632 | |||||
A reconciliation of accumulated other comprehensive income for the nine month periods ended September 30, 2014 and 2013, is as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Unrealized | Foreign | Unrealized | Foreign | |||||||||||||
Gains and | Currency | Gains and | Currency | |||||||||||||
Losses on | Items | Losses on | Items | |||||||||||||
Available- | Available- | |||||||||||||||
for-Sale | for-Sale | |||||||||||||||
Securities | Securities | |||||||||||||||
Beginning balance | $ | (433 | ) | $ | (15,062 | ) | $ | 197 | $ | 37,182 | ||||||
Other comprehensive (loss) income | 200 | (9,448 | ) | (492 | ) | (36,550 | ) | |||||||||
Ending balance | $ | (233 | ) | $ | (24,510 | ) | $ | (295 | ) | $ | 632 | |||||
Noncontrolling_interests_Table
Non-controlling interests (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Redeemable Noncontrolling Interest | ' | |||||||||||||||
A reconciliation of redeemable non-controlling interest for the three and nine month periods ended September 30, 2014 and September 30, 2013, is as follows: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of period | $ | 19,732 | $ | 19,650 | $ | 18,729 | $ | 21,662 | ||||||||
Net income (loss) attributable to non-controlling interest | 218 | (60 | ) | (31 | ) | (333 | ) | |||||||||
Currency translation adjustment | (1,967 | ) | 172 | (715 | ) | (1,567 | ) | |||||||||
Ending balance | $ | 17,983 | $ | 19,762 | $ | 17,983 | $ | 19,762 | ||||||||
Summary of Noncontrolling Interests | ' | |||||||||||||||
A reconciliation of non-controlling interest for the three and nine month periods ended September 30, 2014 is as follows: | ||||||||||||||||
Three months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||||||||
Balance, beginning of period | $ | 859 | $ | 519 | ||||||||||||
Non-controlling interest investment | 20,234 | 21,267 | ||||||||||||||
Net loss attributable to non-controlling interest | (811 | ) | (1,508 | ) | ||||||||||||
Currency translation adjustment | (1,011 | ) | (1,007 | ) | ||||||||||||
Ending balance | $ | 19,271 | $ | 19,271 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Reportable Segment Results | ' | |||||||||||||||
The following table presents the Company’s reportable segment results on an adjusted pre-tax net income before NCI basis for the three months ended September 30, 2014 and 2013: | ||||||||||||||||
Total | Operating | Depreciation | Adjusted Pre-Tax Income before NCI | |||||||||||||
Revenues | Interest | and | ||||||||||||||
Expense | Amortization | |||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||
Fleet payment solutions | $ | 144,497 | $ | 1,033 | $ | 6,412 | $ | 48,728 | ||||||||
Other payment solutions | 77,637 | 827 | 1,390 | 29,699 | ||||||||||||
Total | $ | 222,134 | $ | 1,860 | $ | 7,802 | $ | 78,427 | ||||||||
Three months ended September 30, 2013 | ||||||||||||||||
Fleet payment solutions | $ | 136,874 | $ | 427 | $ | 5,767 | $ | 59,117 | ||||||||
Other payment solutions | 54,651 | 549 | 342 | 23,355 | ||||||||||||
Total | $ | 191,525 | $ | 976 | $ | 6,109 | $ | 82,472 | ||||||||
The following table presents the Company’s reportable segment results on an adjusted pre-tax net income before NCI basis for the nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Total | Operating | Depreciation | Adjusted Pre-Tax Income before NCI | |||||||||||||
Revenues | Interest | and | ||||||||||||||
Expense | Amortization | |||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||
Fleet payment solutions | $ | 425,760 | $ | 2,143 | $ | 19,225 | $ | 155,335 | ||||||||
Other payment solutions | 180,023 | 2,604 | 2,154 | 71,611 | ||||||||||||
Total | $ | 605,783 | $ | 4,747 | $ | 21,379 | $ | 226,946 | ||||||||
Nine months ended September 30, 2013 | ||||||||||||||||
Fleet payment solutions | $ | 393,953 | $ | 1,392 | $ | 17,358 | $ | 164,832 | ||||||||
Other payment solutions | 141,227 | 1,813 | 1,346 | 48,080 | ||||||||||||
Total | $ | 535,180 | $ | 3,205 | $ | 18,704 | $ | 212,912 | ||||||||
Reconciliation Of Adjusted Net Income To Net Income | ' | |||||||||||||||
The following table reconciles adjusted pre-tax income before NCI to income before income taxes: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Adjusted pre-tax income before NCI | $ | 78,427 | $ | 82,472 | $ | 226,946 | $ | 212,912 | ||||||||
Unrealized gain (loss) on fuel price derivatives | 16,213 | (2,733 | ) | 14,140 | 1,234 | |||||||||||
Amortization of acquired intangible assets | (11,798 | ) | (8,051 | ) | (28,415 | ) | (24,564 | ) | ||||||||
Stock-based compensation | (4,549 | ) | (2,494 | ) | (10,089 | ) | (6,882 | ) | ||||||||
Deferred loan costs associated with the extinguishment of debt | — | — | — | (1,004 | ) | |||||||||||
Acquisition related expenses | (5,559 | ) | — | (6,059 | ) | — | ||||||||||
Non-cash adjustments related to tax receivable agreement | (1,356 | ) | 150 | (1,356 | ) | 150 | ||||||||||
Gain on divestiture | 27,169 | — | 27,169 | — | ||||||||||||
Other adjustments related to Fleet One acquisition | — | 658 | — | 658 | ||||||||||||
Income before income taxes | $ | 98,547 | $ | 70,002 | $ | 222,336 | $ | 182,504 | ||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Details) (USD $) | Sep. 30, 2014 | Aug. 30, 2012 | Sep. 30, 2014 | Jan. 30, 2013 |
UNIK | UNIK | Senior Notes | Senior Notes | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | 4.75% | 4.75% |
Debt instrument, aggregate principal amount | ' | ' | $400,000,000 | $400,000,000 |
Percent of ownership interest acquired | 51.00% | 51.00% | ' | ' |
Business_Acquisitions_Addition
Business Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Jul. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 16, 2014 | Oct. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 16, 2014 | Oct. 15, 2013 | Oct. 15, 2013 |
ESSO Card Program | Evolution1 | Evolution1 | Evolution1 | Evolution1 | FastCred | FastCred | FastCred | Customer relationships | Customer relationships | Acquired Software | ||||||
Restatement Adjustment | Evolution1 | FastCred | FastCred | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire business, gross | ' | ' | ' | ' | ' | $80,000 | $532,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of advance payment paid by minority owned shareholder | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 222,134 | 191,525 | 605,783 | 535,180 | ' | ' | ' | 16,540 | ' | ' | ' | ' | ' | ' | ' | ' |
Net losses | -74,443 | -43,838 | -154,318 | -114,740 | ' | ' | ' | 2,080 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related expenses | -5,559 | 0 | -6,059 | 0 | ' | ' | ' | ' | -6,059 | ' | ' | ' | ' | ' | ' | ' |
Acquisitions and investments, net of cash | ' | ' | 591,791 | 0 | ' | ' | 532,174 | ' | ' | ' | 12,309 | ' | ' | ' | ' | ' |
Goodwill | 1,095,233 | ' | 1,095,233 | ' | 819,892 | ' | ' | ' | ' | 298,868 | ' | 4,282 | 1,490 | ' | ' | ' |
Other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,594 | ' | ' | ' | ' |
Decrease in intangible assets | 471,860 | ' | 471,860 | ' | 206,744 | ' | ' | ' | ' | ' | ' | ' | -2,253 | ' | ' | ' |
Property, equipment and capitalized software | 96,057 | ' | 96,057 | ' | 72,275 | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' |
Decrease in deferred income tax liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($765) | ' | ' | ' |
Weighted average useful life of intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 8 months 12 days | '4 years | '3 years |
Summary_of_Evolution1_Acquisit
Summary of Evolution1 Acquisition (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jul. 16, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | |||
Evolution1 | Evolution1 | Acquired software | Acquired software | Customer relationships | Customer relationships | Trademarks and trade names | Trademarks and trade names | |||||||
Evolution1 | Evolution1 | Evolution1 | Evolution1 | Evolution1 | Evolution1 | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Consideration paid (net of cash) | $591,791 | $0 | ' | $532,174 | ' | ' | ' | ' | ' | ' | ' | |||
Less: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accounts receivable | ' | ' | ' | ' | 8,417 | ' | ' | ' | ' | ' | ' | |||
Accounts payable | ' | ' | ' | ' | -174 | ' | ' | ' | ' | ' | ' | |||
Deferred tax liabilities, net | ' | ' | ' | ' | -71,101 | ' | ' | ' | ' | ' | ' | |||
Other tangible assets and liabilities, net | ' | ' | ' | ' | -3,736 | ' | ' | ' | ' | ' | ' | |||
Finite-lived intangible assets | ' | ' | ' | ' | ' | ' | 70,000 | [1] | ' | 211,000 | [2] | ' | 18,900 | [3] |
Recorded goodwill | $1,095,233 | ' | $819,892 | ' | $298,868 | ' | ' | ' | ' | ' | ' | |||
Weighted average useful life of intangible assets acquired | ' | ' | ' | ' | ' | '6 years 4 months 24 days | ' | '9 years 8 months 12 days | ' | '9 years 10 months 24 days | ' | |||
[1] | Weighted average life – 6.4 years. | |||||||||||||
[2] | Weighted average life – 9.7 years. | |||||||||||||
[3] | Weighted average life – 9.9 years. |
Pro_Forma_Results_of_Operation
Pro Forma Results of Operations of Evolution1 (Details) (Evolution1, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Evolution1 | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Revenue | $225,181 | $207,905 | $653,192 | $589,123 |
Net income attributable to WEX Inc. | $69,889 | $37,309 | $141,206 | $98,303 |
Pro forma net income attributable to WEX Inc. per common share: | ' | ' | ' | ' |
Net income per share – basic (in usd per share) | $1.80 | $0.96 | $3.63 | $2.52 |
Net income per share – diluted (in usd per share) | $1.79 | $0.95 | $3.62 | $2.51 |
Sale_of_Subsidiary_Details
Sale of Subsidiary (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Proceeds from sale of subsidiary | $48,230 | ' | ' | ' | ' |
Gain on divestiture | ' | 27,169 | 0 | 27,169 | 0 |
Pacific Pride | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Gain on divestiture | $27,169 | ' | ' | ' | ' |
Summary_of_Sale_of_Pacific_Pri
Summary of Sale of Pacific Pride LLC (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 29, 2014 | Jul. 29, 2014 | Jul. 29, 2014 | Jul. 29, 2014 |
Pacific Pride | Pacific Pride | Customer relationships | Trademarks and trade names | |||||
Pacific Pride | Pacific Pride | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration received | ' | ' | ' | ' | $48,230 | ' | ' | ' |
Expenses associated with the sale | ' | ' | ' | ' | 1,340 | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | 47,586 | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | -53,001 | ' | ' |
Other tangible assets and liabilities, net | ' | ' | ' | ' | ' | 828 | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | 3,727 | 1,444 |
Goodwill | ' | ' | ' | ' | ' | 19,137 | ' | ' |
Gain on divestiture | $27,169 | $0 | $27,169 | $0 | $27,169 | ' | ' | ' |
Reserves_for_Credit_Losses_Add
Reserves for Credit Losses - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Concentration Risk [Line Items] | ' | ' |
Trade receivable payments terms | '30 days | ' |
Outstanding balance of total trade accounts receivable | 96.00% | 96.00% |
Percentage of trade accounts receivables less than 60 days past due | 99.00% | 99.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration Risk, Number of Customers | 0 | ' |
Concentration Risk, Percentage | 6.00% | ' |
Changes_in_Reserves_for_Credit
Changes in Reserves for Credit Losses Related to Accounts Receivable (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' |
Balance, beginning of period | $10,396 | $11,709 |
Provision for credit losses | 23,154 | 13,686 |
Charge-offs | -25,776 | -21,150 |
Recoveries of amounts previously charged-off | 5,730 | 5,031 |
Currency translation | -58 | -322 |
Balance, end of period | $13,446 | $8,954 |
Changes_In_Goodwill_Detail
Changes In Goodwill (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, January 1, 2014 | $837,400 | ' |
Impact of foreign currency translation | -4,390 | ' |
Acquisition of Evolution1 | 298,868 | ' |
Sale of subsidiary | -19,137 | ' |
Gross goodwill, September 30, 2014 | 1,112,741 | ' |
Accumulated impairment, September 30, 2014 | -17,508 | ' |
Net goodwill, September 30, 2014 | 1,095,233 | 819,892 |
Fleet Payment Solutions Segment | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, January 1, 2014 | 754,886 | ' |
Impact of foreign currency translation | -3,276 | ' |
Acquisition of Evolution1 | 0 | ' |
Sale of subsidiary | -19,137 | ' |
Gross goodwill, September 30, 2014 | 732,473 | ' |
Accumulated impairment, September 30, 2014 | -1,337 | ' |
Net goodwill, September 30, 2014 | 731,136 | ' |
Other Payment Solutions Segment | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Gross goodwill, January 1, 2014 | 82,514 | ' |
Impact of foreign currency translation | -1,114 | ' |
Acquisition of Evolution1 | 298,868 | ' |
Sale of subsidiary | 0 | ' |
Gross goodwill, September 30, 2014 | 380,268 | ' |
Accumulated impairment, September 30, 2014 | -16,171 | ' |
Net goodwill, September 30, 2014 | $364,097 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill impairment | $0 |
Changes_in_Intangible_Assets_D
Changes in Intangible Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Definite-lived intangible assets | ' | ' | ' | ' |
Net Carrying Amount, January 1, 2014 | ' | ' | $199,500 | ' |
Acquisition | ' | ' | 299,900 | ' |
Amortization | -11,798 | -8,051 | -28,415 | -24,564 |
Net Carrying Amount, September 30, 2014 | 464,702 | ' | 464,702 | ' |
Indefinite-lived intangible assets | ' | ' | ' | ' |
Net Carrying Amount, January 1, 2014 | ' | ' | 206,744 | ' |
Impact of foreign currency translation | ' | ' | -1,198 | ' |
Disposals | ' | ' | -5,171 | ' |
Net Carrying Amount, September 30, 2014 | 471,860 | ' | 471,860 | ' |
Trademarks and trade names | ' | ' | ' | ' |
Indefinite-lived intangible assets | ' | ' | ' | ' |
Net Carrying Amount, January 1, 2014 | ' | ' | 7,244 | ' |
Impact of foreign currency translation | ' | ' | -86 | ' |
Net Carrying Amount, September 30, 2014 | 7,158 | ' | 7,158 | ' |
Acquired software | ' | ' | ' | ' |
Definite-lived intangible assets | ' | ' | ' | ' |
Net Carrying Amount, January 1, 2014 | ' | ' | 61,590 | ' |
Acquisition | ' | ' | 70,000 | ' |
Amortization | ' | ' | -6,982 | ' |
Disposals | ' | ' | 0 | ' |
Impact of foreign currency translation | ' | ' | -505 | ' |
Net Carrying Amount, September 30, 2014 | 124,103 | ' | 124,103 | ' |
Customer relationships | ' | ' | ' | ' |
Definite-lived intangible assets | ' | ' | ' | ' |
Net Carrying Amount, January 1, 2014 | ' | ' | 127,403 | ' |
Acquisition | ' | ' | 211,000 | ' |
Amortization | ' | ' | -20,296 | ' |
Disposals | ' | ' | -3,727 | ' |
Impact of foreign currency translation | ' | ' | -490 | ' |
Net Carrying Amount, September 30, 2014 | 313,890 | ' | 313,890 | ' |
Patent | ' | ' | ' | ' |
Definite-lived intangible assets | ' | ' | ' | ' |
Net Carrying Amount, January 1, 2014 | ' | ' | 1,672 | ' |
Acquisition | ' | ' | 0 | ' |
Amortization | ' | ' | -253 | ' |
Disposals | ' | ' | 0 | ' |
Impact of foreign currency translation | ' | ' | -9 | ' |
Net Carrying Amount, September 30, 2014 | 1,410 | ' | 1,410 | ' |
Trade names | ' | ' | ' | ' |
Definite-lived intangible assets | ' | ' | ' | ' |
Net Carrying Amount, January 1, 2014 | ' | ' | 8,835 | ' |
Acquisition | ' | ' | 18,900 | ' |
Amortization | ' | ' | -884 | ' |
Disposals | ' | ' | -1,444 | ' |
Impact of foreign currency translation | ' | ' | -108 | ' |
Net Carrying Amount, September 30, 2014 | $25,299 | ' | $25,299 | ' |
Estimated_Amortization_Expense
Estimated Amortization Expense Related to Definite Lived Intangible Assets (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Remaining 2014 | $12,220 |
2015 | 46,847 |
2016 | 45,172 |
2017 | 44,313 |
2018 | 41,330 |
2019 | $38,384 |
Other_Intangible_Assets_Detail
Other Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | $576,196 | $294,415 |
Accumulated Amortization, Definite-lived intangible assets | -111,494 | -94,915 |
Net Carrying Amount, Definite-lived intangible assets | 464,702 | 199,500 |
Other intangible assets, net | 471,860 | 206,744 |
Acquired software | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | 152,596 | 83,844 |
Accumulated Amortization, Definite-lived intangible assets | -28,493 | -22,254 |
Net Carrying Amount, Definite-lived intangible assets | 124,103 | 61,590 |
Non-compete agreement | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | 0 | 100 |
Accumulated Amortization, Definite-lived intangible assets | 0 | -100 |
Net Carrying Amount, Definite-lived intangible assets | 0 | 0 |
Customer relationships | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | 393,269 | 197,424 |
Accumulated Amortization, Definite-lived intangible assets | -79,379 | -70,021 |
Net Carrying Amount, Definite-lived intangible assets | 313,890 | 127,403 |
Patent | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | 2,886 | 2,935 |
Accumulated Amortization, Definite-lived intangible assets | -1,476 | -1,263 |
Net Carrying Amount, Definite-lived intangible assets | 1,410 | 1,672 |
Trademarks and trade names | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, Definite-lived intangible assets | 27,445 | 10,112 |
Accumulated Amortization, Definite-lived intangible assets | -2,146 | -1,277 |
Net Carrying Amount, Definite-lived intangible assets | 25,299 | 8,835 |
Net Carrying Amount, Indefinite-lived intangible assets | $7,158 | $7,244 |
Reconciliation_of_Income_and_S
Reconciliation of Income and Share Data Used in Basic and Diluted Earnings Per Share Computations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net earnings attributable to WEX Inc. available for common stockholders – Basic and Diluted | $74,443 | $43,838 | $154,318 | $114,740 |
Weighted average common shares outstanding – Basic | 38,867 | 38,978 | 38,896 | 38,934 |
Unvested restricted stock units | 74 | 74 | 85 | 125 |
Stock options | 20 | 29 | 23 | 43 |
Weighted average common shares outstanding – Diluted | 38,961 | 39,081 | 39,004 | 39,102 |
Put_and_Call_Option_Contracts_
Put and Call Option Contracts (Detail) | 9 Months Ended | |
Sep. 30, 2014 | ||
gal | ||
Derivative [Line Items] | ' | |
Total fuel price derivative instruments, gallons | 58,612,000 | [1] |
Unleaded Fuel | ' | |
Derivative [Line Items] | ' | |
Total fuel price derivative instruments, gallons | 39,374,000 | [1] |
Diesel | ' | |
Derivative [Line Items] | ' | |
Total fuel price derivative instruments, gallons | 19,238,000 | [1] |
[1] | The settlement of the put and call option contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygenate 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) | 9 Months Ended | |
Sep. 30, 2014 | ||
Minimum | Unleaded Fuel | ' | |
Derivative [Line Items] | ' | |
Derivative Settlement Month And Year | '2014-10 | [1] |
Minimum | Diesel | ' | |
Derivative [Line Items] | ' | |
Derivative Settlement Month And Year | '2014-10 | [1] |
Maximum | Unleaded Fuel | ' | |
Derivative [Line Items] | ' | |
Derivative Settlement Month And Year | '2016-03 | [1] |
Maximum | Diesel | ' | |
Derivative [Line Items] | ' | |
Derivative Settlement Month And Year | '2016-03 | [1] |
[1] | The settlement of the put and call option contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. |
Location_and_Amounts_of_Deriva
Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets (Detail) (Derivatives Not Designated as Hedging Instruments, Commodity contracts, Fuel Price Derivatives At Fair Value [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives Not Designated as Hedging Instruments | Commodity contracts | Fuel Price Derivatives At Fair Value [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives Classified as Assets | $6,782 | $0 |
Derivatives Classified as Liabilities | $0 | $7,358 |
Location_and_Amounts_of_Deriva1
Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income (Detail) (Derivatives Not Designated as Hedging Instruments, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commodity contracts | Net realized and unrealized gains (losses) on fuel price derivatives | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income on Derivative | $14,773 | ($3,640) | $9,057 | ($2,781) |
Foreign Exchange Forward [Member] | Foreign Currency Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Income on Derivative | $8,177 | $0 | $6,893 | $0 |
Financing_and_Other_Debt_Addit
Financing and Other Debt - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jan. 17, 2013 | Jan. 18, 2013 | Jan. 30, 2013 | Jan. 18, 2013 | Jan. 17, 2013 | Jan. 18, 2013 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 21, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Jan. 30, 2013 | Sep. 30, 2014 | Jan. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
UNIK | UNIK | Term Loans Facility | Term Loans Facility | Term Loans Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Amended And Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Second Amended and Restated Credit Agreement | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | |
Two Thousand And Thirteen Agreements | Two Thousand And Thirteen Agreements | Two Thousand And Thirteen Agreements | Two Thousand And Thirteen Agreements | Two Thousand And Thirteen Agreements | Two Thousand And Thirteen Agreements | Two Thousand And Thirteen Agreements | Two Thousand And Thirteen Agreements | Minimum | Maximum | Eurocurrency Rate | Term Loans Facility | Term Loans Facility | Term Loans Facility | Term Loans Facility | Term Loans Facility | Term Loans Facility | Term Loans Facility | Term Loans Facility | Term Loans Facility | Revolving Credit Facility | Letter of Credit | Swingline Loans | Semi Annual Payment, First Payment | Semi Annual Payment, Second Payment | Minimum | Maximum | London Interbank Offered Rate (LIBOR) | ||||||||
Letter of Credit | Option 2 | Minimum | Maximum | Eurocurrency Rate | Eurocurrency Rate | Eurocurrency Rate | Eurocurrency Rate | Federal Funds Rate | |||||||||||||||||||||||||||
Option 2 | Option 2 | Minimum | Minimum | Maximum | Maximum | Option 2 | |||||||||||||||||||||||||||||
Option 1 | Option 2 | Option 1 | Option 2 | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement loan, maximum | ' | ' | ' | $300,000,000 | $185,000,000 | ' | $700,000,000 | $800,000,000 | $700,000,000 | $150,000,000 | $222,500,000 | ' | ' | ' | $500,000,000 | $277,500,000 | ' | ' | ' | ' | ' | ' | ' | $700,000,000 | $150,000,000 | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | 1.25% | 0.25% | 2.75% | 1.75% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% |
Quarterly commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of EBIT to interest charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of funded indebtedness to EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Permissible increase in ratio of EBIT to interest charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Permissible increase in ratio of funded indebtedness to EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement loan, term | ' | ' | '5 years | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 400,000,000 | ' | ' | 45,000,000 | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | 4.75% | ' | ' | ' | ' | ' | ' |
Debt Instrument Issuance Price Percent Of Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-23 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Interest Rate Payment Day And Month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-13 | 1-Aug-13 | ' | ' | ' | ' |
Debt Instrument First Interest Payment Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Aug-13 | ' | ' | ' | ' | ' | ' | ' |
Acquisition of debt unpaid | 9,662,000 | 7,278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average annual interest rate | 14.50% | 15.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Daily range on balance of participation debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $45,000,000 | ' |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value and Related Hierarchy Levels (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | $18,740 | $15,963 | ||
Executive deferred compensation plan trust | 5,608 | [1] | 4,339 | [1] |
Total fuel price derivatives | 6,782 | 7,358 | ||
Mortgage-backed securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 811 | 839 | ||
Asset-backed securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 1,218 | 1,391 | ||
Municipal bonds | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 531 | 519 | ||
Equity securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 16,180 | 13,214 | ||
Fuel price derivatives - unleaded fuel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives | 4,496 | [2] | 5,216 | [2] |
Fuel price derivatives - diesel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives | 2,286 | [2] | 2,142 | [2] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 16,180 | 13,214 | ||
Executive deferred compensation plan trust | 5,608 | [1] | 4,339 | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 16,180 | 13,214 | ||
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 2,560 | 2,749 | ||
Total fuel price derivatives | 4,496 | 5,216 | ||
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 811 | 839 | ||
Significant Other Observable Inputs (Level 2) | Asset-backed securities | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 1,218 | 1,391 | ||
Significant Other Observable Inputs (Level 2) | Municipal bonds | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total available-for-sale securities | 531 | 519 | ||
Significant Other Observable Inputs (Level 2) | Fuel price derivatives - unleaded fuel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives | 4,496 | [2] | 5,216 | [2] |
Significant Other Observable Inputs (Level 3) | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives | 2,286 | 2,142 | ||
Significant Other Observable Inputs (Level 3) | Fuel price derivatives - diesel | ' | ' | ||
Fair Value Measurements [Line Items] | ' | ' | ||
Total fuel price derivatives | $2,286 | [2] | $2,142 | [2] |
[1] | The fair value of these instruments is recorded in Other assets. | |||
[2] | The 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 $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Contingent Consideration | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ' | ($313) | ||||
Included in earnings | ' | ' | ' | -198 | [1] | |||
Included in other comprehensive income | ' | ' | ' | 0 | ||||
Purchases, issuances and settlements | ' | ' | ' | 0 | ||||
Transfers (in)/out of Level 3 | ' | ' | ' | 511 | ||||
Ending balance | ' | 0 | ' | 0 | ||||
Fuel price derivatives - diesel | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | -1,925 | 498 | -2,142 | -107 | ||||
Included in earnings | 4,211 | [2] | -1,015 | [2] | 4,428 | [1] | -410 | [1] |
Included in other comprehensive income | 0 | 0 | 0 | 0 | ||||
Ending balance | $2,286 | ($517) | $2,286 | ($517) | ||||
[1] | Gains and losses (realized and unrealized) associated with fuel price derivatives, included in earnings for the nine months ended September 30, 2014 and 2013, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. Gains associated with contingent consideration, included in earnings for the nine months ended September 30, 2013, are reported in other expenses and loss of foreign currency transactions on the unaudited condensed consolidated statements of income. | |||||||
[2] | Gains and losses (realized and unrealized) associated with fuel price derivatives, included in earnings for the three months ended September 30, 2014 and 2013, are reported in net realized and unrealized losses on fuel price derivatives on the unaudited condensed consolidated statements of income. |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | UNIK | ||
Fair Value Measurements [Line Items] | ' | ' | ' |
Notes outstanding, carrying value | $400,000 | $400,000 | ' |
Notes outstanding, fair value | 378,000 | 365,000 | ' |
Contingent consideration | ' | ' | $511 |
Quantitative_Information_About
Quantitative Information About Level Three Fair Value Measurements (Detail) (Fuel price derivatives - diesel, USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Option Model | Option Model | ||||||
Minimum | Maximum | |||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | $2,286 | ($1,925) | ($2,142) | ($517) | $498 | ($107) | ' | ' |
Future retail price of diesel (in dollars per gallon) | ' | ' | ' | ' | ' | ' | 3.67 | 3.85 |
Reconciliation_of_Accumulated_
Reconciliation of Accumulated Other Comprehensive Income (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Unrealized Gains and Losses on Available- for-Sale Securities | Unrealized Gains and Losses on Available- for-Sale Securities | Unrealized Gains and Losses on Available- for-Sale Securities | Unrealized Gains and Losses on Available- for-Sale Securities | Foreign Currency Items | Foreign Currency Items | Foreign Currency Items | Foreign Currency Items | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ($24,743) | ($15,495) | ($207) | ($222) | ($433) | $197 | $6,344 | ($7,052) | ($15,062) | $37,182 |
Other comprehensive income (loss) | ' | ' | -26 | -73 | 200 | -492 | -30,854 | 7,684 | -9,448 | -36,550 |
Ending balance | -24,743 | -15,495 | -233 | -295 | -233 | -295 | -24,510 | 632 | -24,510 | 632 |
Accumulated Other Comprehensive Income (Loss), Tax | ' | ' | $943 | $300 | $943 | $300 | ' | ' | ' | ' |
Noncontrolling_Interests_Addit
Non-controlling Interests - Additional Information (Detail) | Sep. 30, 2014 | Aug. 30, 2012 | Nov. 08, 2013 |
UNIK | UNIK | WEX Europe Services | |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Percent of ownership interest acquired | 51.00% | 51.00% | 75.00% |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reconcilliation of Redeemable Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | $19,732 | $19,650 | $18,729 | $21,662 |
Net income (loss) attributable to non-controlling interest | 218 | -60 | -31 | -333 |
Currency translation adjustment | -1,967 | 172 | -715 | -1,567 |
Ending balance | 17,983 | 19,762 | 17,983 | 19,762 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 519 | ' |
Non-controlling interest investment | ' | ' | 21,267 | ' |
Net loss attributable to non-controlling interest | 593 | 60 | 1,539 | 333 |
Ending balance | 19,271 | ' | 19,271 | ' |
WEX Europe Services | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 859 | ' | 519 | ' |
Non-controlling interest investment | 20,234 | ' | 21,267 | ' |
Net loss attributable to non-controlling interest | -811 | ' | -1,508 | ' |
Currency translation adjustment | -1,011 | ' | -1,007 | ' |
Ending balance | $19,271 | ' | $19,271 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Tax Years 2010 through 2013 | |||
Income Tax Contingency [Line Items] | ' | ' | ' |
Undistributed earnings of certain foreign subsidiaries | $7,087 | $4,665 | ' |
Reduction in tax expenses due to research and development credits | $1,700 | ' | $11,300 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Reportable_Segment_Results_Det
Reportable Segment Results (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Total Revenues | $222,134 | $191,525 | $605,783 | $535,180 |
Adjusted Pre-Tax Income before NCI | 78,427 | 82,472 | 226,946 | 212,912 |
Operating Segments | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Total Revenues | 222,134 | 191,525 | 605,783 | 535,180 |
Operating Interest Expense | 1,860 | 976 | 4,747 | 3,205 |
Depreciation and Amortization | 7,802 | 6,109 | 21,379 | 18,704 |
Adjusted Pre-Tax Income before NCI | ' | ' | 226,946 | 212,912 |
Operating Segments | Fleet payment solutions | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Total Revenues | 144,497 | 136,874 | 425,760 | 393,953 |
Operating Interest Expense | 1,033 | 427 | 2,143 | 1,392 |
Depreciation and Amortization | 6,412 | 5,767 | 19,225 | 17,358 |
Adjusted Pre-Tax Income before NCI | 48,728 | 59,117 | 155,335 | 164,832 |
Operating Segments | Other payment solutions | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Total Revenues | 77,637 | 54,651 | 180,023 | 141,227 |
Operating Interest Expense | 827 | 549 | 2,604 | 1,813 |
Depreciation and Amortization | 1,390 | 342 | 2,154 | 1,346 |
Adjusted Pre-Tax Income before NCI | $29,699 | $23,355 | $71,611 | $48,080 |
Reconciliation_of_Adjusted_Pre
Reconciliation of Adjusted Pre-Tax Income Before NCI to Income Before Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Adjusted Pre-Tax Income before NCI | $78,427 | $82,472 | $226,946 | $212,912 |
Unrealized gain (loss) on fuel price derivatives | 16,213 | -2,733 | 14,140 | 1,234 |
Amortization of acquired intangible assets | -11,798 | -8,051 | -28,415 | -24,564 |
Stock-based compensation | -4,549 | -2,494 | -10,089 | -6,882 |
Deferred loan costs associated with the extinguishment of debt | 0 | 0 | 0 | -1,004 |
Acquisition related expenses | -5,559 | 0 | -6,059 | 0 |
Non-cash adjustments related to tax receivable agreement | -1,356 | 150 | -1,356 | 150 |
Gain on divestiture | 27,169 | 0 | 27,169 | 0 |
Other adjustments related to Fleet One acquisition | 0 | 658 | 0 | 658 |
Income before income taxes | $98,547 | $70,002 | $222,336 | $182,504 |