Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 24, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | WEX Inc. | ||
Trading Symbol | WEX | ||
Entity Central Index Key | 1,309,108 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 38,644,041 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,347,908 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | |||
Cash and cash equivalents | $ 279,989 | $ 284,763 | |
Accounts receivable (less reserve for credit losses of $13,832 in 2015 and $13,919 in 2014) | 1,508,605 | 1,865,538 | |
Securitized accounts receivable, restricted | 87,724 | 0 | |
Income taxes receivable | 0 | 6,859 | |
Available-for-sale securities | 18,562 | 18,940 | |
Fuel price derivatives, at fair value | 5,007 | 40,969 | |
Property, equipment and capitalized software, net | 138,585 | 105,596 | |
Deferred income taxes, net | 10,303 | 5,764 | |
Goodwill | 1,112,878 | [1] | 1,117,281 |
Other intangible assets, net | 470,712 | 497,297 | |
Other assets | 225,581 | 175,506 | |
Total assets | 3,857,946 | 4,118,513 | |
Liabilities and Stockholders’ Equity | |||
Accounts payable | 378,811 | 425,956 | |
Accrued expenses | 156,180 | 137,227 | |
Income taxes payable | 2,732 | 0 | |
Deposits | 870,518 | 979,553 | |
Securitized debt | 82,018 | 0 | |
Revolving line-of-credit facilities and term loan | 669,755 | 901,564 | |
Deferred income taxes, net | 83,912 | 44,004 | |
Notes outstanding | 400,000 | 400,000 | |
Other debt | 50,046 | 52,975 | |
Amounts due under tax receivable agreement | 57,537 | 69,637 | |
Other liabilities | 10,756 | 13,286 | |
Total liabilities | $ 2,762,265 | $ 3,024,202 | |
Commitments and contingencies (Note 18) | |||
Redeemable non-controlling interest | $ 0 | $ 16,590 | |
Stockholders’ Equity | |||
Common stock $0.01 par value; 175,000 shares authorized; 43,079 shares issued in 2015 and 43,021 in 2014; 38,746 shares outstanding in 2015 and 38,897 in 2014 | 431 | 430 | |
Additional paid-in capital | 174,972 | 179,077 | |
Non-controlling interest | 12,437 | 17,396 | |
Retained earnings | 1,183,634 | 1,081,730 | |
Accumulated other comprehensive loss | (103,451) | (50,581) | |
Treasury stock at cost; 4,428 shares in 2015 and 4,218 shares in 2014 | (172,342) | (150,331) | |
Total stockholders’ equity | 1,095,681 | 1,077,721 | |
Total liabilities and stockholders’ equity | $ 3,857,946 | $ 4,118,513 | |
[1] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserve for credit losses | $ 13,832 | $ 13,919 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 43,079,000 | 43,021,000 |
Common stock, shares outstanding | 38,746,000 | 38,897,000 |
Treasury stock, shares | 4,428,000 | 4,218,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total revenues | $ 854,637 | $ 817,647 | $ 717,463 |
Expenses | |||
Salary and other personnel | 234,564 | 200,809 | 164,521 |
Restructuring | 9,010 | 0 | 0 |
Service fees | 138,844 | 119,876 | 103,428 |
Provision for credit losses | 22,825 | 32,144 | 20,200 |
Technology leasing and support | 41,315 | 30,581 | 24,217 |
Occupancy and equipment | 20,618 | 18,278 | 15,967 |
Advertising | 12,891 | 11,814 | 11,176 |
Marketing | 4,515 | 3,934 | 3,684 |
Postage and shipping | 6,457 | 5,369 | 5,140 |
Communications | 10,424 | 9,213 | 7,069 |
Depreciation and amortization | 83,077 | 70,380 | 58,208 |
Operating interest expense | 5,628 | 6,437 | 4,287 |
Other | 36,891 | 30,064 | 22,827 |
Gain on sale of subsidiary | (1,215) | (27,490) | 0 |
Total operating expenses | 625,844 | 511,409 | 440,724 |
Operating income | 228,793 | 306,238 | 276,739 |
Financing interest expense | (46,189) | (36,042) | (29,419) |
Net foreign currency (loss) gain | (5,689) | (13,438) | 964 |
Net realized and unrealized gains (losses) on fuel price derivatives | 5,848 | 46,212 | (9,851) |
Decrease (increase) in amount due under tax receivable agreement | 2,145 | (1,331) | (33) |
Income before income taxes | 184,908 | 301,639 | 238,400 |
Income taxes | 75,296 | 101,621 | 90,102 |
Net income | 109,612 | 200,018 | 148,298 |
Less: Net loss from non-controlling interests | (1,705) | (2,193) | (910) |
Net earnings attributable to WEX Inc. | 111,317 | 202,211 | 149,208 |
Accretion of non-controlling interest | (32,448) | 0 | 0 |
Net earnings attributable to shareholders | $ 101,904 | $ 202,211 | $ 149,208 |
Net earnings attributable to WEX Inc. per share: | |||
Basic (in usd per share) | $ 2.63 | $ 5.20 | $ 3.83 |
Diluted (in usd per share) | $ 2.62 | $ 5.18 | $ 3.82 |
Weighted average common shares outstanding: | |||
Basic (in usd per share) | 38,771 | 38,890 | 38,946 |
Diluted (in usd per share) | 38,843 | 39,000 | 39,103 |
Retained Earnings | |||
Expenses | |||
Accretion of non-controlling interest | $ (9,413) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 109,612 | $ 200,018 | $ 148,298 |
Changes in available-for-sale securities, net of tax effect of $(49) in 2015, $175 in 2014 and $(367) in 2013 | (83) | 304 | (630) |
Foreign currency translation | (49,952) | (39,726) | (54,776) |
Comprehensive income | 59,577 | 160,596 | 92,892 |
Less: Comprehensive (loss) attributable to non-controlling interest | (7,979) | (6,529) | (910) |
Comprehensive income attributable to WEX Inc. | $ 67,556 | $ 167,125 | $ 93,802 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Changes in available-for-sale securities, tax effect | $ (49) | $ 175 | $ (367) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Retained Earnings | Non-controlling interest in subsidiaries |
Beginning Balances (in shares) at Dec. 31, 2012 | 38,908 | ||||||
Beginning Balances at Dec. 31, 2012 | $ 817,931 | $ 426 | $ 162,470 | $ 37,379 | $ (112,655) | $ 730,311 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock issued upon exercise of stock options (in shares) | 70 | ||||||
Stock issued upon exercise of stock options | 1,680 | $ 1 | 1,679 | ||||
Tax benefit from stock option and restricted stock units | 6,539 | 6,539 | |||||
Stock issued upon vesting of restricted and deferred stock units (in shares) | 250 | ||||||
Stock issued upon vesting of restricted and deferred stock units | 0 | $ 2 | (2) | ||||
Stock-based compensation, net of share repurchases for tax withholdings | (1,795) | (1,795) | |||||
Purchase of shares of treasury stock (in shares) | (241) | ||||||
Purchase of shares of treasury stock | (17,911) | 0 | |||||
Changes in available-for-sale securities, net of tax effect of $(367) | (630) | (17,911) | |||||
Changes in available-for-sale securities, net of tax effect of $175 in 2014, $(367) in 2013, and $(3) in 2013 | 1,032 | (630) | |||||
Non-controlling interest investment | 1,032 | ||||||
Foreign currency translation | (52,244) | (52,244) | |||||
Adjustment to redeemable non-controlling interest | 0 | ||||||
Net income | 148,695 | 149,208 | (513) | ||||
Ending Balance (in shares) at Dec. 31, 2013 | 38,987 | ||||||
Ending Balance at Dec. 31, 2013 | 903,297 | $ 429 | 168,891 | (15,495) | (130,566) | 879,519 | 519 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock issued upon exercise of stock options (in shares) | 18 | ||||||
Stock issued upon exercise of stock options | 239 | $ 0 | 239 | ||||
Tax benefit from stock option and restricted stock units | 1,867 | 1,867 | |||||
Stock issued upon vesting of restricted and deferred stock units (in shares) | 103 | ||||||
Stock issued upon vesting of restricted and deferred stock units | 0 | $ 1 | (1) | ||||
Stock-based compensation, net of share repurchases for tax withholdings | 8,081 | 8,081 | |||||
Purchase of shares of treasury stock (in shares) | (211) | ||||||
Changes in available-for-sale securities, net of tax effect of $(367) | (19,765) | (19,765) | |||||
Changes in available-for-sale securities, net of tax effect of $175 in 2014, $(367) in 2013, and $(3) in 2013 | 304 | 304 | |||||
Non-controlling interest investment | 21,267 | 21,267 | |||||
Foreign currency translation | (37,389) | (35,390) | (1,999) | ||||
Adjustment to redeemable non-controlling interest | 0 | ||||||
Net income | 199,820 | 202,211 | (2,391) | ||||
Ending Balance (in shares) at Dec. 31, 2014 | 38,897 | ||||||
Ending Balance at Dec. 31, 2014 | 1,077,721 | $ 430 | 179,077 | (50,581) | (150,331) | 1,081,730 | 17,396 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock issued upon exercise of stock options (in shares) | 3 | ||||||
Stock issued upon exercise of stock options | 33 | $ 0 | 33 | ||||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 650 | 650 | |||||
Stock issued upon vesting of restricted and deferred stock units (in shares) | 56 | ||||||
Stock issued upon vesting of restricted and deferred stock units | 0 | $ 1 | (1) | ||||
Stock-based compensation, net of share repurchases for tax withholdings | 9,140 | 9,140 | |||||
Purchase of shares of treasury stock (in shares) | (210) | ||||||
Changes in available-for-sale securities, net of tax effect of $(367) | (22,011) | (22,011) | |||||
Changes in available-for-sale securities, net of tax effect of $175 in 2014, $(367) in 2013, and $(3) in 2013 | (83) | (83) | |||||
Foreign currency translation | (45,742) | (43,679) | (2,063) | ||||
Adjustment to redeemable non-controlling interest | (32,448) | (13,927) | (9,108) | (9,413) | |||
Net income | 108,421 | 111,317 | (2,896) | ||||
Ending Balance (in shares) at Dec. 31, 2015 | 38,746 | ||||||
Ending Balance at Dec. 31, 2015 | $ 1,095,681 | $ 431 | $ 174,972 | $ (103,451) | $ (172,342) | $ 1,183,634 | $ 12,437 |
CONSOLIDATED STATEMENTS OF STO8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Changes in available-for-sale securities, tax effect | $ (49) | $ 175 | $ (367) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income | $ 109,612 | $ 200,018 | $ 148,298 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net unrealized loss (gain) | (15,852) | 48,327 | (5,628) |
Stock-based compensation | 12,420 | 13,790 | 9,429 |
Depreciation and amortization | 86,174 | 73,022 | 60,563 |
Gain on sale of subsidiary | (1,215) | (27,490) | 0 |
Deferred taxes | 37,359 | 46,111 | 26,956 |
Restructuring charge | 7,561 | 0 | 0 |
Provision for credit losses | 22,825 | 32,144 | 20,200 |
Loss on disposal of property, equipment and capitalized software | 349 | 1,182 | 1,122 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | 199,717 | 55,883 | (194,418) |
Other assets | (17,653) | (16,921) | (55,440) |
Accounts payable | (33,201) | (29,154) | (6,365) |
Accrued expenses | 9,033 | 29,263 | 25,500 |
Income taxes | 10,687 | (21,770) | 7,586 |
Other liabilities | (2,322) | (3,190) | (743) |
Amounts due under tax receivable agreement | (12,098) | (8,148) | (8,765) |
Net cash provided by operating activities | 445,100 | 296,413 | 39,551 |
Cash flows from investing activities | |||
Purchases of property, equipment and capitalized software | (63,491) | (58,133) | (39,455) |
Purchases of available-for-sale securities | (349) | (2,837) | (1,802) |
Maturities of available-for-sale securities | 594 | 337 | 1,192 |
Acquisitions and investment, net of cash | (80,677) | (891,725) | (11,277) |
Proceeds from sale of subsidiary | 17,265 | 48,324 | 0 |
Net cash used for investing activities | (126,658) | (904,034) | (51,342) |
Cash flows from financing activities | |||
Excess tax benefits from equity instrument share-based payment arrangements | 650 | 1,867 | 6,539 |
Repurchase of share-based awards to satisfy tax withholdings | (2,392) | (5,709) | (11,222) |
Proceeds from stock option exercises | 33 | 239 | 1,679 |
Net change in deposits | (107,345) | (109,138) | 198,596 |
Net (decrease) increase in borrowed federal funds | 0 | 0 | (48,400) |
Borrowings on revolving line-of-credit facility | 2,203,027 | 2,519,742 | 419,200 |
Repayments on revolving line-of-credit facility | (2,402,118) | (2,105,321) | (857,700) |
Loan origination fees | 0 | (3,309) | (12,023) |
Net change in securitized debt | 84,571 | 0 | 0 |
Borrowings on term loan | 0 | 0 | 400,000 |
Other debt | (435) | 46,851 | (2,016) |
Purchase of redeemable non-controlling interest | (46,018) | 0 | 0 |
Purchase of shares of treasury stock | (22,011) | (19,765) | (17,911) |
Net cash (used for) provided by financing activities | (319,538) | 526,707 | 179,242 |
Effect of exchange rates on cash and cash equivalents | (3,678) | 4,191 | (3,627) |
Net change in cash and cash equivalents | (4,774) | (76,723) | 163,824 |
Cash and cash equivalents, beginning of period | 284,763 | 361,486 | 197,662 |
Cash and cash equivalents, end of period | 279,989 | 284,763 | 361,486 |
2011 Credit Agreement | |||
Cash flows from financing activities | |||
Repayments of term loan | 0 | 0 | (182,500) |
2013 Credit Agreement | |||
Cash flows from financing activities | |||
Repayments of term loan | 0 | (7,500) | (15,000) |
Borrowings on term loan | 0 | 0 | 300,000 |
2014 Credit Agreement | |||
Cash flows from financing activities | |||
Repayments of term loan | (27,500) | (13,750) | 0 |
Borrowings on term loan | $ 0 | $ 222,500 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business Description WEX Inc. (“Company”) is a provider of corporate card payment solutions. The Company provides products and services that meet the needs of businesses in various geographic regions including North and South America, Asia Pacific and Europe. The Company’s Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions segments provide its customers with security and control for complex payments across a wide spectrum of business sectors. The Company markets its products and services directly, as well as through strategic relationships which include major oil companies, fuel retailers and vehicle maintenance providers. Basis of Presentation The accompanying consolidated financial statements of WEX Inc. for the years ended December 31, 2015 , 2014 and 2013 , include the accounts of WEX Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company adjusted the consolidated balance sheet amounts as of December 31, 2014, to account for the measurement period adjustments related to the Esso portfolio in Europe and Evolution1 purchase price allocations discussed in Note 3, Business Acquisitions and Other Intangible Asset Acquisitions below. The acronyms and abbreviations identified below are used in the accompanying consolidated financial statements and the notes thereto. The following is provided to aid the reader and provide a reference point when reviewing the consolidated financial statements. Average expenditure per payment processing transaction Average total dollars of spend in a funded fuel transaction 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 Pty Ltd., as designated borrower, and Bank of America, N.A., as administrative agent on behalf of consenting lenders. Adjusted Net Income or ANI A non-GAAP metric that adjusts net earnings attributable to WEX Inc. to exclude fair value changes of fuel-price related derivative instruments, the amortization of purchased intangibles, the impact of net foreign currency remeasurement gains and losses, the expense associated with stock-based compensation, acquisition related expenses and adjustments, 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, restructuring charges, gains on the extinguishment of a portion of the tax receivable agreement, regulatory reserves, gains or losses on divestitures and adjustments attributable to non-controlling interests, including adjustments to the redemption value of a non-controlling interest, as well as the related tax impacts of the adjustments ASU 2014-09 Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers (Topic 606) ASU 2015-03 Accounting Standards Update No. 2015-03 Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ASU 2015-16 Accounting Standards Update No. 2015-16 Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments Company WEX Inc. and all entities included in the consolidated financial statements EFS Electronic Funds Source LLC Esso portfolio in Europe European commercial fleet card portfolio acquired from ExxonMobil Evolution1 EB Holdings Corp. and its subsidiaries which includes Evolution1, Inc., acquired by the Company on July 16, 2014 Evolution1 Plan Evolution1 401(k) Plan sponsored by Evolution1 Inc. FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation GAAP Generally Accepted Accounting Principles in the United States Higher One Higher One, Inc. a technology and payment services company focused on higher education 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 Over-the-road Typically heavy trucks traveling long distances Pacific Pride Pacific Pride Services, LLC, previously a wholly-owned subsidiary, sold on July 29, 2014 Payment solutions purchase volume Total amount paid by customers for transactions Payment processing transactions Funded payment transactions where the Company maintains the receivable for total purchase PPG Price per gallon of fuel rapid! PayCard rapid! PayCard, previously a line of business of the Company, sold on January 7, 2015 SaaS Software-as-a-service SEC Securities and Exchange Commission Securitization Subsidiary Southern Cross WEX 2015-1 Trust, a bankruptcy-remote subsidiary consolidated by the Company Total fleet transactions Total of transaction processing and payment processing transactions Transaction processing transactions Unfunded payment transactions where the Company is the processor and only has receivables for the processing fee UNIK UNIK S.A., the Company's Brazilian subsidiary WEX WEX Inc. WEX Europe Services Consists primarily of our European commercial fleet card portfolio acquired by the Company from ExxonMobil on December 1, 2014 Use of Estimates and Assumptions The Company prepares its consolidated financial statements in conformity with GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates and those differences may be material. Cash and Cash Equivalents Highly liquid investments with remaining maturities at the time of purchase of three months or less (that are readily convertible to cash) are considered to be cash equivalents and are stated at cost, which approximates fair value. Cash equivalents include federal funds sold, which are unsecured short-term investments entered into with financial institutions. Accounts Receivable and Reserve for Credit Losses Accounts receivable balances are stated at net realizable value. The balance includes a reserve for credit losses which reflects management’s estimate of uncollectable balances resulting from credit and fraud losses. Management has consistently considered its portfolio of charge card receivables as a large group of smaller balance accounts that it has collectively evaluated for impairment. The reserve for credit losses is established based on the determination of the amount of expected credit losses inherent in the accounts receivable as of the reporting date. Management reviews delinquency reports, historical collection rates, economic trends, geography and other information in order to make judgments as to probable credit losses. Management also uses historical charge off experience to determine the amount of losses inherent in accounts receivable at the reporting date. Assumptions regarding probable credit losses are reviewed periodically and may be impacted by actual performance of accounts receivable and changes in any of the factors discussed above. Available-for-sale Securities The Company records certain investments as available-for-sale securities. Available-for-sale securities are carried at fair value, with unrealized gains and losses, net of tax, reported on the consolidated balance sheet in accumulated other comprehensive loss. Realized gains and losses and declines in fair value determined to be other-than-temporary on available-for-sale securities are included in non-operating expenses. The cost basis of securities is based on the specific identification method. Interest and dividends earned on securities classified as available-for-sale are included in other revenues. Available-for-sale securities held by the Company were purchased and are held by WEX Bank in order to meet the requirements of the Community Reinvestment Act. Derivatives The Company has used derivative instruments as part of its overall strategy to manage its exposure to fluctuations in fuel prices and to reduce the impact of interest rate volatility. All derivatives are recorded at fair value on the consolidated balance sheet . The Company’s fuel price derivative instruments do not qualify for hedge accounting treatment; therefore, gains or losses related to fuel price derivative instruments, both realized and unrealized, are recognized in earnings. These instruments are presented on the consolidated balance sheet as fuel price derivatives, at fair value. For the purposes of cash flow presentation, realized and unrealized gains or losses are included in operating cash flows, as they are intended to hedge operating cash flows. In April 2014, the Company initiated a partial foreign currency exchange hedging program. In 2014 the Company managed foreign currency exchange exposure on an intra-quarter basis. The majority of the hedges are intended to renew on a monthly basis. Because this was a partial foreign currency exchange hedging program, the Company had additional foreign currency exchange exposure which was not hedged. During the third quarter of 2015, the Company decided to suspend the foreign currency exchange hedging program for all but a few short-term intercompany transactions. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Replacements, renewals and improvements are capitalized and costs for repair and maintenance are expensed as incurred. Depreciation is primarily computed using the straight-line method over the estimated useful lives shown below. Leasehold improvements are primarily depreciated using the straight-line method over the lesser of the useful life of the asset or over the remaining lease term. Below are the estimated useful lives for assets placed in service during 2015 and beyond: Estimated Useful Lives Furniture, fixtures and equipment 3 to 5 years Computer software 18 months to 7 years Leasehold improvements up to 5 years Capitalized Software The Company develops software that is used to provide processing and information management services to customers. A significant portion of the Company’s capital expenditures is devoted to the development of such internal-use computer software. Software development costs are capitalized during the application development stage. Costs incurred during the preliminary project stage are expensed as incurred. Capitalization occurs when the preliminary project stage is complete, as well as when management authorizes and commits to the funding of the project. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software. Below are the amounts of internal-use software capitalized and amortized: Year ended December 31, 2015 2014 2013 Amounts capitalized for internal-use computer software (including work-in-process) $ 52,218 $ 34,053 $ 18,360 Amounts expensed for amortization of internal-use computer software $ 20,316 $ 18,661 $ 18,830 Goodwill and Other Intangible Assets The Company classifies intangible assets in the following three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. The Company tests intangible assets with definite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include a reduction in operating cash flow or a dramatic change in the manner in which the asset is intended to be used. The Company would record an impairment charge when the carrying value of the definite-lived intangible asset is not recoverable from the undiscounted cash flows generated from the use of the asset. Intangible assets with indefinite lives and goodwill are not amortized. The Company tests these intangible assets and goodwill for impairment at least annually or more frequently if facts or circumstances indicate that such intangible assets or goodwill might be impaired. All goodwill and intangible assets are assigned to reporting units, which are one level below the Company’s operating segments. The Company performs impairment tests at the reporting unit level. Such impairment tests include comparing the fair value of the respective reporting unit with its carrying value, including goodwill. The Company uses a variety of methodologies to estimate fair value, but primarily relies on discounted cash flow analyses. Such analyses are corroborated using market analytics. Certain assumptions are used in determining the fair value, including assumptions about future cash flows and terminal values. When appropriate, the Company considers the assumptions that it believes hypothetical marketplace participants would use in estimating future cash flows. In addition, an appropriate discount rate is used, based on the Company’s cost of capital or reporting unit-specific economic factors. When the fair value is less than the carrying value of the intangible assets or the reporting unit, the Company records an impairment charge to reduce the carrying value of the assets to fair value. Impairment charges are recorded in depreciation and amortization expense on the consolidated statements of income. The Company's annual goodwill and intangible asset impairment tests performed as of October 1, 2015 , October 1, 2014 and October 1, 2013 did not identify any impairment. The Company determines the useful lives of its identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. The factors that management considers when determining useful lives include the contractual term of agreements, the history of the asset, the Company’s long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized over their useful lives, which is the period of time that the asset is expected to contribute directly or indirectly to future cash flows. An evaluation of the remaining useful lives of the definite-lived intangible assets is performed periodically to determine if any change is warranted. Impairment and Disposals of Long-lived Assets Long-lived assets are tested for impairment whenever facts or circumstances, such as a reduction in operating cash flow or a dramatic change in the manner the asset is intended to be used, indicate the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows associated with these assets or operations to their carrying value to determine if a write-down to fair value is required. The Company did not recognize any significant impairment expense on the Company’s long-lived assets during the years ended December 31, 2015 and 2014 . Disposals over the ordinary course of business are recorded in occupancy and equipment in the consolidated statements of income. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other liabilities approximate their respective fair values due to the short-term nature of such instruments. The carrying values of certificates of deposit, interest-bearing money market deposits, borrowed federal funds and credit agreement borrowings approximate their respective fair values as the interest rates on these financial instruments are variable. All other financial instruments are reflected at fair value on the consolidated balance sheet. Revenue Recognition The majority of the Company’s revenues are comprised of transaction-based fees, which are generally calculated based on measures such as (i) percentage of dollar value of volume processed; (ii) number of transactions processed; or (iii) some combination thereof. The Company has entered into agreements with major oil companies, fuel retailers and vehicle maintenance providers which provide products and/or services to the Company’s customers. These agreements specify that a transaction is deemed to be captured when the Company has validated that the transaction has no errors and has accepted and posted the data to the Company’s records. The Company recognizes revenues when persuasive evidence of an arrangement exists, the products and services have been provided to the client, the sales price is fixed or determinable and collectability is reasonably assured. The Company generally records revenue net of costs based on the following criteria: (i) the Company is not the primary obligor in the arrangement; (ii) the Company has no inventory risk; (iii) the Company does not have reasonable latitude with respect to establishing the price for the product; (iv) the Company does not make any changes to the product or have any involvement in the product specifications and (v) the amount the Company earns for its services is fixed, within a limited range. The Company enters into contracts with certain large customers or strategic relationships that provide for fee rebates tied to performance milestones. Rebates are recorded as a reduction in revenue in the same period that revenue is earned or performance occurs. Rebates and incentives are calculated based on estimated performance and the terms of the related business agreements. A description of the major components of revenue are as follows: Payment Processing Revenue . Revenue consists of transaction fees as well as interchange income; • Fleet transaction fees are assessed to major oil companies, fuel retailers and vehicle maintenance providers. We extend short-term credit to the fleet customer and pay the purchase price for the fleet customer’s transaction, less the payment processing fees we retain, to the merchant. We collect the total purchase price from the fleet customer. The fee charged is generally based upon a percentage of the total transaction amount; however, it may also be based on a fixed amount charged per transaction or on a combination of both measures. The Company records revenue at the time the transaction is captured. • In Europe, our payment processing revenue is specifically derived from the difference between the negotiated price of the fuel from the supplier and the agreed upon price paid by the fleets. • Interchange income is earned from the Company’s suite of card products. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card providers. The Company recognizes interchange income as earned. With regard to fleet payment processing revenue, the Company is generally responsible for the collection of the total transaction amount from the customer and the payment to the merchant of their sales amount, net of the payment processing revenue earned by the Company, and as such, recognizes revenue net of the cost of the underlying products and services. As a consequence, the Company’s accounts receivable and accounts payable related to its payment processing revenues are reflective of the total transaction amount processed by the Company, not the Company’s revenue. Transaction Processing Revenue . The Company earns transaction fees, which are principally based on the number of transactions processed; however, the fees may be a percentage of the total transaction amount. These fees are recognized at the time the transaction is captured. Account Servicing Revenue . Revenue is primarily comprised of monthly fees based on vehicles serviced. These fees are primarily in return for providing monthly vehicle data reports. Account servicing revenue is recognized monthly, as the Company fulfills its contractual service obligations. Finance Fees . The Company earns revenue by assessing monthly finance fees on accounts with overdue balances. These fees are recognized as revenue at the time the fees are assessed. The finance fee is calculated using a stated late fee rate based on the entire balance outstanding from the customer. On occasion, these fees are waived. The Company’s established reserve for such waived amounts is estimated and offset against the late fee revenue recognized. These waived fees amounted to $6,013 in 2015 , $6,002 in 2014 and $4,557 in 2013 . The Company engages in factoring, the purchase of accounts receivable from a third party at a discount. Revenue earned in this transaction is recorded in finance fees. We also recognize fees for interest associated with the Company’s fuel desk product and interest earned on the Company’s foreign paycard product. Other . The Company assesses fees for providing ancillary services, such as information products and services, professional services and marketing services. Other revenues also include cross-border fees, fees for overnight shipping, certain customized electronic reporting and customer contact services provided on behalf of certain of the Company’s customers. Service related revenues are recognized in the period that the work is performed. Healthcare revenue. The Company recognizes service fees in the healthcare market for the per-participant per-month fee which is recognized on a monthly basis subsequent to billing being completed. Interchange fees are recorded as received and ancillary service revenue is recognized when the related services have been provided. Interest and dividends earned on investments in available-for-sale securities are included in other revenues. Such income is recognized in the period that it is earned. The Company sells telematics devices as part of its WEX Telematics program. In addition, prior to the divestiture of Pacific Pride, the Company sold assorted equipment to its Pacific Pride franchisees. The Company recognizes revenue from these sales when the customer has accepted delivery of the product and collectability of the sales amount is reasonably assured. Stock-Based Compensation The Company recognizes the fair value of all stock-based payments to employees in its financial statements. The Company measures stock-based compensation expense at the grant date, based on the estimated fair value of the award, net of estimated forfeitures, and records expense for each award over the employee requisite service period. The Company uses the straight-line methodology for amortizing Restricted Stock Units ("RSUs") and a graded-vesting methodology for performance based awards. The Company estimates the fair value of stock option awards and with an earnings cap using a Black-Scholes-Merton valuation model. The fair value of RSUs, including Performance Based Restricted Stock Units (PBRSUs), is determined and fixed on the grant date based on the Company's stock price. Stock-based compensation is recorded in salary and other personnel expense. Advertising Costs Advertising and marketing costs are expensed in the period in which the advertising activity occurs. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The realizability of deferred tax assets must also be assessed. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences became deductible. A valuation allowance must be established for deferred tax assets which are not believed to more likely than not be realized in the future. Deferred taxes are not provided for the undistributed earnings of the Company’s foreign subsidiaries that are considered to be indefinitely reinvested outside of the United States. Current accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This accounting guidance also provides guidance on derecognition, classification, interest and penalties, accounting in the interim periods, disclosure, and transition. Penalties and interest related to uncertain tax positions are recognized as a component of income tax expense. To the extent penalties and interest are not assessed with respect to uncertain tax positions, amounts accrued are reduced and reflected as a reduction of the overall income tax provision. Earnings per Common Share When diluted earnings per common share is calculated, weighted-average outstanding shares are adjusted for the dilutive effect of shares issuable upon the assumed conversion of the Company’s common stock equivalents, which consist of outstanding stock options and unvested restricted stock units. Holders of unvested restricted stock units are not entitled to participate in dividends, should they be declared. Income available for common stockholders used to calculate earnings per share is as follows: Year ended December 31, 2015 2014 2013 Net earnings attributable and available for common stockholders –Basic and Diluted $ 101,904 $ 202,211 $ 149,208 Weighted average common shares outstanding used to calculate earnings per share are as follows: Year ended December 31, 2015 2014 2013 Weighted average common shares outstanding – Basic 38,771 38,890 38,946 Unvested restricted stock units 55 89 117 Stock options 17 21 40 Weighted average common shares outstanding – Diluted 38,843 39,000 39,103 Foreign Currency Movement The financial statements of the Company’s foreign subsidiaries, whose functional currencies are other than the U.S. dollar, are translated to U.S. dollars. Assets and liabilities are translated at the year-end spot exchange rate, revenue and expenses at average exchange rates and equity transactions at historical exchange rates. Exchange differences resulting from this translation are recorded as a component of accumulated other comprehensive loss. Realized and unrealized gains and losses on foreign currency transactions as well as the re-measurement of the Company's cash, receivable and payable balances that are denominated in foreign currencies, are recorded directly in the consolidated statements of income. However, gains or losses resulting from intercompany transactions where repayment is not anticipated for the foreseeable future are not recognized in the consolidated statements of income. In these situations, the gains or losses are deferred and included as a component of accumulated other comprehensive loss. In addition, gains and losses associated with the Company's foreign currency exchange derivatives are recorded in gains and losses on foreign currency on the consolidated statements of income. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive loss includes unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments pertaining to the net investment in foreign operations. Amounts are recognized net of tax to the extent applicable. Realized gains or losses on securities transactions are classified as non-operating in the consolidated statements of income. New Accounting Standards In May 2014, the FASB issued ASU 2014-09 related to revenue recognition, 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 in exchange for those goods or services. The standard permits the use of either the retrospective or cumulative effect transition method. On July 9, 2015, the Board voted to defer the effective date by one year to interim and annual reporting periods beginning after December 15, 2017, and permitted early adoption of the standard, but not for periods beginning on or before the original effective date of December 15, 2016. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures and has not yet selected a transition method. In April 2015, the FASB issued ASU 2015-03 related to the simplification of the presentation of debt issuance costs. The standard requires entities to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The new standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Entities would apply the new guidance retrospectively to all prior periods and provide the applicable disclosures for a change in accounting principal: (i) the nature of and reason for the change in accounting principle; (ii) the transition method; (iii) a description of the prior-period information that has been retrospectively adjusted; and, (iv) the effect of the change on the financial statement line item. The adoption of this standard affects presentation only and, as such, is not expected to have a material impact on the Company's consolidated financial statements. In September 2015, the FASB issued ASU 2015-16 related to simplifying the accounting for measurement period adjustments. This standard replaces the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively with a requirement that an acquirer recognize adjustments to the provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The pronouncement is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The guidance is to be applied prospectively to adjustments to provisional amounts that occur after the effective date of the guidance. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosures. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year ended December 31, 2015 2014 2013 Interest paid $ 49,032 $ 40,287 $ 23,646 Income taxes paid $ 27,186 $ 75,258 $ 48,869 |
Business Acquisitions and Other
Business Acquisitions and Other Intangible Assets Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Acquisitions and Other Intangible Assets Acquisitions | Business Acquisitions and Other Intangible Asset Acquisitions The Company incurred and expensed costs directly related to completed acquisitions of $342 in 2015 , $7,694 in 2014 , and $203 in 2013 , which are included primarily within service fees expenses in the consolidated statements of income. Benaissance On November 18, 2015, the Company, through its wholly-owned subsidiary Evolution1, purchased the stock of Benaissance for approximately $80,677 , subject to working capital adjustments. The transaction was financed through the Company’s cash on hand and existing credit facility. Benaissance provides financial management for health benefits administration by offering SaaS solutions for individual single point and consolidated group premium billing. Evolution1 acquired Benaissance to enhance the Company's positioning in the growing healthcare market. During the fourth quarter of 2015, the Company obtained preliminary information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed in the Benaissance acquisition. Based on such information, the Company recorded intangible assets and goodwill as described below. The Company is still reviewing the valuation of the tax assets and liabilities and has not finalized the purchase accounting. The operations of Benaissance contributed net revenues of approximately $2,085 and net income of approximately $399 from November 18, 2015, through December 31, 2015. Goodwill is expected to be deductible for tax purposes. The results of operations for Benaissance are presented in the Company's Health and Employee Benefit 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 acquired) $ 80,677 Less: Accounts receivable 1,594 Other tangible assets and liabilities, net 816 Acquired software and developed technology (a) 10,300 Customer relationships(b) 27,700 Trade name(c) 1,500 Recorded goodwill $ 38,767 (a) Weighted average life – 5.0 years . (b) Weighted average life – 7.6 years . (c) Weighted average life – 8.1 years No pro forma information has been included in these financial statements as the operations of Benaissance for the period that they were not part of the Company are not material to the Company's revenues, net income and earnings per share. Acquisition of remaining 49% of UNIK On August 31, 2015, the Company acquired the remaining 49 percent ownership in UNIK for $46,018 . See Note 17 Non-controlling interests for further information. Esso portfolio in Europe On December 1, 2014, the Company acquired certain assets of the Esso portfolio in Europe through a majority owned subsidiary, WEX Europe Services Limited. The Company formed this entity during 2013 and has 75 percent ownership. The Company paid $379,458 in cash, which includes an $80,000 advance payment made in the third quarter of 2014. The transaction was financed through the Company’s cash on hand and existing credit facility. Under the terms of the transaction, WEX purchased ExxonMobil’s commercial fleet fuel card program which includes operations, funding, pricing, sales and marketing in nine countries in Europe. As part of the transaction, both parties have agreed to enter into a long term supply agreement to serve the current and future Esso Card customers and to grow the business. The Company entered into this transaction in order to expand its presence in the European market and to broaden its international footprint, while laying the foundation for further expansion. During the fourth 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 Esso portfolio in Europe transaction. During 2015 , the Company obtained final information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed as of the acquisition date. Based on such information, the Company retrospectively adjusted the fiscal year 2014 comparative information resulting in an increase in goodwill of $ 537 , a decrease in accounts receivable of $ 2 , a decrease in the customer relationship intangible asset of $ 374 , a decrease in the licensing agreements intangible asset of $ 374 , and an increase in other tangible assets and liabilities, net, including consideration receivable of $ 213 . The Company recorded intangible assets and goodwill as described below. The Company finalized the purchase accounting during the fourth quarter of 2015. Goodwill related to this transaction is expected to be deductible for income tax purposes. The results of operations for the Esso portfolio in Europe are presented in the Company's Fleet Solutions segment. The operations of the Esso portfolio in Europe contributed net revenues of approximately $3,428 and net losses attributable to WEX Inc. of approximately $7,172 from December 1, 2014, through December 31, 2014, which includes finance costs. Goodwill related to this transaction is expected to be deducted for income tax purposes. The results of operations for the Esso portfolio in Europe are presented in the Company's Fleet Solutions segment. The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: Consideration paid (net of cash acquired) $ 379,458 Less: Accounts receivable 303,376 Other tangible assets and liabilities, net (8,497 ) Licensing agreements (a) 36,605 Customer relationships (b) 7,346 Recorded goodwill $ 40,628 (a) Weighted average life – 4.6 years . (b) Weighted average life – 7.2 years . Supplemental pro forma financial information related to the Esso portfolio in Europe acquisition has not been provided as it would be impracticable to do so. Historical financial information regarding the acquired assets is not accessible and, thus, the amounts would require estimates to be significant and render the disclosure irrelevant. Acquisition of Evolution1 On July 16, 2014, the Company acquired all of the outstanding stock of Evolution1, a leading provider of payment solutions within the healthcare industry, for approximately $532,174 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 enhance the Company's capabilities and positioning in the growing healthcare 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. During 2015, the Company obtained final information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed as of the acquisition date. Based on such information, the Company retrospectively adjusted the fiscal year 2014 comparative information resulting in an increase in goodwill of $ 379 , a decrease in other tangible assets and liabilities of $ 127 , and an increase in deferred income tax liabilities of $ 252 . 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 results of operations for Evolution1 are presented in the Company's Health and Employee Benefit Solutions segment. The operations of Evolution1 contributed net revenues of approximately $35,976 and net losses of approximately $512 from July 16, 2014, through December 31, 2014, which includes finance costs. Evolution1 had previously recorded goodwill on its financial statements from prior acquisitions, some of which is expected to be deductible for tax purposes. The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: Consideration paid (net of cash acquired) $ 532,174 Less: Accounts receivable 8,418 Accounts payable (175 ) Deferred tax liabilities, net (68,768 ) Other tangible assets and liabilities, net (3,712 ) Acquired software and developed technology (a) 70,000 Customer relationships (b) 211,000 Trade name (c) 7,900 Trade name (d) 11,000 Recorded goodwill $ 296,511 (a) Weighted average life – 6.4 years . (b) Weighted average life – 9.7 years . (c) Weighted average life – 9.9 years . (d) Indefinite-lived The following represents unaudited pro forma operational results as if Evolution1 had been included in the Company’s consolidated statements of income as of January 1, 2013: December 31, 2014 2013 Revenue $ 865,056 $ 786,854 Net income attributable to WEX Inc. $ 191,415 $ 97,016 Pro forma net income attributable to WEX Inc. per common share: Net income per share – basic $ 4.92 $ 2.49 Net income per share – diluted $ 4.91 $ 2.48 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 acquisition related expenses, 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 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 fleet market, for $12,309 , net of cash acquired. The Company purchased FastCred to expand its Fleet 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. 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 and earnings per share. Pending EFS Acquisition On October 18, 2015, the Company entered into a purchase agreement to acquire EFS, a provider of customized payment solutions for fleet and corporate customers with a focus on the large and mid-sized fleet segment. Pursuant to the purchase agreement, and subject to the terms and conditions contained therein, at the closing of this acquisition, the Company will acquire all of the outstanding membership interests of WP Mustang Topco LLC, the indirect parent of EFS, and Warburg Pincus Private Equity XI (Lexington), LLC, an affiliated entity from investment funds affiliated with Warburg Pincus LLC for an aggregate purchase price comprised of $1,100,000 in cash and 4,012 shares of the Company’s common stock (representing approximately 9.4 percent of the Company’s outstanding common stock after giving effect to the issuance of the new shares) and subject to certain working capital and other adjustments, as described in the purchase agreement. The parties’ obligations to consummate the acquisition are subject to customary closing conditions, including the expiration or termination of the applicable antitrust waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended. Either party may terminate the purchase agreement if (i) the closing has not occurred on or prior to April 18, 2016 (subject to extension to July 18, 2016, if antitrust clearance has not then been obtained), (ii) an order or law permanently prohibiting the acquisition has become final and non-appealable or (iii) the other party has breached its representations, warranties or covenants, subject to customary materiality qualifications and abilities to cure. In addition, the EFS sellers may also terminate the purchase agreement if, upon the satisfaction of the closing conditions and the expiration of a marketing period in connection with the Company’s debt financing, the Company fails to consummate the acquisition. Upon such a termination (and in certain other limited circumstances), if the EFS Sellers so elect, the Company is required to pay the EFS sellers a cash termination fee of $45,000 . In the event the purchase agreement is terminated in certain circumstances involving a failure to obtain required antitrust clearances the Company is required to pay the EFS sellers a cash termination fee of $70,000 . In connection with the planned acquisition of EFS, the Company has obtained financing commitments from Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Bank, SunTrust Robinson Humphrey, Inc. and MUFG Union Bank, N.A. and Citizens Bank, National Association, for senior secured credit facilities in the aggregate amount of $2,125,000 , consisting of a $1,775,000 seven -year term loan facility and a $350,000 five -year revolving credit facility. The new senior secured credit facilities would replace our existing senior secured credit facilities under the 2014 Credit Agreement. The Company has received a request for additional information (a “second request”) from the FTC in connection with the FTC's review of our proposed acquisition of EFS. The effect of the second request is to extend the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act until 30 days after both WEX and EFS have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC. There can be no assurance that a challenge to the acquisition on antitrust grounds will not be made, or, if such a challenge is made, what the result might be. |
Sale of Subsidiary
Sale of Subsidiary | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Subsidiary | Sale of Subsidiary rapid! PayCard On January 7, 2015, the Company sold the assets of its rapid! PayCard operations for $ 20,000 , which resulted in a pre-tax book gain of approximately $ 1,215 . The Company's primary focus in the U.S. continues to be in the fleet, travel, and healthcare industries. As such, the Company divested the operations of rapid! PayCard, which were not material to the Company's annual revenue, net income or earnings per share. The Company does not view this divestiture as a strategic shift in its Health and Employee Benefit Solutions segment. Pacific Pride On July 29, 2014, the Company sold its wholly-owned subsidiary Pacific Pride for $49,664 , which resulted in a pre-tax book gain of $27,490 . 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 were 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 Solutions segment. The following is a summary of the allocation of the assets and liabilities sold: Consideration received $ 49,664 Less: Expenses associated with the sale 1,340 Accounts receivable 48,699 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 $ 27,490 |
Accounts Receivable and Reserve
Accounts Receivable and Reserves for Credit Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable and Reserves for Credit Losses | Accounts Receivable and Reserves for Credit Losses In general, the terms of the Company’s trade receivables (securitized and non-securitized) provide for payment terms of 30 days or less. The portfolio of receivables is considered to be a large group of smaller balance homogeneous amounts that are collectively evaluated for impairment. Receivables are generally written off when they are 150 days past due or upon declaration of bankruptcy by the customer. The reserve for credit losses is calculated by an analytic model that also takes into account other factors, such as the actual charge-offs for the preceding reporting periods, expected charge-offs and recoveries for the subsequent reporting periods, a review of accounts receivable balances which become past due, changes in customer payment patterns, known fraudulent activity in the portfolio, as well as leading economic and market indicators. At December 31, 2015 , approximately 86 percent of the outstanding balance of $1.6 billion of total trade accounts receivable was current and approximately 97 percent of the outstanding balance of total trade accounts receivable was less than 60 days past due. At December 31, 2014 , approximately 94 percent of the outstanding balance of $1.9 billion of total trade accounts receivable was current and approximately 98 percent of the outstanding balance of total trade accounts receivable was less than 60 days past due. The outstanding balance is made up of receivables from a wide range of industries. One customer was 11 percent of the outstanding receivables balance at December 31, 2015 . The same customer was 8 percent of the outstanding receivables balance at December 31, 2014. The following table presents changes in reserves for credit losses related to accounts receivable: Year ended December 31, 2015 2014 2013 Balance, beginning of period $ 13,919 $ 10,396 $ 11,709 Provision for credit losses 22,825 32,144 20,200 Charge-offs (27,862 ) (35,302 ) (27,781 ) Recoveries of amounts previously charged-off 5,202 6,832 6,663 Currency translation (252 ) (151 ) (395 ) Balance, end of period $ 13,832 $ 13,919 $ 10,396 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Available-for-sale Securities The Company’s available-for-sale securities as of December 31, 2015 and 2014 , are presented below: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2015 Mortgage-backed securities $ 665 $ 16 $ 31 $ 650 Asset-backed securities 850 — 2 848 Municipal bonds 424 — 26 398 Equity securities (a) 16,961 — 295 16,666 Total available-for-sale securities $ 18,900 $ 16 $ 354 $ 18,562 2014 Mortgage-backed securities $ 820 $ 22 $ 32 $ 810 Asset-backed securities 1,168 — 3 1,165 Municipal bonds 545 9 — 554 Equity securities (a) 16,612 — 201 16,411 Total available-for-sale securities $ 19,145 $ 31 $ 236 $ 18,940 (a) These securities exclude $5,655 in equity securities designated as trading as of December 31, 2015 , and $5,927 as of December 31, 2014 , included in other assets on the consolidated balance sheets. See Note 15 for additional information about the securities designated as trading. The Company’s management has determined that the gross unrealized losses on its investment securities at December 31, 2015 and 2014 are temporary in nature. The Company reviews its investments to identify and evaluate investments that have indications of possible impairment. The Company’s techniques used to measure the fair value of its investments are in Note 16, Fair Value. Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Substantially all of the Company’s fixed income securities are rated investment grade or better. The Company had maturities of available-for-sale securities of $594 for the year ended December 31, 2015 , $337 for the year ended December 31, 2014 , and $1,192 for the year ended December 31, 2013 . The maturity dates of the Company’s available-for-sale securities are as follows: December 31, 2015 2014 Cost Fair Value Cost Fair Value Due within 1 year $ — $ — $ 213 $ 211 Due after 1 year through year 5 315 313 342 341 Due after 5 years through year 10 — — — — Due after 10 years 959 933 1,158 1,167 Mortgage-backed securities with original maturities of 30 years 665 650 820 810 Equity securities with no maturity dates 16,961 16,666 16,612 16,411 Total $ 18,900 $ 18,562 $ 19,145 $ 18,940 |
Property, Equipment and Capital
Property, Equipment and Capitalized Software, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Capitalized Software, Net | Property, Equipment and Capitalized Software, Net Property, equipment and capitalized software, net consist of the following: December 31, 2015 2014 Furniture, fixtures and equipment $ 63,278 $ 56,177 Computer software 212,504 184,868 Software under development 39,694 21,937 Leasehold improvements 14,492 11,239 Capital leases 757 757 Total 330,725 274,978 Less accumulated depreciation and amortization (192,140 ) (169,382 ) Total property, equipment and capitalized software, net $ 138,585 $ 105,596 The Company did not incur significant impairment charges during 2015 , 2014 , and 2013 . Depreciation expense, including expense associated with capital leases, was $35,285 , $29,758 and $25,061 in 2015 , 2014 and 2013 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in goodwill during the period January 1 to December 31, 2015 were as follows: Fleet Solutions Segment (a) Travel and Corporate Solutions Segment Health and Employee Benefit Solutions Segment (a) Total (a) Gross goodwill, beginning of period (a) $ 759,985 $ 44,710 $ 330,094 $ 1,134,789 Impact of foreign currency translation (23,598 ) (885 ) (6,154 ) (30,637 ) Acquisition of Benaissance — — 38,767 38,767 Sale of subsidiaries (147 ) — (12,386 ) (12,533 ) Gross goodwill, end of period 736,240 43,825 350,321 1,130,386 Accumulated impairment, end of period (1,337 ) (16,171 ) — (17,508 ) Net goodwill, end of period $ 734,903 $ 27,654 $ 350,321 $ 1,112,878 (a) The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." The changes in goodwill during the period January 1 to December 31, 2014 were as follows: Fleet Solutions Segment (a) Travel and Corporate Solutions Segment Health and Employee Benefit Total (a) Gross goodwill, beginning of period (a) $ 754,886 $ 45,872 $ 36,642 $ 837,400 Impact of foreign currency translation (16,392 ) (1,162 ) (3,059 ) (20,613 ) Acquisition of Evolution1 — — 296,511 296,511 Sale of subsidiary (19,137 ) — — (19,137 ) Acquisition of Esso portfolio in Europe 40,628 — — 40,628 Gross goodwill, end of period 759,985 44,710 330,094 1,134,789 Accumulated impairment, end of period (1,337 ) (16,171 ) — (17,508 ) Net goodwill, end of period $ 758,648 $ 28,539 $ 330,094 $ 1,117,281 (a) The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." The changes in intangible assets during the period January 1 to December 31, 2015 , were as follows: Net Carrying Amount, Beginning of Period (a) Acquisitions Amortization Disposals Impacts of Foreign Currency Translation Net Carrying Amount, End of Period Definite-lived intangible assets Acquired software and developed technology (a) $ 119,509 $ 10,300 $ (9,844 ) $ — $ (5,953 ) $ 114,012 Customer relationships (a) 309,450 27,700 (32,468 ) (2,329 ) (4,449 ) 297,904 Licensing agreements 35,341 — (4,165 ) (164 ) (3,614 ) 27,398 Patent 1,245 — (243 ) — (124 ) 878 Trade name (a) 15,373 1,500 (1,072 ) (723 ) (1,934 ) 13,144 Indefinite-lived intangible assets Trademarks, trade names and brand names 16,379 — — — 997 17,376 Total $ 497,297 $ 39,500 $ (47,792 ) $ (3,216 ) $ (15,077 ) $ 470,712 (a) The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." The changes in intangible assets during the period January 1 to December 31, 2014 , were as follows: Net Carrying Amount, Beginning of Period (a) Acquisitions Amortization Disposals Impacts of Foreign Currency Translation Net Carrying Amount, End of Period Definite-lived intangible assets Acquired software and developed technology (a) $ 61,590 $ 70,000 $ (10,091 ) $ — $ (1,990 ) $ 119,509 Customer relationships (a) 127,403 218,346 (28,575 ) (3,727 ) (3,997 ) 309,450 Licensing agreements — 36,605 (390 ) — (874 ) 35,341 Patent 1,672 — (380 ) — (47 ) 1,245 Trade name (a) 8,835 7,900 (1,186 ) — (176 ) 15,373 Indefinite-lived intangible assets Trademarks, trade names and brand names 7,244 11,000 — (1,444 ) (421 ) 16,379 Total $ 206,744 $ 343,851 $ (40,622 ) $ (5,171 ) $ (7,505 ) $ 497,297 (a) The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. The following table presents the estimated amortization expense related to the definite-lived intangible assets listed above for each of the next five fiscal years: Estimated Amortization Expense 2016 $ 51,733 2017 $ 51,770 2018 $ 47,783 2019 $ 44,230 2020 $ 40,647 Other intangible assets consist of the following: December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets Acquired software and developed technology $ 155,182 $ (41,170 ) $ 114,012 $ 150,458 $ (30,949 ) $ 119,509 Customer relationships 403,382 (105,478 ) 297,904 393,942 (84,492 ) 309,450 Licensing agreements 31,903 (4,505 ) 27,398 35,726 (385 ) 35,341 Patent 2,413 (1,535 ) 878 2,697 (1,452 ) 1,245 Trade name 16,410 (3,266 ) 13,144 17,786 (2,413 ) 15,373 $ 609,290 $ (155,954 ) 453,336 $ 600,609 $ (119,691 ) 480,918 Indefinite-lived intangible assets Trademarks, trade names and brand names 17,376 16,379 Total $ 470,712 $ 497,297 (a) The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable | Accounts Payable Accounts payable consists of: December 31, 2015 2014 Merchant payables $ 313,244 $ 376,753 Other payables 65,567 49,203 Total accounts payable $ 378,811 $ 425,956 |
Deposits, Borrowed Federal Fund
Deposits, Borrowed Federal Funds and Other Debt | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits, Borrowed Federal Funds and Other Debt | Deposits, Borrowed Federal Funds and Other Debt The following table presents information about deposits: December 31, 2015 2014 Certificates of deposit with maturities within 1 year $ 97,859 $ 261,502 Certificates of deposit with maturities greater than 1 year and less than 5 years 54,448 34,493 Interest-bearing money market deposits 369,191 330,696 Negotiable order of withdrawal deposits 308,998 314,576 Non-interest bearing customer deposits 40,022 38,286 Total deposits $ 870,518 $ 979,553 Weighted average cost of funds on certificates of deposit outstanding 0.90 % 0.61 % Weighted average cost of interest-bearing money market deposits 0.45 % 0.25 % Weighted average cost of negotiable order of withdrawal deposits — — WEX Bank has issued certificates of deposit in various maturities ranging between 9 months and 2 years and with interest rates ranging from 0.55 percent to 1.35 percent as of December 31, 2015 . WEX Bank may issue certificates of deposit without limitation on the balance outstanding. WEX Bank must maintain minimum financial ratios, which include risk-based asset and capital requirements, as prescribed by the FDIC. As of December 31, 2015 , certificates of deposit were in denominations of $250 or less. The Company requires non-interest bearing deposits for certain customers as collateral for credit that has been extended. The Company also had federal funds lines of credit totaling $257,500 at December 31, 2015 and $125,000 at December 31, 2014 . There were no borrowings against these lines of credit at December 31, 2015 and December 31, 2014 . Interest-bearing money market deposits are issued in denominations of $250 or less, and pay interest at variable rates based on LIBOR or the Federal Funds rate. Money market deposits may be withdrawn by the holder at any time, although notification may be required and the monthly number of transactions is limited. As of December 31, 2015 , the weighted average interest rate on interest-bearing money market deposits was 0.45 percent . On January 11, 2012, the Company entered into an agreement with Higher One to offer NOW accounts to a portion of Higher One’s customers. Higher One provides processing and other administrative services while the Company, through its bank subsidiary WEX Bank, establishes and maintains the NOW accounts. During 2015 and 2014 , the Company received non-interest bearing NOW account deposits. As of December 31, 2015 , the Company has $308,998 of non-interest bearing NOW account deposits outstanding. Other debt UNIK debt UNIK had approximately $5,046 of debt as of December 31, 2015 , and $7,975 of debt as of December 31, 2014 . UNIK's debt is comprised of various credit facilities held in Brazil, with various maturity dates. The weighted average annual interest rate was 13.5 percent as of December 31, 2015 , and 13.9 percent as of December 31, 2014 . This debt is classified in Other debt on the Company’s 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 customers balances that exceed the WEX Bank lending limit. This borrowing carries a variable interest rate of 3-month LIBOR plus a margin of 2.25 percent . The balance of the debt as of December 31, 2015 , was $45,000 , which is secured by an interest in the underlying customers receivable. The participation debt balance will fluctuate on a daily basis based on customers 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 consolidated balance sheets for the periods presented. The following table presents the average interest rates for deposits, borrowed federal funds and other debt: Year ended December 31, 2015 2014 2013 Average interest rate: Deposits 0.65 % 0.53 % 0.51 % Borrowed federal funds 0.39 % 0.38 % 0.41 % Negotiable order of withdrawal deposits — — — Interest-bearing money market deposits 0.25 % 0.23 % 0.31 % UNIK debt 15.21 % 17.15 % 17.04 % Participation agreement 2.57 % 2.46 % — % Average deposits and borrowed federal funds balance $ 1,026,963 $ 1,220,979 $ 1,012,806 Average other debt (UNIK and participation agreement) $ 51,209 $ 37,876 $ 8,767 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company is exposed to certain market risks relating to its ongoing business operations. Derivative instruments were utilized in prior years to manage the Company's commodity price risk. The Company entered into put and call option contracts related to the Company’s commodity price risk, which were based on the wholesale price of gasoline and the retail price of diesel fuel and settled on a monthly basis. These put and call option contracts, or fuel price derivative instruments, were designed to reduce the volatility of the Company’s cash flows associated with its fuel price-related earnings exposure in North America. During the fourth quarter of 2014, the Company suspended purchases under its fuel derivatives program due to unusually low prices in the commodities market. Management will continue to monitor the fuel price market and evaluate its alternatives as it relates to this hedging program. For the first quarter of 2016, the Company holds fuel price sensitive derivative instruments to hedge approximately 20 percent of its anticipated U.S. fuel-price related earnings exposure based on assumptions at time of purchase. After the first quarter of 2016, we are no longer hedged for changes in fuel prices. In April 2014, the Company initiated a partial foreign currency exchange hedging program. In 2014 the Company managed foreign currency exchange exposure on an intra-quarter basis. During the third quarter of 2015, the Company decided to suspend the foreign currency exchange hedging program for all but a few short-term intercompany transactions. Because this was a partial foreign currency exchange hedging program, the Company had foreign currency exchange exposure which was not hedged while the program was in effect. The realized and unrealized gains or losses on the currency forward contracts and swaps are reported in earnings within the same consolidated statement of income line as the impact of the foreign currency translation, net foreign currency gain (loss). 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, 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 December 31, 2015 , the Company had the following put and call option contracts that settle on a monthly basis and which do not have formal hedging designations: Aggregate Notional Amount (gallons) (a) Fuel price derivative instruments – unleaded fuel Put and call option contracts settling January 2016 – March 2016 2,655 Fuel price derivative instruments – diesel Put and call option contracts settling January 2016 – March 2016 1,314 Total fuel price derivative instruments 3,969 (a) The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. As of December 31, 2014 , the Company had the following put and call option contracts which settle on a monthly basis and do not have formal hedging designations: Aggregate Notional Amount (gallons) (a) Fuel price derivative instruments – unleaded fuel Put and call option contracts settling January 2015 – March 2016 31,754 Fuel price derivative instruments – diesel Put and call option contracts settling January 2015 – March 2016 15,588 Total fuel price derivative instruments 47,342 (a) The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. As of December 31, 2015 , the Company had the following contracts related to its foreign currency swaps, which are not designated as hedging contracts and settle in U.S. dollars at various dates within 5 days: Aggregate Notional Amount Australian dollar A$ 10,000 Euro € 10,000 Pound sterling £ 5,000 The following table presents information on the location and amounts of derivative fair values in the consolidated balance sheets: Asset Derivatives Liability Derivatives December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Balance Fair Balance Fair Balance Fair Balance Fair Derivatives not designated as hedging instruments Commodity contracts Fuel price $ 5,007 Fuel price $ 40,969 Fuel price $ — Fuel price $ — Foreign currency contracts Accounts receivable $ — Accounts receivable $ — Accounts payable $ 90 Accounts payable $ — The following table presents information on the location and amounts of derivative gains and losses in the consolidated statements of income: Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative For the period ended December 31, 2015 2014 Commodity contracts Net realized and $ 5,848 $ 46,212 Foreign currency contracts Net foreign currency (loss) gain $ 27,236 $ 15,398 For the Company’s North America operations, the Company traditionally has used derivative instruments to manage the impact of volatility in fuel prices on the Company's earnings. The Company entered into put and call option contracts (“Options”) based on the wholesale price of unleaded gasoline and retail price of diesel fuel. The Company discontinued entering into new instruments during the fourth quarter of 2014, and the remaining Options settle on a monthly basis through the first quarter of 2016. The Options are intended to lock in a range of prices during any given quarter on a portion of the Company’s forecasted earnings subject to fuel price variations. The fair value of these instruments is recorded in fuel price derivative instruments, at fair value on the consolidated balance sheets. The following table presents information about the Options: December 31, 2015 2014 Put Strike (a) Call Strike (a) Aggregate (b) Fair Aggregate Fair Fuel price derivative instruments – unleaded fuel Options settling July 2015 – March 2016 $ 2.483 $ 2.543 2,655 3,082 7,873 6,459 Options settling April 2015 – December 2015 $ 2.620 $ 2.680 — — 7,562 7,109 Options settling January 2015 – September 2015 $ 2.625 $ 2.685 — — 8,689 8,369 Options settling October 2014 – June 2015 $ 2.568 $ 2.628 — — 5,151 4,772 Options settling July 2014 – March 2015 $ 2.510 $ 2.570 — — 2,479 2,411 Total fuel price derivative instruments – unleaded fuel 2,655 $ 3,082 31,754 $ 29,120 Fuel price derivative instruments – diesel Options settling July 2015 – March 2016 $ 3.724 $ 3.784 1,314 1,925 3,951 2,842 Options settling April 2015 – December 2015 $ 3.785 $ 3.845 — — 3,708 2,720 Options settling January 2015 – September 2015 $ 3.795 $ 3.855 — — 4,300 3,464 Options settling October 2014 – June 2015 $ 3.785 $ 3.845 — — 2,451 1,906 Options settling July 2014 – March 2015 $ 3.788 $ 3.848 — — 1,178 917 Total fuel price derivative instruments – diesel 1,314 $ 1,925 15,588 11,849 Total fuel price derivative instruments 3,969 $ 5,007 47,342 $ 40,969 (a) The settlement of the Options is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. (b) The Options settle on a monthly basis. The following table summarizes the changes in fair value of the fuel price derivatives which have been recorded in net realized and unrealized losses on derivative instruments on the consolidated statements of income: Year ended December 31, 2015 2014 2013 Realized gains (losses) $ 41,810 $ (2,115 ) $ (4,223 ) Change in unrealized fuel price derivatives (35,962 ) 48,327 (5,628 ) Net realized and unrealized gains (losses) on derivative instruments $ 5,848 $ 46,212 $ (9,851 ) |
Financing Debt
Financing Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Financing Debt | Financing Debt 2014 Credit Agreement On August 22, 2014, the Company entered into the agreements described below to modify certain terms of the 2013 Credit Agreement in order to permit the additional financings and investments to facilitate the consummation of the Esso Card transaction. On August 22, 2014, the Company entered into the 2014 Amendment Agreement. Pursuant to the 2014 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. Concurrently, 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, secured by pledges of stock of certain subsidiaries of the Company, 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 percent to 2.75 percent based on the ratio of consolidated funded indebtedness of the Company and its subsidiaries to consolidated EBITDA or (b) the highest of (i) the Federal Funds Rate plus 0.50 percent , (ii) the prime rate announced by Bank of America N.A., and (iii) the Eurocurrency Rate plus 1.00 percent , in each case plus a margin of 0.25 percent to 1.75 percent based on the ratio of consolidated funded indebtedness of the Company and its subsidiaries to consolidated EBITDA. In addition, the Company has agreed to pay a quarterly commitment fee at a rate per annum ranging from 0.20 percent to 0.45 percent 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. $400 Million Notes Outstanding On January 30, 2013, the Company, completed a $400,000 offering in aggregate principal amount of 4.750 percent senior notes due 2023 (the “Notes”) at an issue price of 100.0 percent of the principal amount, plus accrued interest, from January 30, 2013, in a private placement to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and in offshore transactions pursuant to Regulation S under the Securities Act. The Notes were issued pursuant to the Indenture 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 will accrue at the rate of 4.750 percent per annum. Interest is payable semiannually in arrears on February 1 and August 1 of each year, commencing on August 1, 2013. The Notes are guaranteed on a senior unsecured basis by each of the Company’s restricted subsidiaries and each of the Company’s regulated subsidiaries that guarantees the Company’s 2013 Credit Agreement, which, as of the issue date, consist of four of the Company’s restricted subsidiaries. WEX Bank, which represents a substantial amount of the Company’s operations, is not a guarantor and is not subject to many of the restrictive covenants in the indenture governing the Notes. The Notes and guarantees described above are general senior unsecured obligations ranking equally with the Company’s existing and future senior debt, senior in right of payment to all of the Company’s subordinated debt, and effectively junior in right of payment to all of the Company’s existing and future secured debt, including the Company’s 2013 Credit Agreement, to the extent of the value of the collateral securing such debt. In addition, the Notes and the guarantees are structurally subordinated to all liabilities of the Company’s subsidiaries that are not guarantors, including WEX Bank. At any time on or after February 1, 2018, the Company may redeem the Notes, in whole or in part, at the following redemption prices (expressed as a percentage of principal amount of the Notes) if redeemed during the twelve month period beginning on February 1 of the following years: (i) 102.375 percent in 2018, (ii) 101.583 percent in 2019, (iii) 100.792 percent in 2020, and (iv) 100.0 percent in 2021 and thereafter; plus, in each case, accrued and unpaid interest, if any, to, but excluding, the date of redemption. At any time prior to February 1, 2018, the Company may redeem the Notes, in whole or in part, at a redemption price equal to 100.0 percent of the principal amount of such Notes redeemed plus a “make-whole” premium (as described in the Indenture), together with any accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon the occurrence of a change of control of the Company (as described in the Indenture), the Company must offer to repurchase the Notes at 101 percent of the principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. Under the terms of the 2013 Credit Agreement, the $800,000 secured revolving credit facility was reduced to $700,000 as a result of the $400,000 Notes offering. The Company capitalized approximately $15,547 in loan origination fees in association with these borrowings. The Company wrote-off approximately $1,000 of previous issuance costs in the first quarter of 2013. The Company used the net proceeds of this offering to repay the outstanding amount under the revolving portion of its 2013 Credit Agreement and to pay related fees and expenses and for general corporate purposes. 2013 Credit Agreement On January 18, 2013, the Company entered into the 2013 Credit Agreement, 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. The 2013 Credit Agreement provided for a five -year $300,000 term loan facility, and a five -year $800,000 secured revolving credit facility with a $150,000 sub-limit for letters of credit. The indebtedness covenant under the 2013 Credit Agreement required that the Company reduce the revolving commitments under the 2013 Credit Agreement on a dollar-for-dollar basis to the extent that the Company issues more than $300,000 in principal amount of senior or senior subordinated notes of the Company. Subject to certain conditions, including obtaining relevant commitments, the Company had the option to increase the facility by up to an additional $100,000 . The 2013 Credit Agreement amended, restated and substituted for the 2011 Credit Agreement. The 2013 Credit Agreement increased the outstanding amount of the term loan from $185,000 to $300,000 and increased the amount of the revolving loan from $700,000 to $800,000 . A portion of the indebtedness owing under the 2013 Credit Agreement was the same indebtedness as formerly evidenced by the 2011 Credit Agreement. 2013 Credit Agreement would have matured in January 2018, unless extended pursuant to the terms of the 2013 Credit Agreement. 2011 Credit Agreement On May 23, 2011, the Company entered into the 2011 Credit Agreement. The 2011 Credit Agreement was secured by pledges of the stock of the Company’s foreign subsidiaries. The 2011 Credit Agreement provided for a five -year $200,000 amortizing term loan facility and a five -year $700,000 revolving credit facility with a $100,000 sub-limit for letters of credit. Term loan payments in the amount of $2,500 per quarter began on June 30, 2011, and were scheduled to continue on the last day of each September, December, March and June thereafter, through and including March 31, 2016. On the maturity date for the term agreement, May 23, 2016, the remaining outstanding principal amount of $150,000 would have been due. The Company capitalized approximately $6,200 in loan origination fees in association with this borrowing and wrote-off approximately $700 of previous issuance costs in the second quarter of 2011. The 2011 Credit Agreement was replaced in January 2013 by the 2013 Credit Agreement. The following table presents information about the outstanding borrowings under the 2013 and 2014 Credit Agreement: December 31, 2015 2014 Outstanding balance on revolving line-of-credit and term loan with interest based on LIBOR $ 528,750 $ 696,250 Outstanding balance on revolving line-of-credit and term loan with interest based on Prime 48,300 67,700 Outstanding balance on revolving line-of-credit and term loan with interest based on Eurocurrency 92,705 137,614 Outstanding balance on $400 million 4.750% interest rate notes outstanding 400,000 400,000 Total outstanding balance on revolving line-of-credit facility, term loan and notes $ 1,069,755 $ 1,301,564 Weighted average rate of revolving line-of-credit facility and term loan based on LIBOR 2.41 % 2.92 % Weighted average rate of revolving line-of-credit facility and term loan based on Prime 4.50 % 5.00 % Weighted average rate of revolving line-of-credit facility and term loan based on Eurocurrency 2.43 % 2.88 % As of December 31, 2015 , the weighted average interest rate for all the financing borrowings under the 2014 Credit Agreement was 2.60 percent . As of December 31, 2015 , the Company has posted approximately $8,550 in letters of credit as collateral for lease agreements and virtual card and fuel payment processing activity at our foreign subsidiaries. Accordingly, at December 31, 2015 , the Company had $480,445 of availability under the 2014 Credit Agreement, subject to the covenants as described below. Financing Interest The following table presents the components of financing interest expense: Year ended December 31, 2015 2014 2013 2011 Credit Agreement $700 Million Revolver: Interest expense based on LIBOR $ — $ — $ 350 Interest expense based on the prime rate — — 54 Fees — — 36 Amortization of loan origination fees — — 43 $200 Million Term Loan: Interest expense based on LIBOR — — 170 Amortization of loan origination fees — — 11 $ — $ — $ 664 2013 Credit Agreement $700 Million Revolver: Interest expense based on LIBOR $ — $ 573 $ 400 Interest expense based on Prime — 419 — Fees — 1,361 2,098 Amortization of loan origination fees — 757 1,122 $300 Million Term Loan: Interest expense based on LIBOR — 3,667 5,496 Amortization of loan origination fees — 301 491 $ — $ 7,078 $ 9,607 2014 Credit Agreement $700 Million Revolver: Interest expense based on LIBOR $ 4,137 $ 1,723 $ — Interest expense based on Prime 636 972 — Interest expense based on Eurocurrency 3,874 484 — Fees 1,624 733 — Amortization of loan origination fees 1,378 574 — $500 Million Term Loan: Interest expense based on LIBOR 12,050 4,468 — Amortization of loan origination fees 984 276 — $ 24,683 $ 9,230 $ — $400 Million Notes Outstanding: 4.750% interest expense $ 19,000 $ 19,000 $ 17,469 Amortization of loan origination fees 734 734 674 $ 19,734 $ 19,734 $ 18,143 Securitization interest expense $ 1,640 $ — $ — Deferred loan costs associated with the extinguishment of debt — — 1,004 Other 132 — 1 Total financing interest expense $ 46,189 $ 36,042 $ 29,419 The following table presents average interest rates and debt balances: Year ended December 31, 2015 2014 2013 Average interest rate: Based on LIBOR 2.55 % 2.30 % 1.93 % Based on prime 4.53 % 3.89 % 3.75 % Based on Australian bank rate 2.94 % — % — % Based on Eurocurrency 2.52 % 2.81 % — % Average debt balance at LIBOR $ 635,029 $ 452,911 $ 300,056 Average debt balance at prime $ 14,031 $ 35,765 $ 19,162 Average debt balance at Australian bank rate $ 84,639 $ — $ — Average debt balance at Eurocurrency $ 153,895 $ 17,216 $ — Debt Covenants The 2014 Credit Agreement and the Indenture contain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries and, in certain limited circumstances, WEX Bank and the Company’s other regulated subsidiaries, to (i) incur additional debt, (ii) pay dividends or make other distributions on, redeem or repurchase capital stock, or make investments or other restricted payments, (iii) enter into transactions with affiliates, (iv) dispose of assets or issue stock of restricted subsidiaries or regulated subsidiaries; (v) create liens on assets, or (vi) effect a consolidation or merger or sell all, or substantially all, of the Company’s assets. These covenants are subject to important exceptions and qualifications. At any time that the Notes are rated investment grade, which is not currently the case, and subject to certain conditions, certain covenants will be suspended with respect to the Notes. WEX Bank and the Company’s other regulated subsidiaries will not be subject to some of the restrictive covenants in the Indenture that place limitations on the Company and its restricted subsidiaries’ actions, and where WEX Bank and the Company’s regulated subsidiaries are subject to covenants, there are significant exceptions and limitations on the application of those covenants to WEX Bank and the Company’s regulated subsidiaries. Australian Securitization Facility On April 28, 2015, the Company entered into a one year securitized debt agreement with the Bank of Tokyo-Mitsubishi UFJ, Ltd. Under the terms of the agreement, each month, on a revolving basis, the Company sells certain of its Australian receivables to a bankruptcy-remote subsidiary consolidated by the Company ("Securitization Subsidiary"). The Securitization Subsidiary, in turn, uses the receivables as collateral to issue asset-backed commercial paper ("securitized debt") for approximately 85 percent of the securitized receivables. The amount collected on the securitized receivables is restricted to pay the securitized debt and is not available for general corporate purposes. The Company pays a variable interest rate on the outstanding balance of the securitized debt, based on the Australian Bank Bill Rate plus an applicable margin. The interest rate as of December 31, 2015 , was 2.91 percent . As of December 31, 2015 , the Company had $ 82,018 of securitized debt. Other As of December 31, 2015 , WEX Bank pledged approximately $350,583 of fleet receivables held by WEX Bank to the Federal Reserve Bank as collateral for potential borrowings, through the Federal Reserve Bank Discount Window. Amounts that can be borrowed are based on the amount of collateral pledged to the Federal Reserve Bank and were approximately $265,882 as of December 31, 2015 . As of December 31, 2015 , WEX Bank had no borrowings on this line of credit through the Federal Reserve Bank Discount Window. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (losses) before income taxes consisted of the following: Year ended December 31, 2015 2014 2013 United States $ 203,692 $ 329,633 $ 249,311 Foreign (18,784 ) (27,994 ) (10,911 ) Total $ 184,908 $ 301,639 $ 238,400 Income tax expense (benefit) from continuing operations consisted of the following for the years ended December 31: United States State and Local Foreign Total 2015 Current $ 22,570 $ 4,288 $ 9,173 $ 36,031 Deferred $ 37,553 $ 5,631 $ (3,919 ) $ 39,265 2014 Current $ 43,565 $ 3,326 $ 8,009 $ 54,900 Deferred $ 51,581 $ 3,979 $ (8,839 ) $ 46,721 2013 Current $ 52,118 $ 5,176 $ 5,255 $ 62,549 Deferred $ 31,020 $ 1,562 $ (5,029 ) $ 27,553 The reconciliation between the income tax computed by applying the U.S. federal statutory rate and the reported effective tax rate on income from continuing operations is as follows: Year ended December 31, 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes (net of federal income tax benefit) 2.5 1.6 1.9 Foreign income tax rate differential 1.4 1.1 0.8 Revaluation of deferred tax assets for tax rate changes and blending differences, net 0.7 (0.1 ) — Research and development credit 0.2 (0.6 ) — Domestic production exclusions (1.8 ) (4.0 ) — Change in valuation allowance 1.6 0.1 — Nondeductible penalties 0.3 — — Other 0.8 0.6 0.1 Effective tax rate 40.7 % 33.7 % 37.8 % The tax effects of temporary differences in the recognition of income and expense for tax and financial reporting purposes that give rise to significant portions of the deferred tax assets and the deferred tax liabilities are presented below: December 31, 2015 2014 Deferred assets related to: Reserve for credit losses $ 5,310 $ 5,484 Foreign tax credit 4,686 4,399 Stock-based compensation, net 9,150 11,455 Net operating loss carryforwards 22,797 36,768 Other assets 5,992 5,399 Unrealized losses, primarily related to fuel price derivatives 2,647 — Total 50,582 63,505 Deferred tax liabilities related to: Unrealized gains, primarily related to fuel price derivatives 1,876 15,554 Other liabilities 1,226 1,540 Property, equipment and capitalized software 20,861 11,159 Intangibles, net 94,814 71,030 Pension 600 — Total 119,377 99,283 Valuation allowance primarily on net operating loss carryforwards 4,814 2,210 Deferred income taxes, net $ (73,609 ) $ (37,988 ) Net deferred tax (liabilities) assets by jurisdiction are as follows: December 31, 2015 2014 United States $ (76,308 ) $ (34,963 ) Australia (6,153 ) (7,078 ) New Zealand 252 185 The Netherlands 230 238 United Kingdom 9,623 5,607 Brazil (1,253 ) (1,977 ) Total $ (73,609 ) $ (37,988 ) The deferred tax assets and deferred tax liabilities are included in deferred income taxes, net on the consolidated balance sheet where a right of offset exists. The Company’s primary tax jurisdictions are the United States, Australia and the United Kingdom. The Company had approximately $102,483 of post apportionment state, $10,072 of federal and $69,762 of foreign net operating loss carry forwards at December 31, 2015 and approximately $78,500 of post apportionment state, $53,099 of federal and $53,609 of foreign net operating loss carry forwards at December 31, 2014 . The U.S. losses expire at various times through 2035 . The Company expects to utilized $ 42,618 of U.S. federal operating losses during 2015 and $20,753 of U.S. federal operating losses during 2014 . Foreign losses in Brazil and the UK have indefinite carry forward periods. The Company has established valuation allowances for the following items: (i) acquired net operating losses in the UK (ii) Evolution1’s equity investment in its minority-owned subsidiaries, (iii) state tax credits, and (iv) certain net operating losses and estimated non-deductible expenses. During 2015, the Company recorded tax expense of $2,888 for net increases to the valuation allowance. The Company also recorded a decrease in the valuation allowance associated with an acquisition adjustment for $205 , and a foreign currency translation adjustment of $79 during 2015. In each case the Company has determined it is more likely than not that the benefits will not be utilized. No other valuation allowances have been established for any other deferred assets as the Company believes it is more likely than not that its deferred tax assets will be utilized within the carry forward periods. Undistributed earnings of certain foreign subsidiaries of the Company amounted to $13,230 at December 31, 2015 , and $7,733 at December 31, 2014 . These earnings are considered to be indefinitely reinvested, and accordingly, no U.S. federal and state income taxes have been provided thereon. Upon distribution of these earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to the various foreign countries. The Company has determined that the amount of taxes attributable to these undistributed earnings is not practicably determinable. Current accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This accounting guidance also provides guidance on derecognition, classification, interest and penalties, accounting in the interim periods, disclosure, and transition. The Company or one of its subsidiaries files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions, where required. In the normal course of business, the Company is no longer subject to income tax examination for the years prior to 2011. The Internal Revenue Service is currently in the process of examining the Company's US income federal income tax returns for 2011, 2012 and 2014. The Company is also subject to an ongoing examination in New Zealand by Inland Revenue for calendar tax years 2012 and 2013. As of December 31, 2015, no adjustments have been proposed in connection with the ongoing audits A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties is as follows: Year ended December 31, 2015 2014 2013 Beginning balance $ 4,856 $ 5,283 $ 6,176 Increases related to prior year tax position 431 — — (Decreases) increases related to prior year tax positions, due to foreign currency exchange (511 ) (427 ) (893 ) Ending balance $ 4,776 $ 4,856 $ 5,283 At December 31, 2015 , the Company had $7,027 of net unrecognized tax benefits. If recognized, the $7,027 in net unrecognized tax benefits would reduce the Company’s effective tax rate. The Company anticipates settling a portion of the unrecognized tax benefit within the next 12 months . The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The Company has accrued $2,251 as of December 31, 2015 , $1,988 as of December 31, 2014 and $1,625 as of December 31, 2013 , for penalties and interest related to uncertain tax positions. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company sponsors a 401(k) retirement and savings plan. Employees are eligible to participate in the plan immediately. The Company’s employees who are at least 18 years of age, have worked at least 1000 hours in the past year, and have completed one year of service are eligible for Company matching contributions in the plan. The Company matches 100 percent of each employee’s contributions up to a maximum of 6 percent of each employee’s eligible compensation. All contributions vest immediately. WEX Inc. has the right to discontinue the plan at any time. Contributions to the plan are voluntary. The Company contributed $4,571 , $3,502 and $2,991 in matching funds to the plan for the years ended December 31, 2015 , 2014 and 2013 , respectively. During 2014, the Company acquired Evolution1 which, as of the date of the acquisition, had its own employee savings plan, the Evolution1 Plan. As of December 31, 2014, the Evolution1 Plan was merged with the existing WEX plan, and the existing plan recorded a receivable for the amount of net assets available for benefits it expected to receive from the Evolution1 Plan. Subsequent to year end, net assets available for benefits totaling $21,739 were received by the plan on January 2, 2015, in a transfer from the Evolution1 Plan. On January 1, 2015, Evolution1 employees became eligible to participate in the existing WEX plan. The Company also sponsors a defined contribution plan for certain employees designated by the Company. Participants may elect to defer receipt of designated percentages or amounts of their compensation. The Company maintains a grantor’s trust to hold the assets under the Company’s defined contribution plan. The obligation related to the defined contribution plan totaled $5,655 at December 31, 2015 , and $5,927 at December 31, 2014 . These amounts are included in other liabilities on the consolidated balance sheet. The assets held in trust are designated as trading securities and, as such, these trading securities are to be recorded at fair value with any changes recorded currently to earnings. The aggregate market value of the securities within the trust was $5,655 at December 31, 2015 , and $5,927 at December 31, 2014 . Such amounts are included in other assets on the consolidated balance sheet. The Company has defined benefit pension plans in Germany and Norway related to the Esso portfolio in Europe transaction in December of 2014. The total net unfunded status for the Company’s foreign defined benefit pension plans, recognized as accrued expenses in the consolidated balance sheet, was $4,406 as of December 31, 2015 and $4,900 as of December 31, 2014 . The Company will measure these plan obligations on an annual basis. The change in fair value to the defined benefit pension plans is recorded through the consolidated statements of income. The expense under each of these defined benefit pension plans for 2015 and 2014 was not material to the consolidated financial statements. |
Tax Receivable Agreement
Tax Receivable Agreement | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Tax Receivable Agreement | Tax Receivable Agreement As a consequence of the Company’s separation from its former parent company in 2005, the tax basis of the Company’s net tangible and intangible assets increased (the “Tax Basis Increase”). The Tax Basis Increase reduced the amount of tax that the Company would pay in the future to the extent the Company generated taxable income in sufficient amounts. The Company was contractually obligated, pursuant to its 2005 Tax Receivable Agreement with the Company’s former parent company (Cendant Corporation), to remit 85 percent of any such cash savings. The estimated total payments owed to Cendant Corporation based on facts available at that time, was reflected as a liability titled “Amounts due under tax receivable agreement.” The amount of these estimated future payments is dependent upon future statutory tax rates and the Company’s ability to generate sufficient taxable income adequate to cover the tax depreciation, amortization and interest expense associated with the Tax Basis Increase. The Company regularly reviews its estimated blended tax rates and projections of future taxable earnings to determine whether changes in the estimated liability are required. Any changes to the estimated future payments due to changes in estimated blended tax rates are recorded in the income statement as changes in amounts due under tax receivable agreement. Pursuant to the Separation and Distribution Agreement dated as of July 27, 2006, by and among Cendant Corporation (now known as Avis Budget Group, Inc. or “Avis”), Realogy Corporation (“Realogy”), Wyndham Worldwide Corporation (“Wyndham”) and Travelport Inc., Realogy acquired from Cendant the right to receive 62.5 percent of the payments by WEX Inc. to Cendant and Wyndham acquired from Cendant the right to receive 37.5 percent of the payments by WEX Inc. to Cendant under the 2005 Tax Receivable Agreement. On June 26, 2009, the Company entered into a Tax Receivable Prepayment Agreement with Realogy, pursuant to which the Company paid Realogy $51,000 , net of bank fees and legal expenses, as prepayment in full to settle the remaining obligations to Realogy under the 2005 Tax Receivable Agreement. In connection with the Tax Receivable Prepayment Agreement with Realogy, the Company entered into a Ratification Agreement on June 26, 2009 (the “Ratification Agreement”) with Avis, Realogy and Wyndham which amended the 2005 Tax Receivable Agreement to require the Company to pay 31.875 percent of the future tax savings related to the Tax Basis Increase to Wyndham. For each year presented, there has been reassessment of the blended tax rates that are projected into the future. For the year ended December 31, 2015 , the net future benefits decreased, which decreased the associated liability to Wyndham, resulting in a $2,145 offset to non-operating expense. In prior years, the net future benefits increased, which increased the associated liability to Wyndham, resulting in a $1,331 charge to non-operating expense in 2014 and a $33 charge to non-operating expense in 2013 . |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The Company holds mortgage-backed and other asset-backed securities, fixed income and equity securities, derivatives and certain other financial instruments which are carried at fair value. The Company determines fair value based upon quoted prices when available or through the use of alternative approaches, such as model pricing, when market quotes are not readily accessible or available. The Company carries certain of its liabilities at fair value, including its derivative liabilities. In determining the fair value of the Company’s obligations, various factors are considered including: closing exchange or over-the-counter market price quotations; time value and volatility factors underlying options and derivatives; price activity for equivalent instruments; the Company’s own-credit standing; and counterparty credit risk. These valuation techniques may be based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 – Instruments whose significant value drivers are unobservable. • The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels for 2015 : Fair Value Measurements at Reporting Date Using December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Mortgage-backed securities $ 650 $ — $ 650 $ — Asset-backed securities 848 — 848 — Municipal bonds 398 — 398 — Equity securities 16,666 16,666 — — Total available-for-sale securities $ 18,562 $ 16,666 $ 1,896 $ — Executive deferred compensation plan trust (a) $ 5,655 $ 5,655 $ — $ — Fuel price derivatives – unleaded fuel (b) $ 3,083 $ — $ 3,083 $ — Fuel price derivatives – diesel (b) 1,924 — — 1,924 Total fuel price derivatives $ 5,007 $ — $ 3,083 $ 1,924 Liabilities: Foreign currency swaps (c) $ 90 $ — $ 90 $ — (a) The fair value of these instruments is recorded in other assets. (b) The consolidated balance sheet presentation combines unleaded fuel and diesel fuel positions. (c) The fair value of these instruments is recorded in Accounts payable. The following table presents the Company’s assets that are measured at fair value and the related hierarchy levels for 2014 : Fair Value Measurements at Reporting Date Using December 31, 2014 Quoted Prices Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Mortgage-backed securities $ 810 $ — $ 810 $ — Asset-backed securities 1,165 — 1,165 — Municipal bonds 554 — 554 — Equity securities 16,411 16,411 — — Total available-for-sale securities $ 18,940 $ 16,411 $ 2,529 $ — Executive deferred compensation plan trust (a) $ 5,927 $ 5,927 $ — $ — Fuel price derivatives – unleaded fuel (b) $ 29,121 $ — $ 29,121 $ — Fuel price derivatives – diesel (b) 11,848 — — 11,848 Total fuel price derivatives $ 40,969 $ — $ 29,121 $ 11,848 (a) The fair value of these instruments is recorded in other assets. (b) The consolidated balance sheet presentation combines unleaded fuel and diesel fuel positions. The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2015 : Fuel Price Derivatives – Diesel Beginning balance $ 11,848 Total gains or (losses) – realized/unrealized Included in earnings (a) (9,924 ) Included in other comprehensive income — Purchases, issuances and settlements — Transfers (in)/out of Level 3 — Ending balance $ 1,924 (a) Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2015 , are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2014 : Fuel Price Derivatives – Diesel Beginning balance $ (2,142 ) Total gains or (losses) – realized/unrealized Included in earnings (a) 13,990 Included in other comprehensive income — Purchases, issuances and settlements — Transfers in/(out) of Level 3 — Ending balance $ 11,848 (a) Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2014 , are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. Available-for-sale securities and executive deferred compensation plan trust When available, the Company uses quoted market prices to determine the fair value of available-for-sale securities; such items are classified in Level 1 of the fair-value hierarchy. These securities primarily consist of exchange-traded equity securities. For mortgage-backed and asset-backed debt securities and bonds, the Company generally uses quoted prices for recent trading activity of assets with similar characteristics to the debt security or bond being valued. The securities and bonds priced using such methods are generally classified as Level 2. The obligations related to the deferred compensation plan trust are classified as Level 1 in the fair value hierarchy because the fair value is determined using quoted prices for identical instruments in active markets. $400 Million Notes outstanding The Notes outstanding as of December 31, 2015 , have a carrying value of $400,000 and fair value of $366,000 . 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 classified as Level 2 in the fair value hierarchy. Foreign currency contracts Derivatives include foreign currency forward and swap contracts. Our foreign currency forward and swap contracts are valued using an income approach (Level 2) based on the spot rate less the contract rate multiplied by the notional amount. We consider counterparty credit risk in the valuation of our derivatives. However, counterparty credit risk did not impact the valuation of our derivatives during 2015 and 2014. Fuel price derivatives The majority of derivatives entered into by the Company were executed over-the-counter and are valued using internal valuation techniques as no quoted market prices exist for such instruments. The valuation technique and inputs depend on the type of derivative and the nature of the underlying instrument. The principal technique used to value these instruments is a comparison of the spot price of the underlying instrument to its related futures curve adjusted for the Company’s assumptions of volatility and present value, where appropriate. The fair values of derivative contracts reflect the expected cash the Company will pay or receive upon settlement of the respective contracts. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, the spot price of the underlying instrument, volatility, and correlation. The item is placed in either Level 2 or Level 3 depending on the observability of the significant inputs to the model. Correlation and items with longer tenures are generally less observable. Fuel price derivatives – diesel. The assumptions used in the valuation of the diesel fuel price derivatives use both observable and unobservable inputs. There is a lack of price transparency with respect to forward prices for diesel fuel. Such unobservable inputs are significant to the diesel fuel derivative contact valuation methodology. Quantitative Information About Level 3 Fair Value Measurements. The significant unobservable inputs used in the fair value measurement of the Company’s diesel fuel price derivative instruments designated as Level 3 are as follows: Fair Value at Valuation Technique Unobservable Input Range $ per gallon Fuel price derivatives – diesel $ 1,924 Option model Future retail price of diesel 3.72 – 3.78 Fair Value at Valuation Technique Unobservable Input Range $ per gallon Fuel price derivatives – diesel $ 11,849 Option model Future retail price of diesel 3.72 – 3.86 Sensitivity To Changes In Significant Unobservable Inputs . As presented in the table above, the significant unobservable inputs used in the fair value measurement of the Company’s diesel fuel price derivative instruments are the future retail price of diesel fuel from the first quarter of 2016 . Significant changes in these unobservable inputs in isolation would result in a significant change in the fair value measurement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation The Company is involved in pending litigation in the ordinary course of business. In the opinion of management, such litigation will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. Legal Matters On December 23, 2015, the FDIC and WEX Bank, a wholly-owned subsidiary (the “Bank”), entered into a Consent Order, Order for Restitution and Order to Pay Civil Money Penalty (the "FDIC Consent Agreement") stating that the Bank violated Section 5 of the Federal Trade Commission Act. The FDIC Consent Agreement related to the marketing and fee disclosure practices used in connection with NOW account deposits associated with the Bank’s deposit program partner, Higher One. Higher One provides electronic financial disbursements and payment services to the higher education industry. Among these services, Higher One offers to facilitate opening a deposit account at participating banks for students receiving financial aid, with the Bank being one of those participating institutions. Upon a student’s opening of an account and receipt of funds in excess of their financial obligation to their education institution, the Bank holds the funds for the student but does not receive any of the fees at issue. Higher One services the accounts, pays related processing costs and receives all of the fees at issue. The FDIC Consent Agreement, among other things, requires: (i) the Bank to pay restitution for certain fees collected by Higher One in connection with these NOW accounts (in the event Higher One does not provide for the restitution), and (ii) the Bank to pay a civil money penalty. The civil money penalty applicable to the Bank in the FDIC Consent Agreement is $1,750 . In addition to a civil money penalty, the FDIC Consent Agreement requires the Bank to pay restitution of approximately $31,000 (if Higher One fails to pay restitution), as a result of the alleged violations. As a result of the above described proceedings, Higher One paid the entire restitution amount into a custodial account during the fourth quarter of 2015 for later distribution to students following the approval of the restitution plan. The Bank has also paid its $1,750 obligation under the FDIC Consent Agreement during the fourth quarter of 2015 (following the execution of the FDIC Consent Agreement). Pending EFS Acquisition O n October 18, 2015, the Company entered into a purchase agreement to acquire EFS, a provider of customized payment solutions for fleet and corporate customers with a focus on the large and mid-sized fleet segment. Pursuant to the purchase agreement, and subject to the terms and conditions contained therein, at the closing of the acquisition, the Company will acquire all of the outstanding membership interests of WP Mustang Topco LLC, the indirect parent of EFS, and Warburg Pincus Private Equity XI (Lexington), LLC, an affiliated entity, from investment funds affiliated with Warburg Pincus LLC for an aggregate purchase price comprised of $1,100,000 in cash and 4,012 shares of the Company’s common stock, subject to certain working capital and other adjustments. The parties’ obligations to consummate the acquisition are subject to customary closing conditions, including the expiration or termination of the applicable antitrust waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended. Either party may terminate the purchase agreement if (i) the closing has not occurred on or prior to April 18, 2016 (subject to extension to July 18, 2016 if antitrust clearance has not then been obtained), (ii) an order or law permanently prohibiting the acquisition has become final and non-appealable or (iii) the other party has breached its representations, warranties or covenants, subject to customary materiality qualifications and abilities to cure. In addition, the EFS sellers may also terminate the purchase agreement if, upon the satisfaction of the closing conditions and the expiration of a marketing period in connection with the Company’s debt financing, the Company fails to consummate the acquisition. Upon such a termination (and in certain other limited circumstances), if the EFS Sellers so elect, the Company is required to pay the EFS sellers a cash termination fee of $45,000 . In the event the purchase agreement is terminated in certain circumstances involving a failure to obtain required antitrust clearances, the Company is required to pay the EFS sellers a cash termination fee of $70,000 . In connection with the planned acquisition of EFS, the Company has obtained financing commitments from Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Bank, SunTrust Robinson Humphrey Inc. and MUFG Union Bank, N.A. and Citizens Bank, National Association, for senior secured credit facilities in the aggregate amount of $2,125,000 , consisting of a $1,775,000 seven -year term loan facility and a $350,000 five -year revolving credit facility. The new senior secured credit facilities would replace our existing senior secured credit facilities. See Note 24, Pending EFS Acquisition. Extension of Credit to Customers The Company had aggregate commitments of approximately $6,229,000 at December 31, 2015 , and $5,927,000 at December 31, 2014 , related to payment processing services, primarily related to commitments to extend credit to customers and customers of strategic relationships as part of the Company’s established lending product agreements. Many of these commitments are not expected to be used; therefore, total unused credit available to customers and customers of strategic relationships does not represent future cash requirements. The Company can increase or decrease its customers’ credit lines at its discretion at any time, subject to limited notice requirements in some instances. These amounts are not recorded on the consolidated balance sheet. Operating and Capital Leases The Company leases office space, equipment, and vehicles under non-cancelable operating and capital lease agreements that expire at various dates through 2023. In addition, the Company rents office equipment under agreements that may be canceled at any time. Rental expense related to office space, equipment, and vehicle leases amounted to $11,310 for the year ended December 31, 2015 , $8,838 for the year ended December 31, 2014 and $7,257 for the year ended December 31, 2013 . These amounts were included in occupancy and equipment on the consolidated statements of income. The Company leases information technology hardware and software under agreements that may be terminated by the Company at any time. Lease and rental expense related to information technology hardware and software leases totaled $11,288 for the year ended December 31, 2015 , $9,852 for the year ended December 31, 2014 , and $8,249 for the year ended December 31, 2013 . These amounts were included in technology leasing and support on the consolidated statements of income. Future minimum lease payments under non-cancelable operating and capital leases are as follows: Operating Capital 2016 $ 11,533 $ 847 2017 9,716 — 2018 8,581 — 2019 5,737 — 2020 4,574 — 2021 and thereafter 15,551 — Total minimum lease payments $ 55,692 $ 847 Less: Amount representing interest $ 40 Total obligations under capital lease $ 807 |
Non-controlling Interest
Non-controlling Interest | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Non-controlling interest | Non-controlling interest On August 30, 2012, the Company acquired a 51 percent ownership interest in UNIK. The redeemable non-controlling interest was measured at fair value at the date of acquisition and was reported on the Company’s consolidated balance sheets as “Redeemable non-controlling interest." On August 31, 2015, the Company acquired the remaining 49 percent ownership in UNIK for $46,018 . Due to put rights held by the non-controlling shareholders after the Company's original investment, the non-controlling interest was previously reported as a liability rather than permanent equity. The Company agreed to cancel this put option in conjunction with the acquisition of the remaining 49 percent ownership. The value of the redeemable non-controlling interest was adjusted to the redemption value at date of purchase and the Company recorded the adjustment to retained earnings. This adjustment to retained earnings reduces the Earnings Per Share to shareholders. The Company recorded the amount paid in excess of the redemption value in additional paid-in capital and the impact related to foreign currency in accumulated other comprehensive income. The Company's overall purchase price was less than the fair value of UNIK. The redeemable non-controlling interest was reported on the Company’s consolidated balance sheets as “Redeemable non-controlling interest.” A reconciliation of redeemable non-controlling interest for the years ended December 31, 2015 and 2014 , is as follows: 2015 2014 Balance, beginning of period $ 16,590 $ 18,729 Net income attributable to redeemable non-controlling interest 1,190 198 Currency translation adjustment (4,210 ) (2,337 ) Accretion to redemption value 9,413 — Excess purchase amount over redemption value 23,035 — Purchase of non-controlling interest (46,018 ) — Ending balance $ — 16,590 On December 1, 2014, WEX acquired the assets of ExxonMobil's Esso portfolio in Europe through its 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 years ended December 31, 2015 and 2014 is as follows: 2015 2014 Balance, beginning of period $ 17,396 $ 519 Non-controlling interest investment — 21,267 Net loss attributable to non-controlling interest (2,896 ) (2,391 ) Currency translation adjustment (2,063 ) (1,999 ) Ending balance $ 12,437 $ 17,396 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss A reconciliation of accumulated other comprehensive loss for the twelve month periods ended December 31, 2015 and 2014 , is as follows: 2015 2014 Unrealized Gains and Losses on Available- for-Sale Securities Foreign Currency Items Unrealized Gains and Losses on Available- for-Sale Securities Foreign Currency Items Beginning balance $ (129 ) $ (50,452 ) $ (433 ) $ (15,062 ) Other comprehensive (loss) income (83 ) (43,679 ) 304 (35,390 ) Purchase of redeemable non-controlling interest $ — $ (9,108 ) $ — $ — Ending balance $ (212 ) $ (103,239 ) $ (129 ) $ (50,452 ) No significant amounts were reclassified from accumulated other comprehensive loss in the periods presented. The change in foreign currency items is primarily due to the foreign currency translation of assets such as goodwill and other intangible assets related to the Company's foreign subsidiaries. The total tax effect on accumulated unrealized loss as of December 31, 2015 was $2,647 and the total tax effect on accumulated unrealized loss was $1,453 as of December 31, 2014 . |
Cash and Dividend Restrictions
Cash and Dividend Restrictions | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Cash and Dividend Restrictions | Cash and Dividend Restrictions Cash WEX Bank is required to maintain reserves against certain customer deposits by keeping cash on hand or balances with the Federal Reserve Bank. The required amount of those reserves at December 31, 2015 and 2014 was $39,748 and $31,127 , respectively. Dividends The Company has certain restrictions on the dividends it may pay under its revolving credit agreement. If the Company’s leverage ratio is higher than 1.75 , after execution of a restricted payment, the Company may pay no more than $25,000 per annum for restricted payments, including dividends. In addition, the purchase agreement for the acquisition of EFS prohibits the Company from paying dividends without the prior written consent of the EFS sellers prior to the closing of the transaction, except in limited circumstances described in the purchase agreement. The Company has not declared any dividends on its common stock since it commenced trading on the NYSE on February 16, 2005. Dividends paid by WEX Bank have provided a substantial part of the Company’s operating funds and for the foreseeable future it is anticipated that dividends paid by WEX Bank will continue to be a source of operating funds to the Company. Capital adequacy requirements serve to limit the amount of dividends that may be paid by WEX Bank. WEX Bank is chartered under the laws of the State of Utah and the FDIC insures its deposits. Under Utah law, WEX Bank may only pay a dividend out of net profits after it has (i) provided for all expenses, losses, interest and taxes accrued or due from WEX Bank and (ii) transferred to a surplus fund 10 percent of its net profits before dividends for the period covered by the dividend, until the surplus reaches 100 percent of its capital stock. For purposes of these Utah dividend limitations, WEX Bank’s capital stock is $5,250 and its capital surplus exceeds 100 percent of capital stock. Under FDIC regulations, WEX Bank may not pay any dividend if, following the payment of the dividend, WEX Bank would be “undercapitalized,” as defined under the Federal Deposit Insurance Act and applicable regulations. The FDIC also has the authority to prohibit WEX Bank from engaging in business practices that the FDIC considers to be unsafe or unsound, which, depending on the financial condition of WEX Bank, could include the payment of dividends. WEX Bank complied with the aforementioned dividend restrictions for the years ended December 31, 2015 , 2014 , and 2013 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In 2010, the Company adopted the WEX Inc. 2010 Equity Incentive Plan (the “Plan”). This Plan replaced the Company’s 2005 Equity and Incentive Plan. In May of 2015 the Company adopted the 2015 Section 162(m) Performance Incentive Plan (collectively the "Plans"). These Plans, which are stockholder-approved, permit the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based or cash-based awards to non-employee directors, officers, employees, advisors or consultants for the sum of (i) 3,800 shares of common stock and (ii) such additional number of shares of common stock (up to 1,596 ) as is equal to (x) the number of shares of common stock reserved for issuance under the Company’s Amended and Restated 2005 Equity and Incentive Plan (the “Prior Plan”) that remained available for grant under the Prior Plan immediately prior to the Board of Directors’ approval of the 2010 Plan and (y) the number of shares of common stock subject to awards under the Prior Plan which awards expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right. The Company believes that such awards increase efforts on behalf of the Company and promote the success of the Company’s business. On December 31, 2015 , the Company had four stock-based compensation programs, which are described below. The compensation cost that has been charged against income for these programs totals $12,420 for 2015 , $13,790 for 2014 , and $9,429 for 2013 . Restricted Stock Units The Company awards restricted stock units (“RSU”) to non-employee directors and certain employees periodically under the Plan. An RSU is a right granted to receive stock at the end of a specified period. RSU awards generally vest evenly over a period of three or four years . The awards provide for accelerated vesting if there is a change of control (as defined in the Plan). The fair value of each RSU award is based on the closing market price of the Company’s stock on the day of grant as reported by the New York Stock Exchange (“NYSE”). A summary of the status of the Company’s RSUs as of December 31, 2015 , and changes during the year then ended is presented below: Units Weighted- Average per share Grant- Date Fair Value Restricted Stock Units Balance at January 1, 2015 105 $ 82.45 Granted 82 $ 98.32 Vested – shares issued (54 ) $ 86.98 Vested – shares deferred (a) (2 ) $ 118.03 Forfeited (9 ) $ 88.08 Withheld for taxes (b) (23 ) $ 81.67 Balance at December 31, 2015 99 $ 94.51 (a) The Company issued fully vested and non-forfeitable restricted stock units to certain non-employee directors and certain employees that are payable in shares of the Company’s common stock at a later date as specified by the award (deferred stock units or “DSUs”). (b) The Company has elected to pay cash equal to the minimum amount required to be withheld for income tax purposes instead of issuing the shares of common stock. The cash is remitted to the appropriate taxing authority. As of December 31, 2015 , there was $3,971 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted as RSUs. That cost is expected to be recognized over a weighted-average period of 1.1 years . The total grant-date fair value of shares granted was $7,846 during 2015 , $7,376 during 2014 , and $9,757 during 2013 . The total fair value of shares vested was $4,521 during 2015 , $8,545 during 2014 , and $5,259 during 2013 . Deferred Stock Units Under the Plan, the Company also grants deferred stock units (“DSU”) to non-employee directors. A DSU is a fully vested right to receive stock at a certain point in time in the future. DSUs do not require any future service or performance obligations to be met. DSUs may be granted immediately or may initially be granted as RSUs which become DSUs once a previously determined service obligation has been met. The fair value of each granted DSU award is based on the closing market price of the Company’s stock on the grant date as reported by the NYSE. A summary of the status of the Company’s DSUs as of December 31, 2015 , and changes during the year is presented below: Units Weighted- Average per share Grant-Date Fair Value Deferred Stock Units Balance at January 1, 2015 95 $ 27.79 Awards 1 $ 100.70 Converted from RSUs 2 $ 118.03 Balance at December 31, 2015 98 $ 30.59 There is no unrecognized compensation cost related to awards granted as, or converted to, DSUs. The Company has determined that the award was earned when granted and it is expensed at that time. The total fair value of shares granted and vested was $363 during 2015 , $189 during 2014 , and $137 during 2013 . Performance Based Restricted Stock Units The Company also awards performance based restricted stock units (“PBRSUs”) to employees periodically under the Plan. A PBRSU is a right granted to receive stock at the end of a specified period. In a PBRSU, the number of shares earned varies based upon meeting certain performance goals, including revenue and earnings in excess of targets. PBRSU awards generally have performance goals tracking a one to four year period, depending on the nature of the performance goal. The fair value of each PBRSU award is based on the closing market price of the Company’s stock on the grant date as reported by the NYSE. A summary of the status of certain of the Company’s PBRSUs at threshold and target performance as of December 31, 2015 , and changes during the year then ended is presented below: Units at Threshold Units at Target Units at Maximum Weighted- Average per share Grant-Date Fair Value Performance Based Restricted Stock Units Balance at January 1, 2015 58 186 355 $ 92.39 Granted 30 66 133 $ 103.32 Forfeited (5 ) (18 ) (33 ) $ 94.56 Canceled / Converted to RSUs (12 ) (46 ) (92 ) $ 92.07 Balance at December 31, 2015 71 188 363 $ 96.16 The range of unrecognized compensation cost related to the PBRSU awards is from $2,595 at threshold (below target performance), $7,254 at target and up to $14,318 at maximum (above target performance), as of December 31, 2015 , depending on whether certain performance conditions are met. That cost is expected to be recognized over a weighted-average period of 1.3 years . The total grant-date fair value of shares granted at target was $6,860 during 2015 , $19,239 during 2014 , and $5,356 during 2013 . The total grant-date fair value of shares converted to RSUs and subsequently vested was $2,035 during 2015 , $2,474 during 2014 , and $9,075 during 2013 . Stock Options The fair value of each option award is estimated on the grant date using the following assumptions and a Black-Scholes-Merton option-pricing model. The expected term assumption as it relates to the valuation of the options represents the period of time that options granted are expected to be outstanding. The Company also estimates expected volatilities that are based on implied volatilities from traded options on the Company's stock, historical volatility of the Company’s stock, and other factors. The option-pricing model includes a risk-free interest rate for the period matching the expected term of the option and is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield used in the option-pricing model is the calculated yield on the Company’s stock at the time of the grant. On March 15, 2015, and on August 31, 2015, the Company approved the grant of stock options to certain officers and employees under the Plan. Stock options granted generally become exercisable over three years (with approximately 33 percent of the total grant vesting each year on the anniversary of the grant date) and expire 10 years from the date of grant. The table below summarizes the assumptions used to calculate the fair value: March 15, 2015 August 31, 2015 Weighted average expected life (in years) 6.0 5.77 Weighted average exercise price $ 103.75 $ 94.53 Weighted average volatility 30.53 % 28.73 % Weighted average risk-free rate 1.73 % 1.66 % Weighted average dividend yield — % — % Weighted average fair value $ 34.13 $ 28.90 The stock options granted under the plan related to the Company’s employees consisted of: Shares Weighted- Average per share Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Stock Options Outstanding at January 1, 2015 31 $ 13.59 Granted 55 103.40 Exercised (3 ) $ 13.59 Forfeited or expired (2 ) 103.75 Outstanding at December 31, 2015 81 $ 71.50 6.36 $ 1,363 Exercisable on December 31, 2015 81 $ 71.50 6.36 $ 1,363 Vested and expected to vest at December 31, 2015 81 $ 71.50 6.36 $ 1,363 The total intrinsic value of options exercised during the years ended December 31, 2015 , 2014 and 2013 was $216 , $1,543 and $3,632 , respectively. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring During the first quarter of 2015, the Company recorded initial restructuring costs of approximately $8,559 related to the Company's global review of operations. This global review identified certain initiatives to further streamline the business, improve the Company's efficiency, and to globalize the Company's operations, all with an objective to improve scale and increase profitability going forward. The costs related to this initiative are employee termination benefits. During the fourth quarter of 2015, the Company recorded $479 in restructuring costs associated with a restructuring of its global information technology resources in conjunction with this initiative. The remaining balance at December 31, 2015, is expected to be paid through 2016 and into 2017. The Company has determined that the amount of expense related to this program is probable and estimable and has recorded the impact on the consolidated statements of income and in Accrued expenses on the condensed consolidated balance sheet. The following table presents the Company’s restructuring liability: Beginning balance at January 1, 2015 $ — Restructuring charges 9,038 Reserve release (28 ) Cash paid (1,433 ) Impact of foreign currency translation (328 ) Ending balance at December 31, 2015 $ 7,249 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The operating segments are aggregated into the three reportable segments as described below. The Company’s chief operating decision maker evaluates the operating results of the Company’s operating and reportable segments based upon revenues and adjusted pre-tax income before NCI which adjusts income before income taxes to exclude fair value changes of fuel price derivative instruments, net foreign currency remeasurement gains and losses, the amortization of acquired intangible assets, the expense associated with stock-based compensation, acquisition related expenses and adjustments, 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, restructuring charges, gain or losses on divestitures, regulatory reserves and adjustments attributable to non-controlling interests including adjustments to the redemption value of a non-controlling interest. Prior to the fourth quarter of 2015, we reported our results of operations in two business segments, Fleet Payment Solutions and Other Payment Solutions. During the fourth quarter of 2015, the Company revised its internal and external reporting and report our results of operations in three reportable segments. The Fleet Solutions segment provides customers with payment and transaction processing services specifically designed for the needs of commercial and government fleets. This segment also provides information management services to these fleet customers. The Travel and Corporate Solutions segment focuses on the complex payment environment of business-to-business payments, providing customers with payment processing solutions for their corporate payment and transaction monitoring needs. The Health and Employee Benefit Solutions segment provides healthcare payment products and SaaS consumer directed platforms, as well as payroll related benefits to customers in Brazil. The Company has recasted the prior years segment information to conform to the current year presentation. No one customer makes up more than 10 percent of the total consolidated revenue at December 31, 2015 . Total assets are not allocated to the segments. The accounting policies of the reportable segments are generally the same as those described in the summary of significant accounting policies. The following table presents the Company’s reportable segment results for the years ended December 31, 2015 , 2014 and 2013 : Total Revenues Operating Interest Expense Depreciation and Amortization Adjusted Pre-Tax Income before NCI Year ended December 31, 2015 Fleet solutions $ 538,958 $ 1,869 $ 27,663 $ 193,394 Travel and corporate solutions 195,419 1,218 1,415 88,094 Health and employee benefit solutions 120,260 2,541 6,207 16,820 Total $ 854,637 $ 5,628 $ 35,285 $ 298,308 Year ended December 31, 2014 Fleet solutions $ 562,169 $ 2,778 $ 26,046 $ 204,171 Travel and corporate solutions 182,921 542 1,332 92,313 Health and employee benefit solutions 72,557 3,117 2,380 6,213 Total $ 817,647 $ 6,437 $ 29,758 $ 302,697 Year ended December 31, 2013 Fleet solutions $ 527,424 $ 1,802 $ 23,351 $ 216,705 Travel and corporate solutions 163,004 573 1,488 69,493 Health and employee benefit solutions 27,035 1,912 222 (179 ) Total $ 717,463 $ 4,287 $ 25,061 $ 286,019 The following table reconciles adjusted pre-tax income before NCI to net income before income taxes: Year ended December 31, 2015 2014 2013 Adjusted pre-tax income before NCI $ 298,308 $ 302,697 $ 286,019 Changes in unrealized fuel price derivatives (35,962 ) 48,327 (5,628 ) Net foreign currency remeasurement (loss) gain (5,689 ) (13,438 ) 964 Amortization of acquired intangible assets (47,792 ) (40,622 ) (33,147 ) Stock-based compensation (12,420 ) (13,790 ) (9,429 ) Restructuring (9,010 ) — — Gain on divestiture 1,215 27,490 — Deferred loan costs associated with the extinguishment of debt — — (1,004 ) Expenses and adjustments related to acquisitions (4,137 ) (7,694 ) 658 Non-cash adjustments related to tax receivable agreement 2,145 (1,331 ) (33 ) Regulatory reserve (1,750 ) — — Income before income taxes $ 184,908 $ 301,639 $ 238,400 Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses. Geographic Data Year ended December 31, 2015 2014 2013 Total revenues: United States $ 691,088 $ 708,827 $ 627,282 Australia 50,387 57,897 61,645 Other international 113,162 50,923 28,536 Total revenues $ 854,637 $ 817,647 $ 717,463 Goodwill: United States $ 893,067 $ 866,692 $ 589,319 Australia 148,258 165,688 180,274 Other international 71,553 84,901 50,299 Total goodwill $ 1,112,878 $ 1,117,281 $ 819,892 Other intangible assets, net United States $ 392,221 $ 388,717 $ 118,808 Australia 23,064 32,123 43,385 Other international 55,427 76,457 44,551 Total other intangibles assets, net $ 470,712 $ 497,297 $ 206,744 Property, equipment and capitalized software United States $ 79,265 $ 72,334 $ 59,817 Australia 5,445 6,280 5,988 International 53,875 26,982 6,470 Total property, equipment and capitalized software $ 138,585 $ 105,596 $ 72,275 No single country, other than the United States and Australia, made up more than 10 percent of total revenues for any of the years presented. |
Pending EFS Acquisition
Pending EFS Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Pending EFS Acquisition | Business Acquisitions and Other Intangible Asset Acquisitions The Company incurred and expensed costs directly related to completed acquisitions of $342 in 2015 , $7,694 in 2014 , and $203 in 2013 , which are included primarily within service fees expenses in the consolidated statements of income. Benaissance On November 18, 2015, the Company, through its wholly-owned subsidiary Evolution1, purchased the stock of Benaissance for approximately $80,677 , subject to working capital adjustments. The transaction was financed through the Company’s cash on hand and existing credit facility. Benaissance provides financial management for health benefits administration by offering SaaS solutions for individual single point and consolidated group premium billing. Evolution1 acquired Benaissance to enhance the Company's positioning in the growing healthcare market. During the fourth quarter of 2015, the Company obtained preliminary information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed in the Benaissance acquisition. Based on such information, the Company recorded intangible assets and goodwill as described below. The Company is still reviewing the valuation of the tax assets and liabilities and has not finalized the purchase accounting. The operations of Benaissance contributed net revenues of approximately $2,085 and net income of approximately $399 from November 18, 2015, through December 31, 2015. Goodwill is expected to be deductible for tax purposes. The results of operations for Benaissance are presented in the Company's Health and Employee Benefit 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 acquired) $ 80,677 Less: Accounts receivable 1,594 Other tangible assets and liabilities, net 816 Acquired software and developed technology (a) 10,300 Customer relationships(b) 27,700 Trade name(c) 1,500 Recorded goodwill $ 38,767 (a) Weighted average life – 5.0 years . (b) Weighted average life – 7.6 years . (c) Weighted average life – 8.1 years No pro forma information has been included in these financial statements as the operations of Benaissance for the period that they were not part of the Company are not material to the Company's revenues, net income and earnings per share. Acquisition of remaining 49% of UNIK On August 31, 2015, the Company acquired the remaining 49 percent ownership in UNIK for $46,018 . See Note 17 Non-controlling interests for further information. Esso portfolio in Europe On December 1, 2014, the Company acquired certain assets of the Esso portfolio in Europe through a majority owned subsidiary, WEX Europe Services Limited. The Company formed this entity during 2013 and has 75 percent ownership. The Company paid $379,458 in cash, which includes an $80,000 advance payment made in the third quarter of 2014. The transaction was financed through the Company’s cash on hand and existing credit facility. Under the terms of the transaction, WEX purchased ExxonMobil’s commercial fleet fuel card program which includes operations, funding, pricing, sales and marketing in nine countries in Europe. As part of the transaction, both parties have agreed to enter into a long term supply agreement to serve the current and future Esso Card customers and to grow the business. The Company entered into this transaction in order to expand its presence in the European market and to broaden its international footprint, while laying the foundation for further expansion. During the fourth 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 Esso portfolio in Europe transaction. During 2015 , the Company obtained final information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed as of the acquisition date. Based on such information, the Company retrospectively adjusted the fiscal year 2014 comparative information resulting in an increase in goodwill of $ 537 , a decrease in accounts receivable of $ 2 , a decrease in the customer relationship intangible asset of $ 374 , a decrease in the licensing agreements intangible asset of $ 374 , and an increase in other tangible assets and liabilities, net, including consideration receivable of $ 213 . The Company recorded intangible assets and goodwill as described below. The Company finalized the purchase accounting during the fourth quarter of 2015. Goodwill related to this transaction is expected to be deductible for income tax purposes. The results of operations for the Esso portfolio in Europe are presented in the Company's Fleet Solutions segment. The operations of the Esso portfolio in Europe contributed net revenues of approximately $3,428 and net losses attributable to WEX Inc. of approximately $7,172 from December 1, 2014, through December 31, 2014, which includes finance costs. Goodwill related to this transaction is expected to be deducted for income tax purposes. The results of operations for the Esso portfolio in Europe are presented in the Company's Fleet Solutions segment. The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: Consideration paid (net of cash acquired) $ 379,458 Less: Accounts receivable 303,376 Other tangible assets and liabilities, net (8,497 ) Licensing agreements (a) 36,605 Customer relationships (b) 7,346 Recorded goodwill $ 40,628 (a) Weighted average life – 4.6 years . (b) Weighted average life – 7.2 years . Supplemental pro forma financial information related to the Esso portfolio in Europe acquisition has not been provided as it would be impracticable to do so. Historical financial information regarding the acquired assets is not accessible and, thus, the amounts would require estimates to be significant and render the disclosure irrelevant. Acquisition of Evolution1 On July 16, 2014, the Company acquired all of the outstanding stock of Evolution1, a leading provider of payment solutions within the healthcare industry, for approximately $532,174 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 enhance the Company's capabilities and positioning in the growing healthcare 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. During 2015, the Company obtained final information to assist in determining the fair values of certain tangible and intangible assets acquired and liabilities assumed as of the acquisition date. Based on such information, the Company retrospectively adjusted the fiscal year 2014 comparative information resulting in an increase in goodwill of $ 379 , a decrease in other tangible assets and liabilities of $ 127 , and an increase in deferred income tax liabilities of $ 252 . 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 results of operations for Evolution1 are presented in the Company's Health and Employee Benefit Solutions segment. The operations of Evolution1 contributed net revenues of approximately $35,976 and net losses of approximately $512 from July 16, 2014, through December 31, 2014, which includes finance costs. Evolution1 had previously recorded goodwill on its financial statements from prior acquisitions, some of which is expected to be deductible for tax purposes. The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: Consideration paid (net of cash acquired) $ 532,174 Less: Accounts receivable 8,418 Accounts payable (175 ) Deferred tax liabilities, net (68,768 ) Other tangible assets and liabilities, net (3,712 ) Acquired software and developed technology (a) 70,000 Customer relationships (b) 211,000 Trade name (c) 7,900 Trade name (d) 11,000 Recorded goodwill $ 296,511 (a) Weighted average life – 6.4 years . (b) Weighted average life – 9.7 years . (c) Weighted average life – 9.9 years . (d) Indefinite-lived The following represents unaudited pro forma operational results as if Evolution1 had been included in the Company’s consolidated statements of income as of January 1, 2013: December 31, 2014 2013 Revenue $ 865,056 $ 786,854 Net income attributable to WEX Inc. $ 191,415 $ 97,016 Pro forma net income attributable to WEX Inc. per common share: Net income per share – basic $ 4.92 $ 2.49 Net income per share – diluted $ 4.91 $ 2.48 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 acquisition related expenses, 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 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 fleet market, for $12,309 , net of cash acquired. The Company purchased FastCred to expand its Fleet 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. 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 and earnings per share. Pending EFS Acquisition On October 18, 2015, the Company entered into a purchase agreement to acquire EFS, a provider of customized payment solutions for fleet and corporate customers with a focus on the large and mid-sized fleet segment. Pursuant to the purchase agreement, and subject to the terms and conditions contained therein, at the closing of this acquisition, the Company will acquire all of the outstanding membership interests of WP Mustang Topco LLC, the indirect parent of EFS, and Warburg Pincus Private Equity XI (Lexington), LLC, an affiliated entity from investment funds affiliated with Warburg Pincus LLC for an aggregate purchase price comprised of $1,100,000 in cash and 4,012 shares of the Company’s common stock (representing approximately 9.4 percent of the Company’s outstanding common stock after giving effect to the issuance of the new shares) and subject to certain working capital and other adjustments, as described in the purchase agreement. The parties’ obligations to consummate the acquisition are subject to customary closing conditions, including the expiration or termination of the applicable antitrust waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended. Either party may terminate the purchase agreement if (i) the closing has not occurred on or prior to April 18, 2016 (subject to extension to July 18, 2016, if antitrust clearance has not then been obtained), (ii) an order or law permanently prohibiting the acquisition has become final and non-appealable or (iii) the other party has breached its representations, warranties or covenants, subject to customary materiality qualifications and abilities to cure. In addition, the EFS sellers may also terminate the purchase agreement if, upon the satisfaction of the closing conditions and the expiration of a marketing period in connection with the Company’s debt financing, the Company fails to consummate the acquisition. Upon such a termination (and in certain other limited circumstances), if the EFS Sellers so elect, the Company is required to pay the EFS sellers a cash termination fee of $45,000 . In the event the purchase agreement is terminated in certain circumstances involving a failure to obtain required antitrust clearances the Company is required to pay the EFS sellers a cash termination fee of $70,000 . In connection with the planned acquisition of EFS, the Company has obtained financing commitments from Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Bank, SunTrust Robinson Humphrey, Inc. and MUFG Union Bank, N.A. and Citizens Bank, National Association, for senior secured credit facilities in the aggregate amount of $2,125,000 , consisting of a $1,775,000 seven -year term loan facility and a $350,000 five -year revolving credit facility. The new senior secured credit facilities would replace our existing senior secured credit facilities under the 2014 Credit Agreement. The Company has received a request for additional information (a “second request”) from the FTC in connection with the FTC's review of our proposed acquisition of EFS. The effect of the second request is to extend the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act until 30 days after both WEX and EFS have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC. There can be no assurance that a challenge to the acquisition on antitrust grounds will not be made, or, if such a challenge is made, what the result might be. |
Quarterly Financial Results (Un
Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Results (Unaudited) | Quarterly Financial Results (Unaudited) Summarized quarterly results for the years ended December 31, 2015 and 2014 , are as follows: Three months ended March 31 June 30 September 30 December 31 2015 Total revenues $ 202,285 $ 213,653 $ 226,057 $ 212,642 Operating income $ 48,240 $ 62,918 $ 67,745 $ 49,890 Net earnings attributable to shareholders $ 22,345 $ 26,492 $ 32,166 $ 20,901 Earnings per share: Basic $ 0.58 $ 0.68 $ 0.83 $ 0.54 Diluted $ 0.57 $ 0.68 $ 0.83 $ 0.54 2014 Total revenues $ 182,068 $ 201,581 $ 222,134 $ 211,864 Operating income $ 61,537 $ 80,329 $ 102,530 $ 61,842 Net earnings attributable to WEX Inc. $ 36,542 $ 43,333 $ 74,443 $ 47,893 Earnings per share: Basic $ 0.94 $ 1.12 $ 1.92 $ 1.23 Diluted $ 0.93 $ 1.11 $ 1.91 $ 1.22 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business Description | Business Description WEX Inc. (“Company”) is a provider of corporate card payment solutions. The Company provides products and services that meet the needs of businesses in various geographic regions including North and South America, Asia Pacific and Europe. The Company’s Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions segments provide its customers with security and control for complex payments across a wide spectrum of business sectors. The Company markets its products and services directly, as well as through strategic relationships which include major oil companies, fuel retailers and vehicle maintenance providers. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of WEX Inc. for the years ended December 31, 2015 , 2014 and 2013 , include the accounts of WEX Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company adjusted the consolidated balance sheet amounts as of December 31, 2014, to account for the measurement period adjustments related to the Esso portfolio in Europe and Evolution1 purchase price allocations discussed in Note 3, Business Acquisitions and Other Intangible Asset Acquisitions below. The acronyms and abbreviations identified below are used in the accompanying consolidated financial statements and the notes thereto. The following is provided to aid the reader and provide a reference point when reviewing the consolidated financial statements. Average expenditure per payment processing transaction Average total dollars of spend in a funded fuel transaction 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 Pty Ltd., as designated borrower, and Bank of America, N.A., as administrative agent on behalf of consenting lenders. Adjusted Net Income or ANI A non-GAAP metric that adjusts net earnings attributable to WEX Inc. to exclude fair value changes of fuel-price related derivative instruments, the amortization of purchased intangibles, the impact of net foreign currency remeasurement gains and losses, the expense associated with stock-based compensation, acquisition related expenses and adjustments, 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, restructuring charges, gains on the extinguishment of a portion of the tax receivable agreement, regulatory reserves, gains or losses on divestitures and adjustments attributable to non-controlling interests, including adjustments to the redemption value of a non-controlling interest, as well as the related tax impacts of the adjustments ASU 2014-09 Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers (Topic 606) ASU 2015-03 Accounting Standards Update No. 2015-03 Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ASU 2015-16 Accounting Standards Update No. 2015-16 Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments Company WEX Inc. and all entities included in the consolidated financial statements EFS Electronic Funds Source LLC Esso portfolio in Europe European commercial fleet card portfolio acquired from ExxonMobil Evolution1 EB Holdings Corp. and its subsidiaries which includes Evolution1, Inc., acquired by the Company on July 16, 2014 Evolution1 Plan Evolution1 401(k) Plan sponsored by Evolution1 Inc. FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation GAAP Generally Accepted Accounting Principles in the United States Higher One Higher One, Inc. a technology and payment services company focused on higher education 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 Over-the-road Typically heavy trucks traveling long distances Pacific Pride Pacific Pride Services, LLC, previously a wholly-owned subsidiary, sold on July 29, 2014 Payment solutions purchase volume Total amount paid by customers for transactions Payment processing transactions Funded payment transactions where the Company maintains the receivable for total purchase PPG Price per gallon of fuel rapid! PayCard rapid! PayCard, previously a line of business of the Company, sold on January 7, 2015 SaaS Software-as-a-service SEC Securities and Exchange Commission Securitization Subsidiary Southern Cross WEX 2015-1 Trust, a bankruptcy-remote subsidiary consolidated by the Company Total fleet transactions Total of transaction processing and payment processing transactions Transaction processing transactions Unfunded payment transactions where the Company is the processor and only has receivables for the processing fee UNIK UNIK S.A., the Company's Brazilian subsidiary WEX WEX Inc. WEX Europe Services Consists primarily of our European commercial fleet card portfolio acquired by the Company from ExxonMobil on December 1, 2014 |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The Company prepares its consolidated financial statements in conformity with GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates and those differences may be material. |
Cash and Cash Equivalents | Cash and Cash Equivalents Highly liquid investments with remaining maturities at the time of purchase of three months or less (that are readily convertible to cash) are considered to be cash equivalents and are stated at cost, which approximates fair value. Cash equivalents include federal funds sold, which are unsecured short-term investments entered into with financial institutions. |
Accounts Receivable and Reserve for Credit Losses | Accounts Receivable and Reserve for Credit Losses Accounts receivable balances are stated at net realizable value. The balance includes a reserve for credit losses which reflects management’s estimate of uncollectable balances resulting from credit and fraud losses. Management has consistently considered its portfolio of charge card receivables as a large group of smaller balance accounts that it has collectively evaluated for impairment. The reserve for credit losses is established based on the determination of the amount of expected credit losses inherent in the accounts receivable as of the reporting date. Management reviews delinquency reports, historical collection rates, economic trends, geography and other information in order to make judgments as to probable credit losses. Management also uses historical charge off experience to determine the amount of losses inherent in accounts receivable at the reporting date. Assumptions regarding probable credit losses are reviewed periodically and may be impacted by actual performance of accounts receivable and changes in any of the factors discussed above. |
Available-for-sale Securities | Available-for-sale Securities The Company records certain investments as available-for-sale securities. Available-for-sale securities are carried at fair value, with unrealized gains and losses, net of tax, reported on the consolidated balance sheet in accumulated other comprehensive loss. Realized gains and losses and declines in fair value determined to be other-than-temporary on available-for-sale securities are included in non-operating expenses. The cost basis of securities is based on the specific identification method. Interest and dividends earned on securities classified as available-for-sale are included in other revenues. Available-for-sale securities held by the Company were purchased and are held by WEX Bank in order to meet the requirements of the Community Reinvestment Act. |
Derivatives | Derivatives The Company has used derivative instruments as part of its overall strategy to manage its exposure to fluctuations in fuel prices and to reduce the impact of interest rate volatility. All derivatives are recorded at fair value on the consolidated balance sheet . The Company’s fuel price derivative instruments do not qualify for hedge accounting treatment; therefore, gains or losses related to fuel price derivative instruments, both realized and unrealized, are recognized in earnings. These instruments are presented on the consolidated balance sheet as fuel price derivatives, at fair value. For the purposes of cash flow presentation, realized and unrealized gains or losses are included in operating cash flows, as they are intended to hedge operating cash flows. In April 2014, the Company initiated a partial foreign currency exchange hedging program. In 2014 the Company managed foreign currency exchange exposure on an intra-quarter basis. The majority of the hedges are intended to renew on a monthly basis. Because this was a partial foreign currency exchange hedging program, the Company had additional foreign currency exchange exposure which was not hedged. During the third quarter of 2015, the Company decided to suspend the foreign currency exchange hedging program for all but a few short-term intercompany transactions. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Replacements, renewals and improvements are capitalized and costs for repair and maintenance are expensed as incurred. Depreciation is primarily computed using the straight-line method over the estimated useful lives shown below. Leasehold improvements are primarily depreciated using the straight-line method over the lesser of the useful life of the asset or over the remaining lease term. Below are the estimated useful lives for assets placed in service during 2015 and beyond: Estimated Useful Lives Furniture, fixtures and equipment 3 to 5 years Computer software 18 months to 7 years Leasehold improvements up to 5 years |
Capitalized Software | Capitalized Software The Company develops software that is used to provide processing and information management services to customers. A significant portion of the Company’s capital expenditures is devoted to the development of such internal-use computer software. Software development costs are capitalized during the application development stage. Costs incurred during the preliminary project stage are expensed as incurred. Capitalization occurs when the preliminary project stage is complete, as well as when management authorizes and commits to the funding of the project. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company classifies intangible assets in the following three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. The Company tests intangible assets with definite lives for impairment if conditions exist that indicate the carrying value may not be recoverable. Such conditions may include a reduction in operating cash flow or a dramatic change in the manner in which the asset is intended to be used. The Company would record an impairment charge when the carrying value of the definite-lived intangible asset is not recoverable from the undiscounted cash flows generated from the use of the asset. Intangible assets with indefinite lives and goodwill are not amortized. The Company tests these intangible assets and goodwill for impairment at least annually or more frequently if facts or circumstances indicate that such intangible assets or goodwill might be impaired. All goodwill and intangible assets are assigned to reporting units, which are one level below the Company’s operating segments. The Company performs impairment tests at the reporting unit level. Such impairment tests include comparing the fair value of the respective reporting unit with its carrying value, including goodwill. The Company uses a variety of methodologies to estimate fair value, but primarily relies on discounted cash flow analyses. Such analyses are corroborated using market analytics. Certain assumptions are used in determining the fair value, including assumptions about future cash flows and terminal values. When appropriate, the Company considers the assumptions that it believes hypothetical marketplace participants would use in estimating future cash flows. In addition, an appropriate discount rate is used, based on the Company’s cost of capital or reporting unit-specific economic factors. When the fair value is less than the carrying value of the intangible assets or the reporting unit, the Company records an impairment charge to reduce the carrying value of the assets to fair value. Impairment charges are recorded in depreciation and amortization expense on the consolidated statements of income. The Company's annual goodwill and intangible asset impairment tests performed as of October 1, 2015 , October 1, 2014 and October 1, 2013 did not identify any impairment. The Company determines the useful lives of its identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. The factors that management considers when determining useful lives include the contractual term of agreements, the history of the asset, the Company’s long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized over their useful lives, which is the period of time that the asset is expected to contribute directly or indirectly to future cash flows. An evaluation of the remaining useful lives of the definite-lived intangible assets is performed periodically to determine if any change is warranted. |
Impairment and Disposals of Long-lived Assets | Impairment and Disposals of Long-lived Assets Long-lived assets are tested for impairment whenever facts or circumstances, such as a reduction in operating cash flow or a dramatic change in the manner the asset is intended to be used, indicate the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares the estimated undiscounted future cash flows associated with these assets or operations to their carrying value to determine if a write-down to fair value is required. The Company did not recognize any significant impairment expense on the Company’s long-lived assets during the years ended December 31, 2015 and 2014 . Disposals over the ordinary course of business are recorded in occupancy and equipment in the consolidated statements of income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other liabilities approximate their respective fair values due to the short-term nature of such instruments. The carrying values of certificates of deposit, interest-bearing money market deposits, borrowed federal funds and credit agreement borrowings approximate their respective fair values as the interest rates on these financial instruments are variable. All other financial instruments are reflected at fair value on the consolidated balance sheet. |
Revenue Recognition | Revenue Recognition The majority of the Company’s revenues are comprised of transaction-based fees, which are generally calculated based on measures such as (i) percentage of dollar value of volume processed; (ii) number of transactions processed; or (iii) some combination thereof. The Company has entered into agreements with major oil companies, fuel retailers and vehicle maintenance providers which provide products and/or services to the Company’s customers. These agreements specify that a transaction is deemed to be captured when the Company has validated that the transaction has no errors and has accepted and posted the data to the Company’s records. The Company recognizes revenues when persuasive evidence of an arrangement exists, the products and services have been provided to the client, the sales price is fixed or determinable and collectability is reasonably assured. The Company generally records revenue net of costs based on the following criteria: (i) the Company is not the primary obligor in the arrangement; (ii) the Company has no inventory risk; (iii) the Company does not have reasonable latitude with respect to establishing the price for the product; (iv) the Company does not make any changes to the product or have any involvement in the product specifications and (v) the amount the Company earns for its services is fixed, within a limited range. The Company enters into contracts with certain large customers or strategic relationships that provide for fee rebates tied to performance milestones. Rebates are recorded as a reduction in revenue in the same period that revenue is earned or performance occurs. Rebates and incentives are calculated based on estimated performance and the terms of the related business agreements. A description of the major components of revenue are as follows: Payment Processing Revenue . Revenue consists of transaction fees as well as interchange income; • Fleet transaction fees are assessed to major oil companies, fuel retailers and vehicle maintenance providers. We extend short-term credit to the fleet customer and pay the purchase price for the fleet customer’s transaction, less the payment processing fees we retain, to the merchant. We collect the total purchase price from the fleet customer. The fee charged is generally based upon a percentage of the total transaction amount; however, it may also be based on a fixed amount charged per transaction or on a combination of both measures. The Company records revenue at the time the transaction is captured. • In Europe, our payment processing revenue is specifically derived from the difference between the negotiated price of the fuel from the supplier and the agreed upon price paid by the fleets. • Interchange income is earned from the Company’s suite of card products. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card providers. The Company recognizes interchange income as earned. With regard to fleet payment processing revenue, the Company is generally responsible for the collection of the total transaction amount from the customer and the payment to the merchant of their sales amount, net of the payment processing revenue earned by the Company, and as such, recognizes revenue net of the cost of the underlying products and services. As a consequence, the Company’s accounts receivable and accounts payable related to its payment processing revenues are reflective of the total transaction amount processed by the Company, not the Company’s revenue. Transaction Processing Revenue . The Company earns transaction fees, which are principally based on the number of transactions processed; however, the fees may be a percentage of the total transaction amount. These fees are recognized at the time the transaction is captured. Account Servicing Revenue . Revenue is primarily comprised of monthly fees based on vehicles serviced. These fees are primarily in return for providing monthly vehicle data reports. Account servicing revenue is recognized monthly, as the Company fulfills its contractual service obligations. Finance Fees . The Company earns revenue by assessing monthly finance fees on accounts with overdue balances. These fees are recognized as revenue at the time the fees are assessed. The finance fee is calculated using a stated late fee rate based on the entire balance outstanding from the customer. On occasion, these fees are waived. The Company’s established reserve for such waived amounts is estimated and offset against the late fee revenue recognized. The Company engages in factoring, the purchase of accounts receivable from a third party at a discount. Revenue earned in this transaction is recorded in finance fees. We also recognize fees for interest associated with the Company’s fuel desk product and interest earned on the Company’s foreign paycard product. Other . The Company assesses fees for providing ancillary services, such as information products and services, professional services and marketing services. Other revenues also include cross-border fees, fees for overnight shipping, certain customized electronic reporting and customer contact services provided on behalf of certain of the Company’s customers. Service related revenues are recognized in the period that the work is performed. Healthcare revenue. The Company recognizes service fees in the healthcare market for the per-participant per-month fee which is recognized on a monthly basis subsequent to billing being completed. Interchange fees are recorded as received and ancillary service revenue is recognized when the related services have been provided. Interest and dividends earned on investments in available-for-sale securities are included in other revenues. Such income is recognized in the period that it is earned. The Company sells telematics devices as part of its WEX Telematics program. In addition, prior to the divestiture of Pacific Pride, the Company sold assorted equipment to its Pacific Pride franchisees. The Company recognizes revenue from these sales when the customer has accepted delivery of the product and collectability of the sales amount is reasonably assured. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes the fair value of all stock-based payments to employees in its financial statements. The Company measures stock-based compensation expense at the grant date, based on the estimated fair value of the award, net of estimated forfeitures, and records expense for each award over the employee requisite service period. The Company uses the straight-line methodology for amortizing Restricted Stock Units ("RSUs") and a graded-vesting methodology for performance based awards. The Company estimates the fair value of stock option awards and with an earnings cap using a Black-Scholes-Merton valuation model. The fair value of RSUs, including Performance Based Restricted Stock Units (PBRSUs), is determined and fixed on the grant date based on the Company's stock price. Stock-based compensation is recorded in salary and other personnel expense. |
Advertising Costs | Advertising Costs Advertising and marketing costs are expensed in the period in which the advertising activity occurs. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The realizability of deferred tax assets must also be assessed. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences became deductible. A valuation allowance must be established for deferred tax assets which are not believed to more likely than not be realized in the future. Deferred taxes are not provided for the undistributed earnings of the Company’s foreign subsidiaries that are considered to be indefinitely reinvested outside of the United States. Current accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This accounting guidance also provides guidance on derecognition, classification, interest and penalties, accounting in the interim periods, disclosure, and transition. Penalties and interest related to uncertain tax positions are recognized as a component of income tax expense. To the extent penalties and interest are not assessed with respect to uncertain tax positions, amounts accrued are reduced and reflected as a reduction of the overall income tax provision. |
Earnings per Common Share | Earnings per Common Share When diluted earnings per common share is calculated, weighted-average outstanding shares are adjusted for the dilutive effect of shares issuable upon the assumed conversion of the Company’s common stock equivalents, which consist of outstanding stock options and unvested restricted stock units. Holders of unvested restricted stock units are not entitled to participate in dividends, should they be declared. |
Foreign Currency Movement | Foreign Currency Movement The financial statements of the Company’s foreign subsidiaries, whose functional currencies are other than the U.S. dollar, are translated to U.S. dollars. Assets and liabilities are translated at the year-end spot exchange rate, revenue and expenses at average exchange rates and equity transactions at historical exchange rates. Exchange differences resulting from this translation are recorded as a component of accumulated other comprehensive loss. Realized and unrealized gains and losses on foreign currency transactions as well as the re-measurement of the Company's cash, receivable and payable balances that are denominated in foreign currencies, are recorded directly in the consolidated statements of income. However, gains or losses resulting from intercompany transactions where repayment is not anticipated for the foreseeable future are not recognized in the consolidated statements of income. In these situations, the gains or losses are deferred and included as a component of accumulated other comprehensive loss. In addition, gains and losses associated with the Company's foreign currency exchange derivatives are recorded in gains and losses on foreign currency on the consolidated statements of income. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive loss includes unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments pertaining to the net investment in foreign operations. Amounts are recognized net of tax to the extent applicable. Realized gains or losses on securities transactions are classified as non-operating in the consolidated statements of income. |
New Accounting Standards | Accounting Standards In May 2014, the FASB issued ASU 2014-09 related to revenue recognition, 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 in exchange for those goods or services. The standard permits the use of either the retrospective or cumulative effect transition method. On July 9, 2015, the Board voted to defer the effective date by one year to interim and annual reporting periods beginning after December 15, 2017, and permitted early adoption of the standard, but not for periods beginning on or before the original effective date of December 15, 2016. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures and has not yet selected a transition method. In April 2015, the FASB issued ASU 2015-03 related to the simplification of the presentation of debt issuance costs. The standard requires entities to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The new standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Entities would apply the new guidance retrospectively to all prior periods and provide the applicable disclosures for a change in accounting principal: (i) the nature of and reason for the change in accounting principle; (ii) the transition method; (iii) a description of the prior-period information that has been retrospectively adjusted; and, (iv) the effect of the change on the financial statement line item. The adoption of this standard affects presentation only and, as such, is not expected to have a material impact on the Company's consolidated financial statements. In September 2015, the FASB issued ASU 2015-16 related to simplifying the accounting for measurement period adjustments. This standard replaces the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively with a requirement that an acquirer recognize adjustments to the provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The pronouncement is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The guidance is to be applied prospectively to adjustments to provisional amounts that occur after the effective date of the guidance. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosures. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives | Below are the estimated useful lives for assets placed in service during 2015 and beyond: Estimated Useful Lives Furniture, fixtures and equipment 3 to 5 years Computer software 18 months to 7 years Leasehold improvements up to 5 years |
Schedule of Internal-Use Software | Below are the amounts of internal-use software capitalized and amortized: Year ended December 31, 2015 2014 2013 Amounts capitalized for internal-use computer software (including work-in-process) $ 52,218 $ 34,053 $ 18,360 Amounts expensed for amortization of internal-use computer software $ 20,316 $ 18,661 $ 18,830 |
Income Available for Common Stockholders Used to Calculate Earnings Per Share | Income available for common stockholders used to calculate earnings per share is as follows: Year ended December 31, 2015 2014 2013 Net earnings attributable and available for common stockholders –Basic and Diluted $ 101,904 $ 202,211 $ 149,208 |
Weighted Average Common Shares Outstanding Used to Calculate Earnings Per Share | Weighted average common shares outstanding used to calculate earnings per share are as follows: Year ended December 31, 2015 2014 2013 Weighted average common shares outstanding – Basic 38,771 38,890 38,946 Unvested restricted stock units 55 89 117 Stock options 17 21 40 Weighted average common shares outstanding – Diluted 38,843 39,000 39,103 |
Supplemental Cash Flow Inform37
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Year ended December 31, 2015 2014 2013 Interest paid $ 49,032 $ 40,287 $ 23,646 Income taxes paid $ 27,186 $ 75,258 $ 48,869 |
Business Acquisitions and Oth38
Business Acquisitions and Other Intangible Assets Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Benaissance | |
Business Acquisition [Line Items] | |
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 acquired) $ 80,677 Less: Accounts receivable 1,594 Other tangible assets and liabilities, net 816 Acquired software and developed technology (a) 10,300 Customer relationships(b) 27,700 Trade name(c) 1,500 Recorded goodwill $ 38,767 (a) Weighted average life – 5.0 years . (b) Weighted average life – 7.6 years . (c) Weighted average life – 8.1 years |
ESSO Portfolio | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: Consideration paid (net of cash acquired) $ 379,458 Less: Accounts receivable 303,376 Other tangible assets and liabilities, net (8,497 ) Licensing agreements (a) 36,605 Customer relationships (b) 7,346 Recorded goodwill $ 40,628 (a) Weighted average life – 4.6 years . (b) Weighted average life – 7.2 years . |
Evolution1 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following is a summary of the allocation of the purchase price to the assets and liabilities acquired: Consideration paid (net of cash acquired) $ 532,174 Less: Accounts receivable 8,418 Accounts payable (175 ) Deferred tax liabilities, net (68,768 ) Other tangible assets and liabilities, net (3,712 ) Acquired software and developed technology (a) 70,000 Customer relationships (b) 211,000 Trade name (c) 7,900 Trade name (d) 11,000 Recorded goodwill $ 296,511 (a) Weighted average life – 6.4 years . (b) Weighted average life – 9.7 years . (c) Weighted average life – 9.9 years . (d) Indefinite-lived |
Pro Forma Operational Results of Company's Condensed Consolidated Statements of Operations | The following represents unaudited pro forma operational results as if Evolution1 had been included in the Company’s consolidated statements of income as of January 1, 2013: December 31, 2014 2013 Revenue $ 865,056 $ 786,854 Net income attributable to WEX Inc. $ 191,415 $ 97,016 Pro forma net income attributable to WEX Inc. per common share: Net income per share – basic $ 4.92 $ 2.49 Net income per share – diluted $ 4.91 $ 2.48 |
Sale of Subsidiary (Tables)
Sale of Subsidiary (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 $ 49,664 Less: Expenses associated with the sale 1,340 Accounts receivable 48,699 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 $ 27,490 |
Accounts Receivable and Reser40
Accounts Receivable and Reserves for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Changes in Reserves for Credit Losses Related to Accounts Receivable | The following table presents changes in reserves for credit losses related to accounts receivable: Year ended December 31, 2015 2014 2013 Balance, beginning of period $ 13,919 $ 10,396 $ 11,709 Provision for credit losses 22,825 32,144 20,200 Charge-offs (27,862 ) (35,302 ) (27,781 ) Recoveries of amounts previously charged-off 5,202 6,832 6,663 Currency translation (252 ) (151 ) (395 ) Balance, end of period $ 13,832 $ 13,919 $ 10,396 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-For-Sale Securities | The Company’s available-for-sale securities as of December 31, 2015 and 2014 , are presented below: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 2015 Mortgage-backed securities $ 665 $ 16 $ 31 $ 650 Asset-backed securities 850 — 2 848 Municipal bonds 424 — 26 398 Equity securities (a) 16,961 — 295 16,666 Total available-for-sale securities $ 18,900 $ 16 $ 354 $ 18,562 2014 Mortgage-backed securities $ 820 $ 22 $ 32 $ 810 Asset-backed securities 1,168 — 3 1,165 Municipal bonds 545 9 — 554 Equity securities (a) 16,612 — 201 16,411 Total available-for-sale securities $ 19,145 $ 31 $ 236 $ 18,940 (a) These securities exclude $5,655 in equity securities designated as trading as of December 31, 2015 , and $5,927 as of December 31, 2014 , included in other assets on the consolidated balance sheets. See Note 15 for additional information about the securities designated as trading. |
Maturity Dates Of Available-For-Sale Securities | The maturity dates of the Company’s available-for-sale securities are as follows: December 31, 2015 2014 Cost Fair Value Cost Fair Value Due within 1 year $ — $ — $ 213 $ 211 Due after 1 year through year 5 315 313 342 341 Due after 5 years through year 10 — — — — Due after 10 years 959 933 1,158 1,167 Mortgage-backed securities with original maturities of 30 years 665 650 820 810 Equity securities with no maturity dates 16,961 16,666 16,612 16,411 Total $ 18,900 $ 18,562 $ 19,145 $ 18,940 |
Property, Equipment and Capit42
Property, Equipment and Capitalized Software, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Equipment And Capitalized Software, Net | Property, equipment and capitalized software, net consist of the following: December 31, 2015 2014 Furniture, fixtures and equipment $ 63,278 $ 56,177 Computer software 212,504 184,868 Software under development 39,694 21,937 Leasehold improvements 14,492 11,239 Capital leases 757 757 Total 330,725 274,978 Less accumulated depreciation and amortization (192,140 ) (169,382 ) Total property, equipment and capitalized software, net $ 138,585 $ 105,596 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The changes in goodwill during the period January 1 to December 31, 2015 were as follows: Fleet Solutions Segment (a) Travel and Corporate Solutions Segment Health and Employee Benefit Solutions Segment (a) Total (a) Gross goodwill, beginning of period (a) $ 759,985 $ 44,710 $ 330,094 $ 1,134,789 Impact of foreign currency translation (23,598 ) (885 ) (6,154 ) (30,637 ) Acquisition of Benaissance — — 38,767 38,767 Sale of subsidiaries (147 ) — (12,386 ) (12,533 ) Gross goodwill, end of period 736,240 43,825 350,321 1,130,386 Accumulated impairment, end of period (1,337 ) (16,171 ) — (17,508 ) Net goodwill, end of period $ 734,903 $ 27,654 $ 350,321 $ 1,112,878 (a) The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." The changes in goodwill during the period January 1 to December 31, 2014 were as follows: Fleet Solutions Segment (a) Travel and Corporate Solutions Segment Health and Employee Benefit Total (a) Gross goodwill, beginning of period (a) $ 754,886 $ 45,872 $ 36,642 $ 837,400 Impact of foreign currency translation (16,392 ) (1,162 ) (3,059 ) (20,613 ) Acquisition of Evolution1 — — 296,511 296,511 Sale of subsidiary (19,137 ) — — (19,137 ) Acquisition of Esso portfolio in Europe 40,628 — — 40,628 Gross goodwill, end of period 759,985 44,710 330,094 1,134,789 Accumulated impairment, end of period (1,337 ) (16,171 ) — (17,508 ) Net goodwill, end of period $ 758,648 $ 28,539 $ 330,094 $ 1,117,281 (a) The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." |
Changes in Other Intangible Assets | The changes in intangible assets during the period January 1 to December 31, 2015 , were as follows: Net Carrying Amount, Beginning of Period (a) Acquisitions Amortization Disposals Impacts of Foreign Currency Translation Net Carrying Amount, End of Period Definite-lived intangible assets Acquired software and developed technology (a) $ 119,509 $ 10,300 $ (9,844 ) $ — $ (5,953 ) $ 114,012 Customer relationships (a) 309,450 27,700 (32,468 ) (2,329 ) (4,449 ) 297,904 Licensing agreements 35,341 — (4,165 ) (164 ) (3,614 ) 27,398 Patent 1,245 — (243 ) — (124 ) 878 Trade name (a) 15,373 1,500 (1,072 ) (723 ) (1,934 ) 13,144 Indefinite-lived intangible assets Trademarks, trade names and brand names 16,379 — — — 997 17,376 Total $ 497,297 $ 39,500 $ (47,792 ) $ (3,216 ) $ (15,077 ) $ 470,712 (a) The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." The changes in intangible assets during the period January 1 to December 31, 2014 , were as follows: Net Carrying Amount, Beginning of Period (a) Acquisitions Amortization Disposals Impacts of Foreign Currency Translation Net Carrying Amount, End of Period Definite-lived intangible assets Acquired software and developed technology (a) $ 61,590 $ 70,000 $ (10,091 ) $ — $ (1,990 ) $ 119,509 Customer relationships (a) 127,403 218,346 (28,575 ) (3,727 ) (3,997 ) 309,450 Licensing agreements — 36,605 (390 ) — (874 ) 35,341 Patent 1,672 — (380 ) — (47 ) 1,245 Trade name (a) 8,835 7,900 (1,186 ) — (176 ) 15,373 Indefinite-lived intangible assets Trademarks, trade names and brand names 7,244 11,000 — (1,444 ) (421 ) 16,379 Total $ 206,744 $ 343,851 $ (40,622 ) $ (5,171 ) $ (7,505 ) $ 497,297 (a) The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the estimated amortization expense related to the definite-lived intangible assets listed above for each of the next five fiscal years: Estimated Amortization Expense 2016 $ 51,733 2017 $ 51,770 2018 $ 47,783 2019 $ 44,230 2020 $ 40,647 |
Other Intangible Assets | Other intangible assets consist of the following: December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets Acquired software and developed technology $ 155,182 $ (41,170 ) $ 114,012 $ 150,458 $ (30,949 ) $ 119,509 Customer relationships 403,382 (105,478 ) 297,904 393,942 (84,492 ) 309,450 Licensing agreements 31,903 (4,505 ) 27,398 35,726 (385 ) 35,341 Patent 2,413 (1,535 ) 878 2,697 (1,452 ) 1,245 Trade name 16,410 (3,266 ) 13,144 17,786 (2,413 ) 15,373 $ 609,290 $ (155,954 ) 453,336 $ 600,609 $ (119,691 ) 480,918 Indefinite-lived intangible assets Trademarks, trade names and brand names 17,376 16,379 Total $ 470,712 $ 497,297 (a) The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule Of Accounts Payable | Accounts payable consists of: December 31, 2015 2014 Merchant payables $ 313,244 $ 376,753 Other payables 65,567 49,203 Total accounts payable $ 378,811 $ 425,956 |
Deposits, Borrowed Federal Fu45
Deposits, Borrowed Federal Funds and Other Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule Of Deposits | The following table presents information about deposits: December 31, 2015 2014 Certificates of deposit with maturities within 1 year $ 97,859 $ 261,502 Certificates of deposit with maturities greater than 1 year and less than 5 years 54,448 34,493 Interest-bearing money market deposits 369,191 330,696 Negotiable order of withdrawal deposits 308,998 314,576 Non-interest bearing customer deposits 40,022 38,286 Total deposits $ 870,518 $ 979,553 Weighted average cost of funds on certificates of deposit outstanding 0.90 % 0.61 % Weighted average cost of interest-bearing money market deposits 0.45 % 0.25 % Weighted average cost of negotiable order of withdrawal deposits — — |
Schedule Of Average Interest Rates | The following table presents the average interest rates for deposits, borrowed federal funds and other debt: Year ended December 31, 2015 2014 2013 Average interest rate: Deposits 0.65 % 0.53 % 0.51 % Borrowed federal funds 0.39 % 0.38 % 0.41 % Negotiable order of withdrawal deposits — — — Interest-bearing money market deposits 0.25 % 0.23 % 0.31 % UNIK debt 15.21 % 17.15 % 17.04 % Participation agreement 2.57 % 2.46 % — % Average deposits and borrowed federal funds balance $ 1,026,963 $ 1,220,979 $ 1,012,806 Average other debt (UNIK and participation agreement) $ 51,209 $ 37,876 $ 8,767 The following table presents average interest rates and debt balances: Year ended December 31, 2015 2014 2013 Average interest rate: Based on LIBOR 2.55 % 2.30 % 1.93 % Based on prime 4.53 % 3.89 % 3.75 % Based on Australian bank rate 2.94 % — % — % Based on Eurocurrency 2.52 % 2.81 % — % Average debt balance at LIBOR $ 635,029 $ 452,911 $ 300,056 Average debt balance at prime $ 14,031 $ 35,765 $ 19,162 Average debt balance at Australian bank rate $ 84,639 $ — $ — Average debt balance at Eurocurrency $ 153,895 $ 17,216 $ — |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Put on Call Option Contracts | As of December 31, 2015 , the Company had the following put and call option contracts that settle on a monthly basis and which do not have formal hedging designations: Aggregate Notional Amount (gallons) (a) Fuel price derivative instruments – unleaded fuel Put and call option contracts settling January 2016 – March 2016 2,655 Fuel price derivative instruments – diesel Put and call option contracts settling January 2016 – March 2016 1,314 Total fuel price derivative instruments 3,969 (a) The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. As of December 31, 2014 , the Company had the following put and call option contracts which settle on a monthly basis and do not have formal hedging designations: Aggregate Notional Amount (gallons) (a) Fuel price derivative instruments – unleaded fuel Put and call option contracts settling January 2015 – March 2016 31,754 Fuel price derivative instruments – diesel Put and call option contracts settling January 2015 – March 2016 15,588 Total fuel price derivative instruments 47,342 (a) The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. |
Foreign Currency Swap | As of December 31, 2015 , the Company had the following contracts related to its foreign currency swaps, which are not designated as hedging contracts and settle in U.S. dollars at various dates within 5 days: Aggregate Notional Amount Australian dollar A$ 10,000 Euro € 10,000 Pound sterling £ 5,000 |
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 consolidated balance sheets: Asset Derivatives Liability Derivatives December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Balance Fair Balance Fair Balance Fair Balance Fair Derivatives not designated as hedging instruments Commodity contracts Fuel price $ 5,007 Fuel price $ 40,969 Fuel price $ — Fuel price $ — Foreign currency contracts Accounts receivable $ — Accounts receivable $ — Accounts payable $ 90 Accounts payable $ — |
Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income | The following table presents information on the location and amounts of derivative gains and losses in the consolidated statements of income: Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative For the period ended December 31, 2015 2014 Commodity contracts Net realized and $ 5,848 $ 46,212 Foreign currency contracts Net foreign currency (loss) gain $ 27,236 $ 15,398 |
Fair Value of Fuel Price Derivative Instrument In Consolidate Balance Sheet | The following table presents information about the Options: December 31, 2015 2014 Put Strike (a) Call Strike (a) Aggregate (b) Fair Aggregate Fair Fuel price derivative instruments – unleaded fuel Options settling July 2015 – March 2016 $ 2.483 $ 2.543 2,655 3,082 7,873 6,459 Options settling April 2015 – December 2015 $ 2.620 $ 2.680 — — 7,562 7,109 Options settling January 2015 – September 2015 $ 2.625 $ 2.685 — — 8,689 8,369 Options settling October 2014 – June 2015 $ 2.568 $ 2.628 — — 5,151 4,772 Options settling July 2014 – March 2015 $ 2.510 $ 2.570 — — 2,479 2,411 Total fuel price derivative instruments – unleaded fuel 2,655 $ 3,082 31,754 $ 29,120 Fuel price derivative instruments – diesel Options settling July 2015 – March 2016 $ 3.724 $ 3.784 1,314 1,925 3,951 2,842 Options settling April 2015 – December 2015 $ 3.785 $ 3.845 — — 3,708 2,720 Options settling January 2015 – September 2015 $ 3.795 $ 3.855 — — 4,300 3,464 Options settling October 2014 – June 2015 $ 3.785 $ 3.845 — — 2,451 1,906 Options settling July 2014 – March 2015 $ 3.788 $ 3.848 — — 1,178 917 Total fuel price derivative instruments – diesel 1,314 $ 1,925 15,588 11,849 Total fuel price derivative instruments 3,969 $ 5,007 47,342 $ 40,969 (a) The settlement of the Options is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. (b) The Options settle on a monthly basis. |
Net Realized And Unrealized Gains Losses On Derivative Instruments | The following table summarizes the changes in fair value of the fuel price derivatives which have been recorded in net realized and unrealized losses on derivative instruments on the consolidated statements of income: Year ended December 31, 2015 2014 2013 Realized gains (losses) $ 41,810 $ (2,115 ) $ (4,223 ) Change in unrealized fuel price derivatives (35,962 ) 48,327 (5,628 ) Net realized and unrealized gains (losses) on derivative instruments $ 5,848 $ 46,212 $ (9,851 ) |
Financing Debt (Tables)
Financing Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Balance Outstanding On Revolving Line-Of-Credit Facility And Term Loan | The following table presents information about the outstanding borrowings under the 2013 and 2014 Credit Agreement: December 31, 2015 2014 Outstanding balance on revolving line-of-credit and term loan with interest based on LIBOR $ 528,750 $ 696,250 Outstanding balance on revolving line-of-credit and term loan with interest based on Prime 48,300 67,700 Outstanding balance on revolving line-of-credit and term loan with interest based on Eurocurrency 92,705 137,614 Outstanding balance on $400 million 4.750% interest rate notes outstanding 400,000 400,000 Total outstanding balance on revolving line-of-credit facility, term loan and notes $ 1,069,755 $ 1,301,564 Weighted average rate of revolving line-of-credit facility and term loan based on LIBOR 2.41 % 2.92 % Weighted average rate of revolving line-of-credit facility and term loan based on Prime 4.50 % 5.00 % Weighted average rate of revolving line-of-credit facility and term loan based on Eurocurrency 2.43 % 2.88 % |
Components Of Financing Interest Expense | The following table presents the components of financing interest expense: Year ended December 31, 2015 2014 2013 2011 Credit Agreement $700 Million Revolver: Interest expense based on LIBOR $ — $ — $ 350 Interest expense based on the prime rate — — 54 Fees — — 36 Amortization of loan origination fees — — 43 $200 Million Term Loan: Interest expense based on LIBOR — — 170 Amortization of loan origination fees — — 11 $ — $ — $ 664 2013 Credit Agreement $700 Million Revolver: Interest expense based on LIBOR $ — $ 573 $ 400 Interest expense based on Prime — 419 — Fees — 1,361 2,098 Amortization of loan origination fees — 757 1,122 $300 Million Term Loan: Interest expense based on LIBOR — 3,667 5,496 Amortization of loan origination fees — 301 491 $ — $ 7,078 $ 9,607 2014 Credit Agreement $700 Million Revolver: Interest expense based on LIBOR $ 4,137 $ 1,723 $ — Interest expense based on Prime 636 972 — Interest expense based on Eurocurrency 3,874 484 — Fees 1,624 733 — Amortization of loan origination fees 1,378 574 — $500 Million Term Loan: Interest expense based on LIBOR 12,050 4,468 — Amortization of loan origination fees 984 276 — $ 24,683 $ 9,230 $ — $400 Million Notes Outstanding: 4.750% interest expense $ 19,000 $ 19,000 $ 17,469 Amortization of loan origination fees 734 734 674 $ 19,734 $ 19,734 $ 18,143 Securitization interest expense $ 1,640 $ — $ — Deferred loan costs associated with the extinguishment of debt — — 1,004 Other 132 — 1 Total financing interest expense $ 46,189 $ 36,042 $ 29,419 |
Schedule Of Average Interest Rates | The following table presents the average interest rates for deposits, borrowed federal funds and other debt: Year ended December 31, 2015 2014 2013 Average interest rate: Deposits 0.65 % 0.53 % 0.51 % Borrowed federal funds 0.39 % 0.38 % 0.41 % Negotiable order of withdrawal deposits — — — Interest-bearing money market deposits 0.25 % 0.23 % 0.31 % UNIK debt 15.21 % 17.15 % 17.04 % Participation agreement 2.57 % 2.46 % — % Average deposits and borrowed federal funds balance $ 1,026,963 $ 1,220,979 $ 1,012,806 Average other debt (UNIK and participation agreement) $ 51,209 $ 37,876 $ 8,767 The following table presents average interest rates and debt balances: Year ended December 31, 2015 2014 2013 Average interest rate: Based on LIBOR 2.55 % 2.30 % 1.93 % Based on prime 4.53 % 3.89 % 3.75 % Based on Australian bank rate 2.94 % — % — % Based on Eurocurrency 2.52 % 2.81 % — % Average debt balance at LIBOR $ 635,029 $ 452,911 $ 300,056 Average debt balance at prime $ 14,031 $ 35,765 $ 19,162 Average debt balance at Australian bank rate $ 84,639 $ — $ — Average debt balance at Eurocurrency $ 153,895 $ 17,216 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components Of Income Before Income Taxes | Income (losses) before income taxes consisted of the following: Year ended December 31, 2015 2014 2013 United States $ 203,692 $ 329,633 $ 249,311 Foreign (18,784 ) (27,994 ) (10,911 ) Total $ 184,908 $ 301,639 $ 238,400 |
Components Of Income Tax Expense (Benefit) | Income tax expense (benefit) from continuing operations consisted of the following for the years ended December 31: United States State and Local Foreign Total 2015 Current $ 22,570 $ 4,288 $ 9,173 $ 36,031 Deferred $ 37,553 $ 5,631 $ (3,919 ) $ 39,265 2014 Current $ 43,565 $ 3,326 $ 8,009 $ 54,900 Deferred $ 51,581 $ 3,979 $ (8,839 ) $ 46,721 2013 Current $ 52,118 $ 5,176 $ 5,255 $ 62,549 Deferred $ 31,020 $ 1,562 $ (5,029 ) $ 27,553 |
Reconciliation Of Provision Of Income Taxes | The reconciliation between the income tax computed by applying the U.S. federal statutory rate and the reported effective tax rate on income from continuing operations is as follows: Year ended December 31, 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes (net of federal income tax benefit) 2.5 1.6 1.9 Foreign income tax rate differential 1.4 1.1 0.8 Revaluation of deferred tax assets for tax rate changes and blending differences, net 0.7 (0.1 ) — Research and development credit 0.2 (0.6 ) — Domestic production exclusions (1.8 ) (4.0 ) — Change in valuation allowance 1.6 0.1 — Nondeductible penalties 0.3 — — Other 0.8 0.6 0.1 Effective tax rate 40.7 % 33.7 % 37.8 % |
Deferred Tax Assets And Liabilities | The tax effects of temporary differences in the recognition of income and expense for tax and financial reporting purposes that give rise to significant portions of the deferred tax assets and the deferred tax liabilities are presented below: December 31, 2015 2014 Deferred assets related to: Reserve for credit losses $ 5,310 $ 5,484 Foreign tax credit 4,686 4,399 Stock-based compensation, net 9,150 11,455 Net operating loss carryforwards 22,797 36,768 Other assets 5,992 5,399 Unrealized losses, primarily related to fuel price derivatives 2,647 — Total 50,582 63,505 Deferred tax liabilities related to: Unrealized gains, primarily related to fuel price derivatives 1,876 15,554 Other liabilities 1,226 1,540 Property, equipment and capitalized software 20,861 11,159 Intangibles, net 94,814 71,030 Pension 600 — Total 119,377 99,283 Valuation allowance primarily on net operating loss carryforwards 4,814 2,210 Deferred income taxes, net $ (73,609 ) $ (37,988 ) |
Net Deferred Tax Assets By Jurisdiction | Net deferred tax (liabilities) assets by jurisdiction are as follows: December 31, 2015 2014 United States $ (76,308 ) $ (34,963 ) Australia (6,153 ) (7,078 ) New Zealand 252 185 The Netherlands 230 238 United Kingdom 9,623 5,607 Brazil (1,253 ) (1,977 ) Total $ (73,609 ) $ (37,988 ) |
Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties is as follows: Year ended December 31, 2015 2014 2013 Beginning balance $ 4,856 $ 5,283 $ 6,176 Increases related to prior year tax position 431 — — (Decreases) increases related to prior year tax positions, due to foreign currency exchange (511 ) (427 ) (893 ) Ending balance $ 4,776 $ 4,856 $ 5,283 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value | The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels for 2015 : Fair Value Measurements at Reporting Date Using December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Mortgage-backed securities $ 650 $ — $ 650 $ — Asset-backed securities 848 — 848 — Municipal bonds 398 — 398 — Equity securities 16,666 16,666 — — Total available-for-sale securities $ 18,562 $ 16,666 $ 1,896 $ — Executive deferred compensation plan trust (a) $ 5,655 $ 5,655 $ — $ — Fuel price derivatives – unleaded fuel (b) $ 3,083 $ — $ 3,083 $ — Fuel price derivatives – diesel (b) 1,924 — — 1,924 Total fuel price derivatives $ 5,007 $ — $ 3,083 $ 1,924 Liabilities: Foreign currency swaps (c) $ 90 $ — $ 90 $ — (a) The fair value of these instruments is recorded in other assets. (b) The consolidated balance sheet presentation combines unleaded fuel and diesel fuel positions. (c) The fair value of these instruments is recorded in Accounts payable. The following table presents the Company’s assets that are measured at fair value and the related hierarchy levels for 2014 : Fair Value Measurements at Reporting Date Using December 31, 2014 Quoted Prices Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Mortgage-backed securities $ 810 $ — $ 810 $ — Asset-backed securities 1,165 — 1,165 — Municipal bonds 554 — 554 — Equity securities 16,411 16,411 — — Total available-for-sale securities $ 18,940 $ 16,411 $ 2,529 $ — Executive deferred compensation plan trust (a) $ 5,927 $ 5,927 $ — $ — Fuel price derivatives – unleaded fuel (b) $ 29,121 $ — $ 29,121 $ — Fuel price derivatives – diesel (b) 11,848 — — 11,848 Total fuel price derivatives $ 40,969 $ — $ 29,121 $ 11,848 (a) The fair value of these instruments is recorded in other assets. (b) The consolidated balance sheet presentation combines unleaded fuel and diesel fuel positions |
Reconciliation Of Beginning And Ending Balances For Assets And Liabilities Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs | The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2015 : Fuel Price Derivatives – Diesel Beginning balance $ 11,848 Total gains or (losses) – realized/unrealized Included in earnings (a) (9,924 ) Included in other comprehensive income — Purchases, issuances and settlements — Transfers (in)/out of Level 3 — Ending balance $ 1,924 (a) Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2015 , are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2014 : Fuel Price Derivatives – Diesel Beginning balance $ (2,142 ) Total gains or (losses) – realized/unrealized Included in earnings (a) 13,990 Included in other comprehensive income — Purchases, issuances and settlements — Transfers in/(out) of Level 3 — Ending balance $ 11,848 (a) Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2014 , are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. |
Quantitative Information About Level Three Fair Value Measurements | The significant unobservable inputs used in the fair value measurement of the Company’s diesel fuel price derivative instruments designated as Level 3 are as follows: Fair Value at Valuation Technique Unobservable Input Range $ per gallon Fuel price derivatives – diesel $ 1,924 Option model Future retail price of diesel 3.72 – 3.78 Fair Value at Valuation Technique Unobservable Input Range $ per gallon Fuel price derivatives – diesel $ 11,849 Option model Future retail price of diesel 3.72 – 3.86 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under non-cancelable operating and capital leases are as follows: Operating Capital 2016 $ 11,533 $ 847 2017 9,716 — 2018 8,581 — 2019 5,737 — 2020 4,574 — 2021 and thereafter 15,551 — Total minimum lease payments $ 55,692 $ 847 Less: Amount representing interest $ 40 Total obligations under capital lease $ 807 |
Non-controlling Interest (Table
Non-controlling Interest (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Redeemable noncontrolling interest | A reconciliation of redeemable non-controlling interest for the years ended December 31, 2015 and 2014 , is as follows: 2015 2014 Balance, beginning of period $ 16,590 $ 18,729 Net income attributable to redeemable non-controlling interest 1,190 198 Currency translation adjustment (4,210 ) (2,337 ) Accretion to redemption value 9,413 — Excess purchase amount over redemption value 23,035 — Purchase of non-controlling interest (46,018 ) — Ending balance $ — 16,590 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | A reconciliation of non-controlling interest for the years ended December 31, 2015 and 2014 is as follows: 2015 2014 Balance, beginning of period $ 17,396 $ 519 Non-controlling interest investment — 21,267 Net loss attributable to non-controlling interest (2,896 ) (2,391 ) Currency translation adjustment (2,063 ) (1,999 ) Ending balance $ 12,437 $ 17,396 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | A reconciliation of accumulated other comprehensive loss for the twelve month periods ended December 31, 2015 and 2014 , is as follows: 2015 2014 Unrealized Gains and Losses on Available- for-Sale Securities Foreign Currency Items Unrealized Gains and Losses on Available- for-Sale Securities Foreign Currency Items Beginning balance $ (129 ) $ (50,452 ) $ (433 ) $ (15,062 ) Other comprehensive (loss) income (83 ) (43,679 ) 304 (35,390 ) Purchase of redeemable non-controlling interest $ — $ (9,108 ) $ — $ — Ending balance $ (212 ) $ (103,239 ) $ (129 ) $ (50,452 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Restricted Stock Units | A summary of the status of the Company’s RSUs as of December 31, 2015 , and changes during the year then ended is presented below: Units Weighted- Average per share Grant- Date Fair Value Restricted Stock Units Balance at January 1, 2015 105 $ 82.45 Granted 82 $ 98.32 Vested – shares issued (54 ) $ 86.98 Vested – shares deferred (a) (2 ) $ 118.03 Forfeited (9 ) $ 88.08 Withheld for taxes (b) (23 ) $ 81.67 Balance at December 31, 2015 99 $ 94.51 (a) The Company issued fully vested and non-forfeitable restricted stock units to certain non-employee directors and certain employees that are payable in shares of the Company’s common stock at a later date as specified by the award (deferred stock units or “DSUs”). (b) The Company has elected to pay cash equal to the minimum amount required to be withheld for income tax purposes instead of issuing the shares of common stock. The cash is remitted to the appropriate taxing authority. |
Summary Of Deferred Stock Units | A summary of the status of the Company’s DSUs as of December 31, 2015 , and changes during the year is presented below: Units Weighted- Average per share Grant-Date Fair Value Deferred Stock Units Balance at January 1, 2015 95 $ 27.79 Awards 1 $ 100.70 Converted from RSUs 2 $ 118.03 Balance at December 31, 2015 98 $ 30.59 |
Summary Of Performance Based Restricted Stock Units | A summary of the status of certain of the Company’s PBRSUs at threshold and target performance as of December 31, 2015 , and changes during the year then ended is presented below: Units at Threshold Units at Target Units at Maximum Weighted- Average per share Grant-Date Fair Value Performance Based Restricted Stock Units Balance at January 1, 2015 58 186 355 $ 92.39 Granted 30 66 133 $ 103.32 Forfeited (5 ) (18 ) (33 ) $ 94.56 Canceled / Converted to RSUs (12 ) (46 ) (92 ) $ 92.07 Balance at December 31, 2015 71 188 363 $ 96.16 |
Schedule of Assumptions Used | The table below summarizes the assumptions used to calculate the fair value: March 15, 2015 August 31, 2015 Weighted average expected life (in years) 6.0 5.77 Weighted average exercise price $ 103.75 $ 94.53 Weighted average volatility 30.53 % 28.73 % Weighted average risk-free rate 1.73 % 1.66 % Weighted average dividend yield — % — % Weighted average fair value $ 34.13 $ 28.90 |
Summary Of Stock Option Plan | The stock options granted under the plan related to the Company’s employees consisted of: Shares Weighted- Average per share Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Stock Options Outstanding at January 1, 2015 31 $ 13.59 Granted 55 103.40 Exercised (3 ) $ 13.59 Forfeited or expired (2 ) 103.75 Outstanding at December 31, 2015 81 $ 71.50 6.36 $ 1,363 Exercisable on December 31, 2015 81 $ 71.50 6.36 $ 1,363 Vested and expected to vest at December 31, 2015 81 $ 71.50 6.36 $ 1,363 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table presents the Company’s restructuring liability: Beginning balance at January 1, 2015 $ — Restructuring charges 9,038 Reserve release (28 ) Cash paid (1,433 ) Impact of foreign currency translation (328 ) Ending balance at December 31, 2015 $ 7,249 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segment Results | The accounting policies of the reportable segments are generally the same as those described in the summary of significant accounting policies. The following table presents the Company’s reportable segment results for the years ended December 31, 2015 , 2014 and 2013 : Total Revenues Operating Interest Expense Depreciation and Amortization Adjusted Pre-Tax Income before NCI Year ended December 31, 2015 Fleet solutions $ 538,958 $ 1,869 $ 27,663 $ 193,394 Travel and corporate solutions 195,419 1,218 1,415 88,094 Health and employee benefit solutions 120,260 2,541 6,207 16,820 Total $ 854,637 $ 5,628 $ 35,285 $ 298,308 Year ended December 31, 2014 Fleet solutions $ 562,169 $ 2,778 $ 26,046 $ 204,171 Travel and corporate solutions 182,921 542 1,332 92,313 Health and employee benefit solutions 72,557 3,117 2,380 6,213 Total $ 817,647 $ 6,437 $ 29,758 $ 302,697 Year ended December 31, 2013 Fleet solutions $ 527,424 $ 1,802 $ 23,351 $ 216,705 Travel and corporate solutions 163,004 573 1,488 69,493 Health and employee benefit solutions 27,035 1,912 222 (179 ) Total $ 717,463 $ 4,287 $ 25,061 $ 286,019 |
Reconciliation Of Adjusted Net Income To Net Income | The following table reconciles adjusted pre-tax income before NCI to net income before income taxes: Year ended December 31, 2015 2014 2013 Adjusted pre-tax income before NCI $ 298,308 $ 302,697 $ 286,019 Changes in unrealized fuel price derivatives (35,962 ) 48,327 (5,628 ) Net foreign currency remeasurement (loss) gain (5,689 ) (13,438 ) 964 Amortization of acquired intangible assets (47,792 ) (40,622 ) (33,147 ) Stock-based compensation (12,420 ) (13,790 ) (9,429 ) Restructuring (9,010 ) — — Gain on divestiture 1,215 27,490 — Deferred loan costs associated with the extinguishment of debt — — (1,004 ) Expenses and adjustments related to acquisitions (4,137 ) (7,694 ) 658 Non-cash adjustments related to tax receivable agreement 2,145 (1,331 ) (33 ) Regulatory reserve (1,750 ) — — Income before income taxes $ 184,908 $ 301,639 $ 238,400 |
Schedule Of Revenue By Geographic Data | Geographic Data Year ended December 31, 2015 2014 2013 Total revenues: United States $ 691,088 $ 708,827 $ 627,282 Australia 50,387 57,897 61,645 Other international 113,162 50,923 28,536 Total revenues $ 854,637 $ 817,647 $ 717,463 Goodwill: United States $ 893,067 $ 866,692 $ 589,319 Australia 148,258 165,688 180,274 Other international 71,553 84,901 50,299 Total goodwill $ 1,112,878 $ 1,117,281 $ 819,892 Other intangible assets, net United States $ 392,221 $ 388,717 $ 118,808 Australia 23,064 32,123 43,385 Other international 55,427 76,457 44,551 Total other intangibles assets, net $ 470,712 $ 497,297 $ 206,744 Property, equipment and capitalized software United States $ 79,265 $ 72,334 $ 59,817 Australia 5,445 6,280 5,988 International 53,875 26,982 6,470 Total property, equipment and capitalized software $ 138,585 $ 105,596 $ 72,275 |
Quarterly Financial Results (56
Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary Of Quarterly Financial Results | Summarized quarterly results for the years ended December 31, 2015 and 2014 , are as follows: Three months ended March 31 June 30 September 30 December 31 2015 Total revenues $ 202,285 $ 213,653 $ 226,057 $ 212,642 Operating income $ 48,240 $ 62,918 $ 67,745 $ 49,890 Net earnings attributable to shareholders $ 22,345 $ 26,492 $ 32,166 $ 20,901 Earnings per share: Basic $ 0.58 $ 0.68 $ 0.83 $ 0.54 Diluted $ 0.57 $ 0.68 $ 0.83 $ 0.54 2014 Total revenues $ 182,068 $ 201,581 $ 222,134 $ 211,864 Operating income $ 61,537 $ 80,329 $ 102,530 $ 61,842 Net earnings attributable to WEX Inc. $ 36,542 $ 43,333 $ 74,443 $ 47,893 Earnings per share: Basic $ 0.94 $ 1.12 $ 1.92 $ 1.23 Diluted $ 0.93 $ 1.11 $ 1.91 $ 1.22 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 30, 2013 | |
Business Acquisition [Line Items] | ||||
Offset of waived finance fees | $ 6,013,000 | $ 6,002,000 | $ 4,557,000 | |
Senior Notes | ||||
Business Acquisition [Line Items] | ||||
Debt instrument, stated rate | 4.75% | 4.75% | ||
Debt instrument, aggregate principal amount | $ 400,000,000 |
Estimated Useful Lives (Detail)
Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment | 5 years |
Computer software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment | 18 months |
Computer software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment | 7 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment | 5 years |
Summary of Significant Accoun59
Summary of Significant Accounting Policies Summary of Capitalized Software (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Amounts capitalized for internal-use computer software (including work-in-process) | $ 52,218 | $ 34,053 | $ 18,360 |
Amounts expensed for amortization of internal-use computer software | $ 20,316 | $ 18,661 | $ 18,830 |
Income Available for Common Sto
Income Available for Common Stockholders Used to Calculate Earnings Per Share (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Net earnings attributable and available for common stockholders –Basic and Diluted | $ 101,904 | $ 202,211 | $ 149,208 |
Weighted Average Common Shares
Weighted Average Common Shares Outstanding Used to Calculate Earnings Per Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Weighted average common shares outstanding – Basic | 38,771 | 38,890 | 38,946 |
Unvested restricted stock units | 55 | 89 | 117 |
Stock options | 17 | 21 | 40 |
Weighted average common shares outstanding – Diluted | 38,843 | 39,000 | 39,103 |
Supplemental Cash Flow Inform62
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $ 49,032 | $ 40,287 | $ 23,646 |
Income taxes paid | $ 27,186 | $ 75,258 | $ 48,869 |
Business Acquisitions and Oth63
Business Acquisitions and Other Intangible Assets Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | |||
Expenses related to acquisitions | $ 342 | $ 7,694 | $ 203 |
Business Acquisitions and Oth64
Business Acquisitions and Other Intangible Assets Acquisitions - Additional Information - Benaissance Acquisition (Details) - Benaissance - USD ($) $ in Thousands | Nov. 18, 2015 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Consideration transferred | $ 80,677 | |
Net revenue | $ 2,085 | |
Net income | $ 399 |
Business Acquisitions and Oth65
Business Acquisitions and Other Intangible Assets Acquisitions - Summary of Benaissance Acquisition (Details) - USD ($) $ in Thousands | Nov. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Business Acquisition [Line Items] | ||||||||
Consideration paid (net of cash acquired) | $ 80,677 | $ 891,725 | $ 11,277 | |||||
Less: | ||||||||
Goodwill | $ 1,112,878 | [1] | $ 1,112,878 | [1] | $ 1,117,281 | $ 819,892 | ||
Benaissance | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration paid (net of cash acquired) | $ 80,677 | |||||||
Less: | ||||||||
Accounts receivable | 1,594 | |||||||
Other tangible assets and liabilities, net | 816 | |||||||
Goodwill | 38,767 | |||||||
Benaissance | Acquired software and developed technology | ||||||||
Less: | ||||||||
Finite-lived intangible assets | [2] | 10,300 | ||||||
Weighted average life | 5 years | |||||||
Benaissance | Customer relationships | ||||||||
Less: | ||||||||
Finite-lived intangible assets | [3] | 27,700 | ||||||
Weighted average life | 7 years 7 months 6 days | |||||||
Benaissance | Trade name | ||||||||
Less: | ||||||||
Finite-lived intangible assets | [4] | $ 1,500 | ||||||
Weighted average life | 8 years 1 month 6 days | |||||||
[1] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." | |||||||
[2] | Weighted average life – 5.0 years. | |||||||
[3] | Weighted average life – 7.6 years. | |||||||
[4] | Weighted average life – 8.1 years |
Business Acquisitions and Oth66
Business Acquisitions and Other Intangible Assets Acquisitions - Additional Information - Acquisition of UNIK (Details) - USD ($) $ in Thousands | Aug. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 30, 2012 |
Business Acquisition [Line Items] | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 46,018 | $ 0 | ||
Unik Financial Services | ||||
Business Acquisition [Line Items] | ||||
Percent of ownership interest acquired | 49.00% | 51.00% | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 46,018 |
Business Acquisitions and Oth67
Business Acquisitions and Other Intangible Assets Acquisitions - Additional Information Acquisition of Esso Portfolio (Details) $ in Thousands | Dec. 01, 2014USD ($)Country | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | |||||||||||||
Consideration paid (net of cash acquired) | $ 80,677 | $ 891,725 | $ 11,277 | ||||||||||
Net revenues | $ 212,642 | $ 226,057 | $ 213,653 | $ 202,285 | $ 211,864 | $ 222,134 | $ 201,581 | $ 182,068 | 854,637 | 817,647 | 717,463 | ||
Net earnings attributable to WEX Inc. | $ (20,901) | $ (32,166) | $ (26,492) | $ (22,345) | (47,893) | $ (74,443) | $ (43,333) | $ (36,542) | $ (111,317) | $ (202,211) | $ (149,208) | ||
ESSO Portfolio | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percent of ownership interest acquired | 75.00% | ||||||||||||
Consideration paid (net of cash acquired) | $ 379,458 | ||||||||||||
Payments to acquire business | $ 80,000 | ||||||||||||
Number of Countries in which Entity Operates | Country | 9 | ||||||||||||
Increase in goodwill | 537 | ||||||||||||
Increase (decrease) in accounts receivable | 2 | ||||||||||||
Increase (decrease) in other tangible assets and liabilities | 213 | ||||||||||||
Net revenues | $ 3,428 | ||||||||||||
Net earnings attributable to WEX Inc. | $ 7,172 | ||||||||||||
Customer relationships | ESSO Portfolio | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Increase (decrease) in licensing agreements intangible asset | 374 | ||||||||||||
Licensing agreements | ESSO Portfolio | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Increase (decrease) in licensing agreements intangible asset | $ 374 |
Business Acquisitions and Oth68
Business Acquisitions and Other Intangible Assets Acquisitions - Summary of Esso Acquisition (Details) - USD ($) $ in Thousands | Dec. 01, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | ||||||
Consideration paid (net of cash acquired) | $ 80,677 | $ 891,725 | $ 11,277 | |||
Goodwill | $ 1,112,878 | [1] | $ 1,117,281 | $ 819,892 | ||
ESSO Portfolio | ||||||
Business Acquisition [Line Items] | ||||||
Consideration paid (net of cash acquired) | $ 379,458 | |||||
Accounts receivable | 303,376 | |||||
Other tangible assets and liabilities, net | (8,497) | |||||
Goodwill | 40,628 | |||||
Licensing agreements | ESSO Portfolio | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | [2] | $ 36,605 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 7 months | |||||
Customer relationships | ESSO Portfolio | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | [3] | $ 7,346 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 2 months | |||||
[1] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." | |||||
[2] | Weighted average life – 4.6 years. | |||||
[3] | Weighted average life – 7.2 years. |
Business Acquisitions and Oth69
Business Acquisitions and Other Intangible Assets Acquisitions - Additional Information - Acquisition of Evolution1 (Details) - USD ($) $ in Thousands | Jul. 16, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||||||||||
Net revenues | $ 212,642 | $ 226,057 | $ 213,653 | $ 202,285 | $ 211,864 | $ 222,134 | $ 201,581 | $ 182,068 | $ 854,637 | $ 817,647 | $ 717,463 | ||
Net earnings attributable to WEX Inc. | $ (20,901) | $ (32,166) | $ (26,492) | $ (22,345) | $ (47,893) | $ (74,443) | $ (43,333) | $ (36,542) | $ (111,317) | (202,211) | $ (149,208) | ||
Evolution1 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to acquire business | $ 532,174 | ||||||||||||
Increase in goodwill | 379 | ||||||||||||
Increase in tangible assets and liabilities | 127 | ||||||||||||
Increase in deferred income tax liabilities | $ 252 | ||||||||||||
Net revenues | $ 35,976 | ||||||||||||
Net earnings attributable to WEX Inc. | $ 512 |
Business Acquisitions and Oth70
Business Acquisitions and Other Intangible Assets Acquisitions - Summary of Evolution1 Acquisition (Details) - USD ($) $ in Thousands | Jul. 16, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | ||||||
Consideration paid (net of cash acquired) | $ 80,677 | $ 891,725 | $ 11,277 | |||
Recorded goodwill | $ 1,112,878 | [1] | $ 1,117,281 | $ 819,892 | ||
Evolution1 | ||||||
Business Acquisition [Line Items] | ||||||
Consideration paid (net of cash acquired) | $ 532,174 | |||||
Accounts receivable | 8,418 | |||||
Accounts payable | (175) | |||||
Deferred tax liabilities, net | (68,768) | |||||
Other tangible assets and liabilities, net | (3,712) | |||||
Recorded goodwill | 296,511 | |||||
Evolution1 | Acquired software and developed technology | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | [2] | $ 70,000 | ||||
Weighted average life | 6 years 4 months 24 days | |||||
Evolution1 | Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | [3] | $ 211,000 | ||||
Weighted average life | 9 years 8 months 12 days | |||||
Evolution1 | Trademarks and trade name | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible assets | [4] | $ 7,900 | ||||
Indefinite-lived intangible assets | [5] | $ 11,000 | ||||
Weighted average life | 9 years 10 months 24 days | |||||
[1] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." | |||||
[2] | Weighted average life – 6.4 years. | |||||
[3] | Weighted average life – 9.7 years. | |||||
[4] | Weighted average life – 9.9 years. | |||||
[5] | Indefinite-lived |
Business Acquisitions and Oth71
Business Acquisitions and Other Intangible Assets Acquisitions - Pro Forma Operational Results of Evolution1 (Details) - Evolution1 - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||
Net revenue | $ 865,056 | $ 786,854 |
Net income | $ 191,415 | $ 97,016 |
Pro forma net income attributable to WEX Inc. per common share: | ||
Net income per share - basic (in usd per share) | $ 4.92 | $ 2.49 |
Net income per share - diluted (in usd per share) | $ 4.91 | $ 2.48 |
Business Acquisitions and Oth72
Business Acquisitions and Other Intangible Assets Acquisitions - Additional Information - Acquisition of Fast Cred (Details) - USD ($) $ in Thousands | Oct. 15, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||
Consideration paid (net of cash acquired) | $ 80,677 | $ 891,725 | $ 11,277 | ||
Goodwill | $ 1,112,878 | [1] | $ 1,117,281 | 819,892 | |
FastCred | |||||
Business Acquisition [Line Items] | |||||
Consideration paid (net of cash acquired) | $ 12,309 | ||||
Goodwill | 4,282 | ||||
Allocated to other intangible assets | 12,594 | ||||
Increase in goodwill | 1,490 | ||||
Decrease in intangible assets | 2,253 | ||||
Decrease in property, equipment and capitalized software | 2 | ||||
Decrease in deferred income tax liabilities | $ 765 | ||||
FastCred | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Weighted average life | 4 years | ||||
FastCred | Acquired software | |||||
Business Acquisition [Line Items] | |||||
Weighted average life | 3 years | ||||
[1] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." |
Sale of Subsidiary - Additional
Sale of Subsidiary - Additional Information (Details) - USD ($) $ in Thousands | Jan. 07, 2015 | Jul. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on divestiture | $ 1,215 | $ 27,490 | $ 0 | ||
Rapid Paycard | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration received | $ 20,000 | ||||
Pacific Pride | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration received | $ 49,664 | ||||
Gain on divestiture | $ 1,215 | $ 27,490 |
Sale of Subsidiary - Summary of
Sale of Subsidiary - Summary of Sale of Pacific Pride LLC (Details) - USD ($) $ in Thousands | Jan. 07, 2015 | Jul. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Less: | |||||
Gain on sale | $ 1,215 | $ 27,490 | $ 0 | ||
Pacific Pride | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration received | $ 49,664 | ||||
Less: | |||||
Expenses associated with the sale | 1,340 | ||||
Accounts receivable | 48,699 | ||||
Accounts payable | (53,001) | ||||
Other tangible assets and liabilities, net | 828 | ||||
Goodwill | 19,137 | ||||
Gain on sale | $ 1,215 | 27,490 | |||
Customer relationships | Pacific Pride | |||||
Less: | |||||
Intangible assets | 3,727 | ||||
Trademarks and trade name | Pacific Pride | |||||
Less: | |||||
Intangible assets | $ 1,444 |
Accounts Receivable and Reser75
Accounts Receivable and Reserves for Credit Losses - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivable payments terms | 30 days | |
Percentage of financing receivable recorded investment current | 86.00% | 94.00% |
Accounts receivable, net | $ 1,610,161 | $ 1,879,457 |
Percent of total, outstanding balances within 60 days | 97.00% | 98.00% |
Accounts Receivable | Customer Concentration Risk | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of outstanding receivables (no more than 10 percent) | 11.00% | 8.00% |
Accounts Receivable and Reser76
Accounts Receivable and Reserves for Credit Losses - Changes in Reserves for Credit Losses Related to Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, beginning of period | $ 13,919 | $ 10,396 | $ 11,709 |
Provision for credit losses | 22,825 | 32,144 | 20,200 |
Charge-offs | (27,862) | (35,302) | (27,781) |
Recoveries of amounts previously charged-off | 5,202 | 6,832 | 6,663 |
Currency translation | (252) | (151) | (395) |
Balance, end of period | $ 13,832 | $ 13,919 | $ 10,396 |
Investments - Available-For-Sal
Investments - Available-For-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | $ 18,900 | $ 19,145 | |
Gross Unrealized Gains | 16 | 31 | |
Gross Unrealized Losses | 354 | 236 | |
Fair Value | 18,562 | 18,940 | |
Equity securities designated as trading | 5,655 | 5,927 | |
Mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 665 | 820 | |
Gross Unrealized Gains | 16 | 22 | |
Gross Unrealized Losses | 31 | 32 | |
Fair Value | 650 | 810 | |
Asset-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 850 | 1,168 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 2 | 3 | |
Fair Value | 848 | 1,165 | |
Municipal bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 424 | 545 | |
Gross Unrealized Gains | 0 | 9 | |
Gross Unrealized Losses | 26 | 0 | |
Fair Value | 398 | 554 | |
Equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | [1] | 16,961 | 16,612 |
Gross Unrealized Gains | [1] | 0 | 0 |
Gross Unrealized Losses | [1] | 295 | 201 |
Fair Value | [1] | $ 16,666 | $ 16,411 |
[1] | These securities exclude $5,655 in equity securities designated as trading as of December 31, 2015, and $5,927 as of December 31, 2014, included in other assets on the consolidated balance sheets. See Note 15 for additional information about the securities designated as trading. |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Maturities of available-for-sale securities | $ 594 | $ 337 | $ 1,192 |
Investments - Maturity Dates Of
Investments - Maturity Dates Of Available-For-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cost | ||
Due within 1 year | $ 0 | $ 213 |
Due after 1 year through year 5 | 315 | 342 |
Due after 5 years through year 10 | 0 | 0 |
Due after 10 years | 959 | 1,158 |
Mortgage-backed securities with original maturities of 30 years | 665 | 820 |
Equity securities with no maturity dates | 16,961 | 16,612 |
Total | 18,900 | 19,145 |
Fair Value | ||
Due within 1 year | 0 | 211 |
Due after 1 year through year 5 | 313 | 341 |
Due after 5 years through year 10 | 0 | 0 |
Due after 10 years | 933 | 1,167 |
Mortgage-backed securities with original maturities of 30 years | 650 | 810 |
Equity securities with no maturity dates | 16,666 | 16,411 |
Total | $ 18,562 | $ 18,940 |
Property, Equipment And Capit80
Property, Equipment And Capitalized Software, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | |||
Property, equipment and capitalized software, gross | $ 330,725 | $ 274,978 | |
Less accumulated depreciation and amortization | (192,140) | (169,382) | |
Total property, equipment and capitalized software, net | 138,585 | 105,596 | $ 72,275 |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and capitalized software, gross | 63,278 | 56,177 | |
Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and capitalized software, gross | 212,504 | 184,868 | |
Software under development | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and capitalized software, gross | 39,694 | 21,937 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and capitalized software, gross | 14,492 | 11,239 | |
Capital leases | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and capitalized software, gross | $ 757 | $ 757 |
Property, Equipment and Capit81
Property, Equipment and Capitalized Software, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 35,285 | $ 29,758 | $ 25,061 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets - Changes In Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Nov. 18, 2015 | Dec. 01, 2014 | Jul. 16, 2014 | Dec. 31, 2013 | |||
Goodwill [Roll Forward] | ||||||||
Gross goodwill, beginning of period (a) | $ 1,134,789 | [1] | $ 837,400 | |||||
Impact of foreign currency translation | (30,637) | [1] | (20,613) | |||||
Sale of subsidiaries | [1] | (12,533) | (19,137) | |||||
Gross goodwill, end of period | [1] | 1,130,386 | 1,134,789 | |||||
Accumulated impairment, end of period | (17,508) | [1] | (17,508) | |||||
Net goodwill, end of period | 1,112,878 | [1] | 1,117,281 | $ 819,892 | ||||
Benaissance | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | [1] | 38,767 | ||||||
Net goodwill, end of period | $ 38,767 | |||||||
Evolution1 | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | 296,511 | |||||||
Net goodwill, end of period | $ 296,511 | |||||||
ESSO Portfolio | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | [1] | 40,628 | ||||||
Net goodwill, end of period | $ 40,628 | |||||||
Fleet solutions | ||||||||
Goodwill [Roll Forward] | ||||||||
Gross goodwill, beginning of period (a) | 759,985 | [1] | 754,886 | |||||
Impact of foreign currency translation | (23,598) | [1] | (16,392) | |||||
Sale of subsidiaries | [1] | (147) | (19,137) | |||||
Gross goodwill, end of period | [1] | 736,240 | 759,985 | |||||
Accumulated impairment, end of period | (1,337) | [1] | (1,337) | |||||
Net goodwill, end of period | 734,903 | [1] | 758,648 | |||||
Fleet solutions | Benaissance | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | [1] | 0 | ||||||
Fleet solutions | Evolution1 | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | 0 | |||||||
Fleet solutions | ESSO Portfolio | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | [1] | 40,628 | ||||||
Travel and Corporate Solutions Segment | ||||||||
Goodwill [Roll Forward] | ||||||||
Gross goodwill, beginning of period (a) | 44,710 | 45,872 | ||||||
Impact of foreign currency translation | (885) | (1,162) | ||||||
Sale of subsidiaries | 0 | 0 | ||||||
Gross goodwill, end of period | 43,825 | 44,710 | ||||||
Accumulated impairment, end of period | (16,171) | (16,171) | ||||||
Net goodwill, end of period | 27,654 | 28,539 | ||||||
Travel and Corporate Solutions Segment | Benaissance | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | 0 | |||||||
Travel and Corporate Solutions Segment | Evolution1 | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | 0 | |||||||
Travel and Corporate Solutions Segment | ESSO Portfolio | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | 0 | |||||||
Health and employee benefit solutions | ||||||||
Goodwill [Roll Forward] | ||||||||
Gross goodwill, beginning of period (a) | 330,094 | [1] | 36,642 | |||||
Impact of foreign currency translation | (6,154) | [1] | (3,059) | |||||
Sale of subsidiaries | (12,386) | [1] | 0 | |||||
Gross goodwill, end of period | [1] | 350,321 | 330,094 | |||||
Accumulated impairment, end of period | 0 | [1] | 0 | |||||
Net goodwill, end of period | 350,321 | [1] | 330,094 | |||||
Health and employee benefit solutions | Benaissance | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | [1] | 38,767 | ||||||
Health and employee benefit solutions | Evolution1 | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | $ 296,511 | |||||||
Health and employee benefit solutions | ESSO Portfolio | ||||||||
Goodwill [Roll Forward] | ||||||||
Acquisition | $ 0 | |||||||
[1] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." |
Goodwill and Other Intangible83
Goodwill and Other Intangible Assets - Changes in Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Definite-lived intangible assets | |||||||
Beginning balance | $ 480,918 | ||||||
Acquisitions | $ 0 | ||||||
Amortization | (47,792) | (40,622) | $ (33,147) | ||||
Ending balance | 453,336 | 480,918 | |||||
Indefinite-lived intangible assets | |||||||
Disposals | (1,444) | ||||||
Beginning balance | 497,297 | 206,744 | |||||
Acquisitions | 39,500 | 343,851 | [1] | ||||
Disposals | (3,216) | (5,171) | |||||
Impacts of Foreign Currency Translation | (15,077) | (7,505) | |||||
Ending balance | 470,712 | 497,297 | 206,744 | ||||
Acquired software and developed technology | |||||||
Definite-lived intangible assets | |||||||
Beginning balance | [1] | 119,509 | [2] | 61,590 | |||
Acquisitions | 10,300 | [2] | 70,000 | [1] | |||
Amortization | (9,844) | [2] | (10,091) | [1] | |||
Disposals | 0 | [2] | 0 | [1] | |||
Impacts of Foreign Currency Translation | (5,953) | [2] | (1,990) | [1] | |||
Ending balance | 114,012 | [2] | 119,509 | [1],[2] | 61,590 | [1] | |
Customer relationships | |||||||
Definite-lived intangible assets | |||||||
Beginning balance | [1] | 309,450 | [2] | 127,403 | |||
Acquisitions | 27,700 | [2] | 218,346 | [1] | |||
Amortization | (32,468) | [2] | (28,575) | [1] | |||
Disposals | (2,329) | [2] | (3,727) | [1] | |||
Impacts of Foreign Currency Translation | (4,449) | [2] | (3,997) | [1] | |||
Ending balance | 297,904 | [2] | 309,450 | [1],[2] | 127,403 | [1] | |
Licensing agreements | |||||||
Definite-lived intangible assets | |||||||
Beginning balance | 35,341 | 0 | |||||
Acquisitions | 0 | 36,605 | |||||
Amortization | (4,165) | (390) | |||||
Disposals | (164) | 0 | |||||
Impacts of Foreign Currency Translation | (3,614) | (874) | |||||
Ending balance | 27,398 | 35,341 | 0 | ||||
Patent | |||||||
Definite-lived intangible assets | |||||||
Beginning balance | 1,245 | 1,672 | |||||
Acquisitions | 0 | ||||||
Amortization | (243) | (380) | |||||
Disposals | 0 | 0 | |||||
Impacts of Foreign Currency Translation | (124) | (47) | |||||
Ending balance | 878 | 1,245 | 1,672 | ||||
Trade name | |||||||
Definite-lived intangible assets | |||||||
Beginning balance | [1] | 15,373 | [2] | 8,835 | |||
Acquisitions | 1,500 | [2] | 7,900 | [1] | |||
Amortization | (1,072) | [2] | (1,186) | [1] | |||
Disposals | (723) | [2] | 0 | [1] | |||
Impacts of Foreign Currency Translation | (1,934) | [2] | (176) | [1] | |||
Ending balance | 13,144 | [2] | 15,373 | [1],[2] | 8,835 | [1] | |
Trademarks, trade names and brand names | |||||||
Indefinite-lived intangible assets | |||||||
Beginning balance | 16,379 | 7,244 | |||||
Acquisitions | 0 | 11,000 | |||||
Disposals | 0 | ||||||
Impacts of Foreign Currency Translation | 997 | (421) | |||||
Ending balance | $ 17,376 | $ 16,379 | $ 7,244 | ||||
[1] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. | ||||||
[2] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 51,733 |
2,017 | 51,770 |
2,018 | 47,783 |
2,019 | 44,230 |
2,020 | $ 40,647 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | $ 609,290 | $ 600,609 | ||||
Accumulated Amortization | (155,954) | (119,691) | ||||
Net Carrying Amount | 453,336 | 480,918 | ||||
Acquired software and developed technology | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 155,182 | 150,458 | ||||
Accumulated Amortization | (41,170) | (30,949) | ||||
Net Carrying Amount | 114,012 | [1] | 119,509 | [1],[2] | $ 61,590 | [2] |
Customer relationships | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 403,382 | 393,942 | ||||
Accumulated Amortization | (105,478) | (84,492) | ||||
Net Carrying Amount | 297,904 | [1] | 309,450 | [1],[2] | 127,403 | [2] |
Licensing agreements | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 31,903 | 35,726 | ||||
Accumulated Amortization | (4,505) | (385) | ||||
Net Carrying Amount | 27,398 | 35,341 | 0 | |||
Patent | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 2,413 | 2,697 | ||||
Accumulated Amortization | (1,535) | (1,452) | ||||
Net Carrying Amount | 878 | 1,245 | 1,672 | |||
Trade name | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 16,410 | 17,786 | ||||
Accumulated Amortization | (3,266) | (2,413) | ||||
Net Carrying Amount | 13,144 | [1] | 15,373 | [1],[2] | 8,835 | [2] |
Trademarks, trade names and brand names | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 17,376 | $ 16,379 | $ 7,244 | |||
[1] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." | |||||
[2] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. |
Accounts Payable (Detail)
Accounts Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Merchant payables | $ 313,244 | $ 376,753 |
Other payables | 65,567 | 49,203 |
Total accounts payable | $ 378,811 | $ 425,956 |
Deposits, Borrowed Federal Fu87
Deposits, Borrowed Federal Funds and Other Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Banking and Thrift [Abstract] | |||
Accounts Receivable, Gross | $ 1,610,161 | $ 1,879,457 | |
Accounts receivable, net | 1,508,605 | 1,865,538 | |
Certificates of deposit with maturities within 1 year | 97,859 | 261,502 | |
Certificates of deposit with maturities greater than 1 year and less than 5 years | 54,448 | 34,493 | |
Interest-bearing money market deposits | 369,191 | 330,696 | |
Negotiable order of withdrawal deposits | 308,998 | 314,576 | |
Non-interest bearing customer deposits | 40,022 | 38,286 | |
Total deposits | $ 870,518 | $ 979,553 | |
Weighted average cost of funds on certificates of deposit outstanding | 0.90% | 0.61% | |
Weighted average cost of interest-bearing money market deposits | 0.45% | 0.25% | |
Weighted average cost of negotiable order of withdrawal deposits | 0.00% | 0.00% | 0.00% |
Deposits, Borrowed Federal Fu88
Deposits, Borrowed Federal Funds and Other Debt - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||
Certificates of deposit, denominations ($250 or less) | $ 250,000 | |||
Federal funds lines-of-credit | 257,500,000 | $ 125,000,000 | ||
Debt outstanding | $ 0 | $ 0 | ||
Weighted average interest rate on interest-bearing money market deposits | 0.45% | 0.25% | ||
Non-interest bearing deposits outstanding | $ 308,998,000 | $ 314,576,000 | ||
Interest-bearing Deposits | ||||
Debt Instrument [Line Items] | ||||
Interest-bearing money market deposits, denominations | $ 250,000 | |||
Weighted average interest rate on interest-bearing money market deposits | 0.45% | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Certificates of deposit, maturities range | 9 months | |||
Certificates of deposit, fixed interest rates range | 0.55% | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Certificates of deposit, maturities range | 2 years | |||
Certificates of deposit, fixed interest rates range | 1.35% | |||
Unik Financial Services | ||||
Debt Instrument [Line Items] | ||||
Debt outstanding | $ 5,046,000 | $ 7,975,000 | ||
Participation agreement | 13.50% | 13.90% | ||
Participation Agreement | ||||
Debt Instrument [Line Items] | ||||
Participation agreement | 2.57% | 2.46% | 0.00% | |
Debt instrument, aggregate principal amount | $ 45,000,000 | |||
Participation Agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, range of daily balance | 0 | |||
Participation Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, range of daily balance | $ 45,000,000 | |||
Participation Agreement | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate margin | 2.25% |
Deposits, Borrowed Federal Fu89
Deposits, Borrowed Federal Funds and Other Debt - Average Interest Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Deposits | 0.65% | 0.53% | 0.51% |
Borrowed federal funds | 0.39% | 0.38% | 0.41% |
Negotiable order of withdrawal deposits | 0.00% | 0.00% | 0.00% |
Interest-bearing money market deposits | 0.25% | 0.23% | 0.31% |
Average deposits and borrowed federal funds balance | $ 1,026,963 | $ 1,220,979 | $ 1,012,806 |
Average other debt (UNIK and participation agreement) | $ 51,209 | $ 37,876 | $ 8,767 |
Participation Agreement | |||
Debt Instrument [Line Items] | |||
Participation agreement | 2.57% | 2.46% | 0.00% |
Unik Financial Services | |||
Debt Instrument [Line Items] | |||
UNIK debt | 15.21% | 17.15% | 17.04% |
Participation agreement | 13.50% | 13.90% |
Derivative Instruments - Fuel D
Derivative Instruments - Fuel Derivative Program (Details) | Dec. 31, 2015 |
First Quarter 2016 | Price Risk Derivative | |
Derivative [Line Items] | |
Percentage Hedged by Fuel Price Derivatives | 20.00% |
Derivative Instruments - Put an
Derivative Instruments - Put and Call Option Contracts (Details) - gal gal in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | [1] | Dec. 31, 2014 | [2] | |
Derivative [Line Items] | ||||
Total fuel price derivative instruments, gallons | 3,969 | 47,342 | ||
Unleaded Fuel | ||||
Derivative [Line Items] | ||||
Total fuel price derivative instruments, gallons | 2,655 | 31,754 | ||
Diesel | ||||
Derivative [Line Items] | ||||
Total fuel price derivative instruments, gallons | 1,314 | 15,588 | ||
[1] | The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. | |||
[2] | The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. |
Derivative Instruments - Forwar
Derivative Instruments - Forward and Spot Contracts on Foreign Currency Exchange Contracts (Details) - Dec. 31, 2015 € in Thousands, £ in Thousands, AUD in Thousands | EUR (€) | GBP (£) | AUD |
Foreign currency contracts | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | € 10,000 | £ 5,000 | AUD 10,000 |
Derivative Instruments - Locati
Derivative Instruments - Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Commodity contracts | Fuel price derivatives, at fair value | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 5,007 | $ 40,969 |
Liability Derivatives | 0 | 0 |
Foreign currency contracts | Accounts Receivable | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | |
Liability Derivatives | $ 90 | |
Foreign currency contracts | Loans Payable | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | |
Liability Derivatives | $ 0 |
Derivative Instruments - Loca94
Derivative Instruments - Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ 5,848 | $ 46,212 | $ (9,851) |
Derivatives not designated as hedging instruments | Commodity contracts | Net realized and unrealized gains (losses) on fuel price derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | 5,848 | 46,212 | |
Derivatives not designated as hedging instruments | Foreign currency contracts | Foreign Currency Gain (Loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ 27,236 | $ 15,398 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Of Fuel Price Derivative Instruments In Consolidated Balance Sheet (Details) gal in Thousands, $ in Thousands | Dec. 31, 2015USD ($)gal$ / gal | Dec. 31, 2014USD ($)gal | ||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | 3,969 | [1] | 47,342 | |
Total fuel price derivative instruments, Fair Value | $ | $ 5,007 | $ 40,969 | ||
Unleaded Fuel | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | 2,655 | [1] | 31,754 | |
Total fuel price derivative instruments, Fair Value | $ | $ 3,082 | $ 29,120 | ||
Unleaded Fuel | Options settling July 2015 – March 2016 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | [1] | 2,655 | 7,873 | |
Total fuel price derivative instruments, Fair Value | $ | $ 3,082 | $ 6,459 | ||
Unleaded Fuel | Options settling April 2015 – December 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | [1] | 0 | 7,562 | |
Total fuel price derivative instruments, Fair Value | $ | $ 0 | $ 7,109 | ||
Unleaded Fuel | Options settling January 2015 – September 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | [1] | 0 | 8,689 | |
Total fuel price derivative instruments, Fair Value | $ | $ 0 | $ 8,369 | ||
Unleaded Fuel | Options settling October 2014 – June 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | [1] | 0 | 5,151 | |
Total fuel price derivative instruments, Fair Value | $ | $ 0 | $ 4,772 | ||
Unleaded Fuel | Options settling July 2014 – March 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | [1] | 0 | 2,479 | |
Total fuel price derivative instruments, Fair Value | $ | $ 0 | $ 2,411 | ||
Diesel | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | 1,314 | [1] | 15,588 | |
Total fuel price derivative instruments, Fair Value | $ | $ 1,925 | $ 11,849 | ||
Diesel | Options settling July 2015 – March 2016 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | [1] | 1,314 | 3,951 | |
Total fuel price derivative instruments, Fair Value | $ | $ 1,925 | $ 2,842 | ||
Diesel | Options settling April 2015 – December 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | [1] | 0 | 3,708 | |
Total fuel price derivative instruments, Fair Value | $ | $ 0 | $ 2,720 | ||
Diesel | Options settling January 2015 – September 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | [1] | 0 | 4,300 | |
Total fuel price derivative instruments, Fair Value | $ | $ 0 | $ 3,464 | ||
Diesel | Options settling October 2014 – June 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | [1] | 0 | 2,451 | |
Total fuel price derivative instruments, Fair Value | $ | $ 0 | $ 1,906 | ||
Diesel | Options settling July 2014 – March 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Aggregate Notional (gallons) | gal | [1] | 0 | 1,178 | |
Total fuel price derivative instruments, Fair Value | $ | $ 0 | $ 917 | ||
Put Option | Unleaded Fuel | Options settling July 2015 – March 2016 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 2.483 | ||
Put Option | Unleaded Fuel | Options settling April 2015 – December 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 2.620 | ||
Put Option | Unleaded Fuel | Options settling January 2015 – September 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 2.625 | ||
Put Option | Unleaded Fuel | Options settling October 2014 – June 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 2.568 | ||
Put Option | Unleaded Fuel | Options settling July 2014 – March 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 2.510 | ||
Put Option | Diesel | Options settling July 2015 – March 2016 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 3.724 | ||
Put Option | Diesel | Options settling April 2015 – December 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 3.785 | ||
Put Option | Diesel | Options settling January 2015 – September 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 3.795 | ||
Put Option | Diesel | Options settling October 2014 – June 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 3.785 | ||
Put Option | Diesel | Options settling July 2014 – March 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 3.788 | ||
Call Option | Unleaded Fuel | Options settling July 2015 – March 2016 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 2.543 | ||
Call Option | Unleaded Fuel | Options settling April 2015 – December 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 2.680 | ||
Call Option | Unleaded Fuel | Options settling January 2015 – September 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 2.685 | ||
Call Option | Unleaded Fuel | Options settling October 2014 – June 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 2.628 | ||
Call Option | Unleaded Fuel | Options settling July 2014 – March 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 2.570 | ||
Call Option | Diesel | Options settling July 2015 – March 2016 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 3.784 | ||
Call Option | Diesel | Options settling April 2015 – December 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 3.845 | ||
Call Option | Diesel | Options settling January 2015 – September 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 3.855 | ||
Call Option | Diesel | Options settling October 2014 – June 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 3.845 | ||
Call Option | Diesel | Options settling July 2014 – March 2015 | ||||
Derivatives, Fair Value [Line Items] | ||||
Total fuel price derivative instruments, Strike Price of Underlying (per gallon) | [2] | 3.848 | ||
[1] | The Options settle on a monthly basis. | |||
[2] | The settlement of the Options is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. |
Derivative Instruments - Summar
Derivative Instruments - Summary of Changes of Fuel Price Derivatives which Have Been Recorded in Net Realized And Unrealized Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Realized gains (losses) | $ 41,810 | $ (2,115) | $ (4,223) |
Change in unrealized fuel price derivatives | (35,962) | 48,327 | (5,628) |
Net realized and unrealized gains (losses) on derivative instruments | $ 5,848 | $ 46,212 | $ (9,851) |
Financing Debt - Additional Inf
Financing Debt - Additional Information - 2014 Credit Agreement (Details) - USD ($) | Aug. 22, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 21, 2014 |
Debt Instrument [Line Items] | ||||
Credit agreement loan, maximum | $ 257,500,000 | $ 125,000,000 | ||
2014 Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Credit agreement loan, maximum | $ 222,500,000 | |||
2014 Credit Agreement | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Participation agreement | 2.60% | |||
2014 Credit Agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Ratio of EBIT to interest charges (no less than) | 3 | |||
Ratio of EBIT to interest charges | 3.75 | |||
2014 Credit Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Ratio of funded indebtedness to EBITDA (no more than) | 3.25 | |||
Ratio of funded indebtedness to EBITDA | 4.25 | |||
2014 Credit Agreement | Interest Rate Option Two | Eurocurrency Rate | ||||
Debt Instrument [Line Items] | ||||
Credit facility, rate | 1.00% | |||
2014 Credit Agreement | Term Loans Facility | ||||
Debt Instrument [Line Items] | ||||
Credit agreement loan, maximum | $ 500,000,000 | |||
2014 Credit Agreement | Term Loans Facility | Interest Rate Option One | Minimum | Eurocurrency Rate | ||||
Debt Instrument [Line Items] | ||||
Credit facility, rate | 1.25% | |||
2014 Credit Agreement | Term Loans Facility | Interest Rate Option One | Maximum | Eurocurrency Rate | ||||
Debt Instrument [Line Items] | ||||
Credit facility, rate | 2.75% | |||
2014 Credit Agreement | Term Loans Facility | Interest Rate Option Two | Federal Funds Effective Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Credit facility, rate | 0.50% | |||
2014 Credit Agreement | Term Loans Facility | Interest Rate Option Two | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.20% | |||
2014 Credit Agreement | Term Loans Facility | Interest Rate Option Two | Minimum | Eurocurrency Rate | ||||
Debt Instrument [Line Items] | ||||
Credit facility, rate | 0.25% | |||
2014 Credit Agreement | Term Loans Facility | Interest Rate Option Two | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.45% | |||
2014 Credit Agreement | Term Loans Facility | Interest Rate Option Two | Maximum | Eurocurrency Rate | ||||
Debt Instrument [Line Items] | ||||
Credit facility, rate | 1.75% | |||
2014 Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit agreement loan, maximum | $ 700,000,000 | |||
2014 Credit Agreement | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Credit agreement loan, maximum | 150,000,000 | |||
2014 Credit Agreement | Swingline Loans | ||||
Debt Instrument [Line Items] | ||||
Credit agreement loan, maximum | $ 20,000,000 | |||
2013 Credit Agreement | Term Loans Facility | ||||
Debt Instrument [Line Items] | ||||
Credit agreement loan, maximum | $ 277,500,000 |
Financing Debt - Additional I98
Financing Debt - Additional Information - $400 Million Notes Outstanding (Details) - USD ($) | Jan. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 18, 2013 | Jan. 17, 2013 |
Debt Instrument [Line Items] | ||||||||
Notes outstanding | $ 400,000,000 | $ 400,000,000 | ||||||
Percentage of principal amount Company must offer to repurchase | 101.00% | |||||||
Credit agreement loan, maximum | 257,500,000 | 125,000,000 | ||||||
Deferred finance costs, net | 15,547,000 | |||||||
Previous issuance costs, wrote-off | $ 1,000,000 | 0 | 0 | $ 1,004,000 | ||||
Senior Notes Redeemed During 12 Months Beginning February 1, 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price as percentage of principal amount | 102.375% | |||||||
Senior Notes Redeemed During 12 Months Beginning February 1, 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price as percentage of principal amount | 101.583% | |||||||
Senior Notes Redeemed During 12 Months Beginning February 1, 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price as percentage of principal amount | 100.792% | |||||||
Senior Notes Redeemed During 12 Months Beginning February 1, 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price as percentage of principal amount | 100.00% | |||||||
Senior Notes Redeemed Prior To February 1, 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price as percentage of principal amount | 100.00% | |||||||
2013 Credit Agreement | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit agreement loan, maximum | $ 800,000,000 | $ 700,000,000 | ||||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes outstanding | $ 400,000,000 | $ 400,000,000 | ||||||
Debt instrument, stated rate | 4.75% | 4.75% | ||||||
Issuance price as percent of principal amount | 100.00% | |||||||
Senior Notes | 2013 Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes outstanding | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||||
Senior Notes | 2013 Credit Agreement | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit agreement loan, maximum | $ 700,000,000 |
Financing Debt - Additional I99
Financing Debt - Additional Information - 2013 Credit Agreement (Details) - USD ($) | Jan. 18, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 17, 2013 | May. 23, 2011 |
Debt Instrument [Line Items] | |||||
Credit agreement loan, maximum | $ 257,500,000 | $ 125,000,000 | |||
2013 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Credit agreement loan, term | 5 years | ||||
Increase in credit agreement loan | $ 100,000,000 | ||||
Term Loans Facility | 2013 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Credit agreement loan, maximum | $ 300,000,000 | $ 185,000,000 | |||
Revolving Credit Facility | 2013 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Credit agreement loan, term | 5 years | ||||
Credit agreement loan, maximum | $ 800,000,000 | $ 700,000,000 | |||
Senior Subordinated Notes | 2013 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, aggregate principal amount | $ 300,000,000 | ||||
Letter of Credit | Revolving Credit Facility | 2013 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Credit agreement loan, maximum | $ 150,000,000 |
Financing Debt - Additional 100
Financing Debt - Additional Information - 2011 Credit Agreement (Details) - USD ($) | May. 23, 2011 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 22, 2014 |
Debt Instrument [Line Items] | ||||||
Credit agreement loan, maximum | $ 257,500,000 | $ 125,000,000 | ||||
Deferred finance costs, net | 15,547,000 | |||||
Previous issuance costs, wrote-off | $ 1,000,000 | $ 0 | $ 0 | $ 1,004,000 | ||
2011 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Availability under credit agreement | $ 150,000,000 | |||||
Deferred finance costs, net | 6,200,000 | |||||
Previous issuance costs, wrote-off | $ 700,000 | |||||
2011 Credit Agreement | Term Loans Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement loan, term | 5 years | |||||
Credit agreement loan, maximum | $ 200,000,000 | |||||
Payment due for term loan facility | $ 2,500,000 | |||||
2011 Credit Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement loan, term | 5 years | |||||
Credit agreement loan, maximum | $ 700,000,000 | |||||
2011 Credit Agreement | Revolving Credit Facility | Letter of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement loan, maximum | $ 100,000,000 | |||||
2014 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement loan, maximum | $ 222,500,000 | |||||
2014 Credit Agreement | Term Loans Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement loan, maximum | 500,000,000 | |||||
2014 Credit Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit agreement loan, maximum | $ 700,000,000 | |||||
Senior Notes | 2014 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Participation agreement | 2.60% |
- Schedule Of Balance Outstandi
- Schedule Of Balance Outstanding On Revolving Line-Of-Credit Facility And Term Loan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jan. 30, 2013 | |
Line of Credit Facility [Line Items] | |||
Revolving line-of-credit facilities and term loan | $ 669,755,000 | $ 901,564,000 | |
Senior notes | 400,000,000 | 400,000,000 | |
Long-term Debt | 1,069,755,000 | 1,301,564,000 | |
Senior Notes | |||
Line of Credit Facility [Line Items] | |||
Senior notes | 400,000,000 | $ 400,000,000 | |
2013 Credit Agreement | Senior Notes | |||
Line of Credit Facility [Line Items] | |||
Senior notes | 400,000,000 | 400,000,000 | $ 400,000,000 |
London Interbank Offered Rate (LIBOR) | |||
Line of Credit Facility [Line Items] | |||
Revolving line-of-credit facilities and term loan | $ 528,750,000 | $ 696,250,000 | |
Interest rate | 2.41% | 2.92% | |
Prime Rate | |||
Line of Credit Facility [Line Items] | |||
Revolving line-of-credit facilities and term loan | $ 48,300,000 | $ 67,700,000 | |
Interest rate | 4.50% | 5.00% | |
Eurocurrency Rate | |||
Line of Credit Facility [Line Items] | |||
Revolving line-of-credit facilities and term loan | $ 92,705,000 | $ 137,614,000 | |
Interest rate | 2.43% | 2.88% |
Financing Debt - Components Of
Financing Debt - Components Of Financing Interest Expense (Details) - USD ($) $ in Thousands | May. 23, 2011 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | |||||
Total financing interest expense | $ 46,189 | $ 36,042 | $ 29,419 | ||
Securitization interest expense | 1,640 | 0 | 0 | ||
Previous issuance costs, wrote-off | $ 1,000 | 0 | 0 | 1,004 | |
Other | 132 | 0 | 1 | ||
2014 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Total financing interest expense | 24,683 | 9,230 | 0 | ||
2011 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Total financing interest expense | 0 | 0 | 664 | ||
Previous issuance costs, wrote-off | $ 700 | ||||
2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Total financing interest expense | 0 | 7,078 | 9,607 | ||
Revolving Credit Facility | 2014 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Fees | 1,624 | 733 | 0 | ||
Amortization of loan origination fees | 1,378 | 574 | 0 | ||
Revolving Credit Facility | 2011 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Fees | 0 | 0 | 36 | ||
Amortization of loan origination fees | 0 | 0 | 43 | ||
Revolving Credit Facility | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Fees | 0 | 1,361 | 2,098 | ||
Amortization of loan origination fees | 0 | 757 | 1,122 | ||
Term Loans Facility | 2014 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Amortization of loan origination fees | 984 | 276 | 0 | ||
Term Loans Facility | 2011 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Amortization of loan origination fees | 0 | 0 | 11 | ||
Term Loans Facility | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Amortization of loan origination fees | 0 | 301 | 491 | ||
Eurocurrency Rate | Revolving Credit Facility | 2014 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 3,874 | 484 | 0 | ||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | 2014 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 4,137 | 1,723 | 0 | ||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | 2011 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 0 | 0 | 350 | ||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 0 | 573 | 400 | ||
London Interbank Offered Rate (LIBOR) | Term Loans Facility | 2014 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 12,050 | 4,468 | 0 | ||
London Interbank Offered Rate (LIBOR) | Term Loans Facility | 2011 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 0 | 0 | 170 | ||
London Interbank Offered Rate (LIBOR) | Term Loans Facility | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 0 | 3,667 | 5,496 | ||
Prime Rate | Revolving Credit Facility | 2014 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 636 | 972 | 0 | ||
Prime Rate | Revolving Credit Facility | 2011 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 0 | 0 | 54 | ||
Prime Rate | Revolving Credit Facility | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 0 | 419 | 0 | ||
Senior Notes | 2014 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Interest Expense | 19,000 | 19,000 | 17,469 | ||
Amortization of loan origination fees | 734 | 734 | 674 | ||
Total financing interest expense | $ 19,734 | $ 19,734 | $ 18,143 |
Financing Debt - Interest Rate
Financing Debt - Interest Rate Details (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate During Period | 2.94% | 0.00% | 0.00% |
Average other debt (UNIK and participation agreement) | $ 51,209 | $ 37,876 | $ 8,767 |
London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate During Period | 2.55% | 2.30% | 1.93% |
Average other debt (UNIK and participation agreement) | $ 635,029 | $ 452,911 | $ 300,056 |
Prime Rate | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate During Period | 4.53% | 3.89% | 3.75% |
Average other debt (UNIK and participation agreement) | $ 14,031 | $ 35,765 | $ 19,162 |
Australian Bank Rate | |||
Debt Instrument [Line Items] | |||
Average other debt (UNIK and participation agreement) | $ 84,639 | $ 0 | $ 0 |
Eurocurrency Rate | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate During Period | 2.52% | 2.81% | 0.00% |
Average other debt (UNIK and participation agreement) | $ 153,895 | $ 17,216 | $ 0 |
Financing Debt - Additional 104
Financing Debt - Additional Information - Other (Details) - USD ($) | Apr. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Securitized debt | $ 82,018,000 | $ 0 | |
Long-term Line of Credit | 669,755,000 | $ 901,564,000 | |
Amount available for borrowings | 265,882,000 | ||
Pledged receivables held as collateral | 350,583,000 | ||
Federal Reserve Bank | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | 0 | ||
Letter of Credit | Revolving Credit Facility | 2011 Credit Agreement | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | 8,550,000 | ||
2014 Credit Agreement | |||
Debt Instrument [Line Items] | |||
Amount available for borrowings | $ 480,445,000 | ||
Securitization Facility | |||
Debt Instrument [Line Items] | |||
Accounts Receivables, Term of Securitization Facility | 1 year | ||
Debt Instrument, Securitization Facility, Percentage of Receivables Used as Collateral | 85.00% | ||
Interest rate | 2.91% |
Income Taxes - Components Of In
Income Taxes - Components Of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 203,692 | $ 329,633 | $ 249,311 |
Foreign | (18,784) | (27,994) | (10,911) |
Income before income taxes | $ 184,908 | $ 301,639 | $ 238,400 |
Income Taxes - Components Of106
Income Taxes - Components Of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current, United States | $ 22,570 | $ 43,565 | $ 52,118 |
Deferred, United States | 37,553 | 51,581 | 31,020 |
Current, State and Local | 4,288 | 3,326 | 5,176 |
Deferred, State and Local | 5,631 | 3,979 | 1,562 |
Current, Foreign | 9,173 | 8,009 | 5,255 |
Deferred, Foreign | (3,919) | (8,839) | (5,029) |
Current, Total | 36,031 | 54,900 | 62,549 |
Deferred, Total | $ 39,265 | $ 46,721 | $ 27,553 |
Income Taxes - Reconciliation O
Income Taxes - Reconciliation Of Provision Of Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal income tax benefit) | 2.50% | 1.60% | 1.90% |
Foreign income tax rate differential | 1.40% | 1.10% | 0.80% |
Revaluation of deferred tax assets for tax rate changes and blending differences, net | 0.70% | (0.10%) | 0.00% |
Research and development credit | 0.20% | (0.60%) | (0.00%) |
Domestic production exclusions | (1.80%) | (4.00%) | (0.00%) |
Change in valuation allowance | 1.60% | 0.10% | 0.00% |
Nondeductible penalties | 0.30% | 0.00% | 0.00% |
Other | 0.80% | 0.60% | 0.10% |
Effective tax rate | 40.70% | 33.70% | 37.80% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred assets related to: | ||
Reserve for credit losses | $ 5,310 | $ 5,484 |
Foreign tax credit | 4,686 | 4,399 |
Stock-based compensation, net | 9,150 | 11,455 |
Net operating loss carryforwards | 22,797 | 36,768 |
Other assets | 5,992 | 5,399 |
Unrealized losses, primarily related to fuel price derivatives | 2,647 | 0 |
Total | 50,582 | 63,505 |
Deferred tax liabilities related to: | ||
Unrealized gains, primarily related to fuel price derivatives | 1,876 | 15,554 |
Other liabilities | 1,226 | 1,540 |
Property, equipment and capitalized software | 20,861 | 11,159 |
Intangibles, net | 94,814 | 71,030 |
Pension | 600 | 0 |
Total | 119,377 | 99,283 |
Valuation allowance primarily on net operating loss carryforwards | 4,814 | 2,210 |
Deferred income taxes, net | $ (73,609) | $ (37,988) |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets By Jurisdiction (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Contingency [Line Items] | ||
Deferred Tax Liabilities, Net | $ (73,609) | $ (37,988) |
United States | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Liabilities, Net | (76,308) | (34,963) |
Australia | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Liabilities, Net | (6,153) | (7,078) |
New Zealand | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Net, Total | 252 | 185 |
The Netherlands | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Net, Total | 230 | 238 |
United Kingdom | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Net, Total | 9,623 | 5,607 |
Brazil | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Liabilities, Net | $ (1,253) | $ (1,977) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 2,888 | ||
Deferred Tax Assets, Valuation Allowance Increase (Decrease), Acquisition Adjustment | 205 | ||
Deferred Tax Assets, Valuation Allowance, Foreign Currency Translation Adjustment | 79 | ||
Undistributed earnings of certain foreign subsidiaries | 13,230 | $ 7,733 | |
Unrecognized tax benefits, net | 7,027 | ||
Unrecognized tax benefits that, if recognized, would impact effective tax rate | 7,027 | ||
Accrued penalties and interest related to uncertain tax positions | 2,251 | 1,988 | $ 1,625 |
State and Local Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Operating loss carry forwards | 102,483 | 78,500 | |
Domestic Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Operating loss carry forwards | 10,072 | 53,099 | |
Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Operating loss carry forwards | 69,762 | 53,609 | |
Evolution1 | Domestic Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards, utilized during period | $ 42,618 | $ 20,753 |
Income Taxes - Reconciliatio111
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 4,856 | $ 5,283 | $ 6,176 |
Increases related to prior year tax position | 431 | 0 | 0 |
(Decreases) increases related to prior year tax positions, due to foreign currency exchange | (511) | (427) | (893) |
Ending balance | $ 4,776 | $ 4,856 | $ 5,283 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 02, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Eligible age to participate | 18 years | |||
Hours worked to be eligible to participate (at least) | 1000 hours | |||
Eligible year of service for Company matching contributions | 1 year | |||
Company matching percentage of each employee's contributions to maximum employee eligible compensation | 100.00% | |||
Maximum percentage of employee eligible compensation to the plan | 6.00% | |||
Contributions by company | $ 4,571 | $ 3,502 | $ 2,991 | |
Obligation related to defined contribution plan | 5,655 | 5,927 | ||
Aggregate market value of the securities | 5,655 | 5,927 | ||
Evolution1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets received from acquisition | $ 21,739 | |||
ESSO Portfolio | Foreign Postretirement Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Obligation related to defined contribution plan | $ 4,406 | $ 4,900 |
Tax Receivable Agreement - Addi
Tax Receivable Agreement - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 26, 2009 | Jul. 27, 2006 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2005 |
Income Tax Holiday [Line Items] | ||||||
Percentage of remittance of cash savings | 85.00% | |||||
Pursuant of tax receivable prepayment to third party | $ 51,000 | |||||
Charge to non-operating expense | $ (2,145) | $ 1,331 | $ 33 | |||
Realogy Corporation | ||||||
Income Tax Holiday [Line Items] | ||||||
Acquired right to receive percentage of payment | 62.50% | |||||
Wyndham Worldwide Corporation | ||||||
Income Tax Holiday [Line Items] | ||||||
Acquired right to receive percentage of payment | 37.50% | |||||
Percentage of right to receive payments under ratification agreement | 31.875% |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value and Related Hierarchy Levels (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | $ 18,562 | $ 18,940 | |||
Executive deferred compensation plan trust | 5,655 | [1] | 5,927 | [2] | |
Fuel price derivatives - liabilities | 5,007 | 40,969 | |||
Liabilities: | |||||
Foreign currency swaps | [3] | 90 | |||
Mortgage-backed securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 650 | 810 | |||
Asset-backed securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 848 | 1,165 | |||
Municipal bonds | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 398 | 554 | |||
Equity securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 16,666 | 16,411 | |||
Fuel price derivatives - unleaded fuel | |||||
Schedule of Investments [Line Items] | |||||
Fuel price derivatives - liabilities | 3,083 | [4] | 29,121 | [5] | |
Fuel price derivatives - diesel | |||||
Schedule of Investments [Line Items] | |||||
Fuel price derivatives - liabilities | 1,924 | [4] | 11,848 | [5] | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 16,666 | 16,411 | |||
Executive deferred compensation plan trust | 5,655 | [1] | 5,927 | [2] | |
Fuel price derivatives - liabilities | 0 | 0 | |||
Liabilities: | |||||
Foreign currency swaps | [3] | 0 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 16,666 | 16,411 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fuel price derivatives - unleaded fuel | |||||
Schedule of Investments [Line Items] | |||||
Fuel price derivatives - liabilities | 0 | [4] | 0 | [5] | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fuel price derivatives - diesel | |||||
Schedule of Investments [Line Items] | |||||
Fuel price derivatives - liabilities | 0 | [4] | 0 | [5] | |
Significant Other Observable Inputs (Level 2) | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 1,896 | 2,529 | |||
Executive deferred compensation plan trust | 0 | [1] | 0 | [2] | |
Fuel price derivatives - liabilities | 3,083 | 29,121 | |||
Liabilities: | |||||
Foreign currency swaps | [3] | 90 | |||
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 650 | 810 | |||
Significant Other Observable Inputs (Level 2) | Asset-backed securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 848 | 1,165 | |||
Significant Other Observable Inputs (Level 2) | Municipal bonds | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 398 | 554 | |||
Significant Other Observable Inputs (Level 2) | Equity securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) | Fuel price derivatives - unleaded fuel | |||||
Schedule of Investments [Line Items] | |||||
Fuel price derivatives - liabilities | 3,083 | [4] | 29,121 | [5] | |
Significant Other Observable Inputs (Level 2) | Fuel price derivatives - diesel | |||||
Schedule of Investments [Line Items] | |||||
Fuel price derivatives - liabilities | 0 | [4] | 0 | [5] | |
Significant Unobservable Inputs (Level 3) | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Executive deferred compensation plan trust | 0 | [1] | 0 | [2] | |
Fuel price derivatives - liabilities | 1,924 | 11,848 | |||
Liabilities: | |||||
Foreign currency swaps | [3] | 0 | |||
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) | Asset-backed securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) | Municipal bonds | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) | Equity securities | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale securities | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) | Fuel price derivatives - unleaded fuel | |||||
Schedule of Investments [Line Items] | |||||
Fuel price derivatives - liabilities | 0 | [4] | 0 | [5] | |
Significant Unobservable Inputs (Level 3) | Fuel price derivatives - diesel | |||||
Schedule of Investments [Line Items] | |||||
Fuel price derivatives - liabilities | $ 1,924 | [4] | $ 11,848 | [5] | |
[1] | The fair value of these instruments is recorded in other assets. | ||||
[2] | The fair value of these instruments is recorded in other assets | ||||
[3] | The fair value of these instruments is recorded in Accounts payable. | ||||
[4] | The consolidated balance sheet presentation combines unleaded fuel and diesel fuel positions. | ||||
[5] | The consolidated balance sheet presentation combines unleaded fuel and diesel fuel positions |
Fair Value - Reconciliation of
Fair Value - Reconciliation of Beginning and Ending Balances for Assets (Liabilities) Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level Three) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Total gains or (losses) – realized/unrealized | ||||
Included in other comprehensive income | $ 0 | |||
Fuel price derivatives - diesel | ||||
Fuel Price Derivatives – Diesel | ||||
Beginning balance | $ 11,848 | (2,142) | ||
Total gains or (losses) – realized/unrealized | ||||
Included in earnings | (9,924) | [1] | 13,990 | [2] |
Included in other comprehensive income | 0 | |||
Purchases, issuances and settlements | 0 | 0 | ||
Transfers (in)/out of Level 3 | 0 | 0 | ||
Ending balance | $ 1,924 | $ 11,848 | ||
[1] | Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2015, are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income | |||
[2] | Gains and losses (realized and unrealized) included in earnings for the year ended December 31, 2014, are reported in net realized and unrealized gains and (losses) on fuel price derivatives on the consolidated statements of income. |
Fair Value Fair Value - Additio
Fair Value Fair Value - Additional Information (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 30, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Notes outstanding | $ 400,000,000 | $ 400,000,000 | |
Fair value of notes | 366,000,000 | ||
Senior Notes | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Notes outstanding | $ 400,000,000 | $ 400,000,000 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information About Level Three Fair Value Measurements (Details) - Fuel price derivatives - diesel $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / gal | Dec. 31, 2014USD ($)$ / gal | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ | $ 1,924 | $ 11,849 |
Option Model | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Future retail price of diesel (in usd per gallon) | 3.72 | 3.72 |
Option Model | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Future retail price of diesel (in usd per gallon) | 3.78 | 3.86 |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | Apr. 18, 2016 | Oct. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ||||||
Long-term Line of Credit | $ 669,755 | $ 669,755 | $ 901,564 | |||
Office space, equipment, and vehicle | ||||||
Loss Contingencies [Line Items] | ||||||
Rent expense | 11,310 | 8,838 | $ 7,257 | |||
Technology and Software | ||||||
Loss Contingencies [Line Items] | ||||||
Rent expense | 11,288 | 9,852 | $ 8,249 | |||
Commitments to Extend Credit | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | 6,229,000 | 6,229,000 | $ 5,927,000 | |||
Subsidiaries | Section Five Violation | ||||||
Loss Contingencies [Line Items] | ||||||
Payments for legal settlements | 1,750 | |||||
Subsidiaries | Threatened Litigation | Section Five Violation | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 1,750 | 1,750 | ||||
Restitution and contractual indemnification | $ 31,000 | |||||
Electronic Funds Source LLC | ||||||
Loss Contingencies [Line Items] | ||||||
Business acquisition price paid in cash | $ 1,100,000 | |||||
Business acquisition price paid in shares | 4,012 | |||||
Electronic Funds Source LLC | Scenario, Forecast | ||||||
Loss Contingencies [Line Items] | ||||||
Cash termination fee | $ 45,000 | |||||
Cash termination fee for failure to obtain antitrust clearances | 70,000 | |||||
Long-term Line of Credit | 2,125,000 | |||||
Term Loans Facility | Electronic Funds Source LLC | Scenario, Forecast | ||||||
Loss Contingencies [Line Items] | ||||||
Long-term Line of Credit | $ 1,775,000 | |||||
Debt instrument, term | 7 years | |||||
Revolving Credit Facility | Electronic Funds Source LLC | Scenario, Forecast | ||||||
Loss Contingencies [Line Items] | ||||||
Long-term Line of Credit | $ 350,000 | |||||
Debt instrument, term | 5 years |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 30, 2012 |
Redeemable Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 46,018 | $ 0 | |||
Unik Financial Services | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Percent of ownership interest acquired | 49.00% | 51.00% | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 46,018 | ||||
WEX Europe Services | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Percent of ownership interest acquired | 75.00% |
Commitments and Contingencie120
Commitments and Contingencies - Future Minimum Lease Payments Under Non-Cancelable Operating and Capital Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Operating | |
2,016 | $ 11,533 |
2,017 | 9,716 |
2,018 | 8,581 |
2,019 | 5,737 |
2,020 | 4,574 |
2021 and thereafter | 15,551 |
Total minimum lease payments | 55,692 |
Capital | |
2,016 | 847 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2021 and thereafter | 0 |
Total minimum lease payments | 847 |
Less: Amount representing interest | 40 |
Total obligations under capital lease | $ 807 |
Non-controlling Interest - Rede
Non-controlling Interest - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Redeemable Noncontrolling Interest [Roll Forward] | ||
Balance, beginning of period | $ 16,590 | $ 18,729 |
Net income attributable to redeemable non-controlling interest | 1,190 | 198 |
Currency translation adjustment | (4,210) | (2,337) |
Accretion to redemption value | 9,413 | 0 |
Excess purchase amount over redemption value | 23,035 | 0 |
Purchase of non-controlling interest | (46,018) | 0 |
Ending balance | $ 0 | $ 16,590 |
Non-controlling Interest - Reco
Non-controlling Interest - Reconciliation of Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance, beginning of period | $ 17,396 | ||
Non-controlling interest investment | $ 21,267 | ||
Net loss attributable to non-controlling interest | (1,705) | (2,193) | $ (910) |
Ending balance | 12,437 | 17,396 | |
WEX Europe Services | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance, beginning of period | 17,396 | 519 | |
Non-controlling interest investment | 0 | 21,267 | |
Net loss attributable to non-controlling interest | (2,896) | (2,391) | |
Currency translation adjustment | (2,063) | (1,999) | |
Ending balance | $ 12,437 | $ 17,396 | $ 519 |
Accumulated Other Comprehens123
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ (50,581) | |
Purchase of non-controlling interest | (46,018) | $ 0 |
Ending balance | (103,451) | (50,581) |
Unrealized Gains and Losses on Available- for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (129) | (433) |
Other comprehensive (loss) income | (83) | 304 |
Purchase of non-controlling interest | 0 | 0 |
Ending balance | (212) | (129) |
Accumulated other comprehensive income (loss), tax | 2,647 | 1,453 |
Foreign Currency Items | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (50,452) | (15,062) |
Other comprehensive (loss) income | (43,679) | (35,390) |
Purchase of non-controlling interest | (9,108) | 0 |
Ending balance | $ (103,239) | $ (50,452) |
Cash And Dividend Restrictions
Cash And Dividend Restrictions - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | ||
Reserve balance on deposits | $ 39,748,000 | $ 31,127,000 |
Leverage ratio (higher than) | 1.75 | |
Maximum restricted payments, including dividends, per annum | $ 25,000,000 | |
Percentage of transfer to surplus fund | 10.00% | |
Required percentage of surplus to capital stock | 100.00% | |
Capital stock | $ 5,250,000 | |
Capital surplus as percent of capital stock | 100.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
May. 31, 2015shares | Dec. 31, 2015USD ($)plan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 31, 2010shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | shares | 3,800,000 | ||||
Share-based compensation arrangement by share-based payment award, number of additional shares authorized | shares | 1,596,000 | ||||
Number of stock-based compensation plans | plan | 4 | ||||
Total stock-based compensation cost recognized | $ 12,420,000 | $ 13,790,000 | $ 9,429,000 | ||
Total unrecognized compensation cost | 0 | ||||
Shares exercised, total intrinsic value | 216,000 | 1,543,000 | 3,632,000 | ||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | $ 3,971,000 | ||||
Compensation cost expected recognition weighted average period | 1 year 1 month 6 days | ||||
Shares granted fair value | $ 7,846,000 | 7,376,000 | 9,757,000 | ||
Shares vested fair value | $ 4,521,000 | 8,545,000 | 5,259,000 | ||
Restricted Stock Units (RSUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Restricted Stock Units (RSUs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Deferred Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted and vested fair value | $ 363,000 | 189,000 | 137,000 | ||
Performance Based Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost expected recognition weighted average period | 1 year 3 months 24 days | ||||
Shares vested fair value | $ 2,035,000 | 2,474,000 | 9,075,000 | ||
Performance Based Restricted Stock Units | Units at Threshold | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | 2,595,000 | ||||
Performance Based Restricted Stock Units | Units at Target | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | 7,254,000 | ||||
Shares granted fair value | 6,860,000 | $ 19,239,000 | $ 5,356,000 | ||
Performance Based Restricted Stock Units | Units at Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | $ 14,318,000 | ||||
Performance Based Restricted Stock Units | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance goals tracking period | 1 year | ||||
Performance Based Restricted Stock Units | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance goals tracking period | 4 years | ||||
Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Award vesting rights, percentage | 33.00% | ||||
Expiration period | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary Of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) | 12 Months Ended | |
Dec. 31, 2015$ / sharesshares | ||
Units | ||
Balance at January 1, 2015 | shares | 105,000 | |
Granted | shares | 82,000 | |
Forfeited | shares | (9,000) | |
Withheld for taxes (b) | shares | (23,000) | [1] |
Balance at December 31, 2015 | shares | 99,000 | |
Weighted- Average per share Grant- Date Fair Value | ||
Balance at January 1, 2015 | $ / shares | $ 82.45 | |
Granted | $ / shares | 98.32 | |
Forfeited | $ / shares | 88.08 | |
Withheld for taxes | $ / shares | 81.67 | [1] |
Balance at December 31, 2015 | $ / shares | $ 94.51 | |
Restricted Stock Units Issued | ||
Units | ||
Vested | shares | (54,000) | |
Weighted- Average per share Grant- Date Fair Value | ||
Vested | $ / shares | $ 86.98 | |
Restricted Stock Units Deferred | ||
Units | ||
Vested | shares | (2,000) | [2] |
Weighted- Average per share Grant- Date Fair Value | ||
Vested | $ / shares | $ 118.03 | [2] |
[1] | The Company has elected to pay cash equal to the minimum amount required to be withheld for income tax purposes instead of issuing the shares of common stock. The cash is remitted to the appropriate taxing authority. | |
[2] | The Company issued fully vested and non-forfeitable restricted stock units to certain non-employee directors and certain employees that are payable in shares of the Company’s common stock at a later date as specified by the award (deferred stock units or “DSUs”). |
Stock-Based Compensation - S127
Stock-Based Compensation - Summary Of Deferred Stock Units (Details) - Deferred Stock Units | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Shares | |
Balance at January 1, 2015 | shares | 95,000 |
Units, Awards | shares | 1,000 |
Units, Converted from RSUs | shares | 2,000 |
Balance at December 31, 2015 | shares | 98,000 |
Weighted- Average per share Grant-Date Fair Value | |
Balance at January 1, 2015 | $ / shares | $ 27.79 |
Weighted-Average Grant-Date Fair Value, Awards | $ / shares | 100.70 |
Weighted-Average Grant-Date Fair Value, Converted from RSUs | $ / shares | 118.03 |
Balance at December 31, 2015 | $ / shares | $ 30.59 |
Stock-Based Compensation - S128
Stock-Based Compensation - Summary Of Performance Based Restricted Stock Units (Details) - Performance Based Restricted Stock Units | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Weighted- Average per share Grant-Date Fair Value | |
Balance at January 1, 2015 | $ / shares | $ 92.39 |
Granted | $ / shares | 103.32 |
Forfeited | $ / shares | 94.56 |
Weighted-Average Grant-Date Fair Value, Cancelled | $ / shares | 92.07 |
Balance at December 31, 2015 | $ / shares | $ 96.16 |
Units at Threshold | |
Shares | |
Balance at January 1, 2015 | 58,000 |
Granted | 30,000 |
Units, Forfeited | (5,000) |
Units, Cancelled | (12,000) |
Balance at December 31, 2015 | 71,000 |
Units at Target | |
Shares | |
Balance at January 1, 2015 | 186,000 |
Granted | 66,000 |
Units, Forfeited | (18,000) |
Units, Cancelled | (46,000) |
Balance at December 31, 2015 | 188,000 |
Units at Maximum | |
Shares | |
Balance at January 1, 2015 | 355,000 |
Granted | 133,000 |
Units, Forfeited | (33,000) |
Units, Cancelled | (92,000) |
Balance at December 31, 2015 | 363,000 |
Stock-Based Compensation - S129
Stock-Based Compensation - Summary of Assumptions Used (Details) - Stock Option - USD ($) | Aug. 31, 2015 | Mar. 15, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average expected life (in years) | 5 years 9 months 7 days | 6 years | ||
Weighted average exercise price | $ 94.53 | $ 103.75 | $ 71.50 | $ 13.59 |
Weighted average volatility | 28.73% | 30.53% | ||
Weighted average risk-free rate | 1.66% | 1.73% | ||
Weighted average dividend yield | $ 0 | $ 0 | ||
Weighted average fair value | $ 28.90 | $ 34.13 |
Stock-Based Compensation - S130
Stock-Based Compensation - Summary of Stock Option Plan (Details) - Stock Option $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Shares | |
Shares, Beginning balance outstanding | shares | 31,000 |
Shares, Granted | shares | 55,000 |
Shares, Exercised | shares | (3,000) |
Shares, Forfeited or expired | shares | (2,000) |
Shares, Ending balance outstanding | shares | 81,000 |
Exercisable on December 31, 2015 | shares | 81,000 |
Vested and expected to vest at December 31, 2015 | shares | 81,000 |
Weighted- Average per share Exercise Price | |
Weighted-Average Exercise Price, Beginning balance outstanding | $ / shares | $ 13.59 |
Weighted-Average Exercise Price, Granted | $ / shares | 103.40 |
Weighted-Average Exercise Price, Exercised | $ / shares | 13.59 |
Weighted-Average Exercise Price, Forfeited or expired | $ / shares | 103.75 |
Weighted-Average Exercise Price, Ending balance outstanding | $ / shares | 71.50 |
Exercisable on December 31, 2015 | $ / shares | 71.50 |
Vested and expected to vest at December 31, 2015 | $ / shares | $ 71.50 |
Weighted average remaining contractual term | 6 years 4 months 10 days |
Exercisable on December 31, 2015 | 6 years 4 months 10 days |
Vested and expected to vest at December 31, 2015 | 6 years 4 months 10 days |
Outstanding at December 31, 2015 | $ | $ 1,363 |
Exercisable on December 31, 2015 | $ | 1,363 |
Vested and expected to vest at December 31, 2015 | $ | $ 1,363 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | |||||
Restructuring | $ 8,559 | $ 9,010 | $ 0 | $ 0 | |
Restructuring charge | $ 479 | $ 9,038 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2015 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance at January 1, 2015 | $ 0 | |
Restructuring charge | $ 479 | 9,038 |
Reserve release | (28) | |
Cash paid | (1,433) | |
Impact of foreign currency translation | (328) | |
Ending balance at December 31, 2015 | $ 7,249 | $ 7,249 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Sales Revenue, Net | 12 Months Ended |
Dec. 31, 2015 | |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage (less than 7 percent for total revenues) | 10.00% |
Maximum | Other international | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage (less than 7 percent for total revenues) | 10.00% |
Segment Information - Reportabl
Segment Information - Reportable Segment Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total revenues | $ 212,642 | $ 226,057 | $ 213,653 | $ 202,285 | $ 211,864 | $ 222,134 | $ 201,581 | $ 182,068 | $ 854,637 | $ 817,647 | $ 717,463 |
Operating interest expense | 5,628 | 6,437 | 4,287 | ||||||||
Depreciation and Amortization | 86,174 | 73,022 | 60,563 | ||||||||
Adjusted Pre-Tax Income before NCI | 298,308 | 302,697 | 286,019 | ||||||||
Fleet solutions | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total revenues | 538,958 | 562,169 | 527,424 | ||||||||
Operating interest expense | 1,869 | 2,778 | 1,802 | ||||||||
Depreciation and Amortization | 27,663 | 26,046 | 23,351 | ||||||||
Adjusted Pre-Tax Income before NCI | 193,394 | 204,171 | 216,705 | ||||||||
Travel and corporate solutions | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total revenues | 195,419 | 182,921 | 163,004 | ||||||||
Operating interest expense | 1,218 | 542 | 573 | ||||||||
Depreciation and Amortization | 1,415 | 1,332 | 1,488 | ||||||||
Adjusted Pre-Tax Income before NCI | 88,094 | 92,313 | 69,493 | ||||||||
Health and employee benefit solutions | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total revenues | 120,260 | 72,557 | 27,035 | ||||||||
Operating interest expense | 2,541 | 3,117 | 1,912 | ||||||||
Depreciation and Amortization | 6,207 | 2,380 | 222 | ||||||||
Adjusted Pre-Tax Income before NCI | 16,820 | 6,213 | (179) | ||||||||
Total | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total revenues | 854,637 | 817,647 | 717,463 | ||||||||
Operating interest expense | 5,628 | 6,437 | 4,287 | ||||||||
Depreciation and Amortization | 35,285 | 29,758 | 25,061 | ||||||||
Adjusted Pre-Tax Income before NCI | $ 298,308 | $ 302,697 | $ 286,019 |
Segment Information - Reconcili
Segment Information - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | ||||
Adjusted pre-tax income before NCI | $ 298,308 | $ 302,697 | $ 286,019 | |
Changes in unrealized fuel price derivatives | (35,962) | 48,327 | (5,628) | |
Net foreign currency (loss) gain | (5,689) | (13,438) | 964 | |
Amortization of acquired intangible assets | (47,792) | (40,622) | (33,147) | |
Stock-based compensation | (12,420) | (13,790) | (9,429) | |
Restructuring | (9,010) | 0 | 0 | |
Gain on divestiture | 1,215 | 27,490 | 0 | |
Deferred loan costs associated with the extinguishment of debt | $ (1,000) | 0 | 0 | (1,004) |
Expenses and adjustments related to acquisitions | (4,137) | (7,694) | 658 | |
Non-cash adjustments related to tax receivable agreement | 2,145 | (1,331) | (33) | |
Regulatory reserve | (1,750) | 0 | 0 | |
Income before income taxes | $ 184,908 | $ 301,639 | $ 238,400 |
Segment Information - Schedule
Segment Information - Schedule Of Revenue By Geographic Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Total revenues | $ 212,642 | $ 226,057 | $ 213,653 | $ 202,285 | $ 211,864 | $ 222,134 | $ 201,581 | $ 182,068 | $ 854,637 | $ 817,647 | $ 717,463 | ||
Goodwill | 1,112,878 | [1] | 1,117,281 | 1,112,878 | [1] | 1,117,281 | 819,892 | ||||||
Goodwill, Adjusted for Purchasing Accounting | 1,112,878 | 1,117,281 | 1,112,878 | 1,117,281 | |||||||||
Total other intangibles assets, net | 470,712 | 497,297 | 470,712 | 497,297 | 206,744 | ||||||||
Property, equipment and capitalized software, net | 138,585 | 105,596 | 138,585 | 105,596 | 72,275 | ||||||||
United States | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Total revenues | 691,088 | 708,827 | 627,282 | ||||||||||
Goodwill | 893,067 | 866,692 | 893,067 | 866,692 | 589,319 | ||||||||
Total other intangibles assets, net | 392,221 | 388,717 | 392,221 | 388,717 | 118,808 | ||||||||
Property, equipment and capitalized software, net | 79,265 | 72,334 | 79,265 | 72,334 | 59,817 | ||||||||
Australia | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Total revenues | 50,387 | 57,897 | 61,645 | ||||||||||
Goodwill | 148,258 | 165,688 | 148,258 | 165,688 | 180,274 | ||||||||
Total other intangibles assets, net | 23,064 | 32,123 | 23,064 | 32,123 | 43,385 | ||||||||
Property, equipment and capitalized software, net | 5,445 | 6,280 | 5,445 | 6,280 | 5,988 | ||||||||
Other international | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Total revenues | 113,162 | 50,923 | 28,536 | ||||||||||
Goodwill | 71,553 | 84,901 | 71,553 | 84,901 | 50,299 | ||||||||
Total other intangibles assets, net | 55,427 | 76,457 | 55,427 | 76,457 | 44,551 | ||||||||
Property, equipment and capitalized software, net | $ 53,875 | $ 26,982 | $ 53,875 | $ 26,982 | $ 6,470 | ||||||||
[1] | The prior year amounts have been adjusted to reflect changes as a result of finalizing the purchase accounting. See Note 3, "Business Acquisitions and Other Intangible Asset Acquisitions." |
Pending EFS Acquisition (Detail
Pending EFS Acquisition (Details) - USD ($) shares in Thousands, $ in Thousands | Apr. 18, 2016 | Oct. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Revolving line-of-credit facilities and term loan | $ 669,755 | $ 901,564 | ||
Electronic Funds Source LLC | ||||
Business Acquisition [Line Items] | ||||
Business acquisition price paid in cash | $ 1,100,000 | |||
Business acquisition price paid in shares | 4,012 | |||
Percent of ownership interest acquired | 9.40% | |||
Electronic Funds Source LLC | Scenario, Forecast | ||||
Business Acquisition [Line Items] | ||||
Cash termination fee | $ 45,000 | |||
Cash termination fee for failure to obtain antitrust clearances | 70,000 | |||
Revolving line-of-credit facilities and term loan | 2,125,000 | |||
Term Loans Facility | Electronic Funds Source LLC | Scenario, Forecast | ||||
Business Acquisition [Line Items] | ||||
Revolving line-of-credit facilities and term loan | $ 1,775,000 | |||
Debt instrument, term | 7 years | |||
Revolving Credit Facility | Electronic Funds Source LLC | Scenario, Forecast | ||||
Business Acquisition [Line Items] | ||||
Revolving line-of-credit facilities and term loan | $ 350,000 | |||
Debt instrument, term | 5 years |
Summary Of Quarterly Financial
Summary Of Quarterly Financial Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 212,642 | $ 226,057 | $ 213,653 | $ 202,285 | $ 211,864 | $ 222,134 | $ 201,581 | $ 182,068 | $ 854,637 | $ 817,647 | $ 717,463 |
Operating income | 49,890 | 67,745 | 62,918 | 48,240 | 61,842 | 102,530 | 80,329 | 61,537 | 228,793 | 306,238 | 276,739 |
Net earnings attributable to shareholders | $ 20,901 | $ 32,166 | $ 26,492 | $ 22,345 | $ 47,893 | $ 74,443 | $ 43,333 | $ 36,542 | $ 111,317 | $ 202,211 | $ 149,208 |
Earnings Per Share [Abstract] | |||||||||||
Basic (in usd per share) | $ 0.54 | $ 0.83 | $ 0.68 | $ 0.58 | $ 1.23 | $ 1.92 | $ 1.12 | $ 0.94 | $ 2.63 | $ 5.20 | $ 3.83 |
Diluted (in usd per share) | $ 0.54 | $ 0.83 | $ 0.68 | $ 0.57 | $ 1.22 | $ 1.91 | $ 1.11 | $ 0.93 | $ 2.62 | $ 5.18 | $ 3.82 |