WEX (WEX) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-32426
Entity Registrant Name	WEX Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0526993
Entity Address, Address Line One	1 Hancock St.,
Entity Address, City or Town	Portland,
Entity Address, State or Province	ME
Entity Address, Postal Zip Code	04101
City Area Code	207
Local Phone Number	773–8171
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	WEX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,741,268
Entity Central Index Key	0001309108
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Total revenues	$ 410,757	$ 431,679
Cost of services
Processing costs	109,762	104,917
Service fees	11,146	13,754
Provision for credit losses	5,059	33,987
Operating interest	2,624	8,385
Depreciation and amortization	29,194	24,789
Total cost of services	157,785	185,832
General and administrative	86,431	62,036
Sales and marketing	78,347	68,782
Depreciation and amortization	37,653	40,200
Operating income	50,541	74,829
Financing interest expense	(33,284)	(32,031)
Net foreign currency loss	(2,755)	(28,727)
Net unrealized gain (loss) on financial instruments	7,033	(32,047)
Income (loss) before income taxes	21,535	(17,976)
Income tax benefit	(1,670)	(5,707)
Net income (loss)	23,205	(12,269)
Less: Net income from non-controlling interests	726	1,363
Net income (loss) attributable to WEX Inc.	22,479	(13,632)
Change in value of redeemable non-controlling interest	(25,044)	(2,624)
Net loss attributable to shareholders	$ (2,565)	$ (16,256)
Net loss attributable to shareholders per share:
Basic (in dollars per share)	$ (0.06)	$ (0.37)
Diluted (in dollars per share)	$ (0.06)	$ (0.37)
Weighted average common shares outstanding:
Basic (in shares)	44,343	43,416
Diluted (in shares)	44,343	43,416
Payment processing revenue
Revenues
Total revenues	$ 188,389	$ 204,037
Account servicing revenue
Revenues
Total revenues	118,623	113,840
Finance fee revenue
Revenues
Total revenues	52,153	55,927
Other revenue
Revenues
Total revenues	$ 51,592	$ 57,875

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 23,205	$ (12,269)
Foreign currency translation	(6,877)	(41,404)
Comprehensive income (loss)	16,328	(53,673)
Less: Comprehensive income attributable to non-controlling interests	407	894
Comprehensive income (loss) attributable to WEX Inc.	$ 15,921	$ (54,567)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 561,199	$ 852,033
Restricted cash	412,451	477,620
Accounts receivable (net of allowances of $55,143 in 2021 and $59,147 in 2020)	2,506,479	1,993,329
Securitized accounts receivable, restricted	133,280	93,236
Prepaid expenses and other current assets	95,002	86,629
Total current assets	3,708,411	3,502,847
Property, equipment and capitalized software (net of accumulated depreciation of $424,960 in 2021 and $402,406 in 2020)	182,911	188,340
Goodwill	2,759,025	2,688,138
Other intangible assets (net of accumulated amortization of $874,800 in 2021 and $835,163 in 2020)	1,413,377	1,552,012
Investment securities	36,832	37,273
Deferred income taxes, net	21,050	17,524
Other assets	195,127	197,227
Total assets	8,316,733	8,183,361
Liabilities and Stockholders’ Equity
Accounts payable	1,123,018	778,207
Accrued expenses	321,081	362,472
Restricted cash payable	412,451	477,620
Short-term deposits	1,043,457	911,395
Short-term debt, net	354,298	152,730
Other current liabilities	53,440	58,429
Total current liabilities	3,307,745	2,740,853
Long-term debt, net	2,508,311	2,874,113
Long-term deposits	118,591	148,591
Deferred income taxes, net	198,790	220,122
Other liabilities	152,454	164,546
Total liabilities	6,285,891	6,148,225
Commitments and contingencies
Redeemable non-controlling interest	142,616	117,219
Stockholders’ Equity
Common stock $0.01 par value; 175,000 shares authorized; 49,010 shares issued in 2021 and 48,616 in 2020; 44,582 shares outstanding in 2021 and 44,188 in 2020	489	485
Additional paid-in capital	850,108	872,711
Retained earnings	1,286,387	1,286,976
Accumulated other comprehensive loss	(89,493)	(82,935)
Treasury stock at cost; 4,428 shares in 2021 and 2020	(172,342)	(172,342)
Total WEX Inc. stockholders’ equity	1,875,149	1,904,895
Non-controlling interest	13,077	13,022
Total stockholders’ equity	1,888,226	1,917,917
Total liabilities and stockholders’ equity	$ 8,316,733	$ 8,183,361

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Long-term debt, net	$ 55,143	$ 59,147
Property, equipment and capitalized software, accumulated depreciation	424,960	402,406
Accumulated amortization	$ 874,800	$ 835,163
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued	49,010,000	48,616,000
Common stock, shares outstanding (in shares)	44,582,000	44,188,000
Treasury stock, shares (in shares)	4,428,000	4,428,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	[1]	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock Issued	Common Stock IssuedCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in  Capital	Additional Paid-in  CapitalCumulative Effect, Period of Adoption, Adjustment	[1]	Additional Paid-in  CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	[1]	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance	Non-Controlling Interest	Non-Controlling InterestCumulative Effect, Period of Adoption, Adjusted Balance
Beginning Balance (in shares) at Dec. 31, 2019					47,749
Beginning balance at Dec. 31, 2019	$ 1,927,745				$ 477		$ 675,060				$ (115,449)		$ (172,342)		$ 1,530,614				$ 9,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued (in shares)					189
Stock issued	1,952				$ 2		1,950
Share repurchases for tax withholdings	(8,817)						(8,817)
Stock-based compensation expense	12,533						12,533
Change in value of redeemable non-controlling interest	(2,624)														(2,624)
Foreign currency translation	(41,404)										(40,935)								(469)
Net income	(12,411)														(13,632)				1,221
Ending Balance (in shares) at Mar. 31, 2020					47,938
Ending balance at Mar. 31, 2020	1,876,974				$ 479		680,726				(156,384)		(172,342)		1,514,358				10,137
Beginning Balance (in shares) at Dec. 31, 2019					47,749
Beginning balance at Dec. 31, 2019	1,927,745				$ 477		675,060				(115,449)		(172,342)		1,530,614				9,385
Ending Balance (in shares) at Dec. 31, 2020					48,616	48,616
Ending balance at Dec. 31, 2020	$ 1,917,917	$ (40,006)		$ 1,877,911	$ 485	$ 485	872,711	$ (41,982)		$ 830,729	(82,935)	$ (82,935)	(172,342)	$ (172,342)	1,286,976	$ 1,976		$ 1,288,952	13,022	$ 13,022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate202006Member
Stock issued (in shares)					394
Stock issued	$ 22,559				$ 4		22,555
Share repurchases for tax withholdings	(21,062)						(21,062)
Stock-based compensation expense	17,886						17,886
Change in value of redeemable non-controlling interest	(25,044)														(25,044)
Foreign currency translation	(6,877)										(6,558)								(319)
Net income	22,853														22,479				374
Ending Balance (in shares) at Mar. 31, 2021					49,010
Ending balance at Mar. 31, 2021	$ 1,888,226				$ 489		$ 850,108				$ (89,493)		$ (172,342)		$ 1,286,387				$ 13,077
[1]	Reflects the impact of the Company’s modified retrospective adoption of ASU 2020-06 (See Note 2, Recent Accounting Pronouncements).

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income (loss)		$ 23,205	$ (12,269)
Adjustments to reconcile net income to net cash (used for) provided by operating activities:
Net unrealized (gain) loss		(4,505)	49,737
Stock-based compensation		17,886	12,533
Depreciation and amortization		66,847	64,989
Debt restructuring and debt issuance cost amortization		4,455	2,002
Deferred tax benefit		(2,235)	(8,830)
Provision for credit losses		5,059	33,987
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and securitized accounts receivable		(565,374)	488,709
Prepaid expenses and other current and other long-term assets		(11,065)	(18,830)
Accounts payable		350,563	(200,428)
Accrued expenses and restricted cash payable		(100,744)	(75,383)
Income taxes		(3,877)	5,822
Other current and other long-term liabilities		2,490	(1,816)
Net cash (used for) provided by operating activities		(217,295)	340,223
Cash flows from investing activities
Purchases of property, equipment and capitalized software		(18,280)	(20,665)
Purchases of investment securities		(96)	(131)
Maturities of investment securities		61	88
Acquisition Working Capital Adjustment		1,909	0
Net cash used for investing activities		(16,406)	(20,708)
Cash flows from financing activities
Repurchase of share-based awards to satisfy tax withholdings		(21,062)	(8,817)
Proceeds from stock option exercises		22,559	1,952
Net change in deposits		102,958	(143,049)
Net activity on other debt		194,798	(84,985)
Repayments on term loans		(16,152)	(16,152)
Redemption of Notes		(400,000)	0
Net change in securitized debt		2,320	(6,909)
Net cash used for financing activities		(114,579)	(257,960)
Effect of exchange rates on cash, cash equivalents and restricted cash		(7,723)	(16,543)
Net change in cash, cash equivalents and restricted cash		(356,003)	45,012
Cash, cash equivalents and restricted cash at beginning of period	[1]	1,329,653	981,381
Cash, cash equivalents and restricted cash at end of period	[1]	973,650	1,026,393
Supplemental disclosure of non-cash investing and financing activities
Capital expenditures incurred but not paid		2,213	3,362
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents at beginning of period		852,033	810,932
Restricted cash at beginning of period		477,620	170,449
Cash, cash equivalents and restricted cash at beginning of period	[1]	1,329,653	981,381
Cash and cash equivalents at end of period		561,199	861,188
Restricted cash at end of period		412,451	165,205
Cash, cash equivalents and restricted cash at end of period	[1]	$ 973,650	$ 1,026,393
[1]	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within our condensed consolidated balance sheets to amounts within our condensed consolidated statements of cash flows.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10–Q and Rule 10–01 of Regulation S–X. Accordingly, they do not include all information and notes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements that are included in the Company’s Annual Report on Form 10–K for the year ended December 31, 2020, filed with the SEC on March 1, 2021. In the opinion of management, all adjustments considered necessary for a fair presentation, which are of a normal recurring nature, have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results for any future periods or the year ending December 31, 2021. With the exception of the accounting policy over convertible debt, which was impacted by the early adoption of ASU 2020–06 effective January 1, 2021 (refer to Adoption of a New Accounting Standard later within this Note and Note 2, Recent Accounting Pronouncements), we have applied the same accounting policies in preparing these quarterly financial statements as we did in preparing our 2020 annual financial statements. The Company rounds amounts in the unaudited condensed consolidated financial statements to thousands and calculates all per-share data from underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot or recalculate based on reported numbers due to rounding. COVID-19 Pandemic Response and Impact A novel strain of coronavirus (COVID-19) was first identified in Wuhan, China in January 2020, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. During the first quarter of 2020, the Company took a number of precautionary steps to safeguard its business and employees from the effects of COVID-19 including restricting business travel, temporarily closing offices and canceling participation in various industry events. These precautionary steps have largely remained in force through the first quarter of 2021 as the Company continues to closely track and assess the evolving effect of the pandemic. The Company is actively managing its responses in collaboration with its employees, customers and suppliers. The spread of COVID-19, and conditions arising in connection with it, including restrictions on businesses and individuals and wider changes in business and customer behavior, have continued to impact the Company’s businesses during the three months ended March 31, 2021. The following describes these impacts by reportable segment: Fleet Solutions — Volumes in the North American fleet and international portions of the business continue their recovery during the first quarter of 2021 while volumes in our over-the-road trucking business continue to maintain strong growth relative to the prior year comparable quarter. Travel and Corporate Solutions — Of the Company’s segments, Travel and Corporate Solutions continues to be the most impacted by the pandemic and corresponding decline in worldwide travel and tourism. Purchase volume in the travel portion of the segment was significantly lower during the first quarter of 2021 as compared to the corresponding quarter of 2020, however, has increased significantly over the fourth quarter of 2020. The corporate payments portion of the segment has seen an increase in purchase volumes compared to the first quarter of 2020, which is largely attributable to the ongoing migration of businesses to virtual payments and increasing usage of our accounts payable products. Health and Employee Benefit Solutions — Volume challenges were most felt during the second quarter of 2020 as a result of cardholders deferring non-essential medical treatments when U.S. lockdown restrictions were most severe. Purchase volumes continue to be impacted by the pandemic as deferral of discretionary healthcare spend persists. The Company continued to evaluate the effects of COVID-19 on its goodwill and long-lived asset groups during the first quarter of 2021, and did not identify any triggering events that would require us to perform goodwill impairment or long-lived asset recoverability tests. The full impact of COVID-19 on the Company's business, operations and the global economy as a whole is unknown, and the duration and changing nature of the pandemic will require us to continually reassess the effects on the Company’s goodwill and long-lived asset groups each reporting period. Changes in our evaluation of economic conditions and expectations for the business could prompt goodwill impairment or long-lived asset recoverability tests, and potential impairment charges in the future. Adoption of a New Accounting Standard The Company early adopted ASU 2020-06 on January 1, 2021, utilizing the modified-retrospective approach, recognizing the cumulative adjustment to retained earnings as of the effective date, without restatement of prior period amounts. ASU 2020-06 simplifies accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. This standard eliminates the bifurcation of the equity component associated with the cash conversion feature for convertible notes, which were previously recorded within equity. As a result of adoption, the convertible debt and its conversion feature are now accounted for as a single unit of account. The following table illustrates the adoption impact of ASU 2020-06: January 1, 2021 (In thousands) Prior to adoption Impact of As reported Long-term debt, net $ 2,874,113 $ 52,115 $ 2,926,228 Deferred income taxes, net (within total liabilities) $ 220,122 $ (12,109) $ 208,013 Additional paid-in capital $ 872,711 $ (41,982) $ 830,729 Retained earnings $ 1,286,976 $ 1,976 $ 1,288,952 The Company continues to apply the if-converted method to calculate the impact of the Convertible Notes on the diluted earnings per share as required by ASU 2020-06. See Note 6, Earnings per Share, for more information. Allowance for Accounts Receivable The allowance for accounts receivable consists primarily of reserves for credit losses, reflecting management’s current estimate of uncollectible balances on its accounts receivable. The reserve for expected credit losses includes both a quantitative and qualitative reserve component. The quantitative component is primarily calculated using an analytic model, which includes the consideration of historical loss experience and past events to calculate actual loss-rates at the portfolio level. It also includes reserves against specific customer account balances determined to be at risk for non-collection based on customer information including delinquency, changes in payment patterns and other information. The qualitative component is determined through analyzing recent trends in economic indicators and other current and forecasted information to determine whether loss-rates are expected to change significantly in comparison to historical loss-rates at the portfolio level. When such indicators are forecasted to trend a predetermined amount from the historical median, the Company qualitatively determines what impact, if any, the trends are expected to have on the reserve for expected credit losses. Economic indicators include consumer price indices, consumer spending and unemployment trends, among others. Accounts receivable are evaluated for impairment on a pooling basis based on similar risk characteristics including industry of the borrower, historical or expected credit loss patterns, risk ratings or classification, and geographic location. As a result of this evaluation, our portfolio segments consist of the following: • Fleet Solutions - The majority of the customer base consists of companies within the transportation, logistics and fleet industries. The associated credit losses by customer are generally low, however, the Fleet Solutions segment has historically comprised the majority of the Company’s provision for credit loss. Credit losses generally correlate with changes in consumer price indices and other indices that measure trends and volatility including the Institute of Supply Management Purchasing Index and the U.S. Volatility Index. • Travel and Corporate Solutions - The customer base is comprised of businesses operating in a wide range of industries including large online travel agencies. With the exception of the Noventis portfolio, which has minimal credit risk due to its business model and collection terms, and the eNett and Optal portfolio, which has minimal credit risk due to its prefunding model, associated credit losses are sporadic and closely correlate with trends in consumer metrics, including consumer spending and the consumer price index. • Health and Employee Benefit Solutions - The customer base includes third-party administrators, individual employers and employees. The associated credit losses are generally low. When individual accounts receivable exhibit elevated credit risk characteristics as a result of bankruptcies, disputes, conversations with customers, or other significant credit loss events, they are assessed individual credit loss estimates. Assumptions regarding expected credit losses are reviewed each reporting period and may be impacted by actual performance of accounts receivable and changes in any of the factors discussed above. The allowance for accounts receivable also includes reserves for fraud losses and waived finance fees. Management regularly monitors known and suspected fraudulent activity, including pending fraud cases, customer-identified fraudulent activity and unconfirmed suspicious activity in order to make judgments as to probable fraud losses and determine the reserve. Waived finance fees are used to maintain customer goodwill and recorded against the late fee revenue recognized. Off-Balance Sheet Arrangements The Company has off-balance sheet commitments, in the form of extensions of credit to customers and accounts receivables factoring arrangements for the Company’s subsidiaries, WEX Europe Services and WEX Bank, that carry credit risk exposure. See Note 10, Off-Balance Sheet Arrangements, for the terms of the factoring arrangements.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements The following table provides a brief description of accounting pronouncements adopted during the three months ended March 31, 2021 and recent accounting pronouncements not yet adopted that could have a material effect on our financial statements: Standard Description Date/Method of Adoption Effect on financial statements or other significant matters Adopted During the Three Months Ended March 31, 2021 ASU 2020–06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging –Contracts in Entity's Own Equity (Subtopic 815-40) This standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. Among other changes, this standard removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible debt instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. The standard also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The Company early adopted ASU 2020–06 effective January 1, 2021, using the modified-retrospective approach. Refer to Note 1, Basis of Presentation, for a summary of the financial statement effects as a result of this ASU adoption. Additionally, interest expense related to the amortization of the debt discount on our Convertible Notes is expected to decline approximately $5.5 million during the year ending December 31, 2021 as a result of the adoption of this ASU. Not Adopted as of March 31, 2021 ASU 2020–04, Reference Rate Reform This standard provides optional guidance for a limited period of time to ease the potential financial reporting burden in accounting for (or recognizing the effects of) the discontinuation of LIBOR resulting from reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. Election is available through December 31, 2022. The Company is currently evaluating the implications of these amendments to its current efforts for reference rate reform implementation and any impact the adoption of this ASU would have on its financial condition and results of operations.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue In accordance with Topic 606, revenue is recognized when, or as, performance obligations are satisfied as defined by the terms of the contract, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services provided. The following tables disaggregate the Company’s consolidated revenue: Three Months Ended March 31, 2021 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Topic 606 revenues Payment processing revenue 110,576 $ 57,248 $ 20,565 $ 188,389 Account servicing revenue 4,369 10,687 67,945 83,001 Other revenue 20,246 1,800 7,745 29,791 Total Topic 606 revenues $ 135,191 $ 69,735 $ 96,255 $ 301,181 Non-Topic 606 revenues 108,646 907 23 109,576 Total revenues $ 243,837 $ 70,642 $ 96,278 $ 410,757 Three Months Ended March 31, 2020 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Topic 606 revenues Payment processing revenue $ 113,323 $ 70,268 $ 20,446 $ 204,037 Account servicing revenue 4,371 11,063 63,569 79,003 Other revenue 21,288 771 9,023 31,082 Total Topic 606 revenues $ 138,982 $ 82,102 $ 93,038 $ 314,122 Non-Topic 606 revenues 110,865 2,257 4,435 117,557 Total revenues $ 249,847 $ 84,359 $ 97,473 $ 431,679 The vast majority of the above revenue relates to services transferred to the customer over time. Point-in-time revenue recognized was immaterial during the three months ended March 31, 2021 and 2020. Contract Balances The majority of the Company’s receivables, which are excluded from the table below, are either due from cardholders who have not been deemed the Company’s customer as it relates to interchange income or from revenues earned outside of the scope of Topic 606. The Company’s contract assets consist of upfront payments made to customers under long-term contracts and are recorded upon payment or when due. The resulting asset is amortized against revenue as the Company performs its obligations under these arrangements. The Company’s contract liabilities consist of customer payments received before the Company has satisfied the associated performance obligations and upfront payments due to the customer. The following table provides information about these contract balances: (In thousands) Contract balance Location on the unaudited condensed consolidated balance sheets March 31, 2021 December 31, 2020 Receivables Accounts receivable, net $ 45,294 $ 43,541 Contract assets Prepaid expenses and other current assets 6,190 5,495 Contract assets Other assets 22,471 19,927 Contract liabilities Other current liabilities 7,511 8,530 Contract liabilities Other liabilities 21,493 24,614 Refund liabilities Accrued expenses 5,265 5,265 During the three months ended March 31, 2021, the Company recognized revenue of $2.7 million related to contract liabilities existing as of December 31, 2020. Remaining Performance Obligations The Company’s unsatisfied or partially unsatisfied performance obligations as of March 31, 2021 represent the remaining minimum monthly fees on a portion of contracts across the lines of business and contractually obligated professional services yet to be provided by the Company. The following table includes revenue expected to be recognized related to remaining performance obligations at the end of the reporting period and is not indicative of the Company’s future revenue, as it relates to an insignificant portion of the Company’s operations. (In thousands) Remaining 2021 2022 2023 2024 2025 2026 Thereafter Total Minimum monthly fees 1 $ 34,825 $ 30,741 $ 19,170 $ 7,807 $ 2,685 $ 40 $ — $ 95,268 Professional services 2 2,614 132 — — — — — 2,746 Other 3 3,815 3,464 3,145 3,410 3,741 3,928 4,124 25,627 Total remaining performance obligations $ 41,254 $ 34,337 $ 22,315 $ 11,217 $ 6,426 $ 3,968 $ 4,124 $ 123,641 1 The transaction price allocated to the remaining performance obligations represents the minimum monthly fees on certain service contracts, which contain substantive termination penalties that require the counterparty to pay the Company for the aggregate remaining minimum monthly fees upon an early termination for convenience. 2 Includes software development projects and other services sold subsequent to the core offerings, to which the customer is contractually obligated. 3 Represents deferred revenue associated with remaining payment processing service obligations.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions	4. Acquisitions On January 24, 2020, the Company entered into a purchase agreement (the “Original Purchase Agreement”) to purchase eNett, a leading provider of B2B payment solutions to the travel industry, and Optal, a company that specializes in optimizing B2B payments transactions. The parties’ obligations to consummate the acquisition were subject to customary closing conditions, including the absence of a Material Adverse Effect (as defined in the Original Purchase Agreement between WEX, eNett and Optal, among others) . The Company subsequently concluded that the COVID-19 pandemic and conditions arising in connection with it had a Material Adverse Effect on the businesses, which was disproportionate to the effect on others in the relevant industry. Because of this Material Adverse Effect, WEX formally advised eNett and Optal on May 4, 2020 that it was not required to close the transaction pursuant to the terms of the purchase agreement. On May 11, 2020, the shareholders of eNett and Optal each initiated separate legal proceedings in the High Court of Justice of England and Wales in the United Kingdom against the Company seeking a declaration that no Material Adverse Effect had occurred and an order for specific performance of WEX's obligations under the Original Purchase Agreement. A London court held a trial of certain preliminary issues from September 21, 2020 through September 29, 2020 and handed down its judgement on October 12, 2020. The Company and the claimants each sought permission to appeal certain portions of the Court’s judgment. On December 15, 2020, the Company entered into a Deed of Settlement (the “Settlement Deed”) between the Company, eNett, Optal and the other parties thereto, providing for, among other things, (i) the dismissal with prejudice of the legal proceedings and appeals described above, (ii) the amendment of the Original Purchase Agreement (as amended by the Settlement Deed, the “Amended Purchase Agreement”) and (iii) the release of all claims capable of arising out of, or in any way connected with or relating to the COVID-19 pandemic, but excluding any of the claims arising under the Amended Purchase Agreement. The closing of the acquisition occurred concurrent with the execution of the Settlement Deed on December 15, 2020. The Amended Purchase Agreement provided for, among other things, a reduction of the aggregate purchase price for the acquisition to $577.5 million, subject to certain working capital and other adjustments as described in the Amended Purchase Agreement, which resulted in a total cash payment of $613.5 million, after a $1.9 million working capital adjustment received by the Company during the first quarter of 2021. The Company purchased these businesses to complement its existing Travel and Corporate Solutions segment and expand its international footprint. The Company determined that the aggregate purchase price represents consideration paid for the businesses acquired and for the settlement of the legal proceedings described above. The preliminary fair value of the businesses acquired was estimated to be $415.0 million using a discounted cash flow analysis and guideline transaction method. Since the Company was not able to reliably estimate the fair value of the legal settlement, the residual value of $162.5 million has been allocated to the settlement of the legal proceedings, which was included in legal settlement expense during the fourth quarter of 2020. This acquisition has been accounted for using the acquisition method of accounting, which requires the assets acquired and liabilities assumed to be recognized at their respective fair values on the acquisition date. The table below summarizes the allocated fair values of the assets acquired and liabilities assumed on the acquisition date. These fair values may continue to be revised during the measurement period as third-party valuations on the intangible assets are finalized, further information becomes available and additional analyses are performed, and these adjustments could have a material impact on the purchase price allocation. The following is a summary of the preliminary allocation of the purchase price to the assets and liabilities acquired, based on the fair value at the date of acquisition: (In thousands) As Reported Measurement Period Adjustments As Reported Cash consideration transferred, net of $232,155 in cash and restricted cash acquired $ 383,204 $ (1,909) $ 381,295 Less: legal settlement (162,500) — (162,500) Total consideration, net $ 220,704 $ (1,909) $ 218,795 Less: Accounts receivable 14,449 — 14,449 Property and equipment 876 — 876 Customer relationships (a)(c) 79,923 (32,323) 47,600 Developed technologies (b)(c) 63,125 (56,825) 6,300 License agreements 4,208 (4,208) — Deferred income tax asset 9,424 — 9,424 Other assets 16,605 — 16,605 Accounts payable (16,244) — (16,244) Accrued expenses (21,898) — (21,898) Restricted cash payable (186,956) — (186,956) Deferred income tax liability (20,152) 12,951 (7,201) Other liabilities (14,540) 3,552 (10,988) Recorded goodwill $ 291,884 $ 74,944 $ 366,828 (a) Weighted average life - 7.3 years. (b) Weighted average life - 0.5 years. (c) The weighted average life of the $53.9 million of amortizable intangible assets acquired in this business combination is 6.5 years. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring the businesses. The majority of the goodwill recognized as a result of the acquisition is not expected to be deductible for tax purposes. The pro forma information below gives effect to the acquisition as if it had been completed on January 1, 2019. These pro forma results have been calculated after applying the Company’s accounting policies, adjustments to reflect amortization associated with intangibles acquired and related income tax results. The pro forma financial information is presented for comparative purposes only, based on certain estimates and assumptions, which the Company believes to be reasonable but not necessarily indicative of future results of operations or the results that would have been reported if the acquisitions had been completed on January 1, 2019. The following represents unaudited pro forma operational results: (In thousands, except per share data) Three Months Ended March 31, 2020 Total revenues $ 452,421 Net loss attributable to shareholders $ (11,694) Net loss attributable to shareholders per share: Basic $ (0.27) Diluted $ (0.27)

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Accounts Receivable	5. Accounts Receivable Accounts receivable consists of amounts billed to and due from customers across a wide range of industries and other third parties. The Company often extends short-term credit to cardholders and pays the merchant for the purchase price, less the fees it retains and records as revenue. The Company subsequently collects the total purchase price from the cardholder. In general, the Company’s trade receivables provide for payment terms of 30 days or less. Receivables not paid in full by payment due dates as stated within the terms of the agreement are generally considered past due and subject to late fees and interest based upon the outstanding receivables balance. The Company discontinues late fee and interest income accruals on outstanding receivables once customers are 90 and 120 days past the invoice due date, respectively. Payments received subsequent to discontinuing late fee and interest income accruals are first applied to outstanding late fees and interest, and the Company resumes accruing interest and late fee income as earned on future receivables balances. Receivables are generally written off when they are 180 days past due or upon declaration of bankruptcy of the customer, subject to local regulatory restrictions. The Company extends revolving credit to certain small fleets. These accounts are also subject to late fees and balances that are not paid in full are subject to interest charges based on the revolving balance. The Company had approximately $66.7 million and $60.2 million in receivables with revolving credit balances as of March 31, 2021 and December 31, 2020, respectively. The following tables present changes in the accounts receivable allowances by portfolio segment: Three Months Ended March 31, 2021 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Balance, beginning of period $ 49,267 $ 9,610 $ 270 $ 59,147 Provision for credit losses 1 4,364 635 60 5,059 Charges to other accounts 2 4,373 — — 4,373 Charge-offs (12,774) (1,532) (18) (14,324) Recoveries of amounts previously charged-off 1,516 6 — 1,522 Currency translation (565) (69) — (634) Balance, end of period $ 46,181 $ 8,650 $ 312 $ 55,143 Three Months Ended March 31, 2020 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Balance, beginning of period $ 50,010 $ 5,765 $ 8,076 $ 63,851 Provision for credit losses 1,3 20,607 13,264 116 33,987 Charges to other accounts 2 5,520 — — 5,520 Charge-offs (24,635) (2,359) — (26,994) Recoveries of amounts previously charged-off 1,810 27 — 1,837 Currency translation (135) (96) (2,544) (2,775) Balance, end of period $ 53,177 $ 16,601 $ 5,648 $ 75,426 1 The provision is comprised of estimated credit losses based on the Company’s loss-rate experience and adjustments required for forecasted credit loss information. The provision for credit losses reported within this table also includes the provision for fraud losses. 2 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 the greater of a minimum charge or a stated late fee rate multiplied by the outstanding balance that is subject to a late fee charge. On occasion, these fees are waived to maintain customer relationship goodwill. Charges to other accounts represents the offset against the late fee revenue recognized when the Company establishes a reserve for such waived amounts. 3 The provision for the three months ended March 31, 2020 reflects an increase in expected credit losses as a result of COVID-19. Concentration of Credit Risk The receivables portfolio consists of a large group of homogeneous smaller balances across a wide range of industries, which are collectively evaluated for impairment. No one customer receivable balance represented 10 percent or more of the outstanding receivables balance at March 31, 2021 or December 31, 2020. The following table presents the outstanding balance of trade accounts receivable that are less than 30 and 60 days past due, in each case, as a percentage of total trade accounts receivable: Delinquency Status March 31, 2021 December 31, 2020 29 days or less past due 98 % 97 % 59 days or less past due 99 % 98 %

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per Share	6. Earnings per Share Basic earnings per share is computed by dividing net (loss) income attributable to shareholders by the weighted average number of shares of common stock and vested DSUs outstanding during the year. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the numerator is increased for tax effected interest expense associated with our Convertible Notes and the denominator is increased for the assumed issuance of common shares issuable on convertible securities under the “if converted” method unless the effect is anti-dilutive. Additionally, diluted earnings per share includes the assumed exercise of dilutive options and the assumed issuance of unvested restricted stock units and performance-based awards for which the performance condition has been met as of the date of determination, using the treasury stock method unless the effect is anti-dilutive. The treasury stock method assumes that proceeds, including cash received from the exercise of employee stock options and the average unrecognized compensation expense for unvested share-based compensation awards, would be used to purchase the Company’s common stock at the average market price during the period. The following table summarizes net loss attributable to shareholders and reconciles basic and diluted shares outstanding used in the earnings per share computations: Three Months Ended March 31, (In thousands) 2021 2020 Net loss attributable to shareholders $ (2,565) $ (16,256) Weighted average common shares outstanding – Basic 44,343 43,416 Dilutive impact of share-based compensation awards 1 — — Weighted average common shares outstanding – Diluted 44,343 43,416 1 Due to the Company’s net loss position for the three months ended March 31, 2021 and 2020, 1.0 million and 0.6 million incremental shares, respectively, are excluded from the table above as the effect of including those shares would be anti-dilutive.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	7. Derivative Instruments The Company is exposed to certain market risks relating to its ongoing business operations. From time to time, the Company enters into derivative instrument arrangements to manage various risks including interest rate risk. As of December 31, 2020, the Company had six interest rate swap contracts in effect with a collective notional amount at inception of $1.4 billion, with maturity dates ranging from December 31, 2021 to December 30, 2023, at interest rates between 0.743 percent and 2.413 percent. The Company did not cancel, modify or enter into any additional interest rate swap contracts during the three months ended March 31, 2021. As of March 31, 2021, outstanding interest rate swap contracts are intended to fix the future interest payments associated with $1.4 billion of the $2.3 billion of outstanding borrowings under the Company’s 2016 Credit Agreement. The following table presents information on the location and amounts of interest rate swap gains and losses: (In thousands) Three Months Ended March 31, Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in the Statement of Operations 2021 2020 Interest rate swap agreements – unrealized portion Net unrealized gain (loss) on financial instruments $ 7,520 $ (32,443) Interest rate swap agreements – realized portion Financing interest expense $ (5,457) $ (792)

Deposits

Deposits	3 Months Ended
	Mar. 31, 2021
Banking and Thrift, Interest [Abstract]
Deposits	8. Deposits WEX Bank’s regulatory status enables it to raise capital to fund the Company’s working capital requirements by issuing deposits, subject to FDIC rules governing minimum financial ratios. See Note 18, Supplementary Regulatory Capital Disclosure, for further information concerning these FDIC requirements. WEX Bank accepts its deposits through: (i) certain customers as required collateral for credit that has been extended (“customer deposits”) and (ii) contractual arrangements with brokerage firms for both certificate of deposit and brokered money market deposit products. Customer deposits are generally non-interest bearing, certificates of deposit are issued at fixed rates and brokered money market deposits are issued at variable rates based on LIBOR or the Federal Funds rate. The following table presents the composition of deposits, which are classified as short-term or long-term based on their contractual maturities: (In thousands) March 31, 2021 December 31, 2020 Interest-bearing brokered money market deposits 1 $ 439,810 $ 439,894 Customer deposits 121,158 116,694 Certificates of deposit with maturities within 1 year 1,2 482,488 354,807 Short-term deposits 1,043,457 911,395 Certificates of deposit with maturities greater than 1 year and less than 5 years 1,2 118,591 148,591 Total deposits $ 1,162,048 $ 1,059,986 Weighted average cost of funds on certificates of deposit outstanding 1.51 % 1.81 % Weighted average cost of interest-bearing brokered money market deposits 0.24 % 0.27 % 1 As of March 31, 2021 and December 31, 2020 , all certificates of deposit and brokered money market deposits we re in denominations of $250 thousand or less, corresponding to FDIC deposit insurance limits. 2 Original maturities range from 9 months to 5 years, with coupon interest rates ranging from 0.18 percent to 3.52 percent as of March 31, 2021. At December 31, 2020, original maturities ranged from 1 year to 5 years with coupon interest rates ranging from 1.35 percent to 3.52 percent. In accordance with regulatory requirements, WEX Bank normally maintains reserves against a portion of its outstanding customer deposits by keeping balances with the Federal Reserve Bank, however, due to temporarily relaxed Federal Reserve requirements enacted in response to the COVID-19 pandemic, there was no required reserve at March 31, 2021 and December 31, 2020. ICS Purchases From time to time, WEX Bank utilizes alternative funding sources such as Promontory Interfinancial Network, LLC’s ICS service, which provides for one-way buy transactions among banks for the purposes of purchasing cost-effective variable-rate funding without collateralization. WEX Bank may purchase brokered money market demand accounts and demand deposit accounts in amounts not to exceed $125.0 million through this service. There were no

Financing and Other Debt

Financing and Other Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Financing and Other Debt	9. Financing and Other Debt The following table summarizes the Company’s total outstanding debt by type as of March 31, 2021 and December 31, 2020. (In thousands) March 31, 2021 December 31, 2020 Tranche A term loan 861,295 873,777 Tranche B term loan 1,438,697 1,442,368 Term loans under 2016 Credit Agreement 1 2,299,992 2,316,145 Notes outstanding — 400,000 Convertible Notes 1 310,000 310,000 Securitized debt 1 86,496 85,945 Borrowed federal funds 1 214,798 20,000 Total gross debt $ 2,911,286 $ 3,132,090 1 See Note 12, Fair Value, for more information regarding the fair value of the Company’s debt. The following table summarizes the Company’s total outstanding debt by balance sheet classification: (In thousands) March 31, 2021 December 31, 2020 Current portion of gross debt $ 365,905 $ 170,556 Less: Unamortized debt issuance costs/debt discount (11,607) (17,826) Short-term debt, net $ 354,298 $ 152,730 Long-term portion of gross debt $ 2,545,381 $ 2,961,534 Less: Unamortized debt issuance costs/debt discount (37,070) (87,421) Long-term debt, net $ 2,508,311 $ 2,874,113 Supplemental information under 2016 Credit Agreement: Letters of credit (1) $ 51,687 $ 51,628 Remaining borrowing capacity on revolving credit facility (2) $ 818,313 $ 818,372 (1) Collateral for lease agreements, virtual card and fuel payment processing activity at the Company’s foreign subsidiaries. (2) Contingent on maintaining compliance with the financial covenants as defined in the Company’s 2016 Credit Agreement. 2016 Credit Agreement On July 1, 2016, the Company entered into a credit agreement by and among the Company and certain of its subsidiaries from time to time party thereto, as borrowers, WEX Card Holding Australia Pty Ltd., as specified designated borrower, Bank of America, N.A. as administrative agent, swing line lender and letter of credit issuer and the lenders from time to time party thereto (the “2016 Credit Agreement”). As of March 31, 2021, the 2016 Credit Agreement, as amended through that date, provided for a senior secured tranche A term loan facility in an original principal amount of $1,030.0 million (the “Tranche A Term Loans”), a senior secured tranche B term loan facility in an original principal amount of $1,485.0 million (the “Tranche B Term Loans” and together with the Tranche A Term Loans, the “Term Loans”), and an $870.0 million secured revolving credit facility (the “Revolving Credit Facility”), with a $250.0 million sublimit for letters of credit and $20.0 million sublimit for swingline loans. As of March 31, 2021, the Company had an outstanding principal amount of $861.3 million on the Tranche A Term Loans, an outstanding principal amount of $1.44 billion on the Tranche B Term Loans and outstanding letters of credit of $51.7 million drawn against the Revolving Credit Facility. The Revolving Credit Facility and the Tranche A Term Loans bear interest at variable rates, at the Company’s option, plus an applicable margin determined based on the Company’s consolidated leverage ratio. The Tranche B Term Loans bear interest at variable rates, at the Company’s option, plus a margin equal to 1.25 percent for base rate loans and 2.25 percent for eurocurrency loans. As of both March 31, 2021 and December 31, 2020, amounts outstanding under the 2016 Credit Agreement bore a weighted average effective interest rate of 2.3 percent. The Company maintains interest rate swap agreements to manage the interest rate risk associated with its outstanding variable-interest rate borrowings under the 2016 Credit Agreement. See Note 7, Derivative Instruments, for further discussion. In addition, the Company has agreed to pay a quarterly commitment fee at a rate per annum ranging, as of March 31, 2021, from 0.30% to 0.50% of the daily unused portion of the Revolving Credit Facility (which was 0.40% at both March 31, 2021 and December 31, 2020) determined based on the Company’s consolidated leverage ratio. As of March 31, 2021, the Revolving Credit Facility and the Tranche A Term Loans mature (and the commitments under the Revolving Credit Facility terminate) on July 1, 2023 and the Tranche B Term Loans mature on May 17, 2026. On April 1, 2021, the Company amended and restated the Company’s 2016 Credit Agreement, which among other things, extended the maturity date for the Tranche A Term Loans and Revolving Credit Facility to April 1, 2026 and the Tranche B Term Loans to April 1, 2028, increased commitments under the Revolving Credit Facility by $60.0 million and provided additional Tranche A Term Loans in the principal amount of approximately $117.1 million. See Note 19, Subsequent Events, for further information regarding changes to the 2016 Credit Agreement as a result of the amendment and restatement. Debt issuance costs incurred and capitalized in conjunction with the 2016 Credit Agreement and its amendments are being amortized into interest expense over the 2016 Credit Agreement’s term using the effective interest method. Debt Covenants As more fully described in the Company’s Annual Report on Form 10 – K for the year ended December 31, 2020, the 2016 Credit Agreement contains various affirmative, negative and financial maintenance covenants affecting the Company and its subsidiaries including, in certain limited circumstances, WEX Bank and the Company’s other regulated subsidiaries. As of March 31, 2021, the Company was in compliance with all material covenants of its 2016 Credit Agreement. Notes Outstanding On March 15, 2021, the Company redeemed its $400.0 million of Notes outstanding, which were otherwise scheduled to mature on February 1, 2023. The redemption price of the Notes was $400.0 million plus accrued and unpaid interest through the redemption date. Prior to redemption, interest was payable semiannually in arrears on February 1 and August 1 of each year. Unamortized debt issuance costs previously incurred and capitalized in conjunction with the Notes were accelerated as of the redemption date and amortized in full to interest expense of $1.4 million during the three months ended March 31, 2021. Convertible Notes Pursuant to a purchase agreement dated June 29, 2020, on July 1, 2020, the Company closed on a private placement with an affiliate of Warburg Pincus LLC (together with its affiliate, "Warburg Pincus"), pursuant to which the Company issued the Convertible Notes due on July 15, 2027 in an aggregate principal amount of $310.0 million and 577,254 shares of the Company's common stock for an aggregate purchase price of $389.2 million, of which $90.0 million constituted the purchase price for the shares, reflecting a purchase price of $155.91 per share. The issuance of the Convertible Notes provided the Company with net proceeds of approximately $299.2 million after original issue discount. The Convertible Notes have a seven-year term maturing July 15, 2027, unless earlier converted, repurchased or redeemed. Interest is calculated at a fixed rate of 6.5% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, with the initial interest payment of $10.9 million paid in cash on January 15, 2021. At the Company's option, interest is either payable in cash, through accretion to the principal amount of the Convertible Notes, or a combination of cash and accretion. The Convertible Notes may be converted at the option of the holders at any time prior to maturity, or earlier redemption or repurchase of the Convertible Notes, based upon an initial conversion price of $200 per share of common stock. The Company may settle conversions of Convertible Notes, at its election, in cash, shares of the Company’s common stock, or a combination thereof. The initial conversion price is subject to adjustments customary for convertible debt securities and a weighted average adjustment in the event of issuances of equity and equity linked securities by the Company at prices below the then applicable conversion price for the Convertible Notes or the then market price of the Company’s common stock, subject to certain exceptions, including exceptions with respect to underwritten offerings, Rule 144A offerings, private placements at discounts not exceeding a specified amount, issuances as acquisition consideration and equity compensation related issuances. The Company will have the right, at any time after July 1, 2023, to redeem the Convertible Notes in whole or in part if the closing price of WEX's common stock is at least 200% of the conversion price of the Convertible Notes for 20 trading days (whether or not consecutive) out of any 30 consecutive trading day period prior to the time the Company delivers a redemption notice, (including at least one of the five trading days immediately preceding the last day of such 30 trading day period), subject to the right of holders of the Convertible Notes to convert its Convertible Notes prior to the redemption date. In the event of certain fundamental change transactions, including certain change of control transactions and delisting events involving the Company, holders of the Convertible Notes will have the right to require the Company to repurchase its Convertible Notes at 105% of the outstanding principal amount of the Convertible Notes, plus the present value of future interest payments through the date of maturity. There were no shares issued upon conversion, exercise or satisfaction of required conditions under these Convertible Notes during the three months ended March 31, 2021. At inception, the $389.2 million of proceeds from this private placement was allocated on a relative fair value basis, with $94.0 million allocated to the sale of the Company's common stock and $295.2 million to the Convertible Notes. As the Convertible Notes permit the Company to settle the conversion in cash, pursuant to ASC 470-20, the proceeds attributed to the Convertible Notes were further allocated between a liability and equity component. The Company estimated the fair value of the liability component of the Convertible Notes using observable inputs based on the present value of cash flows using the interest rate of a hypothetical debt instrument with a similar tenor without a conversion feature and utilizing a combination of a binomial lattice-based model and a discounted cash flow model that includes assumptions such as implied credit spread, expected volatility, and the risk-free rate for notes with a similar term. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the total proceeds allocated to the Convertible Notes. Applicable transaction costs of $4.0 million have been allocated between the Convertible Notes and shares of the Company's common stock sold in the transaction based on relative fair value and further allocated between the liability and equity component of the Convertible Notes consistent with the initial allocation resulting in $2.5 million classified as debt issuance costs capitalized as a direct reduction to the face value of the Convertible Notes and $1.5 million deducted from the amounts recorded within stockholders' equity. The debt discount and debt issuance costs will be amortized to interest expense using the effective interest rate method over the seven-year contractual life of the Convertible Notes. Based on this, the Convertible Notes were recorded at a debt discount with an initial carrying value of $237.5 million, with the residual $54.7 million recognized within additional paid-in capital on the Company's condensed consolidated balance sheet as of December 31, 2020. Effective January 1, 2021, the Company adopted ASU 2020-06 using the modified-retrospective approach under which separation of the conversion feature into an equity component is no longer required. See Note 1, Basis of Presentation, for more information. As of March 31, 2021, the Convertible Notes and its conversion feature are accounted for as a single unit of account, with an effective interest rate of 7.5%. Based on the closing price of the Company's common stock as of March 31, 2021, the “if-converted” value of the Convertible Notes exceeds its principal amount by $14.3 million. The Convertible Notes consist of the following: (In thousands) March 31, 2021 December 31, 2020 Principal $ 310,000 $ 310,000 Less: Unamortized discounts (14,164) (66,755) Less: Unamortized issuance cost (2,281) (2,358) Net carrying amount of Convertible Notes 1 $ 293,555 $ 240,887 Equity component 2 $ — $ 54,689 1 Recorded within long-term debt, net on our condensed consolidated balance sheet. 2 Represents the proceeds allocated to the conversion option, or debt discount, recorded within additional paid-in capital on the condensed consolidated balance sheet through December 31, 2020. Additional paid-in capital on the condensed consolidated balance sheet through December 31, 2020 was further reduced by $0.6 million of issuance costs and $13.6 million in taxes associated with the equity component. Effective January 1, 2021, the Convertible Notes and its conversion option were accounted for as a single unit of account. The following table sets forth total interest expense recognized for the Convertible Notes: (In thousands) Three Months Ended March 31, 2021 Interest on 6.5% coupon $ 5,038 Amortization of debt discount and debt issuance costs 553 $ 5,591 Australian Securitization Facility In March 2021, the Company extended its securitized debt agreement with MUFG Bank, Ltd., through April 2022. Under the terms of the agreement, each month on a revolving basis, the Company sells certain of its Australian receivables to the Company’s Australian Securitization Subsidiary, which in turn uses the receivables as collateral to issue asset-backed commercial paper (“securitized debt”). 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 was 0.96 percent and 0.97 percent as of March 31, 2021 and December 31, 2020, respectively. The Company had $62.1 million and $62.6 million of securitized debt under this facility as of March 31, 2021 and December 31, 2020, respectively, recorded in short-term debt, net. European Securitization Facility Under the terms of the Company’s securitized debt agreement with MUFG Bank, Ltd., each month on a revolving basis, the Company sells certain of its receivables from selected European countries to its European Securitization Subsidiary, which in turn, uses the receivables as collateral to issue securitized debt. The amount collected on the securitized receivables is restricted to pay the securitized debt and is not available for general corporate purposes. Subsequent to March 31, 2021, the securitized debt agreement was amended to extend the maturity date through April 2022. The Company pays a variable interest rate on the outstanding balance of the securitized debt, based on the Sterling Overnight Index Average, (“SONIA”) plus an applicable margin. The interest rate was 0.94 percent and 0.98 percent as of March 31, 2021 and December 31, 2020, respectively. The Company had $24.3 million and $23.4 million of securitized debt under this facility as of March 31, 2021 and December 31, 2020, respectively, recorded in short-term debt, net. Participation Debt From time to time, WEX Bank enters into participation agreements with third-party banks to fund customers’ balances that exceed WEX Bank’s lending limit to individual customers. Associated unsecured borrowings generally carry a variable interest rate of 1 month to 3 month LIBOR plus a margin of 225 basis points. As of March 31, 2021 and December 31, 2020 the Company had an outstanding participation agreement for the borrowing of up to $60.0 million through December 31, 2021. There were no amounts borrowed against this participation agreement as of March 31, 2021 or December 31, 2020. Borrowed Federal Funds WEX Bank borrows from uncommitted federal funds lines to supplement the financing of the Company’s accounts receivable. Our federal funds lines of credit were $436.0 million and $376.0 million as of March 31, 2021 and December 31, 2020, respectively. There were $214.8 million of outstanding borrowings as of March 31, 2021 and $20.0 million of outstanding borrowings as of December 31, 2020. The average interest rate on borrowed federal funds was 0.10 percent for the three months ended March 31, 2021 and 1.01 percent for the year ended December 31, 2020. Other

Off-Balance Sheet Arrangements

Off-Balance Sheet Arrangements	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Off-Balance Sheet Arrangements	10. Off–Balance Sheet Arrangements WEX Europe Services Accounts Receivable Factoring Under a factoring arrangement between WEX Europe Services and an unrelated third-party financial institution, the Company sells customer accounts receivable balances without recourse to the extent that the customer balances are maintained at or below the credit limit established by the buyer. The agreement remains in effect through December 31, 2021, after which the agreement automatically renews annually unless either party gives not less than 90 days written notice of their intention to withdraw. If customer receivable balances exceed the buyer’s credit limit, the Company maintains the risk of default. The Company obtained a true-sale opinion from an independent attorney, which states that the factoring agreement provides legal isolation upon WEX Europe Services bankruptcy or receivership under local law and creates a sale of receivables for amounts transferred both below and above the established credit limits. The Company continues to service these receivables post-transfer with no participating interest. As such, transfers under this arrangement are treated as sales and are accounted for as reductions in trade accounts receivable because effective control of the receivables is transferred to the buyer. The Company sol d $119.0 million and $128.8 million of accounts receivable under this arrangement during the three months ended March 31, 2021 and 2020, respectively. Proceeds received, which are recorded net of applicable costs, including interest and commissions, are recorded in operating activities in the condensed consolidated statements of cash flows. The loss on factoring, recorded within cost of services, was insignificant for each of the three months ended March 31, 2021 and 2020. As of each of March 31, 2021 and December 31, 2020, the amount of outstanding transferred receivables in excess of the established credit limit was immaterial. Charge-backs on balances in excess of the credit limit during each of the three months ended March 31, 2021 and March 31, 2020 were insignificant. WEX Bank Accounts Receivable Factoring Under a factoring agreement with an unrelated third-party financial institution, WEX Bank sells certain of its trade accounts receivable under non-recourse transactions. The agreement extends through August 2021, after which the agreement can be renewed for successive one-year periods assuming WEX provides advance written notice that is accepted by the purchaser. The Company obtained a true-sale opinion from an independent attorney, which states that the factoring agreement provides legal isolation upon WEX Bank bankruptcy or receivership under local law. WEX Bank continues to service the receivables post-transfer with no participating interest. As such, transfers under this arrangement are treated as a sale and are accounted for as a reduction in trade accounts receivable because effective control of the receivables is transferred to the buyer. The Company sold $0.2 billion and $2.8 billion of trade accounts receivable under this arrangement during the three months ended March 31, 2021 and 2020, respectively. Proceeds received, which are reported net of a negotiated discount rate, are recorded in operating activities in the statements of cash flows. The loss on factoring, which is recorded within cost of services in the unaudited condensed consolidated statements of operations, was insignificant for each of the three months ended March 31, 2021 and March 31, 2020. WEX Latin America Securitization of Receivables

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Securities	11. Investment Securities The Company’s investment securities were purchased and are held by WEX Bank primarily to meet the requirements of the Community Reinvestment Act. Changes in the fair value of the Company’s equity securities are recognized within net unrealized loss on financial instruments on the unaudited condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020. The Company’s debt securities, and any changes in their fair values, are not material

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	12. Fair Value Certain of the Company’s financial assets and liabilities are recorded 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. Various factors are considered in determining the fair value of the Company’s obligations, including: closing exchange or over-the-counter market price quotations; time value and volatility factors underlying options and derivatives; price activity for equivalent instruments; and the Company’s own credit standing. These valuation techniques may be based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 – Instruments whose significant value drivers are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis: (In thousands) Fair Value Hierarchy March 31, 2021 December 31, 2020 Financial Assets: Money market mutual funds 1 1 $ 76,167 $ 335,449 Investment securities Municipal bonds 2 $ 144 $ 197 Asset-backed securities 2 201 210 Mortgage-backed securities 2 149 138 Pooled investment fund measured at NAV 2 9,000 9,000 Fixed-income mutual fund 1 27,338 27,728 Total investment securities $ 36,832 $ 37,273 Executive deferred compensation plan trust 3 1 $ 11,022 $ 9,586 Liabilities Interest rate swaps 4 2 $ 37,418 $ 44,938 1 The fair value is recorded in cash and cash equivalents. 2 The fair value of this security is measured at NAV as a practical expedient and has not been classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets. 3 The fair value is recorded as current or long-term based on the timing of the Company’s executive deferred compensation plan payment obligations. At March 31, 2021, $1.0 million and $10.0 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2020, $0.9 million an d $8.7 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. 4 The fair value is recorded as current or long-term depending on the timing of expected discounted cash flows. At March 31, 2021 , $20.9 million and $16.5 million in fair value is recorded within other current liabilities and other liabilities, respectively. At December 31, 2020, $22.0 million an d $22.9 million in fair value is recorded within other current liabilities and other liabilities, respectively. Money Market Mutual Funds A portion of the Company’s cash and cash equivalents are invested in money market mutual funds that primarily consist of short-term government securities, which are classified as Level 1 in the fair value hierarchy because they are valued using quoted market prices in an active market. Investment Securities When available, the Company uses quoted market prices to determine the fair value of investment securities; such inputs are classified as Level 1 of the fair-value hierarchy. These securities primarily consist of an open-ended mutual fund, which is invested in fixed-income securities and is held in order to satisfy the regulatory requirements of WEX Bank. For mortgage-backed and asset-backed debt securities and municipal 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 valued using Level 2 inputs. Pooled Investment Fund (In thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Pooled investment fund, as of March 31, 2021 $ 9,000 — Monthly 30 days The pooled investment fund is a Community Reinvestment Act-eligible investment fund, which seeks to provide bank investors with current income consistent with the returns available in adjustable-rate government guaranteed financial products by investing in Community Development loans guaranteed by the Small Business Administration. The fund maintains individual capital accounts for each investor, which reflect each individual investor’s share of the NAV of the fund. Executive Deferred Compensation Plan Trust The investments held in the executive 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. Interest Rate Swaps The Company determines the fair value of its interest rate swaps based on the discounted cash flows of the difference between the projected fixed payments on the swaps and the implied floating payments using the current LIBOR curve, which are Level 2 inputs of the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company had no assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2021. Assets and Liabilities Measured at Carrying Value, for which Fair Value is Disclosed 2016 Credit Agreement The Company determines the fair value of the amount outstanding under its 2016 Credit Agreement based on the market rates for the issuance of the Company’s debt, which are Level 2 inputs in the fair value hierarchy. As of each of March 31, 2021 and December 31, 2020, the carrying value of the 2016 Credit Agreement, including both the Tranche A Term Loans and Tranche B Term Loans, approximated fair value. Convertible Notes The Company determines the fair value of the Convertible Notes outstanding using our stock price and volatility, the conversion premium on the Convertible Notes and effective interest rates for similarly rated credit issuances, all of which are Level 2 inputs in the fair value hierarchy. As of March 31, 2021 and December 31, 2020, the fair value of our Convertible Notes was $408.1 million and $405.6 million, respectively. Other Assets and Liabilities

Redeemable Non-Controlling Inte

Redeemable Non-Controlling Interest	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Redeemable Non-Controlling Interest	13. Redeemable Non-Controlling Interest On March 5, 2019, the Company acquired Discovery Benefits, an employee benefits administrator. The seller of Discovery Benefits obtained a 4.9 percent equity interest in the newly formed parent company of WEX Health and Discovery Benefits (the “U.S. Health business”). The seller’s 4.9 percent non-controlling interest in the U.S. Health business was initially established at both carrying value and fair value. The agreement provides the seller with a put right and the Company with a call right for the equity interest, which can be exercised no earlier than seven years following the date of acquisition. Upon exercise of the put or call right, the purchase price is calculated based on a revenue multiple of peer companies (as described in the operating agreement for the U.S. Health business) applied to trailing twelve month revenues of the U.S. Health business. The put option makes the non-controlling interest redeemable and, therefore, the non-controlling interest is classified as temporary equity outside of stockholders’ equity. The Company calculates the redemption value of the non-controlling interest on a quarterly basis using revenue multiples as determined in accordance with the operating agreement for the U.S. Health business and as described above. The redeemable non-controlling interest is reported at the higher of its redemption value or the non-controlling interest holder’s proportionate share of the U.S. Health business’ net carrying value. Any resulting change in the value of the redeemable non-controlling interest is offset against retained earnings and impacts earnings per share. The following table presents the changes in the Company’s redeemable non-controlling interest: (In thousands) 2021 2020 Balance at December 31 117,219 $ 156,879 Net income attributable to redeemable non-controlling interest 353 142 Change in value of redeemable non-controlling interest 25,044 2,624 Balance at March 31 $ 142,616 $ 159,645

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The Company’s effective tax rate was (7.8) percent and 31.7 percent for the three months ended March 31, 2021 and 2020, respectively. Income tax expense is based on an estimated annual effective rate, which requires the Company to make its best estimate of annual pretax income or loss. The significant decrease in the Company’s tax rate was primarily due to the increase in excess tax benefits related to stock-based compensation, and jurisdictional earnings mix.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Restructuring Activities In connection with the acquisition of eNett and Optal, during the first quarter of 2021, the Company initiated a restructuring program. As of March 31, 2021, the restructuring initiative consisted of employee separation costs within the Travel and Corporate Solutions segment, which the Company has determined are probable and reasonably estimable. As such, the Company has recorded charges incurred under this initiative of $5.4 million as of March 31, 2021 within general and administrative expenses on the unaudited condensed consolidated statements of operations and within accrued expenses on the unaudited condensed consolidated balance sheets. Based on current plans, which are subject to change, the amount of additional restructuring costs that the Company expects to incur under this initiative could be material. Litigation The Company is subject to legal proceedings and claims in the ordinary course of business. As of the date of this filing, the current estimate of a reasonably possible loss contingency from all legal proceedings is not material to the Company’s consolidated financial position, results of operations, cash flows or liquidity. Commitments Minimum Volume Commitments Certain of the Company’s subsidiaries are required to purchase a minimum amount of fuel from suppliers on an annual basis. If the minimum requirement is not fulfilled, they are subject to penalties based on the amount of spend below the minimum annual volume commitment. The Company incurred penalties of $1.5 million during the three months ended March 31, 2021 as a result of lower volumes resulting from COVID-19. Other Commitments Other significant commitments and contingencies as of March 31, 2021 are consistent with those discussed in Note 21, Commitments and Contingencies, to the consolidated financial statements in the Annual Report on Form 10–K for the year ended December 31, 2020.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	16. Stock–Based Compensation The Company regularly grants equity awards in the form of stock options, restricted stock, restricted stock units and other stock-based awards under its stockholder-approved WEX Inc. 2019 Equity and Incentive Plan (the “Plan”) to certain employees and directors. The fair value of restricted stock units, DSUs and performance-based restricted stock units, excluding awards that include a TSR provision, is based on the closing market price of the Company’s stock on the grant date as reported by the NYSE. The fair value of each service-based stock option award is estimated on the grant date using a Black-Scholes-Merton option-pricing model. The fair value of awards with market-based performance conditions, including those with TSR provisions, is estimated on the grant date using a Monte-Carlo simulation pricing model.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	17. Segment Information The Company determines its operating segments and reports segment information in accordance with how the Company’s CODM allocates resources and assesses performance. The Company’s CODM is its Chief Executive Officer. The operating segments are aggregated into the three reportable segments described below. • Fleet Solutions 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. • Travel and Corporate Solutions focuses on the complex payment environment of B2B payments, providing customers with payment processing solutions for their corporate payment and transaction monitoring needs. • Health and Employee Benefit Solutions provides healthcare payment products and SaaS consumer-directed platforms. Prior to the sale of WEX Latin America in September 2020, this operating segment additionally provided payroll related benefits to customers. The following tables present the Company’s reportable segment revenues: Three Months Ended March 31, 2021 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Total Payment processing revenue $ 110,576 $ 57,248 $ 20,565 $ 188,389 Account servicing revenue 39,991 10,687 67,945 118,623 Finance fee revenue 51,840 294 19 52,153 Other revenue 41,430 2,413 7,749 51,592 Total revenues $ 243,837 $ 70,642 $ 96,278 $ 410,757 Interest income $ 311 $ 8 $ 4 $ 323 Three Months Ended March 31, 2020 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Payment processing revenue $ 113,323 $ 70,268 $ 20,446 $ 204,037 Account servicing revenue 39,208 11,063 63,569 113,840 Finance fee revenue 55,342 535 50 55,927 Other revenue 41,974 2,493 13,408 57,875 Total revenues $ 249,847 $ 84,359 $ 97,473 $ 431,679 Interest income $ 1,266 $ 225 $ 419 $ 1,910 The CODM evaluates the financial performance of each segment using segment adjusted operating income, which excludes: (i) acquisition and divestiture related expenses (including acquisition-related intangible amortization); (ii) stock-based compensation; (iii) other costs; (iv) debt restructuring costs; and (v) unallocated corporate expenses. Additionally, we do not allocate foreign currency gains and losses, financing interest expense, unrealized and realized gains and losses on financial instruments, income taxes and adjustments attributable to non-controlling interests to our operating segments. The following table reconciles total segment adjusted operating income to (loss) income before income taxes: Three Months Ended March 31, (In thousands) 2021 2020 Segment adjusted operating income Fleet Solutions $ 118,258 $ 104,608 Travel and Corporate Solutions 7,015 21,915 Health and Employee Benefit Solutions 30,544 29,467 Total segment adjusted operating income $ 155,817 $ 155,990 Reconciliation: Total segment adjusted operating income $ 155,817 $ 155,990 Less: Unallocated corporate expenses 16,209 16,543 Acquisition-related intangible amortization 42,454 42,538 Other acquisition and divestiture related items 14,796 7,942 Debt restructuring costs 637 78 Stock-based compensation 18,943 11,820 Other costs 12,237 2,240 Operating income 50,541 74,829 Financing interest expense (33,284) (32,031) Net foreign currency loss (2,755) (28,727) Net unrealized gain (loss) on financial instruments 7,033 (32,047) Income (loss) before income taxes $ 21,535 $ (17,976)

Supplementary Regulatory Capita

Supplementary Regulatory Capital Disclosure	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Supplementary Regulatory Capital Disclosure	18. Supplementary Regulatory Capital Disclosure The Company’s subsidiary, WEX Bank, is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, WEX Bank must meet specific capital guidelines that involve quantitative measures of WEX Bank’s assets, liabilities and certain off-balance sheet items. WEX Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could limit our business activities and have a material effect on our business, results of operations and financial condition. Quantitative measures established by regulation to ensure capital adequacy require WEX Bank to maintain minimum amounts and ratios as defined in the regulations. As of March 31, 2021, the most recent FDIC exam report categorized WEX Bank as “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events subsequent to that examination report that management believes have changed WEX Bank’s capital rating. The following table presents WEX Bank’s actual and regulatory minimum capital amounts and ratios: (In thousands) Actual Amount Ratio Minimum for Capital Adequacy Purposes Amount Ratio Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio March 31, 2021 Total Capital to risk-weighted assets $ 308,262 12.80 % $ 192,694 8.00 % $ 240,867 10.00 % Tier 1 Capital to average assets $ 286,352 11.61 % $ 98,663 4.00 % $ 123,328 5.00 % Common equity to risk-weighted assets $ 286,352 11.89 % $ 108,390 4.50 % $ 156,564 6.50 % Tier 1 Capital to risk-weighted assets $ 286,352 11.89 % $ 144,520 6.00 % $ 192,694 8.00 % December 31, 2020 Total Capital to risk-weighted assets $ 299,136 15.04 % $ 159,148 8.00 % $ 198,935 10.00 % Tier 1 Capital to average assets $ 287,570 12.71 % $ 90,514 4.00 % $ 113,143 5.00 % Common equity to risk-weighted assets $ 287,570 14.46 % $ 89,521 4.50 % $ 129,308 6.50 % Tier 1 Capital to risk-weighted assets $ 287,570 14.46 % $ 119,361 6.00 % $ 159,148 8.00 %

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events On April 1, 2021, the Company completed its previously announced acquisition of certain health savings account assets of Bell Bank’s Healthcare Bank division, the custodian bank for customers of the U.S. Health business. On closing, the Company paid Bell Bank initial cash consideration of $200 million. Pursuant to the purchase agreement, the Company will make two additional deferred cash payments of $25 million in July 2023 and January 2024. The agreement also includes potential additional consideration payable over the ten years subsequent to the closing date that is contingent on, and calculated based on, any future increases in the Federal Funds rate. Potential additional consideration may not exceed $225 million in the aggregate over the ten year period. The Company is currently evaluating the impact that this asset acquisition will have on its financial position and results of operations. On April 1, 2021, the Company amended and restated the 2016 Credit Agreement. As part of the amended and restated credit agreement, the lenders have agreed to (i) increase commitments under the Company’s Revolving Credit Facility from $870 million to $930 million, (ii) provide additional Tranche A Term Loans in the principal amount of approximately $117 million, resulting in an aggregate outstanding principal amount of the Tranche A Term Loans equal to $978 million, (iii) re-establish the Tranche B Term Loans’ aggregate principal at $1,442 million, (iv) eliminate the 0.75% eurocurrency rate floor with respect to the Revolving Credit Facility, and (v) make certain other changes to the existing 2016 Credit Agreement, including without limitation, (a) extending the maturity dates for the Tranche A Term Loans and Revolving Credit Facility to April 1, 2026 and the maturity date for the Tranche B Term Loans to April 1, 2028, (b) providing additional flexibility with respect to certain negative covenants, prepayments and other provisions of the Company’s 2016 Credit Agreement, and (c) revising the Company’s maximum consolidated leverage ratio for all future quarters, including a reduction from 7.50 to 6.25 to 1:00 for the quarter ended March 31, 2021 with step-downs in future periods. As of the closing date, the applicable interest rate margin for the Revolving Credit Facility and the Tranche A Term Loans is 1.00% for base rate borrowings and 2.00% for all other all borrowings, including eurocurrency rate loans. Such rates become variable thereafter based on the results of the Company’s consolidated leverage ratio. The applicable interest rate margin for the Tranche B Term Loans is fixed at 1.25% for base rate borrowings and 2.25% with respect to eurocurrency rate loans. In connection with this amended and restated agreement, the Company paid certain customary fees and expenses to the joint lead arrangers, joint bookrunners and documentation agents, and reimbursed fees and expenses of Bank of America, N.A. in its capacity as administrative agent. The Company is evaluating whether to account for this amended and restated Credit Facility as a modification or extinguishment for each member of the loan syndicate. On April 13, 2021, the Company entered into and consummated a share purchase agreement whereby the Company acquired the remaining interest in WEX Europe Services it did not own previously, which consisted of 25 percent of the issued ordinary share capital, for a purchase price of €81.5 million (equivalent of approximately $97 million as of the date of sale). As a result of the transaction, the Company now owns 100% of the issued ordinary share capital of WEX Europe Services, which operates part of our fleet business in the United Kingdom and Europe.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10–Q and Rule 10–01 of Regulation S–X. Accordingly, they do not include all information and notes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements that are included in the Company’s Annual Report on Form 10–K for the year ended December 31, 2020, filed with the SEC on March 1, 2021. In the opinion of management, all adjustments considered necessary for a fair presentation, which are of a normal recurring nature, have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results for any future periods or the year ending December 31, 2021. With the exception of the accounting policy over convertible debt, which was impacted by the early adoption of ASU 2020–06 effective January 1, 2021 (refer to Adoption of a New Accounting Standard later within this Note and Note 2, Recent Accounting Pronouncements), we have applied the same accounting policies in preparing these quarterly financial statements as we did in preparing our 2020 annual financial statements. The Company rounds amounts in the unaudited condensed consolidated financial statements to thousands and calculates all per-share data from underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot or recalculate based on reported numbers due to rounding.
Allowance for Accounts Receivable	The allowance for accounts receivable consists primarily of reserves for credit losses, reflecting management’s current estimate of uncollectible balances on its accounts receivable. The reserve for expected credit losses includes both a quantitative and qualitative reserve component. The quantitative component is primarily calculated using an analytic model, which includes the consideration of historical loss experience and past events to calculate actual loss-rates at the portfolio level. It also includes reserves against specific customer account balances determined to be at risk for non-collection based on customer information including delinquency, changes in payment patterns and other information. The qualitative component is determined through analyzing recent trends in economic indicators and other current and forecasted information to determine whether loss-rates are expected to change significantly in comparison to historical loss-rates at the portfolio level. When such indicators are forecasted to trend a predetermined amount from the historical median, the Company qualitatively determines what impact, if any, the trends are expected to have on the reserve for expected credit losses. Economic indicators include consumer price indices, consumer spending and unemployment trends, among others. Accounts receivable are evaluated for impairment on a pooling basis based on similar risk characteristics including industry of the borrower, historical or expected credit loss patterns, risk ratings or classification, and geographic location. As a result of this evaluation, our portfolio segments consist of the following: • Fleet Solutions - The majority of the customer base consists of companies within the transportation, logistics and fleet industries. The associated credit losses by customer are generally low, however, the Fleet Solutions segment has historically comprised the majority of the Company’s provision for credit loss. Credit losses generally correlate with changes in consumer price indices and other indices that measure trends and volatility including the Institute of Supply Management Purchasing Index and the U.S. Volatility Index. • Travel and Corporate Solutions - The customer base is comprised of businesses operating in a wide range of industries including large online travel agencies. With the exception of the Noventis portfolio, which has minimal credit risk due to its business model and collection terms, and the eNett and Optal portfolio, which has minimal credit risk due to its prefunding model, associated credit losses are sporadic and closely correlate with trends in consumer metrics, including consumer spending and the consumer price index. • Health and Employee Benefit Solutions - The customer base includes third-party administrators, individual employers and employees. The associated credit losses are generally low. When individual accounts receivable exhibit elevated credit risk characteristics as a result of bankruptcies, disputes, conversations with customers, or other significant credit loss events, they are assessed individual credit loss estimates. Assumptions regarding expected credit losses are reviewed each reporting period and may be impacted by actual performance of accounts receivable and changes in any of the factors discussed above. The allowance for accounts receivable also includes reserves for fraud losses and waived finance fees. Management regularly monitors known and suspected fraudulent activity, including pending fraud cases, customer-identified fraudulent activity and unconfirmed suspicious activity in order to make judgments as to probable fraud losses and determine the reserve. Waived finance fees are used to maintain customer goodwill and recorded against the late fee revenue recognized.
Off-Balance-Sheet Arrangements	Off-Balance Sheet Arrangements The Company has off-balance sheet commitments, in the form of extensions of credit to customers and accounts receivables factoring arrangements for the Company’s subsidiaries, WEX Europe Services and WEX Bank, that carry credit risk exposure. See Note 10, Off-Balance Sheet Arrangements, for the terms of the factoring arrangements.
New Accounting Standards	Standard Description Date/Method of Adoption Effect on financial statements or other significant matters Adopted During the Three Months Ended March 31, 2021 ASU 2020–06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging –Contracts in Entity's Own Equity (Subtopic 815-40) This standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. Among other changes, this standard removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible debt instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. The standard also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The Company early adopted ASU 2020–06 effective January 1, 2021, using the modified-retrospective approach. Refer to Note 1, Basis of Presentation, for a summary of the financial statement effects as a result of this ASU adoption. Additionally, interest expense related to the amortization of the debt discount on our Convertible Notes is expected to decline approximately $5.5 million during the year ending December 31, 2021 as a result of the adoption of this ASU. Not Adopted as of March 31, 2021 ASU 2020–04, Reference Rate Reform This standard provides optional guidance for a limited period of time to ease the potential financial reporting burden in accounting for (or recognizing the effects of) the discontinuation of LIBOR resulting from reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. Election is available through December 31, 2022. The Company is currently evaluating the implications of these amendments to its current efforts for reference rate reform implementation and any impact the adoption of this ASU would have on its financial condition and results of operations.
Receivables	Accounts receivable consists of amounts billed to and due from customers across a wide range of industries and other third parties. The Company often extends short-term credit to cardholders and pays the merchant for the purchase price, less the fees it retains and records as revenue. The Company subsequently collects the total purchase price from the cardholder. In general, the Company’s trade receivables provide for payment terms of 30 days or less. Receivables not paid in full by payment due dates as stated within the terms of the agreement are generally considered past due and subject to late fees and interest based upon the outstanding receivables balance. The Company discontinues late fee and interest income accruals on outstanding receivables once customers are 90 and 120 days past the invoice due date, respectively. Payments received subsequent to discontinuing late fee and interest income accruals are first applied to outstanding late fees and interest, and the Company resumes accruing interest and late fee income as earned on future receivables balances.
Earnings per Share	Basic earnings per share is computed by dividing net (loss) income attributable to shareholders by the weighted average number of shares of common stock and vested DSUs outstanding during the year. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the numerator is increased for tax effected interest expense associated with our Convertible Notes and the denominator is increased for the assumed issuance of common shares issuable on convertible securities under the “if converted” method unless the effect is anti-dilutive. Additionally, diluted earnings per share includes the assumed exercise of dilutive options and the assumed issuance of unvested restricted stock units and performance-based awards for which the performance condition has been met as of the date of determination, using the treasury stock method unless the effect is anti-dilutive. The treasury stock method assumes that proceeds, including cash received from the exercise of employee stock options and the average unrecognized compensation expense for unvested share-based compensation awards, would be used to purchase the Company’s common stock at the average market price during the period.
Derivative Instruments	The Company is exposed to certain market risks relating to its ongoing business operations. From time to time, the Company enters into derivative instrument arrangements to manage various risks including interest rate risk
Fair Value of Financial Instruments	Certain of the Company’s financial assets and liabilities are recorded 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. Various factors are considered in determining the fair value of the Company’s obligations, including: closing exchange or over-the-counter market price quotations; time value and volatility factors underlying options and derivatives; price activity for equivalent instruments; and the Company’s own credit standing. These valuation techniques may be based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 – Instruments whose significant value drivers are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Money Market Mutual Funds A portion of the Company’s cash and cash equivalents are invested in money market mutual funds that primarily consist of short-term government securities, which are classified as Level 1 in the fair value hierarchy because they are valued using quoted market prices in an active market. Investment Securities When available, the Company uses quoted market prices to determine the fair value of investment securities; such inputs are classified as Level 1 of the fair-value hierarchy. These securities primarily consist of an open-ended mutual fund, which is invested in fixed-income securities and is held in order to satisfy the regulatory requirements of WEX Bank. For mortgage-backed and asset-backed debt securities and municipal 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 valued using Level 2 inputs. The pooled investment fund is a Community Reinvestment Act-eligible investment fund, which seeks to provide bank investors with current income consistent with the returns available in adjustable-rate government guaranteed financial products by investing in Community Development loans guaranteed by the Small Business Administration. The fund maintains individual capital accounts for each investor, which reflect each individual investor’s share of the NAV of the fund. Executive Deferred Compensation Plan Trust The investments held in the executive 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. Interest Rate Swaps The Company determines the fair value of its interest rate swaps based on the discounted cash flows of the difference between the projected fixed payments on the swaps and the implied floating payments using the current LIBOR curve, which are Level 2 inputs of the fair value hierarchy.
Segment Information	The Company determines its operating segments and reports segment information in accordance with how the Company’s CODM allocates resources and assesses performance. The Company’s CODM is its Chief Executive Officer. The operating segments are aggregated into the three reportable segments described below. • Fleet Solutions 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. • Travel and Corporate Solutions focuses on the complex payment environment of B2B payments, providing customers with payment processing solutions for their corporate payment and transaction monitoring needs. • Health and Employee Benefit Solutions

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table illustrates the adoption impact of ASU 2020-06: January 1, 2021 (In thousands) Prior to adoption Impact of As reported Long-term debt, net $ 2,874,113 $ 52,115 $ 2,926,228 Deferred income taxes, net (within total liabilities) $ 220,122 $ (12,109) $ 208,013 Additional paid-in capital $ 872,711 $ (41,982) $ 830,729 Retained earnings $ 1,286,976 $ 1,976 $ 1,288,952 The Company continues to apply the if-converted method to calculate the impact of the Convertible Notes on the diluted earnings per share as required by ASU 2020-06. See Note 6, Earnings per Share, for more information. The following table provides a brief description of accounting pronouncements adopted during the three months ended March 31, 2021 and recent accounting pronouncements not yet adopted that could have a material effect on our financial statements: Standard Description Date/Method of Adoption Effect on financial statements or other significant matters Adopted During the Three Months Ended March 31, 2021 ASU 2020–06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging –Contracts in Entity's Own Equity (Subtopic 815-40) This standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. Among other changes, this standard removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible debt instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. The standard also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The Company early adopted ASU 2020–06 effective January 1, 2021, using the modified-retrospective approach. Refer to Note 1, Basis of Presentation, for a summary of the financial statement effects as a result of this ASU adoption. Additionally, interest expense related to the amortization of the debt discount on our Convertible Notes is expected to decline approximately $5.5 million during the year ending December 31, 2021 as a result of the adoption of this ASU. Not Adopted as of March 31, 2021 ASU 2020–04, Reference Rate Reform This standard provides optional guidance for a limited period of time to ease the potential financial reporting burden in accounting for (or recognizing the effects of) the discontinuation of LIBOR resulting from reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. Election is available through December 31, 2022. The Company is currently evaluating the implications of these amendments to its current efforts for reference rate reform implementation and any impact the adoption of this ASU would have on its financial condition and results of operations.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table illustrates the adoption impact of ASU 2020-06: January 1, 2021 (In thousands) Prior to adoption Impact of As reported Long-term debt, net $ 2,874,113 $ 52,115 $ 2,926,228 Deferred income taxes, net (within total liabilities) $ 220,122 $ (12,109) $ 208,013 Additional paid-in capital $ 872,711 $ (41,982) $ 830,729 Retained earnings $ 1,286,976 $ 1,976 $ 1,288,952 The Company continues to apply the if-converted method to calculate the impact of the Convertible Notes on the diluted earnings per share as required by ASU 2020-06. See Note 6, Earnings per Share, for more information. The following table provides a brief description of accounting pronouncements adopted during the three months ended March 31, 2021 and recent accounting pronouncements not yet adopted that could have a material effect on our financial statements: Standard Description Date/Method of Adoption Effect on financial statements or other significant matters Adopted During the Three Months Ended March 31, 2021 ASU 2020–06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging –Contracts in Entity's Own Equity (Subtopic 815-40) This standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. Among other changes, this standard removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible debt instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. The standard also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The Company early adopted ASU 2020–06 effective January 1, 2021, using the modified-retrospective approach. Refer to Note 1, Basis of Presentation, for a summary of the financial statement effects as a result of this ASU adoption. Additionally, interest expense related to the amortization of the debt discount on our Convertible Notes is expected to decline approximately $5.5 million during the year ending December 31, 2021 as a result of the adoption of this ASU. Not Adopted as of March 31, 2021 ASU 2020–04, Reference Rate Reform This standard provides optional guidance for a limited period of time to ease the potential financial reporting burden in accounting for (or recognizing the effects of) the discontinuation of LIBOR resulting from reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. Election is available through December 31, 2022. The Company is currently evaluating the implications of these amendments to its current efforts for reference rate reform implementation and any impact the adoption of this ASU would have on its financial condition and results of operations.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables disaggregate the Company’s consolidated revenue: Three Months Ended March 31, 2021 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Topic 606 revenues Payment processing revenue 110,576 $ 57,248 $ 20,565 $ 188,389 Account servicing revenue 4,369 10,687 67,945 83,001 Other revenue 20,246 1,800 7,745 29,791 Total Topic 606 revenues $ 135,191 $ 69,735 $ 96,255 $ 301,181 Non-Topic 606 revenues 108,646 907 23 109,576 Total revenues $ 243,837 $ 70,642 $ 96,278 $ 410,757 Three Months Ended March 31, 2020 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Topic 606 revenues Payment processing revenue $ 113,323 $ 70,268 $ 20,446 $ 204,037 Account servicing revenue 4,371 11,063 63,569 79,003 Other revenue 21,288 771 9,023 31,082 Total Topic 606 revenues $ 138,982 $ 82,102 $ 93,038 $ 314,122 Non-Topic 606 revenues 110,865 2,257 4,435 117,557 Total revenues $ 249,847 $ 84,359 $ 97,473 $ 431,679 The vast majority of the above revenue relates to services transferred to the customer over time. Point-in-time revenue recognized was immaterial during the three months ended March 31, 2021 and 2020.
Schedule of Contract Assets and Liabilities	The following table provides information about these contract balances: (In thousands) Contract balance Location on the unaudited condensed consolidated balance sheets March 31, 2021 December 31, 2020 Receivables Accounts receivable, net $ 45,294 $ 43,541 Contract assets Prepaid expenses and other current assets 6,190 5,495 Contract assets Other assets 22,471 19,927 Contract liabilities Other current liabilities 7,511 8,530 Contract liabilities Other liabilities 21,493 24,614 Refund liabilities Accrued expenses 5,265 5,265
Schedule of Remaining Performance Obligations	The following table includes revenue expected to be recognized related to remaining performance obligations at the end of the reporting period and is not indicative of the Company’s future revenue, as it relates to an insignificant portion of the Company’s operations. (In thousands) Remaining 2021 2022 2023 2024 2025 2026 Thereafter Total Minimum monthly fees 1 $ 34,825 $ 30,741 $ 19,170 $ 7,807 $ 2,685 $ 40 $ — $ 95,268 Professional services 2 2,614 132 — — — — — 2,746 Other 3 3,815 3,464 3,145 3,410 3,741 3,928 4,124 25,627 Total remaining performance obligations $ 41,254 $ 34,337 $ 22,315 $ 11,217 $ 6,426 $ 3,968 $ 4,124 $ 123,641 1 The transaction price allocated to the remaining performance obligations represents the minimum monthly fees on certain service contracts, which contain substantive termination penalties that require the counterparty to pay the Company for the aggregate remaining minimum monthly fees upon an early termination for convenience. 2 Includes software development projects and other services sold subsequent to the core offerings, to which the customer is contractually obligated. 3 Represents deferred revenue associated with remaining payment processing service obligations.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following is a summary of the preliminary allocation of the purchase price to the assets and liabilities acquired, based on the fair value at the date of acquisition: (In thousands) As Reported Measurement Period Adjustments As Reported Cash consideration transferred, net of $232,155 in cash and restricted cash acquired $ 383,204 $ (1,909) $ 381,295 Less: legal settlement (162,500) — (162,500) Total consideration, net $ 220,704 $ (1,909) $ 218,795 Less: Accounts receivable 14,449 — 14,449 Property and equipment 876 — 876 Customer relationships (a)(c) 79,923 (32,323) 47,600 Developed technologies (b)(c) 63,125 (56,825) 6,300 License agreements 4,208 (4,208) — Deferred income tax asset 9,424 — 9,424 Other assets 16,605 — 16,605 Accounts payable (16,244) — (16,244) Accrued expenses (21,898) — (21,898) Restricted cash payable (186,956) — (186,956) Deferred income tax liability (20,152) 12,951 (7,201) Other liabilities (14,540) 3,552 (10,988) Recorded goodwill $ 291,884 $ 74,944 $ 366,828 (a) Weighted average life - 7.3 years. (b) Weighted average life - 0.5 years. (c) The weighted average life of the $53.9 million of amortizable intangible assets acquired in this business combination is 6.5 years.
Business Acquisition, Pro Forma Information	The following represents unaudited pro forma operational results: (In thousands, except per share data) Three Months Ended March 31, 2020 Total revenues $ 452,421 Net loss attributable to shareholders $ (11,694) Net loss attributable to shareholders per share: Basic $ (0.27) Diluted $ (0.27)

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Changes in Reserves for Credit Losses Related to Accounts Receivable	The following tables present changes in the accounts receivable allowances by portfolio segment: Three Months Ended March 31, 2021 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Balance, beginning of period $ 49,267 $ 9,610 $ 270 $ 59,147 Provision for credit losses 1 4,364 635 60 5,059 Charges to other accounts 2 4,373 — — 4,373 Charge-offs (12,774) (1,532) (18) (14,324) Recoveries of amounts previously charged-off 1,516 6 — 1,522 Currency translation (565) (69) — (634) Balance, end of period $ 46,181 $ 8,650 $ 312 $ 55,143 Three Months Ended March 31, 2020 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Balance, beginning of period $ 50,010 $ 5,765 $ 8,076 $ 63,851 Provision for credit losses 1,3 20,607 13,264 116 33,987 Charges to other accounts 2 5,520 — — 5,520 Charge-offs (24,635) (2,359) — (26,994) Recoveries of amounts previously charged-off 1,810 27 — 1,837 Currency translation (135) (96) (2,544) (2,775) Balance, end of period $ 53,177 $ 16,601 $ 5,648 $ 75,426 1 The provision is comprised of estimated credit losses based on the Company’s loss-rate experience and adjustments required for forecasted credit loss information. The provision for credit losses reported within this table also includes the provision for fraud losses. 2 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 the greater of a minimum charge or a stated late fee rate multiplied by the outstanding balance that is subject to a late fee charge. On occasion, these fees are waived to maintain customer relationship goodwill. Charges to other accounts represents the offset against the late fee revenue recognized when the Company establishes a reserve for such waived amounts.
Schedule of Past Due Financing Receivables	The following table presents the outstanding balance of trade accounts receivable that are less than 30 and 60 days past due, in each case, as a percentage of total trade accounts receivable: Delinquency Status March 31, 2021 December 31, 2020 29 days or less past due 98 % 97 % 59 days or less past due 99 % 98 %

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Reconciliation of Income and Share Data Used in Basic and Diluted Earnings Per Share Computations	The following table summarizes net loss attributable to shareholders and reconciles basic and diluted shares outstanding used in the earnings per share computations: Three Months Ended March 31, (In thousands) 2021 2020 Net loss attributable to shareholders $ (2,565) $ (16,256) Weighted average common shares outstanding – Basic 44,343 43,416 Dilutive impact of share-based compensation awards 1 — — Weighted average common shares outstanding – Diluted 44,343 43,416

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of 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 interest rate swap gains and losses: (In thousands) Three Months Ended March 31, Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in the Statement of Operations 2021 2020 Interest rate swap agreements – unrealized portion Net unrealized gain (loss) on financial instruments $ 7,520 $ (32,443) Interest rate swap agreements – realized portion Financing interest expense $ (5,457) $ (792)

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2021
Banking and Thrift, Interest [Abstract]
Schedule of Deposits	The following table presents the composition of deposits, which are classified as short-term or long-term based on their contractual maturities: (In thousands) March 31, 2021 December 31, 2020 Interest-bearing brokered money market deposits 1 $ 439,810 $ 439,894 Customer deposits 121,158 116,694 Certificates of deposit with maturities within 1 year 1,2 482,488 354,807 Short-term deposits 1,043,457 911,395 Certificates of deposit with maturities greater than 1 year and less than 5 years 1,2 118,591 148,591 Total deposits $ 1,162,048 $ 1,059,986 Weighted average cost of funds on certificates of deposit outstanding 1.51 % 1.81 % Weighted average cost of interest-bearing brokered money market deposits 0.24 % 0.27 % 1 As of March 31, 2021 and December 31, 2020 , all certificates of deposit and brokered money market deposits we re in denominations of $250 thousand or less, corresponding to FDIC deposit insurance limits. 2 Original maturities range from 9 months to 5 years, with coupon interest rates ranging from 0.18 percent to 3.52 percent as of March 31, 2021. At December 31, 2020, original maturities ranged from 1 year to 5 years with coupon interest rates ranging from 1.35 percent to 3.52 percent.

Financing and Other Debt (Table

Financing and Other Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes the Company’s total outstanding debt by type as of March 31, 2021 and December 31, 2020. (In thousands) March 31, 2021 December 31, 2020 Tranche A term loan 861,295 873,777 Tranche B term loan 1,438,697 1,442,368 Term loans under 2016 Credit Agreement 1 2,299,992 2,316,145 Notes outstanding — 400,000 Convertible Notes 1 310,000 310,000 Securitized debt 1 86,496 85,945 Borrowed federal funds 1 214,798 20,000 Total gross debt $ 2,911,286 $ 3,132,090 1 See Note 12, Fair Value, for more information regarding the fair value of the Company’s debt. The following table summarizes the Company’s total outstanding debt by balance sheet classification: (In thousands) March 31, 2021 December 31, 2020 Current portion of gross debt $ 365,905 $ 170,556 Less: Unamortized debt issuance costs/debt discount (11,607) (17,826) Short-term debt, net $ 354,298 $ 152,730 Long-term portion of gross debt $ 2,545,381 $ 2,961,534 Less: Unamortized debt issuance costs/debt discount (37,070) (87,421) Long-term debt, net $ 2,508,311 $ 2,874,113 Supplemental information under 2016 Credit Agreement: Letters of credit (1) $ 51,687 $ 51,628 Remaining borrowing capacity on revolving credit facility (2) $ 818,313 $ 818,372 (1) Collateral for lease agreements, virtual card and fuel payment processing activity at the Company’s foreign subsidiaries. (2) Contingent on maintaining compliance with the financial covenants as defined in the Company’s 2016 Credit Agreement.
Schedule of Convertible Notes	The Convertible Notes consist of the following: (In thousands) March 31, 2021 December 31, 2020 Principal $ 310,000 $ 310,000 Less: Unamortized discounts (14,164) (66,755) Less: Unamortized issuance cost (2,281) (2,358) Net carrying amount of Convertible Notes 1 $ 293,555 $ 240,887 Equity component 2 $ — $ 54,689 1 Recorded within long-term debt, net on our condensed consolidated balance sheet. 2 Represents the proceeds allocated to the conversion option, or debt discount, recorded within additional paid-in capital on the condensed consolidated balance sheet through December 31, 2020. Additional paid-in capital on the condensed consolidated balance sheet through December 31, 2020 was further reduced by $0.6 million of issuance costs and $13.6 million in taxes associated with the equity component. Effective January 1, 2021, the Convertible Notes and its conversion option were accounted for as a single unit of account. The following table sets forth total interest expense recognized for the Convertible Notes: (In thousands) Three Months Ended March 31, 2021 Interest on 6.5% coupon $ 5,038 Amortization of debt discount and debt issuance costs 553 $ 5,591

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis: (In thousands) Fair Value Hierarchy March 31, 2021 December 31, 2020 Financial Assets: Money market mutual funds 1 1 $ 76,167 $ 335,449 Investment securities Municipal bonds 2 $ 144 $ 197 Asset-backed securities 2 201 210 Mortgage-backed securities 2 149 138 Pooled investment fund measured at NAV 2 9,000 9,000 Fixed-income mutual fund 1 27,338 27,728 Total investment securities $ 36,832 $ 37,273 Executive deferred compensation plan trust 3 1 $ 11,022 $ 9,586 Liabilities Interest rate swaps 4 2 $ 37,418 $ 44,938 1 The fair value is recorded in cash and cash equivalents. 2 The fair value of this security is measured at NAV as a practical expedient and has not been classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets. 3 The fair value is recorded as current or long-term based on the timing of the Company’s executive deferred compensation plan payment obligations. At March 31, 2021, $1.0 million and $10.0 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2020, $0.9 million an d $8.7 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. 4 The fair value is recorded as current or long-term depending on the timing of expected discounted cash flows. At March 31, 2021 , $20.9 million and $16.5 million in fair value is recorded within other current liabilities and other liabilities, respectively. At December 31, 2020, $22.0 million an d $22.9 million in fair value is recorded within other current liabilities and other liabilities, respectively.
Schedule of Pooled Investment Fund	(In thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Pooled investment fund, as of March 31, 2021 $ 9,000 — Monthly 30 days

Redeemable Non-Controlling In_2

Redeemable Non-Controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest	The following table presents the changes in the Company’s redeemable non-controlling interest: (In thousands) 2021 2020 Balance at December 31 117,219 $ 156,879 Net income attributable to redeemable non-controlling interest 353 142 Change in value of redeemable non-controlling interest 25,044 2,624 Balance at March 31 $ 142,616 $ 159,645

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Reportable Segment Results	The following tables present the Company’s reportable segment revenues: Three Months Ended March 31, 2021 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Total Payment processing revenue $ 110,576 $ 57,248 $ 20,565 $ 188,389 Account servicing revenue 39,991 10,687 67,945 118,623 Finance fee revenue 51,840 294 19 52,153 Other revenue 41,430 2,413 7,749 51,592 Total revenues $ 243,837 $ 70,642 $ 96,278 $ 410,757 Interest income $ 311 $ 8 $ 4 $ 323 Three Months Ended March 31, 2020 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Payment processing revenue $ 113,323 $ 70,268 $ 20,446 $ 204,037 Account servicing revenue 39,208 11,063 63,569 113,840 Finance fee revenue 55,342 535 50 55,927 Other revenue 41,974 2,493 13,408 57,875 Total revenues $ 249,847 $ 84,359 $ 97,473 $ 431,679 Interest income $ 1,266 $ 225 $ 419 $ 1,910
Schedule of Reconciliation of Adjusted Net Income to Income Before Income Taxes	The following table reconciles total segment adjusted operating income to (loss) income before income taxes: Three Months Ended March 31, (In thousands) 2021 2020 Segment adjusted operating income Fleet Solutions $ 118,258 $ 104,608 Travel and Corporate Solutions 7,015 21,915 Health and Employee Benefit Solutions 30,544 29,467 Total segment adjusted operating income $ 155,817 $ 155,990 Reconciliation: Total segment adjusted operating income $ 155,817 $ 155,990 Less: Unallocated corporate expenses 16,209 16,543 Acquisition-related intangible amortization 42,454 42,538 Other acquisition and divestiture related items 14,796 7,942 Debt restructuring costs 637 78 Stock-based compensation 18,943 11,820 Other costs 12,237 2,240 Operating income 50,541 74,829 Financing interest expense (33,284) (32,031) Net foreign currency loss (2,755) (28,727) Net unrealized gain (loss) on financial instruments 7,033 (32,047) Income (loss) before income taxes $ 21,535 $ (17,976)

Supplementary Regulatory Capi_2

Supplementary Regulatory Capital Disclosure (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations	The following table presents WEX Bank’s actual and regulatory minimum capital amounts and ratios: (In thousands) Actual Amount Ratio Minimum for Capital Adequacy Purposes Amount Ratio Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio March 31, 2021 Total Capital to risk-weighted assets $ 308,262 12.80 % $ 192,694 8.00 % $ 240,867 10.00 % Tier 1 Capital to average assets $ 286,352 11.61 % $ 98,663 4.00 % $ 123,328 5.00 % Common equity to risk-weighted assets $ 286,352 11.89 % $ 108,390 4.50 % $ 156,564 6.50 % Tier 1 Capital to risk-weighted assets $ 286,352 11.89 % $ 144,520 6.00 % $ 192,694 8.00 % December 31, 2020 Total Capital to risk-weighted assets $ 299,136 15.04 % $ 159,148 8.00 % $ 198,935 10.00 % Tier 1 Capital to average assets $ 287,570 12.71 % $ 90,514 4.00 % $ 113,143 5.00 % Common equity to risk-weighted assets $ 287,570 14.46 % $ 89,521 4.50 % $ 129,308 6.50 % Tier 1 Capital to risk-weighted assets $ 287,570 14.46 % $ 119,361 6.00 % $ 159,148 8.00 %

Basis of Presentation - Impact

Basis of Presentation - Impact of Topic 326 (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt, net		$ 2,874,113
Deferred income taxes, net (within total liabilities)	$ 198,790	220,122	$ 220,122
Additional paid-in capital	850,108	872,711	872,711
Retained earnings	$ 1,286,387	1,286,976	$ 1,286,976
Impact of adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt, net		52,115
Deferred income taxes, net (within total liabilities)		(12,109)
Additional paid-in capital		(41,982)
Retained earnings		1,976
As reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt, net		2,926,228
Deferred income taxes, net (within total liabilities)		208,013
Additional paid-in capital		830,729
Retained earnings		$ 1,288,952

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Forecast | Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in convertible interest payable	$ 5.5

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	$ 301,181	$ 314,122
Non-Topic 606 revenues	109,576	117,557
Total revenues	410,757	431,679
Fleet Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	135,191	138,982
Non-Topic 606 revenues	108,646	110,865
Total revenues	243,837	249,847
Travel and Corporate Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	69,735	82,102
Non-Topic 606 revenues	907	2,257
Total revenues	70,642	84,359
Health and Employee Benefit Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	96,255	93,038
Non-Topic 606 revenues	23	4,435
Total revenues	96,278	97,473
Payment processing revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	188,389	204,037
Total revenues	188,389	204,037
Payment processing revenue | Fleet Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	110,576	113,323
Total revenues	110,576	113,323
Payment processing revenue | Travel and Corporate Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	57,248	70,268
Total revenues	57,248	70,268
Payment processing revenue | Health and Employee Benefit Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	20,565	20,446
Total revenues	20,565	20,446
Account servicing revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	83,001	79,003
Total revenues	118,623	113,840
Account servicing revenue | Fleet Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	4,369	4,371
Total revenues	39,991	39,208
Account servicing revenue | Travel and Corporate Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	10,687	11,063
Total revenues	10,687	11,063
Account servicing revenue | Health and Employee Benefit Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	67,945	63,569
Total revenues	67,945	63,569
Other revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	29,791	31,082
Total revenues	51,592	57,875
Other revenue | Fleet Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	20,246	21,288
Total revenues	41,430	41,974
Other revenue | Travel and Corporate Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	1,800	771
Total revenues	2,413	2,493
Other revenue | Health and Employee Benefit Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	7,745	9,023
Total revenues	$ 7,749	$ 13,408

Revenue - Contract Assets and L

Revenue - Contract Assets and Liabilities From Contracts with Customers (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	$ 1,043,457	$ 911,395
Contract liabilities	118,591	148,591
Accounts receivable, net
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract assets	45,294	43,541
Prepaid expenses and other current assets
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract assets	6,190	5,495
Other assets
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Noncurrent other assets	22,471	19,927
Other current liabilities
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	7,511	8,530
Other liabilities
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	21,493	24,614
Accrued expenses
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	$ 5,265	$ 5,265

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized related to contract liabilities	$ 2.7

Revenue - Remaining Performance

Revenue - Remaining Performance Obligation (Details) $ in Thousands	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 123,641
Minimum monthly fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	95,268
Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	2,746
Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	25,627
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 41,254
Performance obligations expected to be satisfied, expected timing	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Minimum monthly fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 34,825
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	2,614
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	3,815
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 34,337
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Minimum monthly fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 30,741
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	132
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	3,464
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 22,315
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Minimum monthly fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 19,170
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	3,145
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 11,217
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Minimum monthly fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 7,807
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	3,410
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 6,426
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Minimum monthly fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 2,685
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	3,741
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 3,968
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Minimum monthly fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 40
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	3,928
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 4,124
Performance obligations expected to be satisfied, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Minimum monthly fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 4,124

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - Original Purchase Agreement - USD ($) $ in Millions	Dec. 15, 2020	Mar. 31, 2021
Business Acquisition [Line Items]
Consideration transferred	$ 577.5
Cash to be paid	613.5
Working capital adjustment received		$ 1.9
Incremental revolving commitments	415
Payments for legal settlements	$ 162.5

Acquisitions - Schedules of Ass

Acquisitions - Schedules of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Dec. 15, 2020	Mar. 31, 2021	Dec. 31, 2020
Less:
Goodwill		$ 2,759,025	$ 2,688,138
Cash paid on sale of subsidiary	$ 232,155
Original Purchase Agreement
Business Acquisition [Line Items]
Cash consideration transferred, net of $232,155 in cash and restricted cash acquired		381,295	383,204
Measurement period adjustments, cash acquired		(1,909)
Less: legal settlement		(162,500)	(162,500)
Measurement period adjustments, legal settlement		0
Total consideration, net		218,795	220,704
Measurement period adjustments, total consideration		(1,909)
Less:
Accounts receivable		14,449	14,449
Measurement period adjustments, accounts receivable		0
Property and equipment		876	876
Measurement period adjustments, property and equipment		0
Deferred income tax asset		9,424	9,424
Measurement period adjustments, deferred income taxes asset		0
Other assets		16,605	16,605
Measurement period adjustments, other assets		0
Accounts payable		(16,244)	(16,244)
Measurement period adjustments, accounts payable		0
Accrued expenses		(21,898)	(21,898)
Measurement period adjustments, accrued expenses		0
Restricted cash payable		(186,956)	(186,956)
Measurement period adjustments, restricted cash payable		0
Deferred income tax liability		(7,201)	(20,152)
Measurement period adjustments, deferred income tax liability		12,951
Other liabilities		(10,988)	(14,540)
Measurement period adjustments, other liabilities		3,552
Goodwill		366,828	291,884
Measurement period adjustments, recorded goodwill		74,944
Weighted average life (in years)	6 years 6 months
Acquisition-related intangible amortization	$ 53,900
Original Purchase Agreement | Customer relationships
Less:
Intangible assets		47,600	79,923
Measurement period adjustments, intangible assets		(32,323)
Weighted average life (in years)	7 years 3 months 18 days
Original Purchase Agreement | Developed technologies
Less:
Intangible assets		6,300	63,125
Measurement period adjustments, intangible assets		(56,825)
Weighted average life (in years)	6 months
Original Purchase Agreement | Licensing agreements
Less:
Intangible assets		0	$ 4,208
Measurement period adjustments, intangible assets		$ (4,208)

Acquisitions - Schedule of Pro

Acquisitions - Schedule of Pro Forma Information (Details) - Discovery Benefits and Noventis $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / shares
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues | $	$ 452,421
Net loss attributable to shareholders | $	$ (11,694)
Net loss attributable to shareholders per share:
Basic (in dollars per share) | $ / shares	$ (0.27)
Diluted (in dollars per share) | $ / shares	$ (0.27)

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable payments terms (30 days or less)	30 days
Accounts receivable, late fee discontinued period	90 days
Accounts receivable, interest income accrual discontinued period	120 days
Threshold period past due for write-off of trade accounts receivable	180 days
Revolving line-of-credit facility under 2016 Credit Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables with revolving credit balances	$ 66.7	$ 60.2

Accounts Receivable - Changes i

Accounts Receivable - Changes in Reserves for Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounts Receivable And Other Assets, Allowance for Credit Loss
Balance, beginning of period	$ 59,147	$ 63,851
Provision for credit losses	5,059	33,987
Charges to other accounts	4,373	5,520
Charge-offs	(14,324)	(26,994)
Recoveries of amounts previously charged-off	1,522	1,837
Currency translation	(634)	(2,775)
Balance, end of period	55,143	75,426
Fleet Solutions
Accounts Receivable And Other Assets, Allowance for Credit Loss
Balance, beginning of period	49,267	50,010
Provision for credit losses	4,364	20,607
Charges to other accounts	4,373	5,520
Charge-offs	(12,774)	(24,635)
Recoveries of amounts previously charged-off	1,516	1,810
Currency translation	(565)	(135)
Balance, end of period	46,181	53,177
Travel and Corporate Solutions
Accounts Receivable And Other Assets, Allowance for Credit Loss
Balance, beginning of period	9,610	5,765
Provision for credit losses	635	13,264
Charges to other accounts	0	0
Charge-offs	(1,532)	(2,359)
Recoveries of amounts previously charged-off	6	27
Currency translation	(69)	(96)
Balance, end of period	8,650	16,601
Health and Employee Benefit Solutions
Accounts Receivable And Other Assets, Allowance for Credit Loss
Balance, beginning of period	270	8,076
Provision for credit losses	60	116
Charges to other accounts	0	0
Charge-offs	(18)	0
Recoveries of amounts previously charged-off	0	0
Currency translation	0	(2,544)
Balance, end of period	$ 312	$ 5,648

Accounts Receivable - Concentra

Accounts Receivable - Concentration of Credit Risk (Details) - Credit Concentration Risk - Accounts receivable, net	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
29 days or less past due
Concentration Risk [Line Items]
Concentration risk, percentage	98.00%	97.00%
59 days or less past due
Concentration Risk [Line Items]
Concentration risk, percentage	99.00%	98.00%

Earnings per Share - Summary of

Earnings per Share - Summary of Net (Loss) Earning Attributable to Shareholders and Reconciliation of Basic and Diluted Shares (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss attributable to shareholders	$ (2,565)	$ (16,256)
Weighted average common shares outstanding – Basic (in shares)	44,343	43,416
Dilutive impact of share-based compensation awards (in shares)	0	0
Weighted average common shares outstanding – Diluted (in shares)	44,343	43,416
Antidilutive securities excluded from computation of earnings (in shares)	1,000	600
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	1,600

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Thousands	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)contract
Derivative [Line Items]
Number of interest rate swap contracts entered into | contract		6
Lines of credit outstanding	$ 51,687	$ 51,628
Principal	2,911,286	3,132,090
Secured Debt
Derivative [Line Items]
Principal	86,496	85,945
Line of Credit
Derivative [Line Items]
Principal	214,800	20,000
2016 Credit Agreement | Line of Credit | Secured Debt
Derivative [Line Items]
Principal	2,299,992	2,316,145
Interest Rate Swaps
Derivative [Line Items]
Collective notional amount		$ 1,400,000
Interest Rate Swaps | 2016 Credit Agreement
Derivative [Line Items]
Lines of credit outstanding	$ 1,400,000
Interest Rate Swaps | Minimum
Derivative [Line Items]
Fixed rate variable interest		0.743%
Interest Rate Swaps | Maximum
Derivative [Line Items]
Fixed rate variable interest		2.413%

Derivative Instruments - Locati

Derivative Instruments - Location and Amounts of Interest Rate Swap Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap gains (losses)	$ 7,033	$ (32,047)
Derivatives Not Designated as Hedging Instruments | Net unrealized gain (loss) on financial instruments | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap gains (losses)	7,520	(32,443)
Derivatives Not Designated as Hedging Instruments | Financing interest expense | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap gains (losses)	$ (5,457)	$ (792)

Deposits - Schedule of Composit

Deposits - Schedule of Composition of Deposits (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Interest-bearing brokered money market deposits	$ 439,810,000		$ 439,894,000
Customer deposits	121,158,000		116,694,000
Certificates of deposit with maturities within 1 year	482,488,000		354,807,000
Short-term deposits	1,043,457,000		911,395,000
Certificates of deposit with maturities greater than 1 year and less than 5 years	118,591,000		148,591,000
Total deposits	$ 1,162,048,000		$ 1,059,986,000
Weighted average cost of funds on certificates of deposit outstanding (as a percent)	1.51%		1.81%
Weighted average cost of interest-bearing money market deposits (as a percent)	0.24%		0.27%
Certificates of deposits denominations in dollar amount	$ 250,000		$ 250,000
Minimum
Debt Instrument [Line Items]
Certificate of deposits maturities period	9 months	1 year
Certificate of deposits, fixed interest rates range (as a percent)	0.18%		1.35%
Maximum
Debt Instrument [Line Items]
Certificate of deposits maturities period	5 years	5 years
Certificate of deposits, fixed interest rates range (as a percent)	3.52%		3.52%

Deposits - Narrative (Details)

Deposits - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Banking and Thrift, Interest [Abstract]
Required reserve based on the outstanding customer deposits	$ 0	$ 0
Maximum money market and demand deposit accounts purchasable	125,000,000
Outstanding balance of ICS purchases	$ 0	$ 0

Financing and Other Debt - Sche

Financing and Other Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal	$ 2,911,286,000	$ 3,132,090,000
Current portion of gross debt	365,905,000	170,556,000
Less: Unamortized debt issuance costs/debt discount	(11,607,000)	(17,826,000)
Short-term debt, net	354,298,000	152,730,000
Long-term portion of gross debt	2,545,381,000	2,961,534,000
Less: Unamortized debt issuance costs/debt discount	(37,070,000)	(87,421,000)
Long-term debt, net	2,508,311,000	2,874,113,000
Supplemental information under 2016 Credit Agreement:
Letters of credit	51,687,000	51,628,000
Remaining borrowing capacity on revolving credit facility	818,313,000	818,372,000
Borrowed federal funds
Debt Instrument [Line Items]
Principal	214,798,000	20,000,000
Secured debt
Debt Instrument [Line Items]
Principal	86,496,000	85,945,000
Convertible Debt
Debt Instrument [Line Items]
Principal	310,000,000	310,000,000
Line of Credit
Debt Instrument [Line Items]
Principal	214,800,000	20,000,000
Line of Credit | Secured debt | 2016 Credit Agreement
Debt Instrument [Line Items]
Principal	2,299,992,000	2,316,145,000
Line of Credit | Secured debt | Tranche A term loan
Debt Instrument [Line Items]
Principal	861,295,000	873,777,000
Line of Credit | Secured debt | Tranche B term loan
Debt Instrument [Line Items]
Principal	1,438,697,000	1,442,368,000
Notes outstanding | Senior Notes
Debt Instrument [Line Items]
Principal	$ 0	$ 400,000,000

Financing and Other Debt - Narr

Financing and Other Debt - Narrative (Details)	Apr. 01, 2021USD ($)	Mar. 15, 2021USD ($)	Jan. 15, 2021USD ($)	Jul. 01, 2020USD ($)trading_day$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jan. 01, 2021USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Remaining borrowing capacity on revolving credit facility					$ 818,313,000	$ 818,372,000
Long-term debt					2,911,286,000	3,132,090,000
Redemption price		$ 400,000,000
Operating interest					1,400,000
Borrowings under Guaranteed Investment Agreements					60,000,000	60,000,000
Long-term debt, net							$ 2,874,113,000
Pledged receivables held as collateral					342,300,000
Letters of credit					51,687,000	51,628,000
Private Placement | Common Stock Issued
Debt Instrument [Line Items]
Sale of stock, number of shares Issued in transaction (in shares) | shares				577,254
Sale of stock, consideration received on transaction				$ 90,000,000
Sale of stock, price per share ( in dollars per share) | $ / shares				$ 155.91
Secured debt
Debt Instrument [Line Items]
Long-term debt					86,496,000	85,945,000
Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity on revolving credit facility					436,000,000	376,000,000
Convertible Debt
Debt Instrument [Line Items]
Long-term debt					$ 310,000,000	$ 310,000,000
Redemption of Notes				$ 389,200,000
2016 Credit Agreement
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)					2.30%	2.30%
Commitment fee percentage					0.40%
2016 Credit Agreement | Minimum
Debt Instrument [Line Items]
Commitment fee percentage					0.30%
2016 Credit Agreement | Maximum
Debt Instrument [Line Items]
Commitment fee percentage					0.50%
Convertible Senior Notes Due 2027 | Convertible Debt
Debt Instrument [Line Items]
Aggregate amount				310,000,000
Long-term debt					$ 310,000,000	$ 310,000,000
Operating interest					$ 5,591,000
Redemption of Notes				$ 299,200,000
Debt instrument, term				7 years
Interest rate, stated percentage				6.50%	0.065%
Initial interest payment			$ 10,900,000
Conversion price (in dollars per share) | $ / shares				$ 200
Threshold percentage				200.00%
Number trading days | trading_day				20
Number of consecutive trading days | trading_day				30
Redemption price, percent				105.00%
Proceeds from private placement and issuance of convertible debt				$ 389,200,000
Convertible debt, fair value, equity component				94,000,000
Convertible debt, fair value, liability component				295,200,000
Capitalized debt issuance costs				4,000,000
Debt issuance costs gross liability component				2,500,000
Debt issuance costs gross equity component				1,500,000
Equity component				54,700,000	$ 0	54,689,000
Effective interest rate on the liability component					7.50%
If-converted value in excess of principal					$ 14,300,000
Long-term debt, net				$ 237,500,000	$ 293,555,000	$ 240,887,000
Convertible Senior Notes Due 2027 | Convertible Debt | Minimum
Debt Instrument [Line Items]
Number trading days | trading_day				5
Australian Securitization Facility
Debt Instrument [Line Items]
Interest rate during period, percent					0.96%	0.97%
Short-term debt, net					$ 62,100,000	$ 62,600,000
European Securitization Facility
Debt Instrument [Line Items]
Interest rate during period, percent					0.94%	0.98%
Securitized debt					$ 24,300,000	$ 23,400,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt					$ 214,800,000	$ 20,000,000
Weighted average effective interest rate (as a percent)					0.10%	1.01%
Line of Credit | Tranche A term loan | Secured debt
Debt Instrument [Line Items]
Aggregate amount					$ 1,030,000,000
Long-term debt					861,295,000	$ 873,777,000
Line of Credit | Tranche A term loan | Secured debt | Subsequent Event
Debt Instrument [Line Items]
Aggregate amount	$ 978,000,000
Line of Credit | Tranche B term loan | Secured debt
Debt Instrument [Line Items]
Aggregate amount					1,485,000,000
Long-term debt					1,438,697,000	1,442,368,000
Line of Credit | Tranche B term loan | Secured debt | Subsequent Event
Debt Instrument [Line Items]
Aggregate amount	1,442,000,000
Long-term debt	117,100,000
Line of Credit | 2016 Credit Agreement | Secured debt
Debt Instrument [Line Items]
Long-term debt					2,299,992,000	2,316,145,000
Revolving line-of-credit facility under 2016 Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, Increase (decrease)	$ 60,000,000
Revolving line-of-credit facility under 2016 Credit Agreement | Federal Reserve Bank
Debt Instrument [Line Items]
Current borrowing capacity					200,000,000	188,400,000
Letters of credit						0		$ 0
Revolving line-of-credit facility under 2016 Credit Agreement | Minimum | Eurocurrency Rate | Subsequent Event
Debt Instrument [Line Items]
Margin on variable rate, percent	0.75%
Revolving line-of-credit facility under 2016 Credit Agreement | 2016 Credit Agreement
Debt Instrument [Line Items]
Remaining borrowing capacity on revolving credit facility					870,000,000
Letters of credit outstanding, amount					51,700,000
Revolving line-of-credit facility under 2016 Credit Agreement | 2016 Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Remaining borrowing capacity on revolving credit facility	$ 930,000,000
Revolving line-of-credit facility under 2016 Credit Agreement | 2016 Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity on revolving credit facility					250,000,000
Revolving line-of-credit facility under 2016 Credit Agreement | 2016 Credit Agreement | Swingline Loan
Debt Instrument [Line Items]
Remaining borrowing capacity on revolving credit facility					$ 20,000,000
Credit Facility Term Loans | Tranche A term loan | Base Rate | Subsequent Event
Debt Instrument [Line Items]
Margin on variable rate, percent	1.00%
Credit Facility Term Loans | Tranche A term loan | Eurocurrency Rate | Subsequent Event
Debt Instrument [Line Items]
Margin on variable rate, percent	2.00%
Credit Facility Term Loans | Tranche B term loan | Base Rate
Debt Instrument [Line Items]
Margin on variable rate, percent					1.25%
Credit Facility Term Loans | Tranche B term loan | Base Rate | Subsequent Event
Debt Instrument [Line Items]
Margin on variable rate, percent	1.25%
Credit Facility Term Loans | Tranche B term loan | Eurocurrency Rate
Debt Instrument [Line Items]
Margin on variable rate, percent					2.25%
Credit Facility Term Loans | Tranche B term loan | Eurocurrency Rate | Subsequent Event
Debt Instrument [Line Items]
Margin on variable rate, percent	2.25%
Notes outstanding | Senior Notes
Debt Instrument [Line Items]
Long-term debt					$ 0	400,000,000
Long-term deposits		$ 400,000,000
Participation Debt | Line of Credit
Debt Instrument [Line Items]
Long-term debt, net					$ 0	$ 0
Participation Debt | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate, percent					2.25%

Financing and Other Debt - Sc_2

Financing and Other Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2021	Jan. 01, 2021	Jul. 01, 2020
Debt Instrument [Line Items]
Principal	$ 3,132,090	$ 2,911,286
Net carrying amount of Convertible Notes			$ 2,874,113
Convertible Debt
Debt Instrument [Line Items]
Principal	310,000	310,000
Convertible Debt | Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Principal	310,000	310,000
Less: Unamortized discounts	(66,755)	(14,164)
Less: Unamortized issuance cost	(2,358)	(2,281)
Net carrying amount of Convertible Notes	240,887	293,555		$ 237,500
Equity component	54,689	$ 0		$ 54,700
Debt financing costs	600
Adjustments to additional paid in capital, equity component of convertible debt	$ 13,600

Financing and Other Debt - Sc_3

Financing and Other Debt - Schedule of Total Interest Expense for Convertible Note (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Jul. 01, 2020
Debt Instrument [Line Items]
Operating interest	$ 1,400
Convertible Debt | Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Interest on 6.5% coupon	5,038
Amortization of debt discount and debt issuance costs	553
Operating interest	$ 5,591
Interest rate, stated percentage	0.065%	6.50%

Off-Balance Sheet Arrangements

Off-Balance Sheet Arrangements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of factoring receivables	$ 200	$ 2,800
WEX Europe Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of factoring receivables	119	128.8
WEX Latin America debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain (loss) on sale of factoring receivables	$ 3.7	$ 18.2

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value and Related Hierarchy Levels (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial Assets:
Total investment securities	$ 36,832	$ 37,273
Level 1
Financial Assets:
Executive deferred compensation plan trust	11,022	9,586
Prepaid expenses and other current assets
Financial Assets:
Executive deferred compensation plan trust	1,000	900
Other assets
Financial Assets:
Executive deferred compensation plan trust	10,000	8,700
Money market funds | Level 1
Financial Assets:
Money market funds	76,167	335,449
Municipal bonds | Level 2
Financial Assets:
Total investment securities	144	197
Asset-backed securities | Level 2
Financial Assets:
Total investment securities	201	210
Mortgage-backed securities | Level 2
Financial Assets:
Total investment securities	149	138
Pooled investment fund measured at NAV2 | Net Asset Value
Financial Assets:
Total investment securities	9,000	9,000
Fixed-income mutual fund | Level 1
Financial Assets:
Total investment securities	27,338	27,728
Interest rate swaps | Level 2
Liabilities
Interest rate swaps	37,418	44,938
Interest rate swaps | Other current liabilities
Liabilities
Interest rate swaps	20,900	22,000
Interest rate swaps | Other liabilities
Liabilities
Interest rate swaps	$ 16,500	$ 22,900

Fair Value - Pooled Investment

Fair Value - Pooled Investment Fund (Details) - Net Asset Value - Pooled investment fund $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0
Redemption Notice Period	30 days
Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 9,000

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, fair value	$ 408.1	$ 405.6

Redeemable Non-Controlling In_3

Redeemable Non-Controlling Interest - Narrative (Details) - Discovery Benefits	3 Months Ended
	Mar. 31, 2021	Mar. 05, 2019
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling interest		4.90%
Maximum
Noncontrolling Interest [Line Items]
Call rights, exercise period	7 years

Redeemable Non-Controlling In_4

Redeemable Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 117,219	$ 156,879
Net income attributable to redeemable non-controlling interest	353	142
Change in value of redeemable non-controlling interest	25,044	2,624
Ending balance	$ 142,616	$ 159,645

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	(7.80%)	31.70%
Undistributed earnings of certain foreign subsidiaries	$ 81.8		$ 58.5

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Incurred penalties	$ 1.5
Charges incurred	$ 5.4

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based payment arrangement, expense	$ 17,900	$ 12,500

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Revenue b

Segment Information - Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 410,757	$ 431,679
Interest income	323	1,910
Fleet Solutions
Segment Reporting Information [Line Items]
Total revenues	243,837	249,847
Interest income	311	1,266
Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Total revenues	70,642	84,359
Interest income	8	225
Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Total revenues	96,278	97,473
Interest income	4	419
Payment processing revenue
Segment Reporting Information [Line Items]
Total revenues	188,389	204,037
Payment processing revenue | Fleet Solutions
Segment Reporting Information [Line Items]
Total revenues	110,576	113,323
Payment processing revenue | Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Total revenues	57,248	70,268
Payment processing revenue | Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Total revenues	20,565	20,446
Account servicing revenue
Segment Reporting Information [Line Items]
Total revenues	118,623	113,840
Account servicing revenue | Fleet Solutions
Segment Reporting Information [Line Items]
Total revenues	39,991	39,208
Account servicing revenue | Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Total revenues	10,687	11,063
Account servicing revenue | Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Total revenues	67,945	63,569
Finance fee revenue
Segment Reporting Information [Line Items]
Total revenues	52,153	55,927
Finance fee revenue | Fleet Solutions
Segment Reporting Information [Line Items]
Total revenues	51,840	55,342
Finance fee revenue | Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Total revenues	294	535
Finance fee revenue | Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Total revenues	19	50
Other revenue
Segment Reporting Information [Line Items]
Total revenues	51,592	57,875
Other revenue | Fleet Solutions
Segment Reporting Information [Line Items]
Total revenues	41,430	41,974
Other revenue | Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Total revenues	2,413	2,493
Other revenue | Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Total revenues	$ 7,749	$ 13,408

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted Operating Income to Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Adjusted operating income	$ 155,817	$ 155,990
Stock-based compensation	17,886	12,533
Operating income	50,541	74,829
Financing interest expense	(33,284)	(32,031)
Net foreign currency loss	(2,755)	(28,727)
Net unrealized gain (loss) on financial instruments	7,033	(32,047)
Income (loss) before income taxes	21,535	(17,976)
Fleet Solutions
Segment Reporting Information [Line Items]
Adjusted operating income	118,258	104,608
Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Adjusted operating income	7,015	21,915
Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Adjusted operating income	30,544	29,467
Segment reconciling items
Segment Reporting Information [Line Items]
Unallocated corporate expenses	16,209	16,543
Acquisition-related intangible amortization	42,454	42,538
Other acquisition and divestiture related items	14,796	7,942
Debt restructuring costs	637	78
Stock-based compensation	18,943	11,820
Other costs	$ 12,237	$ 2,240

Supplementary Regulatory Capi_3

Supplementary Regulatory Capital Disclosure (Details) $ in Thousands	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
Total Capital to risk-weighted assets, Actual Amount	$ 308,262	$ 299,136
Total Capital to risk-weighted assets, Actual, Ratio	0.1280	0.1504
Total Capital to risk-weighted assets, Minimum for Capital Adequacy Purposes Amount	$ 192,694	$ 159,148
Total Capital to risk-weighted assets, Minimum for Capital Adequacy Purposes, Ratio	0.0800	0.0800
Total Capital to risk-weighted assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 240,867	$ 198,935
Total Capital to risk-weighted assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.1000	0.1000
Tier 1 Capital to average assets, Actual Amount	$ 286,352	$ 287,570
Tier 1 Capital to average assets, Actual, Ratio	0.1161	0.1271
Tier 1 Capital to average assets, Minimum for Capital Adequacy Purposes Amount	$ 98,663	$ 90,514
Tier 1 Capital to average assets, Minimum for Capital Adequacy Purposes, Ratio	0.0400	0.0400
Tier 1 Capital to average assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 123,328	$ 113,143
Tier 1 Capital to average assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provision, Ratio	0.0500	0.0500
Common equity to risk-weighted assets, Actual Amount	$ 286,352	$ 287,570
Common equity to risk-weighted assets, Actual, Ratio	11.89%	14.46%
Common equity to risk-weighted assets, Minimum for Capital Adequacy Purposes Amount	$ 108,390	$ 89,521
Common equity to risk-weighted assets, Minimum for Capital Adequacy Purposes, Ratio	4.50%	4.50%
Common equity to risk-weighted assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 156,564	$ 129,308
Common equity to risk-weighted assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	6.50%	6.50%
Tier 1 Capital to risk-weighted assets, Actual Amount	$ 286,352	$ 287,570
Tier 1 Capital to risk-weighted assets, Actual, Ratio	0.1189	0.1446
Tier 1 Capital to risk-weighted assets, Minimum for Capital Adequacy Purposes Amount	$ 144,520	$ 119,361
Tier 1 Capital to risk-weighted assets, Minimum for Capital Adequacy Purposes, Ratio	0.0600	0.0600
Tier 1 Capital to risk-weighted assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 192,694	$ 159,148
Tier 1 capital to risk-weighted assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Ratio	0.0800	0.0800

Subsequent Events (Details)

Subsequent Events (Details) € in Millions	Apr. 14, 2021USD ($)	Apr. 13, 2021USD ($)	Apr. 13, 2021EUR (€)	Apr. 01, 2021USD ($)payment	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Derivative [Line Items]
Amounts available					$ 818,313,000	$ 818,372,000
Revolving line-of-credit facility under 2016 Credit Agreement | 2016 Credit Agreement
Derivative [Line Items]
Amounts available					$ 870,000,000
Debt Instrument, Covenant, Leverage Ratio, Maximum					7.50
Credit Facility Term Loans | Tranche B term loan | Base Rate
Derivative [Line Items]
Margin on variable rate, percent					1.25%
Credit Facility Term Loans | Tranche B term loan | Eurocurrency Rate
Derivative [Line Items]
Margin on variable rate, percent					2.25%
Line of Credit | Tranche A term loan | Secured debt
Derivative [Line Items]
Aggregate amount					$ 1,030,000,000
Line of Credit | Tranche B term loan | Secured debt
Derivative [Line Items]
Aggregate amount					$ 1,485,000,000
Subsequent Event | WEX Europe Services
Derivative [Line Items]
Ownership percentage		100.00%	100.00%
Subsequent Event | WEX Europe Services
Derivative [Line Items]
Percentage Of Ownership Acquired During The Period		25.00%	25.00%
Payments to Acquire Interest in Subsidiaries and Affiliates		$ 97,000,000	€ 81.5
Subsequent Event | Health Savings Account Assets of Bell Bank’s Healthcare Bank Division
Derivative [Line Items]
Cash consideration				$ 200,000,000
Number of cash payment deferral | payment				2
Deferred payments				$ 25,000,000
Term of agreement				10 years
Asset acquisition, contingent consideration arrangements, range of outcomes, value, high				$ 225,000,000
Subsequent Event | Benefitexpress
Derivative [Line Items]
Consideration transferred	$ 275,000,000
Subsequent Event | Revolving line-of-credit facility under 2016 Credit Agreement | Eurocurrency Rate | Minimum
Derivative [Line Items]
Margin on variable rate, percent				0.75%
Subsequent Event | Revolving line-of-credit facility under 2016 Credit Agreement | 2016 Credit Agreement
Derivative [Line Items]
Amounts available				$ 930,000,000
Debt Instrument, Covenant, Leverage Ratio, Maximum				6.25
Subsequent Event | Credit Facility Term Loans | Tranche A term loan | Base Rate
Derivative [Line Items]
Margin on variable rate, percent				1.00%
Subsequent Event | Credit Facility Term Loans | Tranche A term loan | Eurocurrency Rate
Derivative [Line Items]
Margin on variable rate, percent				2.00%
Subsequent Event | Credit Facility Term Loans | Tranche B term loan | Base Rate
Derivative [Line Items]
Margin on variable rate, percent				1.25%
Subsequent Event | Credit Facility Term Loans | Tranche B term loan | Eurocurrency Rate
Derivative [Line Items]
Margin on variable rate, percent				2.25%
Subsequent Event | Line of Credit | Tranche A term loan | Secured debt
Derivative [Line Items]
Debt Instrument, Increase (Decrease), Net				$ 117,000,000
Aggregate amount				978,000,000
Subsequent Event | Line of Credit | Tranche B term loan | Secured debt
Derivative [Line Items]
Aggregate amount				$ 1,442,000,000