WEX (WEX) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		44,990,271
Entity Central Index Key	0001309108
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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, 2022	Mar. 31, 2021
Revenues
Total revenues	$ 517,535	$ 410,757
Cost of services
Processing costs	132,507	109,762
Service fees	15,750	11,146
Provision for credit losses	25,640	5,059
Operating interest	2,300	2,624
Depreciation and amortization	26,002	29,194
Total cost of services	202,199	157,785
General and administrative	78,663	86,431
Sales and marketing	73,945	78,347
Depreciation and amortization	40,454	37,653
Operating income	122,274	50,541
Financing interest expense	(29,689)	(33,284)
Change in fair value of contingent consideration	(16,600)	0
Net foreign currency gain (loss)	5,006	(2,755)
Net unrealized gain on financial instruments	49,827	7,033
Income before income taxes	130,818	21,535
Income tax expense (benefit)	42,032	(1,670)
Net income	88,786	23,205
Less: Net income from non-controlling interests	268	726
Net income attributable to WEX Inc.	88,518	22,479
Change in value of redeemable non-controlling interest	34,245	(25,044)
Net income (loss) attributable to shareholders	$ 122,763	$ (2,565)
Net income (loss) attributable to shareholders per share:
Basic (in dollars per share)	$ 2.73	$ (0.06)
Diluted (in dollars per share)	$ 2.71	$ (0.06)
Weighted average common shares outstanding:
Basic (in shares)	44,912	44,343
Diluted (in shares)	45,344	44,343
Payment processing revenue
Revenues
Total revenues	$ 239,478	$ 188,389
Account servicing revenue
Revenues
Total revenues	139,941	118,623
Finance fee revenue
Revenues
Total revenues	78,582	52,153
Other revenue
Revenues
Total revenues	$ 59,534	$ 51,592

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 88,786	$ 23,205
Other comprehensive loss, net of tax:
Unrealized losses on available-for-sale debt securities	(51,668)	0
Foreign currency translation	4,306	(6,877)
Other comprehensive loss, net of tax	(47,362)	(6,877)
Comprehensive income	41,424	16,328
Less: Comprehensive income attributable to non-controlling interests	268	407
Comprehensive income attributable to WEX Inc.	$ 41,156	$ 15,921

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 577,536	$ 588,923
Restricted cash	671,808	667,915
Accounts receivable (net of allowances of $76,253 in 2022 and $66,306 in 2021)	3,863,159	2,891,242
Investment securities	977,757	948,677
Securitized accounts receivable, restricted	160,180	125,186
Prepaid expenses and other current assets	87,299	77,569
Total current assets	6,337,739	5,299,512
Property, equipment and capitalized software (net of accumulated depreciation of $478,193 in 2022 and $458,093 in 2021)	177,768	179,531
Goodwill	2,915,909	2,908,057
Other intangible assets (net of accumulated amortization of $1,053,542 in 2022 and $1,009,601 in 2021)	1,600,058	1,643,296
Investment securities	38,209	39,650
Deferred income taxes, net	6,598	5,635
Other assets	257,111	231,147
Total assets	11,333,392	10,306,828
Liabilities and Stockholders’ Equity
Accounts payable	1,713,744	1,021,911
Accrued expenses	434,416	476,971
Restricted cash payable	671,808	668,014
Short-term deposits	2,225,438	2,026,420
Short-term debt, net	157,622	155,769
Other current liabilities	50,417	50,614
Total current liabilities	5,253,445	4,399,699
Long-term debt, net	2,773,630	2,695,365
Long-term deposits	650,257	652,214
Deferred income taxes, net	212,517	192,965
Other liabilities	517,093	273,706
Total liabilities	9,406,942	8,213,949
Commitments and contingencies
Redeemable non-controlling interest	0	254,106
Stockholders’ Equity
Common stock $0.01 par value; 175,000 shares authorized; 49,409 shares issued in 2022 and 49,255 in 2021; 44,981 shares outstanding in 2022 and 44,827 in 2021	494	492
Additional paid-in capital	856,325	844,051
Retained earnings	1,411,852	1,289,089
Accumulated other comprehensive loss	(169,879)	(122,517)
Treasury stock at cost; 4,428 shares in 2022 and 2021	(172,342)	(172,342)
Total stockholders’ equity	1,926,450	1,838,773
Total liabilities and stockholders’ equity	$ 11,333,392	$ 10,306,828

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, net of allowances	$ 76,253	$ 66,306
Property, equipment and capitalized software, accumulated depreciation	478,193	458,093
Accumulated amortization	$ 1,053,542	$ 1,009,601
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 (in shares)	49,409,000	49,255,000
Common stock, shares outstanding (in shares)	44,981,000	44,827,000
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	Common Stock Issued	Additional Paid-in  Capital	Accumulated Other Comprehensive Loss	Treasury Stock	Retained Earnings	Non-Controlling Interest
Beginning Balance (in shares) at Dec. 31, 2020		48,616
Beginning balance at Dec. 31, 2020	$ 1,877,911	$ 485	$ 830,729	$ (82,935)	$ (172,342)	$ 1,288,952	$ 13,022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under share-based compensation plans (in shares)		394
Stock issued under share-based compensation plans	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
Beginning Balance (in shares) at Dec. 31, 2021		49,255
Beginning balance at Dec. 31, 2021	1,838,773	$ 492	844,051	(122,517)	(172,342)	1,289,089	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under share-based compensation plans (in shares)		154
Stock issued under share-based compensation plans	772	$ 2	770
Share repurchases for tax withholdings	(12,178)		(12,178)
Stock-based compensation expense	23,682		23,682
Unrealized loss on available-for-sale debt securities	(51,668)			(51,668)
Change in value of redeemable non-controlling interest	34,245					34,245
Foreign currency translation	4,306			4,306			0
Net income	88,518					88,518	0
Ending Balance (in shares) at Mar. 31, 2022		49,409
Ending balance at Mar. 31, 2022	$ 1,926,450	$ 494	$ 856,325	$ (169,879)	$ (172,342)	$ 1,411,852	$ 0

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Statement of Stockholders' Equity [Abstract]
Redeemable non-controlling interest, net of tax expense	$ 3.5

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income		$ 88,786	$ 23,205
Adjustments to reconcile net income to net cash (used for) provided by operating activities:
Net unrealized gains		(54,732)	(4,505)
Change in fair value of contingent consideration		16,600	0
Stock-based compensation		23,682	17,886
Depreciation and amortization		66,456	66,847
Amortization of premiums on investment securities		1,844	0
Debt restructuring and debt issuance cost amortization		3,263	4,455
Deferred tax expense (benefit)		14,200	(2,235)
Provision for credit losses		25,640	5,059
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and securitized accounts receivable		(1,030,533)	(565,374)
Prepaid expenses and other current and other long-term assets		26,152	(11,065)
Accounts payable		695,918	350,563
Accrued expenses and restricted cash payable		(39,267)	(100,744)
Income taxes		24,777	(3,877)
Other current and other long-term liabilities		(23,816)	2,490
Net cash used for operating activities		(161,030)	(217,295)
Cash flows from investing activities
Purchases of property, equipment and capitalized software		(24,163)	(18,280)
Purchases of equity securities		(72)	(96)
Maturities of equity securities		0	61
Purchases of available-for-sale debt securities		(97,612)	0
Sales and maturities of available-for-sale debt securities		15,284	0
Acquisitions, net of cash and restricted cash acquired		0	1,909
Net cash used for investing activities		(106,563)	(16,406)
Cash flows from financing activities
Repurchase of share-based awards to satisfy tax withholdings		(12,178)	(21,062)
Proceeds from stock option exercises		772	22,559
Net change in deposits		197,460	102,958
Net activity on other debt		29,582	194,798
Borrowings on revolving credit facility		585,000	0
Repayments on revolving credit facility		(524,500)	0
Repayments on term loans		(15,835)	(16,152)
Redemption of Notes		0	(400,000)
Net change in securitized debt		2,216	2,320
Net cash provided by (used for) financing activities		262,517	(114,579)
Effect of exchange rates on cash, cash equivalents and restricted cash		(2,418)	(7,723)
Net change in cash, cash equivalents and restricted cash		(7,494)	(356,003)
Cash, cash equivalents and restricted cash at beginning of period	[1]	1,256,838	1,329,653
Cash, cash equivalents and restricted cash at end of period	[1]	1,249,344	973,650
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Capital expenditures incurred but not paid		3,043	2,213
Deferred liability from acquisition of remaining interest in PO Holding		216,594	0
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents at beginning of period		588,923	852,033
Restricted cash at beginning of period		667,915	477,620
Cash, cash equivalents and restricted cash at beginning of period	[1]	1,256,838	1,329,653
Cash and cash equivalents at end of period		577,536	561,199
Restricted cash at end of period		671,808	412,451
Cash, cash equivalents and restricted cash at end of period	[1]	$ 1,249,344	$ 973,650
[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, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation Basis of Presentation The accompanying 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 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, 2021, filed with the SEC on March 1, 2022. 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, 2022 are not necessarily indicative of the results for any future periods or the year ending December 31, 2022. We have applied the same accounting policies in preparing these quarterly financial statements as we did in preparing our 2021 annual financial statements. The Company rounds amounts in the 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements adopted during the three months ended March 31, 2022 and those not yet adopted that could have a material effect on our financial statements. Standard Description Date of Adoption Method of adoptions and effect on financial statements or other significant matters Adopted During the Three Months Ended March 31, 2022 ASU 2021-08, Business Combinations This standard requires acquirers within the scope of Subtopic 805-10, Business Combinations to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. This will generally result in an acquirer recognizing and measuring acquired contract assets and liabilities consistent with how they were recognized and measured in an acquiree’s financial statements if such financial statements were prepared in accordance with GAAP. Previously, contract assets and contract liabilities acquired were recognized at their fair value on the acquisition date. Effective for fiscal years beginning after December 15, 2022. The Company early adopted this ASU effective January 1, 2022. Adoption had no material effect on the Company’s condensed consolidated financial statements for the three months ended March 31, 2022. The guidelines of this ASU will be applied prospectively for business combinations in the scope of ASC 805. Not Adopted as of March 31, 2022 ASU 2020–04, Reference Rate Reform and ASU 2021–01, Reference Rate Reform: Scope These standards provide 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 these ASUs would have on its financial condition and results of operations. While the Company has not yet determined if and when it will adopt these standards, the adoption of such standards is not expected to have a material effect on the Company’s condensed consolidated financial statements.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenues	3. Revenues 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 revenues: Three Months Ended March 31, 2022 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Topic 606 revenues Payment processing revenue $ 151,906 $ 65,075 $ 22,497 $ 239,478 Account servicing revenue 4,343 10,758 86,740 101,841 Other revenue 19,925 313 8,063 28,301 Total Topic 606 revenues $ 176,174 $ 76,146 $ 117,300 $ 369,620 Non-Topic 606 revenues 142,965 1,105 3,845 147,915 Total revenues $ 319,139 $ 77,251 $ 121,145 $ 517,535 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 Substantially all revenues relate to services transferred to the customer over time. 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 our 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 to customers under long-term contracts and are recorded upon the later of when the Company recognizes revenue for the transfer of the related goods or services or when the Company pays or promises to pay the consideration. The resulting asset is amortized against revenue as the Company satisfies its performance obligations under these arrangements. The Company’s contract liabilities consist of customer payments received before the Company has satisfied the associated performance obligations. The following table provides information about these contract balances: (In thousands) Contract balance Location on the condensed consolidated balance sheets March 31, 2022 December 31, 2021 Receivables Accounts receivable, net $ 49,300 $ 49,303 Contract assets Prepaid expenses and other current assets 7,319 8,975 Contract assets Other assets 39,917 40,718 Contract liabilities Other current liabilities 7,274 9,123 Contract liabilities Other liabilities 68,588 58,900 During the three months ended March 31, 2022, the Company recognized revenue of $5.0 million related to contract liabilities existing as of December 31, 2021. Remaining Performance Obligations The Company’s unsatisfied or partially unsatisfied performance obligations as of March 31, 2022 represent the remaining minimum monthly fees on a portion of contracts across the lines of business, deferred revenue associated with stand ready payment processing obligations and contractually obligated professional services yet to be provided by the Company. The total remaining performance obligations below are not indicative of the Company’s future revenue, as they relate to an insignificant portion of the Company’s operations. The following table includes revenue expected to be recognized related to remaining performance obligations at the end of the reporting period. (In thousands) Remaining 2022 2023 2024 2025 2026 2027 Thereafter Total Minimum monthly fees 1 $ 54,972 $ 39,749 $ 17,372 $ 6,018 $ 915 $ — $ — $ 119,026 Professional services 2 3,970 80 — — — — — 4,050 Other 3 2,524 8,689 13,858 19,104 22,985 27,185 5,929 100,274 Total remaining performance obligations $ 61,466 $ 48,518 $ 31,230 $ 25,122 $ 23,900 $ 27,185 $ 5,929 $ 223,350 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 and contractual minimums associated with payment processing service obligations. Consideration associated with certain relationships is variable and the measurement and estimation of contract consideration is contingent upon payment processing volumes and maintaining volume shares, among others.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	4. Acquisitions 2022 Transactions Acquisition of Remaining Interest in PO Holding On March 7, 2022, WEX Inc. and SBI entered into a share purchase agreement (the “Share Purchase Agreement”) whereby SBI sold, and WEX Inc. purchased, SBI’s remaining 4.53 percent interest in PO Holding for a purchase price of $234.0 million plus any interest accruing pursuant to the terms of the Share Purchase Agreement. The purchase price is payable in three installments of $76.7 million in each of March of 2024, 2025 and 2026, with a final payment of $4.0 million also payable in March 2026. Pursuant to the Share Purchase Agreement, WEX Inc. owes SBI interest on the outstanding purchase price balance from March 2024 to March 2025 at the 12-month Secured Overnight Financing Rate (“SOFR”) (as determined on March 1, 2024) plus 1.25 percent and on the outstanding balance from March 2025 to March 2026 at the 12-month SOFR rate (as determined on March 3, 2025) plus 2.25 percent, except that no interest accrues on the $4.0 million payment due in March 2026. Using a discount rate of 3.4 percent, the Company recorded the deferred liability under this Share Purchase Agreement at its net present value of $216.6 million within other liabilities on the condensed consolidated balance sheet. The associated discount relative to the purchase price will be amortized as interest expense using the effective interest method over the repayment term. This transaction makes PO Holding, the direct parent of WEX Health, a wholly owned subsidiary of WEX Inc. to which the Company is solely entitled to the economic benefits. See Note 13, Redeemable Non-Controlling Interest for more information. 2021 Transactions Asset Acquisition On April 1, 2021, WEX Inc. completed the acquisition of certain contractual rights to serve as custodian or sub-custodian to over $3 billion of HSAs from the HealthcareBank division of Bell Bank, which is owned by State Bankshares, Inc. This acquisition increased the Company’s role in its customer-directed healthcare ecosystem and aligns with its growth strategy. On the closing of the acquisition, WEX Inc. paid Bell Bank initial cash consideration of $200.0 million. Pursuant to the purchase agreement, WEX Inc. agreed to make an additional deferred cash payment of $25.0 million in July 2023 and a second additional deferred cash payment of $25.0 million in January 2024. As of June 1, 2021, in connection with the acquisition by WEX Health of Cirrus Holdings, LLC further discussed below in this Note 4 and in Note 13, Redeemable Non-Controlling Interest, the second deferred payment of $25.0 million was reduced by the amount of $12.5 million (the “Payment Offset”). As a result of the Payment Offset, WEX Inc. continues to owe Bell Bank $12.5 million for the second additional deferred cash payment, which is due and payable in January 2024. The purchase agreement also includes potential additional consideration payable to Bell Bank annually that is calculated on a quarterly basis and is contingent, and based, upon any future increases in the Federal Funds rate. The contingent payment period began on July 1, 2021 and shall extend until the earlier of (i) the year ending December 31, 2030, or (ii) the date when the cumulative amount paid as contingent consideration equals $225.0 million. Given the acquisition does not meet the definition of a business, the Company accounted for this transaction as an asset acquisition, recognizing $263.4 million as a definite-lived intangible rights asset as of the acquisition date, with a weighted average life of 5.6 years. As more fully described in Note 13, Redeemable Non-Controlling Interest, as part of this acquisition WEX Inc. allocated $11.2 million of the initial cash consideration to the repurchase of SBI’s non-controlling interest in the U.S. Health business, reducing SBI’s ownership percentage to 4.53 percent at that time. Additionally, the Company recorded an initial deferred liability of $47.4 million equal to the present value of the deferred cash payments and a derivative liability of $27.2 million related to the additional consideration contingent upon future increases in the Federal Funds rate. Refer to Note 12, Fair Value, for further information on the valuation of the derivative liability. Transaction costs related to the acquisition were immaterial and expensed as incurred. Acquisition of Remaining Interest in WEX Europe Services On April 13, 2021, the Company both entered into a share purchase agreement for, and consummated the acquisition of, 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 $97.0 million. As a result of the transaction, the Company now owns 100 percent of the issued ordinary share capital of WEX Europe Services, which operates part of our European Fleet business. This transaction further streamlines the European Fleet business in order to create revenue synergies and increases our ability to manage the associated cost structure. Given the Company had a controlling interest in WEX Europe Services prior to the transaction, the acquisition has been accounted for as an equity transaction. (In thousands) Purchase price $ 96,992 Reduction in: Non-controlling interest 1 (13,077) Accumulated other comprehensive income (2,284) Additional paid-in capital 2 (81,631) 1 Reduces non-controlling interest to zero as of the acquisition date. 2 In conjunction with the acquisition, the Company incurred $0.5 million in acquisition costs, which further reduced additional paid-in capital. benefitexpress Acquisition On June 1, 2021, WEX Inc.’s subsidiary, WEX Health, completed the acquisition of Cirrus Holdings, LLC, the indirect owner of Benefit Express Services, LLC, which is a provider of highly configurable, cloud-based benefits administration technologies and services doing business under the name benefitexpress (the “benefitexpress Acquisition”). The transaction expanded the Company’s role in the healthcare ecosystem, bringing benefit administration, compliance services, and consumer-directed health and lifestyle spending accounts together to form a full-service benefits marketplace. Pursuant to the terms of the definitive purchase agreement, WEX Health consummated the benefitexpress Acquisition for total consideration of approximately $275 million, subject to certain working capital and other adjustments. To facilitate the benefitexpress Acquisition, WEX Inc., PO Holding, Bell Bank and SBI, which is owned by State Bankshares, Inc., the owner of Bell Bank, entered into a subscription agreement with respect to PO Holding (the “Subscription Agreement”). Pursuant to the Subscription Agreement, on June 1, 2021, WEX Inc. purchased approximately $262.5 million in value of shares in PO Holding and SBI (which, at the time of the transaction, held a non-controlling interest in PO Holding) acquired approximately $12.5 million in value of shares in PO Holding in exchange for SBI granting the Payment Offset to WEX Inc. with respect to the asset acquisition from Bell Bank. For a description of WEX Inc.’s subsequent acquisition of all of SBI’s shares in PO Holding, see “Acquisition of Remaining Interest in PO Holding” above. The benefitexpress Acquisition has been accounted for using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized at their respective fair values on the acquisition date. The table below summarizes the preliminary allocation of fair value to 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. During the three months ended March 31, 2022, no such measurement period adjustments were recorded. The following is a summary of the preliminary allocation of the purchase price to the assets and liabilities acquired, based on the estimated fair value at the date of acquisition: (In thousands) As of Cash consideration transferred, net of $15.0 million in cash and restricted cash acquired $ 259,061 Less: Accounts receivable 3,103 Customer relationships (a)(d) 84,400 Developed technologies (b)(d) 19,600 Non-compete (c)(d) 2,150 Other assets 4,387 Accrued expenses (3,498) Restricted cash payable (14,328) Other liabilities (5,177) Recorded goodwill $ 168,424 (a) Weighted average life - 9.3 years. (b) Weighted average life - 3.6 years. (c) Weighted average life - 2.5 years (d) The weighted average life of the $106.2 million of amortizable intangible assets acquired in this business combination is 8.1 years

Accounts Receivable, net of All

Accounts Receivable, net of Allowances	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Accounts Receivable, net of Allowances	5. Accounts Receivable, net of Allowances 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 by paying the merchant for the purchase price less the fees it retains and records as revenue, then subsequently collecting the total purchase price from the cardholder. The Company also extends revolving credit to certain small fleets. The Company had approximately $114.2 million and $93.7 million in receivables with revolving credit balances as of March 31, 2022 and December 31, 2021, respectively. The allowance for accounts receivable consists of reserves for both credit and fraud losses, reflecting management’s current estimate of uncollectible balances on its accounts receivable. The following tables present changes in the accounts receivable allowances by portfolio segment: Three Months Ended March 31, 2022 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Balance, beginning of period $ 55,758 $ 9,931 $ 617 $ 66,306 Provision for credit losses 1 23,224 2,147 269 25,640 Charges to other accounts 2 8,400 — (70) 8,330 Charge-offs (25,795) (261) (147) (26,203) Recoveries of amounts previously charged-off 2,421 — 10 2,431 Currency translation (70) (181) — (251) Balance, end of period $ 63,938 $ 11,636 $ 679 $ 76,253 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 1 The provision is comprised of estimated credit losses based on the Company’s loss-rate experience and includes 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 relationship goodwill. Charges to other accounts substantially represent the offset against the late fee revenue recognized when the Company establishes a reserve for such waived amounts. 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, 2022 or December 31, 2021. The following table presents the outstanding balance of trade accounts receivable that are less than 30 and 60 days past due, shown in each case as a percentage of total trade accounts receivable: Delinquency Status March 31, 2022 December 31, 2021 29 days or less past due 99 % 98 % 59 days or less past due 99 % 99 %

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	6. Earnings per Share Basic earnings per share is computed by dividing net income (loss) 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 upon conversion of the Convertible Notes 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 income (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) 2022 2021 Net income (loss) attributable to shareholders $ 122,763 $ (2,565) Weighted average common shares outstanding – Basic 44,912 44,343 Dilutive impact of share-based compensation awards 1 432 — Weighted average common shares outstanding – Diluted 1, 2 $ 45,344 44,343 1 For the three months ended March 31, 2022, 0.6 million of outstanding share-based compensation awards were excluded from the computation of diluted earnings per share under the treasury stock method, as the effect of including these awards would be anti-dilutive. For the three months ended March 31, 2021, 1.0 million of outstanding share-based compensation awards were excluded from the computation of diluted earnings per share under the treasury stock method, including share-based compensation awards that would otherwise have been dilutive but for the Company’s net loss position, as the effect of including these awards would be anti-dilutive.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
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. Interest rate swap contracts The Company has entered into interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. Such contracts are intended to economically hedge the LIBOR component of future interest payments associated with outstanding borrowings under the Company’s Amended and Restated Credit Agreement. A summary of the Company’s interest rate swap contracts with a collective notional amount of $1.9 billion outstanding as of March 31, 2022 is as follows: Beginning Contract End Date Fixed Interest Rates 1 Notional Amount at inception ( in thousands ) December 2017 December 2022 2.204% $ 300,000 March 2020 March 2023 1.954% 150,000 March 2019 March 2023 1.956% 100,000 March 2019 March 2023 2.413% 200,000 March 2020 December 2023 1.862% 200,000 May 2021 May 2024 0.435% 150,000 May 2021 May 2024 0.440% 150,000 May 2021 May 2025 0.678% 300,000 May 2021 May 2026 0.909% 150,000 May 2021 May 2026 0.910% 150,000 1 Fixed interest rates payable by WEX. Counterparties pay floating rate equal to the one-month USD LIBOR. 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 Condensed Consolidated Statement of Operations 2022 2021 Interest rate swap contracts – unrealized portion Net unrealized gain (loss) on financial instruments $ 51,096 $ 7,520 Interest rate swap contracts – realized portion Financing interest expense $ (5,881) $ (5,457) Derivative instruments and their related gains and losses are reported within cash flows from operating activities within the condensed consolidated statements of cash flows. See Note 12, Fair Value, for more information regarding the valuation of the Company’s derivatives.

Deposits

Deposits	3 Months Ended
	Mar. 31, 2022
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 certain customers as required collateral for credit that has been extended (“customer deposits”) and through contractual arrangements for brokered and non-brokered certificate of deposit and money market deposit products. Additionally, beginning in October 2021, WEX Bank holds HSA deposits transferred from third-party depository partners. See Note 4, Acquisitions, for more information regarding WEX Inc.’s April 2021 acquisition of contractual rights to serve as custodian or sub-custodian of these deposits. Customer deposits are generally non-interest bearing, certificates of deposit are issued at fixed rates, money market deposits are issued at both fixed and variable interest rates based on LIBOR or the Federal Funds rate and HSA deposits are issued at rates as defined within the consumer account agreements. 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, 2022 December 31, 2021 Interest-bearing money market deposits 1 $ 378,898 $ 370,813 Customer deposits 131,322 129,180 HSA deposits 2 1,290,002 960,000 Contractual deposits with maturities within 1 year 1,3,4 425,216 566,427 Short-term deposits 2,225,438 2,026,420 Contractual deposits with maturities greater than 1 year and less than 5 years 1,3,4 650,257 652,214 Total deposits $ 2,875,695 $ 2,678,634 Weighted average cost of HSA deposits outstanding 0.03 % 0.03 % Weighted average cost of funds on contractual deposits outstanding 0.48 % 0.48 % Weighted average cost of interest-bearing money market deposits outstanding 0.42 % 0.20 % 1 As of March 31, 2022 and December 31, 2021, all certificates of deposit and money market deposits were in denominations of $250 thousand or less, corresponding to FDIC deposit insurance limits. 2 Deposits held associated with the HSA custodial assets. HSA deposits are recorded within short-term deposits on the condensed consolidated balance sheet as the funds can be withdrawn by the account holders on demand. 3 Original maturities range from 12 months to 5 years, with coupon interest rates ranging from 0.12 percent to 3.52 percent as of March 31, 2022. At December 31, 2021, original maturities ranged from 9 months to 5 years, with coupon interest rates ranging from 0.12 percent to 3.52 percent. 4 Includes certificates of deposit and certain money market deposits, which have a fixed maturity and interest rate. 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 currently relaxed Federal Reserve requirements enacted in response to the COVID-19 pandemic, there was no required reserve at March 31, 2022 and December 31, 2021.

Financing and Other Debt

Financing and Other Debt	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021. (In thousands) March 31, 2022 December 31, 2021 Term loans: Tranche A Term Loans $ 929,511 $ 941,742 Tranche B Term Loans 1,427,580 1,431,185 Total term loans $ 2,357,091 $ 2,372,927 Borrowings on Revolving Credit Facility 180,300 119,800 Convertible Notes 310,000 310,000 Securitized debt 104,226 100,861 Participation debt 31,083 1,500 Total gross debt 1 $ 2,982,700 $ 2,905,088 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, 2022 December 31, 2021 Current portion of gross debt $ 167,568 $ 165,703 Less: Unamortized debt issuance costs/debt discount (9,946) (9,934) Short-term debt, net $ 157,622 $ 155,769 Long-term portion of gross debt $ 2,815,132 $ 2,739,385 Less: Unamortized debt issuance costs/debt discount (41,502) (44,020) Long-term debt, net $ 2,773,630 $ 2,695,365 Supplemental information: Letters of credit 1 $ 51,383 $ 51,392 Remaining borrowing capacity on Revolving Credit Facility 2 $ 698,317 $ 758,808 1 Credit support 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 Amended and Restated Credit Agreement. Amended and Restated Credit Agreement On April 1, 2021, the Company amended and restated the 2016 Credit Agreement (the “Amended and Restated Credit Agreement”). As part of the Amended and Restated Credit Agreement, the lenders agreed to (i) increase commitments under the Company’s secured revolving credit facility from $870.0 million to $930.0 million (the “Revolving Credit Facility”), (ii) provide additional senior secured tranche A term loans (the “Tranche A Term Loans”) resulting in an aggregate outstanding principal amount of the Tranche A Term Loans equal to $978.4 million, (iii) re-establish the senior secured tranche B term loans’ aggregate principal amount at $1,442.0 million (the “Tranche B Term Loans”), (iv) eliminate the 0.75 percent eurocurrency rate floor with respect to the Revolving Credit Facility, and (v) make certain other changes to the previously 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 previously existing 2016 Credit Agreement, and (c) revising the Company’s maximum consolidated leverage ratio for all future quarters. 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 an applicable margin, which is fixed at 1.25 percent for base rate borrowings and 2.25 percent with respect to eurocurrency rate borrowings. Prior to maturity, the Tranche A Term Loans and Tranche B Term Loans require scheduled quarterly payments of $12.2 million and $3.6 million, respectively, due on the last day of each March, June, September and December. Debt issuance costs incurred and capitalized in conjunction with the Amended and Restated Credit Agreement are being amortized into interest expense over the term of the Amended and Restated Credit Agreement using the effective interest method. As of March 31, 2022, amounts outstanding under the Amended and Restated Credit Agreement bore a weighted average effective interest rate of 2.6 percent. As of December 31, 2021, amounts outstanding under the Amended and Restated Credit Agreement bore a weighted average effective interest rate of 2.2 percent. The Company maintains interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. See Note 7, Derivative Instruments, for further discussion. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging, as of March 31, 2022, from 0.25 percent to 0.50 percent of the daily unused portion of the Revolving Credit Facility (which was 0.40 percent at both March 31, 2022 and December 31, 2021) determined based on the Company’s consolidated leverage ratio. 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 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 percent per annum, payable semi-annually in arrears on January 15 and July 15 of each year. 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 percent 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 percent of the outstanding principal amount of the Convertible Notes, plus the present value of future interest payments through the date of maturity. No such repurchase has occurred through March 31, 2022. The Company accounts for the Convertible Notes and its conversion feature as a single unit of account. The remaining debt discount and debt issuance costs associated with the Convertible Notes will be amortized to interest expense using the effective interest rate method over the seven-year contractual life of the Convertible Notes. As of both March 31, 2022 and December 31, 2021, the Convertible Notes had an effective interest rate of 7.5 percent. Based on the closing price of the Company’s common stock as of March 31, 2022, the “if-converted” value of the Convertible Notes was less than the respective principal amount. The Convertible Notes consist of the following: (In thousands) March 31, 2022 December 31, 2021 Principal 1 $ 310,000 $ 310,000 Less: Unamortized discounts (12,333) (12,844) Less: Unamortized issuance cost (1,986) (2,068) Net carrying amount of Convertible Notes $ 295,681 $ 295,088 1 Recorded within long-term debt, net on our condensed consolidated balance sheets, offset by the long-term portion of unamortized discounts and issuance cost. The following table sets forth total interest expense recognized for the Convertible Notes: Three Months Ended March 31, (In thousands) 2022 2021 Interest on 6.5 percent coupon $ 5,038 $ 5,038 Amortization of debt discount and debt issuance costs 593 553 $ 5,631 $ 5,591 Australian Securitization Facility The Company has a securitized debt agreement with MUFG Bank, Ltd. through April 2023. 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 0.92 percent and 0.91 percent as of March 31, 2022 and December 31, 2021, respectively. The Company had $72.1 million and $70.1 million of securitized debt under this facility as of March 31, 2022 and December 31, 2021, respectively, recorded in short-term debt, net. European Securitization Facility Under the terms of the Company’s securitized debt agreement with MUFG Bank, Ltd. through April 2023, 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. The Company pays a variable interest rate on the outstanding balance of the securitized debt, based on the Sterling Overnight Index Average, plus an applicable margin. The interest rate was 1.52 percent and 0.92 percent as of March 31, 2022 and December 31, 2021, respectively. The Company had $32.1 million and $30.8 million of securitized debt under this facility as of March 31, 2022 and December 31, 2021, 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 set according to an applicable reference rate plus a margin, which ranged from 225 to 250 basis points as of March 31, 2022. As of March 31, 2022, the Company had outstanding participation agreements for the borrowing of up to $55.0 million through May 31, 2023 and up to $35.0 million thereafter through December 31, 2023. As of March 31, 2022 and December 31, 2021, there was $31.1 million and $1.5 million borrowed against these participation agreements, respectively, and recorded within short-term debt, net on the condensed consolidated balance sheets. As of March 31, 2022 and December 31, 2021, the average interest rate on these agreements was 2.95 percent and 2.54 percent, respectively. Borrowed Federal Funds WEX Bank borrows from uncommitted federal funds lines to supplement the financing of the Company’s accounts receivable. There were no outstanding borrowings as of March 31, 2022 and December 31, 2021. The average interest rate on borrowed federal funds was 0.34 percent and 0.10 percent for the three months ended March 31, 2022 and 2021, respectively. Other

Off-Balance Sheet Arrangements

Off-Balance Sheet Arrangements	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Off-Balance Sheet Arrangements	10. Off–Balance Sheet Arrangements WEX Europe Services Accounts Receivable Factoring WEX Europe Services is party to a factoring arrangement with an unrelated third-party financial institution to sell certain of its customer accounts receivable balances. The agreement automatically renews each January 1 unless either party gives not less than 90 days written notice of their intention to withdraw. Accounts receivable are sold without recourse to the extent that the customer balances are maintained at or below the credit limit established by the buyer. If customer receivable balances exceed the buyer’s credit limit, the Company maintains the risk of default. The Company continues to service these receivables post-transfer with no participating interest. 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. 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 sold $145.0 million and $119.0 million of accounts receivable under this arrangement during the three months ended March 31, 2022 and 2021, 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 in the condensed consolidated statements of operations, was immaterial for the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, the amounts of outstanding transferred receivables in excess of the established credit limit were immaterial . Charge-backs on balances in excess of the credit limit during each of the three months ended March 31, 2022 and 2021 were immaterial. WEX Bank Accounts Receivable Factoring WEX Bank is party to a receivables purchase agreement with an unrelated third-party financial institution to sell certain of its trade accounts receivable under non-recourse transactions, which extends through August 2022, after which the agreement can be renewed for successive one-year periods assuming WEX provides advance written notice that is accepted by the purchaser. WEX Bank continues to service the receivables post transfer with no participating interest. 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. 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 $754.7 million and $215.8 million of trade accounts receivable under this arrangement during the three months ended March 31, 2022 and 2021, respectively. Proceeds received, which are reported net of a negotiated discount rate, are recorded in operating activities in the condensed consolidated statements of cash flows. The loss on factoring, which is recorded within cost of services in the condensed consolidated statements of operations, were insignificant for each of the three months ended March 31, 2022 and 2021, respectively.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investment Securities	11. Investment Securities The Company’s investment securities consist of (i) custodial assets deposited with, managed and invested by WEX Bank through an investment manager, which are reflected within current assets on the condensed consolidated balance sheets and (ii) securities purchased and held by WEX Bank primarily to meet the requirements of the Community Reinvestment Act, which are reflected within non-current assets on the condensed consolidated balance sheets. Investment securities are reflected in the condensed consolidated balance sheets at fair value and are classified as current or long-term based on management’s determination of which such securities are available for use in current operations, regardless of the securities’ stated maturity dates. Accrued interest on investment securities is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets. As of March 31, 2022 and December 31, 2021, accrued interest on investment securities was $5.3 million and $4.2 million, respectively. The cost basis of investment securities is based on the specific identification method. Purchases, sales and maturities associated with investment securities are treated as investing activities within the condensed consolidated statements of cash flows. The Company’s amortized cost and estimated fair value of investment securities as of March 31, 2022 and December 31, 2021 are presented below: (In thousands) Amortized Cost Total Total Fair Value (a) As of March 31, 2022 Current: Debt securities: U.S. treasury notes $ 333,384 — 18,899 314,485 Corporate debt securities 385,062 — 24,132 360,930 Municipal bonds 31,269 — 2,943 28,326 Asset-backed securities 120,777 — 2,397 118,380 Mortgage-backed securities 164,847 — 9,211 155,636 Total (b) $ 1,035,339 $ — $ 57,582 $ 977,757 Non-current: Debt securities: Municipal bonds $ 3,081 $ — $ 202 $ 2,879 Asset-backed securities 158 1 — 159 Mortgage-backed securities 119 — 3 116 Mutual fund 28,071 — 2,016 26,055 Pooled investment fund 9,000 — — 9,000 Total (c) $ 40,429 $ 1 $ 2,221 $ 38,209 Total investment securities (d) $ 1,075,768 $ 1 $ 59,803 $ 1,015,966 (In thousands) Amortized Cost Total Total Fair Value (a) As of December 31, 2021 Current: Available-for-sale securities – Debt securities: U.S. treasury notes $ 308,058 $ 250 $ 1,113 $ 307,195 Corporate debt securities 355,102 30 3,289 351,843 Municipal bonds 31,273 44 149 31,168 Asset-backed securities 120,774 24 587 120,211 Mortgage-backed securities 139,590 11 1,341 138,260 Total (b) $ 954,797 $ 359 $ 6,479 $ 948,677 Non-current: Debt securities: Municipal bonds $ 3,107 $ 1 $ — $ 3,108 Asset-backed securities 167 1 — 168 Mortgage-backed securities 121 2 — 123 Mutual fund 27,999 — 748 27,251 Pooled investment fund 9,000 — — 9,000 Total (c) $ 40,394 $ 4 $ 748 $ 39,650 Total investment securities (d) $ 995,191 $ 363 $ 7,227 $ 988,327 (a) The Company’s methods for measuring the fair value of its investment securities are discussed in Note 12, Fair Value. (b) These investments are custodial assets deposited with, managed and invested by WEX Bank through an investment manager. They are classified as current on the condensed consolidated balance sheets, even though the stated maturity date may be one year or more beyond the current balance sheet date, as the Company views these securities as available for use in current operations, if needed. (c) These investments are not deemed available for current operations and have been classified as non-current on the condensed consolidated balance sheets. (d) Excludes $13.1 million and $11.3 million in equity securities as of March 31, 2022 and December 31, 2021, respectively, included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets. The following table presents estimated fair value and gross unrealized losses of debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security category. There are no expected credit losses that have been recorded against our investment securities as of March 31, 2022 and December 31, 2021. Balance at March 31, 2022 Balance at December 31, 2021 (In thousands) Fair Value Gross Unrealized Losses 1 Fair Value Gross Unrealized Losses 1 Investment-grade rated debt securities: U.S. treasury notes $ 314,485 $ 18,899 $ 268,839 $ 1,113 Corporate debt securities $ 360,930 $ 24,132 $ 336,777 $ 3,289 Municipal bonds $ 31,205 $ 3,145 $ 24,049 $ 149 Asset-backed securities $ 118,539 $ 2,397 $ 101,983 $ 587 Mortgage-backed securities $ 155,752 $ 9,214 $ 132,737 $ 1,341 1 All investments above have been in a continuous unrealized loss position for less than 12 months. The above table includes 238 securities at March 31, 2022, where the current fair value is less than the related amortized cost. Unrealized losses on the Company’s debt securities included in the above table are not considered to be credit-related based upon an analysis that considered the extent to which the fair value is less than the amortized basis of a security, adverse conditions specifically related to the security, changes to credit rating of the instrument subsequent to Company purchase, and the strength of the underlying collateral, if any. Additionally, the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be maturity. The following table summarizes the contractual maturity dates of the Company’s debt securities. March 31, 2022 (In thousands) Net Carrying Amount Fair Value Due after 1 year through year 5 402,942 382,239 Due after 5 years through year 10 398,779 371,845 Due after 10 years 236,976 226,828 Total $ 1,038,697 $ 980,912 Changes in the fair value of the Company’s equity securities are recognized within net unrealized gain (loss) on financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021. During the three months ended March 31, 2022 unrealized losses related to equity securities still held as of March 31, 2022 approximated $2.0 million. During the three months ended March 31, 2021, unrealized losses related to equity securities still held as of March 31, 2021 were immaterial.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Financial Assets: Money market mutual funds 1 1 $ 5,785 $ 3,670 Investment securities, current: Debt securities: U.S. treasury notes 2 $ 314,485 $ 307,195 Corporate debt securities 2 360,930 351,843 Municipal bonds 2 28,326 31,168 Asset-backed securities 2 118,380 120,211 Mortgage-backed securities 2 155,636 138,260 Total $ 977,757 $ 948,677 Investment securities, non-current: Debt securities: Municipal bonds 2 $ 2,879 $ 3,108 Asset-backed securities 2 159 168 Mortgage-backed securities 2 116 123 Fixed-income mutual fund 1 26,055 27,251 Pooled investment fund measured at NAV 2 9,000 9,000 Total $ 38,209 $ 39,650 Executive deferred compensation plan trust 3 1 $ 13,080 $ 11,303 Interest rate swaps 4 2 $ 49,779 $ 15,031 Liabilities Interest rate swaps 4 2 $ 3,635 $ 19,982 Contingent consideration 5 3 $ 83,900 $ 67,300 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, 2022, $1.1 million and $12.0 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2021, $1.6 million an d $9.7 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, 2022, $9.9 million and $39.8 million in fair value is recorded in prepaid expenses and other current assets and other assets, respectively. At March 31, 2022, $3.6 million in fair value is recorded within other current liabilities. At December 31, 2021, $0.1 million and $14.9 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2021, $17.6 million and $2.4 million in fair value is recorded within other current liabilities and other liabilities, respectively. 5 The fair value is recorded as current or long-term based on the timing of expected payments. At March 31, 2022, $3.5 million and $80.4 million in fair value is recorded within other current liabilities and other liabilities, respectively. At December 31, 2021, $67.3 million in fair value is recorded in other liabilities. 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 for identical instruments in an active market. Debt Securities The Company determines the fair value of U.S. treasury notes using quoted market prices for similar or identical instruments in a market that is not active. For corporate debt securities, municipal bonds, and asset-backed and mortgage-backed securities, 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, 2022 $ 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. Fixed Income Mutual Fund The Company determines the fair value of its fixed income mutual fund investment using quoted market prices for identical instruments in an active market; such inputs are classified as Level 1 of the fair value hierarchy. Executive Deferred Compensation Plan Trust The investments held in the executive deferred compensation plan trust, which consist primarily of mutual funds, are classified as Level 1 in the fair value hierarchy because the fair value is determined using quoted market 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. Contingent Consideration As part of the asset acquisition from Bell Bank discussed in Note 4, Acquisitions, the Company is obligated to pay additional consideration to Bell Bank contingent upon increases in the Federal Funds rate. The Company determined the fair value of this contingent consideration derivative liability based on discounted cash flows using the difference between the baseline Federal Funds rate in the purchase agreement with Bell Bank and future forecasted Federal Funds rates over the agreement term. The forecasted Federal Funds rates represent a Level 3 input within the fair value hierarchy. The resulting probability-weighted contingent consideration amounts were discounted using a weighted average discount rate, which was 2.34 percent as of March 31, 2022 and 1.45 percent as of December 31, 2021. Significant increases or decreases in the Federal Funds rates could result in material increases or decreases, respectively, to the fair value of the Company’s contingent consideration derivative liability. The Company records changes in the estimated fair value of the contingent consideration in the condensed consolidated statements of operations. Changes in the contingent consideration derivative liability are measured at fair value on a recurring basis using unobservable inputs (Level 3) and during the three months ended March 31, 2022 are as follows: (In thousands) Fair Value Contingent consideration – December 31, 2021 $ 67,300 Change in estimated fair value 16,600 Contingent consideration – March 31, 2022 $ 83,900 Assets and Liabilities Measured at Carrying Value, for which Fair Value is Disclosed Term Loans and Borrowings on Revolving Credit Facility The Company determines the fair value of borrowings on the Revolving Credit Facility and Tranche A Term Loans and Tranche B Term Loans based on market rates for the issuance of the Company’s debt, which are Level 2 inputs in the fair value hierarchy. As of March 31, 2022 and December 31, 2021, the carrying value of outstanding borrowings on the Tranche A Term Loans and Tranche B Term Loans approximated fair value. As of March 31, 2022 and December 31, 2021, the principal amount of the outstanding borrowings on the Revolving Credit Facility 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, 2022 and December 31, 2021, the fair value of our Convertible Notes approximated $355.8 million and $327.7 million, respectively. Other Assets and Liabilities

Redeemable Non-Controlling Inte

Redeemable Non-Controlling Interest	3 Months Ended
	Mar. 31, 2022
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, SBI, obtained a 4.9 percent equity interest in PO Holding, the newly formed parent company of WEX Health and Discovery Benefits. As part of WEX Inc.’s purchase of the HSA contractual rights from Bell Bank on April 1, 2021, as more fully described in Note 4, Acquisitions, SBI’s ownership percentage was reduced to 4.53 percent. The original agreement provided SBI with a put right and the Company with a call right for the equity interest, which could be exercised no earlier than seven years following the date of acquisition. Upon exercise of the put or call right, the purchase price was to be calculated based on a revenue multiple of peer companies (as described in the operating agreement for PO Holding) applied to trailing twelve month revenues of the U.S. Health business. The put option made the non-controlling interest redeemable and, therefore, the non-controlling interest was classified as temporary equity outside of stockholders’ equity as of December 31, 2021. Any resulting change in the value of the redeemable non-controlling interest was offset against retained earnings and impacted earnings per share. On March 7, 2022, in complete satisfaction of any rights under the PO Holding operating agreement, WEX Inc. and SBI entered into that certain Share Purchase Agreement whereby SBI sold, and WEX Inc. purchased, SBI’s remaining 4.53 percent interest in PO Holding. The purchase price for the shares in PO Holding was an aggregate price of $234.0 million plus any interest accruing pursuant to the terms of the Share Purchase Agreement. The liability associated with the future payment of the purchase price was recorded at a net present value of $216.6 million, as more fully described in Note 4, Acquisitions. The carrying value of the redeemable non-controlling interest immediately prior to the acquisition date was $254.4 million. The $37.8 million excess carrying value as of the acquisition date was recorded within the change in value of redeemable non-controlling interest on the condensed consolidated statements of operations for the three months ended March 31, 2022. This change in value of redeemable non-controlling interest was offset by $3.5 million of deferred tax expense resulting from the difference between the book and tax bases of the deferred liability payable to SBI. The carrying value of the redeemable non-controlling interest was reduced to zero as a result of the acquisition. As a result of this purchase, WEX Inc. owns 100 percent of PO Holding as of March 31, 2022. The following table presents the changes in the Company’s redeemable non-controlling interest: (In thousands) 2022 2021 Balance at January 1 $ 254,106 $ 117,219 Net income attributable to redeemable non-controlling interest 268 353 Change in value of redeemable non-controlling interest (37,780) 25,044 Repurchase of non-controlling interest (216,594) — Balance at March 31 $ — $ 142,616

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The Company’s effective tax rate was 32.1 percent and (7.8) percent for the three months ended March 31, 2022 and 2021, 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 Company’s effective tax rate for the three months ended March 31, 2022 was adversely impacted by a discrete tax item of $7.5 million primarily associated with an uncertain tax position. Effective tax rates were significantly lower for the same period in the prior year primarily due to significant excess tax benefits arising from stock-based compensation in the prior year.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 within the Travel and Corporate Solutions segment. The restructuring initiative consisted of employee separation costs, which the Company determined are probable and reasonably estimable. As such, the Company recorded charges incurred under this initiative of $5.4 million during the three months ended March 31, 2021, within general and administrative expenses on the condensed consolidated statements of operations. There were no accrued charges related to this initiative as of December 31, 2021 and no further charges were incurred during the three months ended March 31, 2022. 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 Two of the Company’s subsidiaries are required to purchase a minimum amount of fuel from suppliers on an annual basis through 2024. Upon failing to meet these minimum volume commitments, a penalty is assessed as defined under the contracts. The Company incurred shortfall penalties of $1.3 million and $1.5 million during the three months ended March 31, 2022 and 2021, respectively, which are offset against revenues on the condensed consolidated statements of operations. Other Commitments Other significant commitments and contingencies as of March 31, 2022 are consistent with those discussed in Note 20, Commitments and Contingencies, to the consolidated financial statements in the Annual Report on Form 10–K for the year ended December 31, 2021.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
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 Amended and Restated 2019 Equity and Incentive Plan to certain employees and directors. The fair value of restricted stock units 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. Stock-based compensation expense was $23.7 million and $17.9 million for the three months ended March 31, 2022 and 2021, respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
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 payment processing, transaction processing, and information management services specifically designed for the needs of fleets of all sizes from small businesses to federal and state government fleets and over-the-road carriers. • Travel and Corporate Solutions focuses on the complex payment environment of global B2B payments, enabling customers to utilize our payments solutions to integrate into their own workflows and manage their accounts payable automation and spend management functions. • Health and Employee Benefit Solutions provides a SaaS platform for consumer directed healthcare benefits and a full-service benefit enrollment solution, bringing together benefits administration, certain compliance services and consumer-directed and benefits accounts. Additionally, the Company serves as the non-bank custodian to certain HSA assets. The following tables present the Company’s reportable segment revenues: Three Months Ended March 31, 2022 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Total Payment processing revenue $ 151,906 $ 65,075 $ 22,497 $ 239,478 Account servicing revenue 42,443 10,758 86,740 139,941 Finance fee revenue 78,405 141 36 78,582 Other revenue 46,385 1,277 11,872 59,534 Total revenues $ 319,139 $ 77,251 $ 121,145 $ 517,535 Three Months Ended March 31, 2021 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions 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 The CODM evaluates the financial performance of each segment using segment adjusted operating income, which excludes: (i) unallocated corporate expenses; (ii) acquisition-related intangible amortization and other acquisition and divestiture related items; (iii) debt restructuring costs; (iv) stock-based compensation; and (v) other costs. Additionally, we do not allocate foreign currency gains and losses, financing interest expense, change in fair value of contingent consideration and unrealized gains and losses on financial instruments to our operating segments. The following table reconciles total segment adjusted operating income to income before income taxes: Three Months Ended March 31, (In thousands) 2022 2021 Segment adjusted operating income Fleet Solutions $ 160,101 $ 118,258 Travel and Corporate Solutions 28,330 7,015 Health and Employee Benefit Solutions 35,500 30,544 Total segment adjusted operating income $ 223,931 $ 155,817 Reconciliation: Total segment adjusted operating income $ 223,931 $ 155,817 Less: Unallocated corporate expenses 21,011 16,209 Acquisition-related intangible amortization 42,719 42,454 Other acquisition and divestiture related items 4,540 14,796 Debt restructuring costs (12) 637 Stock-based compensation 25,220 18,943 Other costs 8,179 12,237 Operating income 122,274 50,541 Financing interest expense (29,689) (33,284) Net foreign currency gain (loss) 5,006 (2,755) Change in fair value of contingent consideration (16,600) — Net unrealized gain on financial instruments 49,827 7,033 Income before income taxes $ 130,818 $ 21,535

Supplementary Regulatory Capita

Supplementary Regulatory Capital Disclosure	3 Months Ended
	Mar. 31, 2022
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 business activities and have a material effect on the Company's 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, 2022, 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, 2022 Total Capital to risk-weighted assets $ 508,665 12.35 % $ 329,551 8.00 % $ 411,939 10.00 % Tier 1 Capital to average assets $ 468,828 9.88 % $ 189,766 4.00 % $ 237,208 5.00 % Common equity to risk-weighted assets $ 468,828 11.38 % $ 185,373 4.50 % $ 267,761 6.50 % Tier 1 Capital to risk-weighted assets $ 468,828 11.38 % $ 247,164 6.00 % $ 329,551 8.00 % December 31, 2021 Total Capital to risk-weighted assets $ 402,406 12.63 % $ 254,984 8.00 % $ 318,731 10.00 % Tier 1 Capital to average assets $ 366,121 8.75 % $ 167,317 4.00 % $ 209,147 5.00 % Common equity to risk-weighted assets $ 366,121 11.49 % $ 143,429 4.50 % $ 207,175 6.50 % Tier 1 Capital to risk-weighted assets $ 366,121 11.49 % $ 191,238 6.00 % $ 254,984 8.00 %

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying 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 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, 2021, filed with the SEC on March 1, 2022. 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, 2022 are not necessarily indicative of the results for any future periods or the year ending December 31, 2022.We have applied the same accounting policies in preparing these quarterly financial statements as we did in preparing our 2021 annual financial statements. The Company rounds amounts in the 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.
New Accounting Standards	Standard Description Date of Adoption Method of adoptions and effect on financial statements or other significant matters Adopted During the Three Months Ended March 31, 2022 ASU 2021-08, Business Combinations This standard requires acquirers within the scope of Subtopic 805-10, Business Combinations to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. This will generally result in an acquirer recognizing and measuring acquired contract assets and liabilities consistent with how they were recognized and measured in an acquiree’s financial statements if such financial statements were prepared in accordance with GAAP. Previously, contract assets and contract liabilities acquired were recognized at their fair value on the acquisition date. Effective for fiscal years beginning after December 15, 2022. The Company early adopted this ASU effective January 1, 2022. Adoption had no material effect on the Company’s condensed consolidated financial statements for the three months ended March 31, 2022. The guidelines of this ASU will be applied prospectively for business combinations in the scope of ASC 805. Not Adopted as of March 31, 2022 ASU 2020–04, Reference Rate Reform and ASU 2021–01, Reference Rate Reform: Scope These standards provide 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 these ASUs would have on its financial condition and results of operations. While the Company has not yet determined if and when it will adopt these standards, the adoption of such standards is not expected to have a material effect on the Company’s condensed consolidated financial statements.
Earnings per Share	Basic earnings per share is computed by dividing net income (loss) 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 upon conversion of the Convertible Notes 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. 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 for identical instruments in an active market. Debt Securities The Company determines the fair value of U.S. treasury notes using quoted market prices for similar or identical instruments in a market that is not active. For corporate debt securities, municipal bonds, and asset-backed and mortgage-backed securities, 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. Fixed Income Mutual Fund The Company determines the fair value of its fixed income mutual fund investment using quoted market prices for identical instruments in an active market; such inputs are classified as Level 1 of the fair value hierarchy. Executive Deferred Compensation Plan Trust The investments held in the executive deferred compensation plan trust, which consist primarily of mutual funds, are classified as Level 1 in the fair value hierarchy because the fair value is determined using quoted market 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 payment processing, transaction processing, and information management services specifically designed for the needs of fleets of all sizes from small businesses to federal and state government fleets and over-the-road carriers. • Travel and Corporate Solutions focuses on the complex payment environment of global B2B payments, enabling customers to utilize our payments solutions to integrate into their own workflows and manage their accounts payable automation and spend management functions. • Health and Employee Benefit Solutions provides a SaaS platform for consumer directed healthcare benefits and a full-service benefit enrollment solution, bringing together benefits administration, certain compliance services and consumer-directed and benefits accounts. Additionally, the Company serves as the non-bank custodian to certain HSA assets.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table provides a brief description of recent accounting pronouncements adopted during the three months ended March 31, 2022 and those not yet adopted that could have a material effect on our financial statements. Standard Description Date of Adoption Method of adoptions and effect on financial statements or other significant matters Adopted During the Three Months Ended March 31, 2022 ASU 2021-08, Business Combinations This standard requires acquirers within the scope of Subtopic 805-10, Business Combinations to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. This will generally result in an acquirer recognizing and measuring acquired contract assets and liabilities consistent with how they were recognized and measured in an acquiree’s financial statements if such financial statements were prepared in accordance with GAAP. Previously, contract assets and contract liabilities acquired were recognized at their fair value on the acquisition date. Effective for fiscal years beginning after December 15, 2022. The Company early adopted this ASU effective January 1, 2022. Adoption had no material effect on the Company’s condensed consolidated financial statements for the three months ended March 31, 2022. The guidelines of this ASU will be applied prospectively for business combinations in the scope of ASC 805. Not Adopted as of March 31, 2022 ASU 2020–04, Reference Rate Reform and ASU 2021–01, Reference Rate Reform: Scope These standards provide 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 these ASUs would have on its financial condition and results of operations. While the Company has not yet determined if and when it will adopt these standards, the adoption of such standards is not expected to have a material effect on the Company’s condensed consolidated financial statements.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables disaggregate the Company’s consolidated revenues: Three Months Ended March 31, 2022 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Topic 606 revenues Payment processing revenue $ 151,906 $ 65,075 $ 22,497 $ 239,478 Account servicing revenue 4,343 10,758 86,740 101,841 Other revenue 19,925 313 8,063 28,301 Total Topic 606 revenues $ 176,174 $ 76,146 $ 117,300 $ 369,620 Non-Topic 606 revenues 142,965 1,105 3,845 147,915 Total revenues $ 319,139 $ 77,251 $ 121,145 $ 517,535 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
Schedule of Contract Assets and Liabilities	The following table provides information about these contract balances: (In thousands) Contract balance Location on the condensed consolidated balance sheets March 31, 2022 December 31, 2021 Receivables Accounts receivable, net $ 49,300 $ 49,303 Contract assets Prepaid expenses and other current assets 7,319 8,975 Contract assets Other assets 39,917 40,718 Contract liabilities Other current liabilities 7,274 9,123 Contract liabilities Other liabilities 68,588 58,900
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. (In thousands) Remaining 2022 2023 2024 2025 2026 2027 Thereafter Total Minimum monthly fees 1 $ 54,972 $ 39,749 $ 17,372 $ 6,018 $ 915 $ — $ — $ 119,026 Professional services 2 3,970 80 — — — — — 4,050 Other 3 2,524 8,689 13,858 19,104 22,985 27,185 5,929 100,274 Total remaining performance obligations $ 61,466 $ 48,518 $ 31,230 $ 25,122 $ 23,900 $ 27,185 $ 5,929 $ 223,350 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 and contractual minimums associated with payment processing service obligations. Consideration associated with certain relationships is variable and the measurement and estimation of contract consideration is contingent upon payment processing volumes and maintaining volume shares, among others.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions	(In thousands) Purchase price $ 96,992 Reduction in: Non-controlling interest 1 (13,077) Accumulated other comprehensive income (2,284) Additional paid-in capital 2 (81,631) 1 Reduces non-controlling interest to zero as of the acquisition date. 2 In conjunction with the acquisition, the Company incurred $0.5 million in acquisition costs, which further reduced additional paid-in capital.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following is a summary of the preliminary allocation of the purchase price to the assets and liabilities acquired, based on the estimated fair value at the date of acquisition: (In thousands) As of Cash consideration transferred, net of $15.0 million in cash and restricted cash acquired $ 259,061 Less: Accounts receivable 3,103 Customer relationships (a)(d) 84,400 Developed technologies (b)(d) 19,600 Non-compete (c)(d) 2,150 Other assets 4,387 Accrued expenses (3,498) Restricted cash payable (14,328) Other liabilities (5,177) Recorded goodwill $ 168,424 (a) Weighted average life - 9.3 years. (b) Weighted average life - 3.6 years. (c) Weighted average life - 2.5 years (d) The weighted average life of the $106.2 million of amortizable intangible assets acquired in this business combination is 8.1 years

Accounts Receivable, net of A_2

Accounts Receivable, net of Allowances (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions Total Balance, beginning of period $ 55,758 $ 9,931 $ 617 $ 66,306 Provision for credit losses 1 23,224 2,147 269 25,640 Charges to other accounts 2 8,400 — (70) 8,330 Charge-offs (25,795) (261) (147) (26,203) Recoveries of amounts previously charged-off 2,421 — 10 2,431 Currency translation (70) (181) — (251) Balance, end of period $ 63,938 $ 11,636 $ 679 $ 76,253 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 1 The provision is comprised of estimated credit losses based on the Company’s loss-rate experience and includes 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 relationship goodwill. Charges to other accounts substantially represent 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, shown in each case as a percentage of total trade accounts receivable: Delinquency Status March 31, 2022 December 31, 2021 29 days or less past due 99 % 98 % 59 days or less past due 99 % 99 %

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 income (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) 2022 2021 Net income (loss) attributable to shareholders $ 122,763 $ (2,565) Weighted average common shares outstanding – Basic 44,912 44,343 Dilutive impact of share-based compensation awards 1 432 — Weighted average common shares outstanding – Diluted 1, 2 $ 45,344 44,343 1 For the three months ended March 31, 2022, 0.6 million of outstanding share-based compensation awards were excluded from the computation of diluted earnings per share under the treasury stock method, as the effect of including these awards would be anti-dilutive. For the three months ended March 31, 2021, 1.0 million of outstanding share-based compensation awards were excluded from the computation of diluted earnings per share under the treasury stock method, including share-based compensation awards that would otherwise have been dilutive but for the Company’s net loss position, as the effect of including these awards would be anti-dilutive.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	A summary of the Company’s interest rate swap contracts with a collective notional amount of $1.9 billion outstanding as of March 31, 2022 is as follows: Beginning Contract End Date Fixed Interest Rates 1 Notional Amount at inception ( in thousands ) December 2017 December 2022 2.204% $ 300,000 March 2020 March 2023 1.954% 150,000 March 2019 March 2023 1.956% 100,000 March 2019 March 2023 2.413% 200,000 March 2020 December 2023 1.862% 200,000 May 2021 May 2024 0.435% 150,000 May 2021 May 2024 0.440% 150,000 May 2021 May 2025 0.678% 300,000 May 2021 May 2026 0.909% 150,000 May 2021 May 2026 0.910% 150,000 1 Fixed interest rates payable by WEX. Counterparties pay floating rate equal to the one-month USD LIBOR.
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 Condensed Consolidated Statement of Operations 2022 2021 Interest rate swap contracts – unrealized portion Net unrealized gain (loss) on financial instruments $ 51,096 $ 7,520 Interest rate swap contracts – realized portion Financing interest expense $ (5,881) $ (5,457)

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Interest-bearing money market deposits 1 $ 378,898 $ 370,813 Customer deposits 131,322 129,180 HSA deposits 2 1,290,002 960,000 Contractual deposits with maturities within 1 year 1,3,4 425,216 566,427 Short-term deposits 2,225,438 2,026,420 Contractual deposits with maturities greater than 1 year and less than 5 years 1,3,4 650,257 652,214 Total deposits $ 2,875,695 $ 2,678,634 Weighted average cost of HSA deposits outstanding 0.03 % 0.03 % Weighted average cost of funds on contractual deposits outstanding 0.48 % 0.48 % Weighted average cost of interest-bearing money market deposits outstanding 0.42 % 0.20 % 1 As of March 31, 2022 and December 31, 2021, all certificates of deposit and money market deposits were in denominations of $250 thousand or less, corresponding to FDIC deposit insurance limits. 2 Deposits held associated with the HSA custodial assets. HSA deposits are recorded within short-term deposits on the condensed consolidated balance sheet as the funds can be withdrawn by the account holders on demand. 3 Original maturities range from 12 months to 5 years, with coupon interest rates ranging from 0.12 percent to 3.52 percent as of March 31, 2022. At December 31, 2021, original maturities ranged from 9 months to 5 years, with coupon interest rates ranging from 0.12 percent to 3.52 percent. 4 Includes certificates of deposit and certain money market deposits, which have a fixed maturity and interest rate.

Financing and Other Debt (Table

Financing and Other Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes the Company’s total outstanding debt by type as of March 31, 2022 and December 31, 2021. (In thousands) March 31, 2022 December 31, 2021 Term loans: Tranche A Term Loans $ 929,511 $ 941,742 Tranche B Term Loans 1,427,580 1,431,185 Total term loans $ 2,357,091 $ 2,372,927 Borrowings on Revolving Credit Facility 180,300 119,800 Convertible Notes 310,000 310,000 Securitized debt 104,226 100,861 Participation debt 31,083 1,500 Total gross debt 1 $ 2,982,700 $ 2,905,088 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, 2022 December 31, 2021 Current portion of gross debt $ 167,568 $ 165,703 Less: Unamortized debt issuance costs/debt discount (9,946) (9,934) Short-term debt, net $ 157,622 $ 155,769 Long-term portion of gross debt $ 2,815,132 $ 2,739,385 Less: Unamortized debt issuance costs/debt discount (41,502) (44,020) Long-term debt, net $ 2,773,630 $ 2,695,365 Supplemental information: Letters of credit 1 $ 51,383 $ 51,392 Remaining borrowing capacity on Revolving Credit Facility 2 $ 698,317 $ 758,808 1 Credit support 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 Amended and Restated Credit Agreement.
Schedule of Convertible Notes	The Convertible Notes consist of the following: (In thousands) March 31, 2022 December 31, 2021 Principal 1 $ 310,000 $ 310,000 Less: Unamortized discounts (12,333) (12,844) Less: Unamortized issuance cost (1,986) (2,068) Net carrying amount of Convertible Notes $ 295,681 $ 295,088 1 Recorded within long-term debt, net on our condensed consolidated balance sheets, offset by the long-term portion of unamortized discounts and issuance cost. The following table sets forth total interest expense recognized for the Convertible Notes: Three Months Ended March 31, (In thousands) 2022 2021 Interest on 6.5 percent coupon $ 5,038 $ 5,038 Amortization of debt discount and debt issuance costs 593 553 $ 5,631 $ 5,591

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Available-For-Sale Securities	The Company’s amortized cost and estimated fair value of investment securities as of March 31, 2022 and December 31, 2021 are presented below: (In thousands) Amortized Cost Total Total Fair Value (a) As of March 31, 2022 Current: Debt securities: U.S. treasury notes $ 333,384 — 18,899 314,485 Corporate debt securities 385,062 — 24,132 360,930 Municipal bonds 31,269 — 2,943 28,326 Asset-backed securities 120,777 — 2,397 118,380 Mortgage-backed securities 164,847 — 9,211 155,636 Total (b) $ 1,035,339 $ — $ 57,582 $ 977,757 Non-current: Debt securities: Municipal bonds $ 3,081 $ — $ 202 $ 2,879 Asset-backed securities 158 1 — 159 Mortgage-backed securities 119 — 3 116 Mutual fund 28,071 — 2,016 26,055 Pooled investment fund 9,000 — — 9,000 Total (c) $ 40,429 $ 1 $ 2,221 $ 38,209 Total investment securities (d) $ 1,075,768 $ 1 $ 59,803 $ 1,015,966 (In thousands) Amortized Cost Total Total Fair Value (a) As of December 31, 2021 Current: Available-for-sale securities – Debt securities: U.S. treasury notes $ 308,058 $ 250 $ 1,113 $ 307,195 Corporate debt securities 355,102 30 3,289 351,843 Municipal bonds 31,273 44 149 31,168 Asset-backed securities 120,774 24 587 120,211 Mortgage-backed securities 139,590 11 1,341 138,260 Total (b) $ 954,797 $ 359 $ 6,479 $ 948,677 Non-current: Debt securities: Municipal bonds $ 3,107 $ 1 $ — $ 3,108 Asset-backed securities 167 1 — 168 Mortgage-backed securities 121 2 — 123 Mutual fund 27,999 — 748 27,251 Pooled investment fund 9,000 — — 9,000 Total (c) $ 40,394 $ 4 $ 748 $ 39,650 Total investment securities (d) $ 995,191 $ 363 $ 7,227 $ 988,327 (a) The Company’s methods for measuring the fair value of its investment securities are discussed in Note 12, Fair Value. (b) These investments are custodial assets deposited with, managed and invested by WEX Bank through an investment manager. They are classified as current on the condensed consolidated balance sheets, even though the stated maturity date may be one year or more beyond the current balance sheet date, as the Company views these securities as available for use in current operations, if needed. (c) These investments are not deemed available for current operations and have been classified as non-current on the condensed consolidated balance sheets.
Schedule of Unrealized Loss on Investments	There are no expected credit losses that have been recorded against our investment securities as of March 31, 2022 and December 31, 2021. Balance at March 31, 2022 Balance at December 31, 2021 (In thousands) Fair Value Gross Unrealized Losses 1 Fair Value Gross Unrealized Losses 1 Investment-grade rated debt securities: U.S. treasury notes $ 314,485 $ 18,899 $ 268,839 $ 1,113 Corporate debt securities $ 360,930 $ 24,132 $ 336,777 $ 3,289 Municipal bonds $ 31,205 $ 3,145 $ 24,049 $ 149 Asset-backed securities $ 118,539 $ 2,397 $ 101,983 $ 587 Mortgage-backed securities $ 155,752 $ 9,214 $ 132,737 $ 1,341 1 All investments above have been in a continuous unrealized loss position for less than 12 months.
Maturity Dates Of Available-For-Sale Securities	The following table summarizes the contractual maturity dates of the Company’s debt securities. March 31, 2022 (In thousands) Net Carrying Amount Fair Value Due after 1 year through year 5 402,942 382,239 Due after 5 years through year 10 398,779 371,845 Due after 10 years 236,976 226,828 Total $ 1,038,697 $ 980,912

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Financial Assets: Money market mutual funds 1 1 $ 5,785 $ 3,670 Investment securities, current: Debt securities: U.S. treasury notes 2 $ 314,485 $ 307,195 Corporate debt securities 2 360,930 351,843 Municipal bonds 2 28,326 31,168 Asset-backed securities 2 118,380 120,211 Mortgage-backed securities 2 155,636 138,260 Total $ 977,757 $ 948,677 Investment securities, non-current: Debt securities: Municipal bonds 2 $ 2,879 $ 3,108 Asset-backed securities 2 159 168 Mortgage-backed securities 2 116 123 Fixed-income mutual fund 1 26,055 27,251 Pooled investment fund measured at NAV 2 9,000 9,000 Total $ 38,209 $ 39,650 Executive deferred compensation plan trust 3 1 $ 13,080 $ 11,303 Interest rate swaps 4 2 $ 49,779 $ 15,031 Liabilities Interest rate swaps 4 2 $ 3,635 $ 19,982 Contingent consideration 5 3 $ 83,900 $ 67,300 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, 2022, $1.1 million and $12.0 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2021, $1.6 million an d $9.7 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, 2022, $9.9 million and $39.8 million in fair value is recorded in prepaid expenses and other current assets and other assets, respectively. At March 31, 2022, $3.6 million in fair value is recorded within other current liabilities. At December 31, 2021, $0.1 million and $14.9 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2021, $17.6 million and $2.4 million in fair value is recorded within other current liabilities and other liabilities, respectively. 5 The fair value is recorded as current or long-term based on the timing of expected payments. At March 31, 2022, $3.5 million and $80.4 million in fair value is recorded within other current liabilities and other liabilities, respectively. At December 31, 2021, $67.3 million in fair value is recorded in other liabilities.
Schedule of Pooled Investment Fund	Pooled Investment Fund (In thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Pooled investment fund, as of March 31, 2022 $ 9,000 — Monthly 30 days
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in the contingent consideration derivative liability are measured at fair value on a recurring basis using unobservable inputs (Level 3) and during the three months ended March 31, 2022 are as follows: (In thousands) Fair Value Contingent consideration – December 31, 2021 $ 67,300 Change in estimated fair value 16,600 Contingent consideration – March 31, 2022 $ 83,900

Redeemable Non-Controlling In_2

Redeemable Non-Controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest	The following table presents the changes in the Company’s redeemable non-controlling interest: (In thousands) 2022 2021 Balance at January 1 $ 254,106 $ 117,219 Net income attributable to redeemable non-controlling interest 268 353 Change in value of redeemable non-controlling interest (37,780) 25,044 Repurchase of non-controlling interest (216,594) — Balance at March 31 $ — $ 142,616

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Reportable Segment Results	The following tables present the Company’s reportable segment revenues: Three Months Ended March 31, 2022 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Total Payment processing revenue $ 151,906 $ 65,075 $ 22,497 $ 239,478 Account servicing revenue 42,443 10,758 86,740 139,941 Finance fee revenue 78,405 141 36 78,582 Other revenue 46,385 1,277 11,872 59,534 Total revenues $ 319,139 $ 77,251 $ 121,145 $ 517,535 Three Months Ended March 31, 2021 (In thousands) Fleet Solutions Travel and Corporate Solutions Health and Employee Benefit Solutions 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
Reconciliation Of Adjusted Net Income To Net (Loss) Income	The following table reconciles total segment adjusted operating income to income before income taxes: Three Months Ended March 31, (In thousands) 2022 2021 Segment adjusted operating income Fleet Solutions $ 160,101 $ 118,258 Travel and Corporate Solutions 28,330 7,015 Health and Employee Benefit Solutions 35,500 30,544 Total segment adjusted operating income $ 223,931 $ 155,817 Reconciliation: Total segment adjusted operating income $ 223,931 $ 155,817 Less: Unallocated corporate expenses 21,011 16,209 Acquisition-related intangible amortization 42,719 42,454 Other acquisition and divestiture related items 4,540 14,796 Debt restructuring costs (12) 637 Stock-based compensation 25,220 18,943 Other costs 8,179 12,237 Operating income 122,274 50,541 Financing interest expense (29,689) (33,284) Net foreign currency gain (loss) 5,006 (2,755) Change in fair value of contingent consideration (16,600) — Net unrealized gain on financial instruments 49,827 7,033 Income before income taxes $ 130,818 $ 21,535

Supplementary Regulatory Capi_2

Supplementary Regulatory Capital Disclosure (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 Total Capital to risk-weighted assets $ 508,665 12.35 % $ 329,551 8.00 % $ 411,939 10.00 % Tier 1 Capital to average assets $ 468,828 9.88 % $ 189,766 4.00 % $ 237,208 5.00 % Common equity to risk-weighted assets $ 468,828 11.38 % $ 185,373 4.50 % $ 267,761 6.50 % Tier 1 Capital to risk-weighted assets $ 468,828 11.38 % $ 247,164 6.00 % $ 329,551 8.00 % December 31, 2021 Total Capital to risk-weighted assets $ 402,406 12.63 % $ 254,984 8.00 % $ 318,731 10.00 % Tier 1 Capital to average assets $ 366,121 8.75 % $ 167,317 4.00 % $ 209,147 5.00 % Common equity to risk-weighted assets $ 366,121 11.49 % $ 143,429 4.50 % $ 207,175 6.50 % Tier 1 Capital to risk-weighted assets $ 366,121 11.49 % $ 191,238 6.00 % $ 254,984 8.00 %

Revenues - Summary of Disaggreg

Revenues - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	$ 369,620	$ 301,181
Non-Topic 606 revenues	147,915	109,576
Total revenues	517,535	410,757
Fleet Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	176,174	135,191
Non-Topic 606 revenues	142,965	108,646
Total revenues	319,139	243,837
Travel and Corporate Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	76,146	69,735
Non-Topic 606 revenues	1,105	907
Total revenues	77,251	70,642
Health and Employee Benefit Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	117,300	96,255
Non-Topic 606 revenues	3,845	23
Total revenues	121,145	96,278
Payment processing revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	239,478	188,389
Total revenues	239,478	188,389
Payment processing revenue | Fleet Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	151,906	110,576
Total revenues	151,906	110,576
Payment processing revenue | Travel and Corporate Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	65,075	57,248
Total revenues	65,075	57,248
Payment processing revenue | Health and Employee Benefit Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	22,497	20,565
Total revenues	22,497	20,565
Account servicing revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	101,841	83,001
Total revenues	139,941	118,623
Account servicing revenue | Fleet Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	4,343	4,369
Total revenues	42,443	39,991
Account servicing revenue | Travel and Corporate Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	10,758	10,687
Total revenues	10,758	10,687
Account servicing revenue | Health and Employee Benefit Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	86,740	67,945
Total revenues	86,740	67,945
Other revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	28,301	29,791
Total revenues	59,534	51,592
Other revenue | Fleet Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	19,925	20,246
Total revenues	46,385	41,430
Other revenue | Travel and Corporate Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	313	1,800
Total revenues	1,277	2,413
Other revenue | Health and Employee Benefit Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Topic 606 revenues	8,063	7,745
Total revenues	$ 11,872	$ 7,749

Revenues - Contract Assets and

Revenues - Contract Assets and Liabilities From Contracts with Customers (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	$ 2,225,438	$ 2,026,420
Contract liabilities	650,257	652,214
Accounts receivable, net
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract assets	49,300	49,303
Prepaid expenses and other current assets
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract assets	7,319	8,975
Other assets
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Noncurrent other assets	39,917	40,718
Other current liabilities
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	7,274	9,123
Other liabilities
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	$ 68,588	$ 58,900

Revenues - Narrative (Details)

Revenues - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized related to contract liabilities	$ 5

Revenues - Remaining Performanc

Revenues - Remaining Performance Obligation (Details) $ in Thousands	Mar. 31, 2022USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 223,350
Minimum monthly fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	119,026
Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	4,050
Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	100,274
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 61,466
Performance obligations expected to be satisfied, expected timing	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Minimum monthly fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 54,972
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Professional Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	3,970
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	2,524
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	$ 48,518
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	$ 39,749
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	80
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	8,689
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	$ 31,230
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	$ 17,372
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	13,858
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	$ 25,122
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	$ 6,018
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	19,104
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	$ 23,900
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	$ 915
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	22,985
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	$ 27,185
Performance obligations expected to be satisfied, expected timing	1 year
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	27,185
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 5,929
Performance obligations expected to be satisfied, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | 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]: 2028-01-01 | 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]: 2028-01-01 | Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 5,929

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands	Mar. 07, 2022USD ($)installment	Jun. 01, 2021USD ($)	Mar. 31, 2026USD ($)	Mar. 31, 2025USD ($)	Mar. 31, 2024USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Business Acquisition [Line Items]
Number of installments | installment	3
Final payment	$ 4,000
Discount rate of deferred liability	3.40%
Deferred liability	$ 216,600
Purchase price of acquisition, net of cash acquired						$ 0	$ (1,909)
SOFR rate | March 2024 to March 2025 at 12-month SOFR
Business Acquisition [Line Items]
Margin on variable rate, percent	1.25%
SOFR rate | March 2025 to March 2026 at 12-month SOFR
Business Acquisition [Line Items]
Margin on variable rate, percent	2.25%
PO Holding
Business Acquisition [Line Items]
Percentage of voting interests acquired	4.53%
Purchase price	$ 234,000
Deferred liability	$ 216,600
Purchase price of acquisition, net of cash acquired		$ 262,500
PO Holding | Forecast
Business Acquisition [Line Items]
Payable purchase price			$ 76,700	$ 76,700	$ 76,700
Final payment			$ 4,000
PO Holding | SBI Investments Inc.
Business Acquisition [Line Items]
Payments to acquire businesses and interest in affiliates		12,500
Benefitexpress
Business Acquisition [Line Items]
Purchase price		$ 275,000
Purchase price of acquisition, net of cash acquired						$ 259,061

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions (Details) - USD ($)	Apr. 13, 2021	Mar. 31, 2022
Business Acquisition [Line Items]
Additional paid-in capital		$ 51,668,000
WEX Europe Services
Business Acquisition [Line Items]
Purchase price	$ 96,992,000
Redeemable/non-controlling interest	(13,077,000)
Accumulated other comprehensive income	(2,284,000)
Additional paid-in capital	(81,631,000)
Non-controlling interest	$ 0
Expenses related to acquisitions		$ 500,000

Acquisitions - Schedules of Ass

Acquisitions - Schedules of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Cash consideration transferred, net of $15.0 million in cash and restricted cash acquired	$ 0	$ (1,909)
Less:
Recorded goodwill	2,915,909		$ 2,908,057
Benefitexpress
Business Acquisition [Line Items]
Cash consideration transferred, net of $15.0 million in cash and restricted cash acquired	259,061
Less:
Accounts receivable	3,103
Other assets	4,387
Accrued expenses	(3,498)
Restricted cash payable	(14,328)
Other liabilities	(5,177)
Recorded goodwill	$ 168,424
Weighted average life (in years)	8 years 1 month 6 days
Acquisition-related intangible amortization	$ 106,200
Benefitexpress | Customer Relationships
Less:
Intangible assets	$ 84,400
Weighted average life (in years)	9 years 3 months 18 days
Benefitexpress | Developed Technologies
Less:
Intangible assets	$ 19,600
Weighted average life (in years)	3 years 7 months 6 days
Benefitexpress | Noncompete Agreements
Less:
Intangible assets	$ 2,150
Weighted average life (in years)	2 years 6 months

Acquisitions - Asset Acquisitio

Acquisitions - Asset Acquisition (Details) - USD ($) $ in Thousands	Apr. 01, 2021	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Custodian fees	$ 3,000,000
Asset acquisition, contingent consideration arrangements, range of outcomes, value, high	225,000
Repurchase of non-controlling interest	11,200	$ 216,594	$ 0
Contingent consideration as part of asset acquisition	$ 27,200
U.S. Health
Business Acquisition [Line Items]
Ownership percentage by noncontrolling interest	4.53%
Health Savings Account Assets of Bell Bank’s Healthcare Bank Division
Business Acquisition [Line Items]
Cash consideration	$ 200,000
Deferred payments	25,000
Additional deferred payments	25,000
Decrease in payment of acquire business	12,500
Additional deferred payments to acquire business	12,500
Finite-lived intangible assets acquired	$ 263,400
Weighted average life (in years)	5 years 7 months 6 days
Deferred liability	$ 47,400

Acquisitions - Acquisition of N

Acquisitions - Acquisition of Non-Controlling Interest (Details) - USD ($) $ in Thousands	Apr. 13, 2021	Mar. 07, 2022
WEX Europe Services
Business Acquisition [Line Items]
Percentage of voting interests acquired	25.00%
Purchase price	$ 96,992
WEX Europe Services
Business Acquisition [Line Items]
Ownership percentage		100.00%

Accounts Receivable, net of A_3

Accounts Receivable, net of Allowances - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revolving Line-of-credit Facility under 2016 Credit Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables with revolving credit balances	$ 114.2	$ 93.7

Accounts Receivable, net of A_4

Accounts Receivable, net of Allowances - Changes in Reserves for Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable And Other Assets, Allowance for Credit Loss
Balance, beginning of period	$ 66,306	$ 59,147
Provision for credit losses	25,640	5,059
Charges to other accounts	8,330	4,373
Charge-offs	(26,203)	(14,324)
Recoveries of amounts previously charged-off	2,431	1,522
Currency translation	(251)	(634)
Balance, end of period	76,253	55,143
Fleet Solutions
Accounts Receivable And Other Assets, Allowance for Credit Loss
Balance, beginning of period	55,758	49,267
Provision for credit losses	23,224	4,364
Charges to other accounts	8,400	4,373
Charge-offs	(25,795)	(12,774)
Recoveries of amounts previously charged-off	2,421	1,516
Currency translation	(70)	(565)
Balance, end of period	63,938	46,181
Travel and Corporate Solutions
Accounts Receivable And Other Assets, Allowance for Credit Loss
Balance, beginning of period	9,931	9,610
Provision for credit losses	2,147	635
Charges to other accounts	0	0
Charge-offs	(261)	(1,532)
Recoveries of amounts previously charged-off	0	6
Currency translation	(181)	(69)
Balance, end of period	11,636	8,650
Health and Employee Benefit Solutions
Accounts Receivable And Other Assets, Allowance for Credit Loss
Balance, beginning of period	617	270
Provision for credit losses	269	60
Charges to other accounts	(70)	0
Charge-offs	(147)	(18)
Recoveries of amounts previously charged-off	10	0
Currency translation	0	0
Balance, end of period	$ 679	$ 312

Accounts Receivable, net of A_5

Accounts Receivable, net of Allowances - Concentration of Credit Risk (Details) - Credit Concentration Risk - Accounts receivable, net	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
29 days or less past due
Concentration Risk [Line Items]
Concentration risk, percentage	99.00%	98.00%
59 days or less past due
Concentration Risk [Line Items]
Concentration risk, percentage	99.00%	99.00%

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, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to shareholders	$ 122,763	$ (2,565)
Weighted average common shares outstanding – Basic (in shares)	44,912	44,343
Dilutive impact of share-based compensation awards (in shares)	432	0
Weighted average common shares outstanding – Diluted (in shares)	45,344	44,343
Antidilutive securities excluded from computation of earnings (in shares)	600	1,000
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	1,600

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Interest Rate Swaps (Details) - Derivatives Not Designated as Hedging Instruments $ in Thousands	Mar. 31, 2022USD ($)
Derivative [Line Items]
Notional amount at inception	$ 1,900,000
December 2022
Derivative [Line Items]
Fixed interest rate	2.204%
Notional amount at inception	$ 300,000
March 2023
Derivative [Line Items]
Fixed interest rate	1.954%
Notional amount at inception	$ 150,000
March 2023 | Minimum
Derivative [Line Items]
Fixed interest rate	1.956%
Notional amount at inception	$ 100,000
March 2023 | Maximum
Derivative [Line Items]
Fixed interest rate	2.413%
Notional amount at inception	$ 200,000
December 2023
Derivative [Line Items]
Fixed interest rate	1.862%
Notional amount at inception	$ 200,000
May 2024 | Minimum
Derivative [Line Items]
Fixed interest rate	0.435%
Notional amount at inception	$ 150,000
May 2024 | Maximum
Derivative [Line Items]
Fixed interest rate	0.44%
Notional amount at inception	$ 150,000
May 2025
Derivative [Line Items]
Fixed interest rate	0.678%
Notional amount at inception	$ 300,000
May 2026 | Minimum
Derivative [Line Items]
Fixed interest rate	0.909%
Notional amount at inception	$ 150,000
May 2026 | Maximum
Derivative [Line Items]
Fixed interest rate	0.91%
Notional amount at inception	$ 150,000

Derivative Instruments - Locati

Derivative Instruments - Location and Amounts of Interest Rate Swap Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net unrealized gain on financial instruments	$ 49,827	$ 7,033
Derivatives Not Designated as Hedging Instruments | Net unrealized gain (loss) on financial instruments | Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net unrealized gain on financial instruments	51,096	7,520
Derivatives Not Designated as Hedging Instruments | Financing interest expense | Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net unrealized gain on financial instruments	$ (5,881)	$ (5,457)

Deposits - Schedule of Composit

Deposits - Schedule of Composition of Deposits (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Interest-bearing brokered money market deposits	$ 378,898,000	$ 370,813,000
Customer deposits	131,322,000	129,180,000
HSA deposits	1,290,002,000	960,000,000
Certificates of deposit with maturities within 1 year	425,216,000	566,427,000
Short-term deposits	2,225,438,000	2,026,420,000
Certificates of deposit with maturities greater than 1 year and less than 5 years	650,257,000	652,214,000
Total deposits	$ 2,875,695,000	$ 2,678,634,000
Weighted average cost of demand deposits outstanding (as a percent)	0.03%	0.03%
Weighted average cost of funds on certificates of deposit outstanding (as a percent)	0.48%	0.48%
Weighted average cost of interest-bearing money market deposits outstanding (as a percent)	0.42%	0.20%
Certificates of deposits denominations in dollar amount	$ 250,000	$ 250,000
Minimum
Debt Instrument [Line Items]
Certificate of deposits maturities period	12 months	9 months
Certificate of deposits, fixed interest rates range (as a percent)	0.12%	0.12%
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 ($)	Mar. 31, 2022	Dec. 31, 2021
Banking and Thrift, Interest [Abstract]
Required reserve based on the outstanding customer deposits	$ 0	$ 0

Financing and Other Debt - Sche

Financing and Other Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,982,700	$ 2,905,088
Current portion of gross debt	167,568	165,703
Less: Unamortized debt issuance costs/debt discount	(9,946)	(9,934)
Short-term debt, net	157,622	155,769
Long-term portion of gross debt	2,815,132	2,739,385
Less: Unamortized debt issuance costs/debt discount	(41,502)	(44,020)
Long-term debt, net	2,773,630	2,695,365
Participation debt
Debt Instrument [Line Items]
Long-term debt, gross	31,083	1,500
Revolving Line-of-credit Facility under 2016 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, gross	180,300	119,800
Revolving Line-of-credit Facility under 2016 Credit Agreement | 2016 Credit Agreement | Letter of Credit
Supplemental information:
Letters of credit	51,383	51,392
Remaining borrowing capacity on revolving credit facility	698,317	758,808
Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	104,226	100,861
Secured Debt | Line of Credit | 2016 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, gross	2,357,091	2,372,927
Secured Debt | Line of Credit | Tranche A Term Loans
Debt Instrument [Line Items]
Long-term debt, gross	929,511	941,742
Secured Debt | Line of Credit | Tranche B Term Loans
Debt Instrument [Line Items]
Long-term debt, gross	1,427,580	1,431,185
Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 310,000	$ 310,000

Financing and Other Debt - Narr

Financing and Other Debt - Narrative (Details)	Apr. 01, 2021USD ($)	Jul. 01, 2020USD ($)trading_day$ / sharesshares	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Average interest rate on borrowed federal funds			0.34%		0.10%
Pledged receivables held as collateral			$ 395,700,000
Period One
Debt Instrument [Line Items]
Borrowings under guaranteed investment agreements			$ 55,000,000
Period Two
Debt Instrument [Line Items]
Borrowings under guaranteed investment agreements				$ 35,000,000
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
Convertible Debt
Debt Instrument [Line Items]
Proceeds from issuance of Convertible Notes		$ 389,200,000
2016 Credit Agreement
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)			2.60%	2.20%
Commitment fee percentage			0.40%	0.40%
2016 Credit Agreement | Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.25%
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
Debt instrument, term		7 years
Interest rate, stated percentage		6.50%	0.065%
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%
Effective interest rate on the liability component			7.50%	7.50%
Long-term debt, net			$ 295,681,000	$ 295,088,000
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			0.92%	0.91%
Short-term debt, net			$ 72,100,000	$ 70,100,000
European Securitization Facility
Debt Instrument [Line Items]
Interest rate during period, percent			1.52%	0.92%
Securitized debt			$ 32,100,000	$ 30,800,000
Revolving Line-of-credit Facility under 2016 Credit Agreement | Federal Reserve Bank
Debt Instrument [Line Items]
Current borrowing capacity			245,900,000	268,600,000
Letters of credit			$ 0	$ 0
Revolving Line-of-credit Facility under 2016 Credit Agreement | Minimum | Eurocurrency Rate
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	$ 930,000,000				$ 870,000,000
Line of Credit | Tranche A Term Loans | Secured Debt
Debt Instrument [Line Items]
Aggregate amount	978,400,000
Line of Credit | Tranche B Term Loans | Secured Debt
Debt Instrument [Line Items]
Aggregate amount	1,442,000,000
Credit Facility Term Loans | Tranche A Term Loans
Debt Instrument [Line Items]
Line of credit facility, periodic payment	12,200,000
Credit Facility Term Loans | Tranche B Term Loans
Debt Instrument [Line Items]
Line of credit facility, periodic payment	$ 3,600,000
Credit Facility Term Loans | Tranche B Term Loans | Eurocurrency Rate
Debt Instrument [Line Items]
Margin on variable rate, percent	2.25%
Credit Facility Term Loans | Tranche B Term Loans | Base Rate
Debt Instrument [Line Items]
Margin on variable rate, percent	1.25%
Participation Debt | Line of Credit
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)			2.95%	2.54%
Long-term debt, net			$ 31,100,000	$ 1,500,000
Participation Debt | Line of Credit | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate, percent			2.25%
Participation Debt | Line of Credit | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate, percent			2.50%

Financing and Other Debt - Sc_2

Financing and Other Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal	$ 2,982,700	$ 2,905,088
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	(12,333)	(12,844)
Less: Unamortized issuance cost	(1,986)	(2,068)
Net carrying amount of Convertible Notes	$ 295,681	$ 295,088

Financing and Other Debt - Sc_3

Financing and Other Debt - Schedule of Total Interest Expense for Convertible Note (Details) - Convertible Debt - Convertible Senior Notes Due 2027 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jul. 01, 2020
Debt Instrument [Line Items]
Interest on 6.5 percent coupon	$ 5,038	$ 5,038
Amortization of debt discount and debt issuance costs	593	553
Operating interest	$ 5,631	$ 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, 2022	Mar. 31, 2021
WEX Europe Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of factoring receivables	$ 145	$ 119
Wex Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of factoring receivables	$ 754.7	$ 215.8

Investment Securities - Additio

Investment Securities - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)security	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Investments, Debt and Equity Securities [Abstract]
Accrued investment interest	$ 5.3		$ 4.2
Debt securities, unrealized loss position, number of positions | security	238
Unrealized losses related to equity securities	$ 2	$ 0

Investment Securities - Availab

Investment Securities - Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	$ 1,035,339	$ 954,797
Accumulated gross unrealized gain, current	0	359
Accumulated gross unrealized loss, current	57,582	6,479
Debt securities, current	977,757	948,677
Amortized cost, noncurrent	40,429	40,394
Accumulated gross unrealized gain, noncurrent	1	4
Accumulated gross unrealized loss, noncurrent	2,221	748
Debt securities	38,209	39,650
Amortized Cost	1,075,768	995,191
Total Unrealized Gains	1	363
Total Unrealized Losses	59,803	7,227
Fair Value	1,015,966	988,327
Trading securities	13,100	11,300
U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	333,384	308,058
Accumulated gross unrealized gain, current	0	250
Accumulated gross unrealized loss, current	18,899	1,113
Debt securities, current	314,485	307,195
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	385,062	355,102
Accumulated gross unrealized gain, current	0	30
Accumulated gross unrealized loss, current	24,132	3,289
Debt securities, current		351,843
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	31,269	31,273
Accumulated gross unrealized gain, current	0	44
Accumulated gross unrealized loss, current	2,943	149
Debt securities, current		31,168
Amortized cost, noncurrent	3,081	3,107
Accumulated gross unrealized gain, noncurrent	0	1
Accumulated gross unrealized loss, noncurrent	202	0
Debt securities		3,108
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	120,777	120,774
Accumulated gross unrealized gain, current	0	24
Accumulated gross unrealized loss, current	2,397	587
Debt securities, current		120,211
Amortized cost, noncurrent	158	167
Accumulated gross unrealized gain, noncurrent	1	1
Accumulated gross unrealized loss, noncurrent	0	0
Debt securities		168
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	164,847	139,590
Accumulated gross unrealized gain, current	0	11
Accumulated gross unrealized loss, current	9,211	1,341
Debt securities, current		138,260
Amortized cost, noncurrent	119	121
Accumulated gross unrealized gain, noncurrent	0	2
Accumulated gross unrealized loss, noncurrent	3	0
Debt securities		123
Mutual fund
Debt Securities, Available-for-sale [Line Items]
Amortized cost, noncurrent	28,071	27,999
Accumulated gross unrealized gain, noncurrent	0	0
Accumulated gross unrealized loss, noncurrent	2,016	748
Debt securities		27,251
Pooled investment fund
Debt Securities, Available-for-sale [Line Items]
Amortized cost, noncurrent	9,000	9,000
Accumulated gross unrealized gain, noncurrent	0	0
Accumulated gross unrealized loss, noncurrent	0	0
Debt securities	$ 9,000	$ 9,000

Investment Securities - Unreali

Investment Securities - Unrealized losses On Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 314,485	$ 268,839
Gross Unrealized Losses	18,899	1,113
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	360,930	336,777
Gross Unrealized Losses	24,132	3,289
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value	31,205	24,049
Gross Unrealized Losses	3,145	149
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	118,539	101,983
Gross Unrealized Losses	2,397	587
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	155,752	132,737
Gross Unrealized Losses	$ 9,214	$ 1,341

Investment Securities - Maturit

Investment Securities - Maturity Dates Of Available-For-Sale Securities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Net Carrying Amount
Due after 1 year through year 5	$ 402,942
Due after 5 years through year 10	398,779
Due after 10 years	236,976
Net Carrying Amount	1,038,697
Fair Value
Due after 1 year through year 5	382,239
Due after 5 years through year 10	371,845
Due after 10 years	226,828
Fair Value	$ 980,912

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value and Related Hierarchy Levels (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment securities, current:
Debt securities, current	$ 977,757	$ 948,677
Investment securities, non-current:
Debt securities	38,209	39,650
Prepaid expenses and other current assets
Investment securities, non-current:
Executive deferred compensation plan trust	1,100	1,600
Derivative asset		100
Other assets
Investment securities, non-current:
Executive deferred compensation plan trust	12,000	9,700
Derivative asset		14,900
Other current liabilities
Liabilities
Derivative liability	3,500
Other Liabilities
Liabilities
Derivative liability	80,400	67,300
Corporate debt securities
Investment securities, current:
Debt securities, current		351,843
Municipal bonds
Investment securities, current:
Debt securities, current		31,168
Investment securities, non-current:
Debt securities		3,108
Asset-backed securities
Investment securities, current:
Debt securities, current		120,211
Investment securities, non-current:
Debt securities		168
Mortgage-backed securities
Investment securities, current:
Debt securities, current		138,260
Investment securities, non-current:
Debt securities		123
Mutual fund
Investment securities, non-current:
Debt securities		27,251
Pooled investment fund measured at NAV
Investment securities, non-current:
Debt securities	9,000	9,000
Interest Rate Swaps | Prepaid expenses and other current assets
Investment securities, non-current:
Derivative asset	9,900
Interest Rate Swaps | Other assets
Investment securities, non-current:
Derivative asset	39,800
Interest Rate Swaps | Other current liabilities
Liabilities
Derivative liability	3,600	17,600
Interest Rate Swaps | Other Liabilities
Liabilities
Derivative liability		2,400
Level 1
Investment securities, non-current:
Executive deferred compensation plan trust	13,080	11,303
Level 1 | Money market funds
Financial Assets:
Money market funds	5,785	3,670
Level 1 | Mutual fund
Investment securities, non-current:
Debt securities	26,055	27,251
Level 2 | US Treasury Securities
Investment securities, current:
Debt securities, current	314,485	307,195
Level 2 | Corporate debt securities
Investment securities, current:
Debt securities, current	360,930	351,843
Level 2 | Municipal bonds
Investment securities, current:
Debt securities, current	28,326	31,168
Investment securities, non-current:
Debt securities	2,879	3,108
Level 2 | Asset-backed securities
Investment securities, current:
Debt securities, current	118,380	120,211
Investment securities, non-current:
Debt securities	159	168
Level 2 | Mortgage-backed securities
Investment securities, current:
Debt securities, current	155,636	138,260
Investment securities, non-current:
Debt securities	116	123
Level 2 | Interest Rate Swaps
Investment securities, non-current:
Derivative asset	49,779	15,031
Liabilities
Derivative liability	3,635	19,982
Level 3 | Contingent consideration derivative
Liabilities
Derivative liability	83,900	67,300
Net Asset Value | Pooled investment fund measured at NAV
Investment securities, non-current:
Debt securities	$ 9,000	$ 9,000

Fair Value - Pooled Investment

Fair Value - Pooled Investment Fund (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Debt securities	$ 38,209	$ 39,650
Net Asset Value | Pooled investment fund
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0
Redemption Notice Period	30 days

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Millions	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Level 3 | Recurring | Valuation, Market Approach | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability, measurement input	0.0234	0.0145
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, fair value	$ 355.8	$ 327.7

Fair Value - Contingent Conside

Fair Value - Contingent Consideration Liability are Measured at Fair Value on a Recurring Basis Using Unobservable Inputs (Level 3) (Details) - Obligations $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration, beginning balance	$ 67,300
Change in estimated fair value	16,600
Contingent consideration, ending balance	$ 83,900

Redeemable Non-Controlling In_3

Redeemable Non-Controlling Interest - Narrative (Details) - USD ($) $ in Thousands	Mar. 07, 2022	Apr. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 05, 2019
Noncontrolling Interest [Line Items]
Deferred liability	$ 216,600
Repurchase of non-controlling interest		$ 11,200	$ 216,594	$ 0
Change in value of redeemable non-controlling interest			(37,780)	$ 25,044
Noncontrolling interest, deferred tax expense			$ 3,500
PO Holding
Noncontrolling Interest [Line Items]
Percentage of voting interests acquired	4.53%
Purchase price	$ 234,000
Deferred liability	216,600
Repurchase of non-controlling interest	$ 254,400
Discovery Benefits
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling interest					4.90%
Discovery Benefits | Maximum
Noncontrolling Interest [Line Items]
Call rights, exercise period			7 years
Wex Bank
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling interest		4.53%
Ownership percentage	100.00%

Redeemable Non-Controlling In_4

Redeemable Non-Controlling Interest - Schedule of Redeemable Non-Controlling Interest (Details) - USD ($) $ in Thousands	Apr. 01, 2021	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 142,616	$ 254,106	$ 117,219
Net income attributable to redeemable non-controlling interest		268	353
Change in value of redeemable non-controlling interest		(37,780)	25,044
Repurchase of non-controlling interest	$ (11,200)	(216,594)	0
Ending balance		$ 0	$ 142,616

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	32.10%	(7.80%)
Uncertain tax position	$ 7.5
Undistributed earnings of certain foreign subsidiaries	$ 146		$ 133

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Restructuring (reversals) charges	$ 0	$ 5.4	$ 0
Incurred penalties	$ 1.3	$ 1.5

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 23.7	$ 17.9

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2022segment
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, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 517,535	$ 410,757
Fleet Solutions
Segment Reporting Information [Line Items]
Total revenues	319,139	243,837
Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Total revenues	77,251	70,642
Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Total revenues	121,145	96,278
Payment processing revenue
Segment Reporting Information [Line Items]
Total revenues	239,478	188,389
Payment processing revenue | Fleet Solutions
Segment Reporting Information [Line Items]
Total revenues	151,906	110,576
Payment processing revenue | Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Total revenues	65,075	57,248
Payment processing revenue | Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Total revenues	22,497	20,565
Account servicing revenue
Segment Reporting Information [Line Items]
Total revenues	139,941	118,623
Account servicing revenue | Fleet Solutions
Segment Reporting Information [Line Items]
Total revenues	42,443	39,991
Account servicing revenue | Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Total revenues	10,758	10,687
Account servicing revenue | Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Total revenues	86,740	67,945
Finance fee revenue
Segment Reporting Information [Line Items]
Total revenues	78,582	52,153
Finance fee revenue | Fleet Solutions
Segment Reporting Information [Line Items]
Total revenues	78,405	51,840
Finance fee revenue | Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Total revenues	141	294
Finance fee revenue | Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Total revenues	36	19
Other revenue
Segment Reporting Information [Line Items]
Total revenues	59,534	51,592
Other revenue | Fleet Solutions
Segment Reporting Information [Line Items]
Total revenues	46,385	41,430
Other revenue | Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Total revenues	1,277	2,413
Other revenue | Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Total revenues	$ 11,872	$ 7,749

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted Operating Income to Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Adjusted operating income	$ 223,931	$ 155,817
Stock-based compensation	23,682	17,886
Other costs	0	5,400	$ 0
Operating income	122,274	50,541
Financing interest expense	(29,689)	(33,284)
Net foreign currency gain (loss)	5,006	(2,755)
Change in fair value of contingent consideration	(16,600)	0
Net unrealized gain on financial instruments	49,827	7,033
Income before income taxes	130,818	21,535
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated corporate expenses	21,011	16,209
Acquisition-related intangible amortization	42,719	42,454
Other acquisition and divestiture related items	4,540	14,796
Debt restructuring costs	(12)	637
Stock-based compensation	25,220	18,943
Other costs	8,179	12,237
Fleet Solutions
Segment Reporting Information [Line Items]
Adjusted operating income	160,101	118,258
Travel and Corporate Solutions
Segment Reporting Information [Line Items]
Adjusted operating income	28,330	7,015
Health and Employee Benefit Solutions
Segment Reporting Information [Line Items]
Adjusted operating income	$ 35,500	$ 30,544

Supplementary Regulatory Capi_3

Supplementary Regulatory Capital Disclosure (Details) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
Total Capital to risk-weighted assets, Actual Amount	$ 508,665	$ 402,406
Total Capital to risk-weighted assets, Actual, Ratio	0.1235	0.1263
Total Capital to risk-weighted assets, Minimum for Capital Adequacy Purposes Amount	$ 329,551	$ 254,984
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	$ 411,939	$ 318,731
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	$ 468,828	$ 366,121
Tier 1 Capital to average assets, Actual, Ratio	0.0988	0.0875
Tier 1 Capital to average assets, Minimum for Capital Adequacy Purposes Amount	$ 189,766	$ 167,317
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	$ 237,208	$ 209,147
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	$ 468,828	$ 366,121
Common equity to risk-weighted assets, Actual, Ratio	11.38%	11.49%
Common equity to risk-weighted assets, Minimum for Capital Adequacy Purposes Amount	$ 185,373	$ 143,429
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	$ 267,761	$ 207,175
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	$ 468,828	$ 366,121
Tier 1 Capital to risk-weighted assets, Actual, Ratio	0.1138	0.1149
Tier 1 Capital to risk-weighted assets, Minimum for Capital Adequacy Purposes Amount	$ 247,164	$ 191,238
Tier 1 Capital to risk-weighted assets, Ratio	0.0600	0.0600
Tier 1 Capital to risk-weighted assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 329,551	$ 254,984
Tier 1 Capital to risk-weighted assets, Ratio	0.0800	0.0800