View Filing Data

General and administrative

$ 541,237

$ 417,905

$ 1,061,670

$ 832,167

Expenses:

Merchant commissions

30,619

22,308

55,003

50,541

Processing

103,322

80,691

205,146

160,505

Selling

38,957

31,947

77,794

58,500

87,569

63,586

183,003

131,180

64,709

48,436

129,575

84,764

Other operating, net

(231)

(446)

Equity method investment loss (income)

216,043

171,168

411,111

347,123

2,354

(7,184)

4,731

(4,991)

^[2]

Other (income) expense, net

(551)

104

1,645

763

Interest expense, net

23,851

15,900

46,978

32,091

Total other expense

25,654

8,820

53,354

27,863

190,389

162,348

357,757

319,260

59,402

46,095

103,077

91,917

$ 130,987

$ 116,253

$ 254,680

$ 227,343

^[2]

$ 1.42

$ 1.25

$ 2.77

$ 2.46

Weighted average shares outstanding:

$ 1.39

$ 1.22

$ 2.70

$ 2.39

Basic weighted average shares outstanding (in shares)

92,013

92,665

92,060

92,591

Diluted weighted average shares outstanding (in shares)

94,223

95,279

94,392

95,137

[1]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.
[2]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.

Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Statement of Comprehensive Income [Abstract]

Foreign currency translation (losses) gains, net of tax

$ 130,987

$ 116,253

^[1]

$ 254,680

$ 227,343

^[1],[2]

Other comprehensive (loss) income:

(37,260)

(20,132)

56,354

11,070

Total other comprehensive (loss) income

(37,260)

(20,132)

56,354

11,070

Total comprehensive income

$ 93,727

$ 96,121

$ 311,034

$ 238,413

[1]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.
[2]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

^[2]

Operating activities

Adjustments to reconcile net income to net cash provided by operating activities:

$ 254,680

$ 227,343

^[1]

Depreciation

21,593

16,311

Stock-based compensation

44,243

32,620

Provision for losses on accounts receivable

27,648

13,729

Amortization of deferred financing costs and discounts

3,800

3,651

Amortization of intangible assets

104,894

66,114

Amortization of premium on receivables

3,088

2,339

Deferred income taxes

(32,660)

(9,248)

Equity method investment loss (income)

4,731

(4,991)

^[1]

Other non-cash operating income

(446)

Changes in operating assets and liabilities (net of acquisitions):

Restricted cash

(28,739)

13,555

Accounts and other receivables

(380,196)

(392,545)

Prepaid expenses and other current assets

(18,778)

(4,636)

Other assets

(15,050)

(9,362)

Accounts payable, accrued expenses and customer deposits

189,750

257,608

Acquisitions, net of cash acquired

179,004

212,042

Investing activities

(3,580)

(5,299)

Purchases of property and equipment

(32,600)

(24,757)

(6,327)

(7,868)

Proceeds from issuance of common stock

(42,507)

(37,924)

Financing activities

16,432

7,964

Repurchase of common stock

(52,393)

(26,037)

Borrowings on securitization facility, net

150,000

99,000

Principal payments on notes payable

(66,725)

(51,750)

Borrowings from revolver – A Facility

90,000

140,000

Payments on revolver – A Facility

(215,901)

(290,000)

Borrowings on swing line of credit, net

10,245

Net cash used in financing activities

537

(666)

(67,805)

(121,489)

20,868

(6,696)

Cash and cash equivalents, beginning of period

89,560

45,933

475,018

447,152

Cash and cash equivalents, end of period

564,578

493,085

Supplemental cash flow information

Cash paid for interest

68,431

30,361

Cash paid for income taxes

$ 188,157

$ 64,345

[1]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.
[2]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

Throughout this report, the terms “our,” “we,” “us,” and the “Company” refers to FleetCor Technologies, Inc. and its subsidiaries. The Company prepared the accompanying interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. Operating results for the three and six month periods ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.

The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

Foreign Currency Translation

Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are made directly to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the period. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange gains of $0.8 million and foreign exchange losses of $0.2 million for the three months ended June 30, 2017 and 2016, respectively, which are recorded within other expense, net in the Unaudited Consolidated Statements of Income. The Company recognized foreign exchange losses of $0.8 million for both the six month periods ended June 30, 2017 and 2016, respectively.

Adoption of New Accounting Standards

Revenue Recognition

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP and permits the use of either the retrospective or modified retrospective transition method. The update requires significant additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09, as amended by ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," is effective for years beginning after December 15, 2017, including interim periods, with early adoption permitted for years beginning after December 15, 2016. Since the issuance of ASU 2014-09, the FASB has issued additional interpretive guidance, including new accounting standards updates, that clarifies certain points of the standard and modifies certain requirements.

The Company has performed a review of the requirements of the new revenue standard and is monitoring the activity of the FASB and the transition resource group as it relates to specific interpretive guidance. The Company has established an implementation team to assess the effects of the new revenue standard in a multi-phase approach. In the first phase, the Company is analyzing customer contracts for its most significant contract categories, applied the five-step model of the new standard to each contract category and comparing the results to our current accounting practices. The Company has begun the second phase, which includes quantifying the potential effects identified during the first phase, assessing additional contract categories and principal versus agent considerations, revising accounting policies and considering the effects on related disclosures and/or internal control over financial reporting.

The new standard could change the amount and timing of revenue and expenses to be recognized under certain of our arrangement types. In addition, it could also increase the administrative burden on our operations to account for customer contracts and provide the more expansive required disclosures. More judgment and estimates may be required within the process of applying the requirements of the new standard than are required under existing GAAP, such as identifying performance obligations in contracts, estimating the amount of variable consideration to include in transaction price, allocating transaction price to each separate performance obligation and estimating expected customer lives. The Company has not completed its assessment or quantified the effect the new guidance will have on its consolidated financial statements, related disclosures and/or its internal control over financial reporting. This assessment will occur over the remainder of the calendar year. However, the Company's preliminary view is that the expected amount and timing of revenue to be recognized under ASU 2014-09 for its most significant contract categories, fuel card payments, corporate payments, lodging payments and gift cards, will be similar to the amount and timing of revenue recognized under our current accounting practices. The Company also may be required to capitalize additional costs to obtain contracts with customers, and, in some cases, may be required to amortize these costs over a contractual time period. Finally, the Company expects disclosures about its revenues and related customer acquisition costs will be more extensive.

The Company plans to adopt ASU 2014-09, as well as other clarifications and technical guidance issued by the FASB related to this new revenue standard, on January 1, 2018. The Company will apply the modified retrospective transition method, which would result in an adjustment to retained earnings for the cumulative effect, if any, of applying the standard to contracts that are not completed at the date of initial application. Under this method, the Company would not restate the prior financial statements presented, therefore the new standard requires the Company to provide additional disclosures of the amount by which each financial statement line item is affected in the current reporting period during 2018, as compared to the guidance that was in effect before the change, and an explanation of the reasons for significant changes, if any.

Accounting for Leases

In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. This ASU also requires disclosures to provide additional information about the amounts recorded in the financial statements. This ASU is effective for the Company for annual periods beginning after December 15, 2018 and interim periods therein. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance for leases that exist or are entered into after the beginning of the earliest comparative period presented. The Company is currently evaluating the impact of ASU 2016-02 on our consolidated financial statements; however, we expect to recognize right of use assets and liabilities for our operating leases in the consolidated balance sheet upon adoption.

Accounting for Employee Stock-Based Payment

In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting", which requires excess tax benefits recognized on stock-based compensation expense be reflected in the consolidated statements of operations as a component of the provision for income taxes on a prospective basis. ASU 2016-09 also requires excess tax benefits recognized on stock-based compensation expense be classified as an operating activity in the consolidated statements of cash flows rather than a financing activity. Companies can elect to apply this provision retrospectively or prospectively. ASU 2016-09 also requires entities to elect whether to account for forfeitures as they occur or estimate expected forfeitures over the course of a vesting period. This ASU is effective for the Company for annual periods beginning after December 15, 2016. Early adoption was permitted.

During the third quarter of 2016, the Company elected to early adopt ASU 2016-09. The adoption of this ASU resulted in excess tax benefits being recorded as a reduction of income tax expense prospectively for all periods during 2016, rather than additional paid in capital, and an increase in the number of dilutive shares outstanding at the end of each period. The adoption of ASU 2016-09 resulted in an increase to diluted earnings per share during the respective period. As required by ASU 2016-09, excess tax benefits recognized on stock-based compensation expense are classified as an operating activity in our consolidated statements of cash flows on a prospective basis within changes in accounts payable, accrued expenses and customer deposits. In accordance with ASU 2016-09, the classification of excess tax benefits in prior periods have not been adjusted in periods prior to 2016. The Company also elected to account for forfeitures as they occur, rather than estimate expected forfeitures over the course of a vesting period. As a result of the adoption of ASU 2016-09, the net cumulative effect of this change was not material to the results of operations, financial condition, or cash flows.

The following table shows the impact of retrospectively applying ASU 2016-09 to the previously issued consolidated statements of income for the three and six month periods ended June 30, 2016 (in thousands, except per share amounts):



	Three Months Ended June 30, 2016							Six Months Ended June 30, 2016
	As Previously Reported		Adjustments			As Recast		As Previously Reported		Adjustments			As Recast
Income before income taxes	$	162,348	$	—		$	162,348	$	319,260	$	—		$	319,260
Provision for income taxes	48,163		(2,068		)	46,095		95,103		(3,186		)	$	91,917
Net income	$	114,185	$	2,068		$	116,253	$	224,157	$	3,186		$	227,343
Earnings per share:
Basic earnings per share	$	1.23	$	0.02		$	1.25	$	2.42	$	0.04		$	2.46
Diluted earnings per share	$	1.21	$	0.01		$	1.22	$	2.37	$	0.02		$	2.39
Weighted average common shares outstanding:
Basic	92,665		—			92,665		92,591		—			92,591
Diluted	94,549		729			95,279		94,437		700			95,137

The following table shows the impact of retrospectively applying this guidance to the Consolidated Statement of Cash flows for the six months ended June 30, 2016 (in thousands):



	Six Months Ended June 30, 2016
	As Previously Reported			Adjustments			As Recast
Net cash provided by operating activities	$	208,856		$	3,186		$	212,042
Net cash used in investing activities	(37,924		)	—			(37,924		)
Net cash used in financing activities	(118,303		)	(3,186		)	(121,489		)
Effect of foreign currency exchange rates on cash	(6,696		)	—			(6,696		)
Net increase in cash	$	45,933		$	—		$	45,933

Accounting for Breakage

In March 2016, the FASB issued ASU 2016-04, “Liabilities-Extinguishments of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products”, which requires entities that sell prepaid stored value products redeemable for goods, services or cash at third-party merchants to derecognize liabilities related to those products for breakage. This ASU is effective for the Company for reporting periods beginning after December 15, 2017. Early adoption is permitted. The ASU must be adopted using either a modified retrospective approach with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption or a full retrospective approach. The Company’s adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows.

Cash Flow Classification

In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments", which amends the guidance in ASC 230, Statement of Cash Flows. This amended guidance reduces the diversity in practice that has resulted from the lack of consistent principles related to the classification of certain cash receipts and payments in the statement of cash flows. This ASU is effective for the Company for reporting periods beginning after December 15, 2017. Early adoption is permitted. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The Company’s adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows.

In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash", which amends the guidance in ASC 230, Statement of Cash Flows, on the classification and presentation of restricted cash in the statement of cash flows. This ASU is effective for the Company for reporting periods beginning after December 15, 2017. Early adoption is permitted. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this ASU should be applied using a retrospective transition method to each period presented. The Company’s adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows.

Intangibles - Goodwill and Other Impairment

In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment, which eliminates the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of the goodwill impairment test) to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on Step 1). The standard has tiered effective dates, starting in 2020 for calendar-year public business entities that meet the definition of an SEC filer. Early adoption is permitted for interim and annual goodwill impairment testing dates after January 1, 2017. The Company’s adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows.

Definition of a Business

In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business", which amends the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities is not a business.The guidance also requires a business to include at least one substantive process and narrows the definition of outputs.The guidance is effective for the Company for reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company’s adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows.

Accounting for Modifications to Stock-Based Compensation

In May 2017, the FASB issued ASU 2017-09, "Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting", which amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions and classification of the awards are the same immediately before and after the modification. The guidance is effective for the Company for reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company's adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows.

Accounts Receivable

6 Months Ended

Jun. 30, 2017

Receivables [Abstract]

Accounts Receivable

The Company maintains a $950 million revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to our U.S. trade receivables resulting from charge card activity. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FleetCor Funding LLC (Funding) a wholly-owned bankruptcy remote subsidiary. In turn, Funding sells, without recourse, on a revolving basis, up to $950 million of undivided ownership interests in this pool of accounts receivable to a multi-seller, asset-backed commercial paper conduit (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold to the Conduit. Purchases by the Conduit are financed with the sale of highly-rated commercial paper.

The Company utilizes proceeds from the sale of its accounts receivable as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the accounts receivable sold as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount.

The Company’s consolidated balance sheets and statements of income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments, associated with the securitized debt, are presented as cash flows from financing activities.

The Company’s accounts receivable and securitized accounts receivable include the following at June 30, 2017 and December 31, 2016 (in thousands):



	June 30, 2017			December 31, 2016
Gross domestic accounts receivable	$	711,681		$	529,885
Gross domestic securitized accounts receivable	741,000			591,000
Gross foreign receivables	765,718			704,630
Total gross receivables	2,218,399			1,825,515
Less allowance for doubtful accounts	(47,836		)	(32,506		)
Net accounts and securitized accounts receivable	$	2,170,563		$	1,793,009

A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for six months ended June 30 is as follows (in thousands):



	2017			2016
Allowance for doubtful accounts beginning of period	$	32,506		$	21,903
Provision for bad debts	27,648			13,729
Write-offs	(12,318		)	(10,396		)
Allowance for doubtful accounts end of period	$	47,836		$	25,236

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is a market-based measurement that reflects assumptions that market participants would use in pricing an asset or liability. GAAP discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions.

As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows:


•	Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets.

•

Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.


•	Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis as of June 30, 2017 and December 31, 2016, (in thousands).



	Fair Value		Level 1		Level 2		Level 3
June 30, 2017
Assets:
Repurchase agreements	$	310,034	$	—	$	310,034	$	—
Money market	50,254		—		50,254		—
Certificates of deposit	7,759		—		7,759		—
Total cash equivalents	$	368,047	$	—	$	368,047	$	—

December 31, 2016
Assets:
Repurchase agreements	$	232,131	$	—	$	232,131	$	—
Money market	50,179		—		50,179		—
Certificates of deposit	48		—		48		—
Total cash equivalents	$	282,358	$	—	$	282,358	$	—

The Company has highly-liquid investments classified as cash equivalents, with original maturities of 90 days or less, included in our Consolidated Balance Sheets. The Company utilizes Level 2 fair value determinations derived from directly or indirectly observable (market based) information to determine the fair value of these highly liquid investments. The Company has certain cash and cash equivalents that are invested on an overnight basis in repurchase agreements, money markets and certificates of deposit. The value of overnight repurchase agreements is determined based upon the quoted market prices for the treasury securities associated with the repurchase agreements. The value of money market instruments is the financial institutions' month-end statement, as these instruments are not tradeable and must be settled directly by us with the respective financial institution. Certificates of deposit are valued at cost, plus interest accrued. Given the short-term nature of these instruments, the carrying value approximates fair value.

The level within the fair value hierarchy and the measurement technique are reviewed quarterly. Transfers between levels are deemed to have occurred at the end of the quarter. There were no transfers between fair value levels during the periods presented for 2017 and 2016.

The Company’s assets that are measured at fair value on a nonrecurring basis and are evaluated with periodic testing for impairment include property, plant and equipment, investments, goodwill and other intangible assets. Estimates of the fair value of assets acquired and liabilities assumed in business combinations are generally developed using key inputs such as management’s projections of cash flows on a held-and-used basis (if applicable), discounted as appropriate, management’s projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements are in Level 3 of the fair value hierarchy.

The fair value of the Company’s cash, accounts receivable, securitized accounts receivable and related facility, prepaid expenses and other current assets, accounts payable, accrued expenses, customer deposits and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The carrying value of the Company’s debt obligations approximates fair value as the interest rates on the debt are variable market based interest rates that reset on a quarterly basis. These are each Level 2 fair value measurements, except for cash, which is a Level 1 fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity On February 4, 2016, the Company's Board of Directors approved a stock repurchase program (the "Program") under which the Company may purchase up to an aggregate of $500 million of its common stock over the following 18 month period. On July 27, 2017, the Company's Board of Directors authorized an increase in the size of the Program by an additional $250 million and an extension of the Program by an additional 18 months. With the increase and giving effect to the Company's $240 million of previous repurchases, the Company may repurchase up to $510 million in shares of its common stock at any time prior to February 1, 2019. Any stock repurchases may be made at times and in such amounts as deemed appropriate. The timing and amount of stock repurchases, if any, will depend on a variety of factors including the stock price, market conditions, corporate and regulatory requirements, and any additional constraints related to material inside information the Company may possess. Any repurchases have been and are expected to be funded by a combination of available cash flow from the business, working capital and debt. Since the beginning of the Program, 1,670,311 shares for an aggregate purchase price of $240.1 million have been repurchased. There were 411,166 shares totaling $52.4 million repurchased under the Program during the six months ended June 30, 2017. On August 3, 2017, as part of the Program, the Company entered an Accelerated Share Repurchase agreement ("ASR Agreement") with a third-party financial institution to repurchase $250 million of its common stock. Pursuant to the ASR Agreement, approximately 85% of the shares expected to be repurchased were received by the Company on August 8, 2017. The total number of shares ultimately repurchased under the Program will be determined upon final settlement and will be based on a discount to the volume-weighted average price of the Company's common stock during the ASR period. The Company anticipates that all repurchases under the ASR will be completed by the end of the third quarter of 2017.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

The Company has Stock Incentive Plans (the Plans) pursuant to which the Company’s Board of Directors may grant stock options or restricted stock to employees. The table below summarizes the expense recognized related to share-based payments recognized for the three and six month periods ended June 30 (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Stock options	$	13,949	$	8,394	$	26,038	$	17,638
Restricted stock	7,201		9,041		18,205		14,982
Stock-based compensation	$	21,150	$	17,435	$	44,243	$	32,620

The tax benefits recorded on stock based compensation were $24.3 million and $14.2 million for the six month periods ended June 30, 2017 and 2016, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of June 30, 2017 (cost in thousands):

Stock Options

Stock options are granted with an exercise price estimated to be equal to the fair market value of the Company's stock on the date of grant as authorized by the Company’s Board of Directors. Options granted have vesting provisions ranging from one to five years and vesting of the options is generally based on the passage of time or performance. Stock option grants are subject to forfeiture if employment terminates prior to vesting.

The following summarizes the changes in the number of shares of common stock under option for the six month period ended June 30, 2017 (shares and aggregate intrinsic value in thousands):



	Shares		Weighted Average Exercise Price		Options Exercisable at End of Period	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Period		Aggregate Intrinsic Value
Outstanding at December 31, 2016	6,146		$	91.20	3,429	$	55.00			$	309,238
Granted	2,550		144.44					$	32.57
Exercised	(267	)	61.59							22,047
Forfeited	(60	)	142.14
Outstanding at June 30, 2017	8,369		$	108.00	3,862	$	66.43			$	303,003
Expected to vest as of June 30, 2017	8,369		$	108.00

The aggregate intrinsic value of stock options exercisable at June 30, 2017 was $300.4 million. The weighted average remaining contractual term of options exercisable at June 30, 2017 was 5.2 years.

The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model during the six months ended June 30, 2017 and 2016, with the following weighted-average assumptions for grants or modifications during the period:



	June 30,
	2017		2016
Risk-free interest rate	1.65	%	1.10	%
Dividend yield	—		—
Expected volatility	28.00	%	27.37	%
Expected life (in years)	3.4		3.4

Restricted Stock

Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time or performance, or a combination of these. Shares vesting based on the passage of time have vesting provisions of one year.

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the six months ended June 30, 2017 (shares in thousands):



	Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2016	379		$	140.39
Granted	136		149.94
Vested	(200	)	136.22
Cancelled	(38	)	155.55
Outstanding at June 30, 2017	277		$	148.57

Acquisitions

6 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Acquisitions

2017 Acquisitions

On April 28, 2017, the Company signed a definitive agreement to acquire Cambridge Global Payments (“Cambridge”), a leading business to business (B2B) international payments provider, for approximately $690 million in cash. Cambridge processes B2B cross-border payments, assisting business clients in making international payments to suppliers and employees. The purpose of this acquisition is to further expand the Company's corporate payments footprint. This acquisition is expected to be completed by September 1, 2017.

2016 Acquisitions

STP

On August 31, 2016, the Company acquired all of the outstanding stock of Serviços e Tecnologia de Pagamentos S.A. (“STP”), for approximately $1.23 billion, net of cash acquired of $40.2 million. STP is an electronic toll payments company in Brazil and provides cardless fuel payments at a number of Shell sites throughout Brazil. The purpose of this acquisition was to expand the Company's presence in the toll market in Brazil. The Company financed the acquisition using a combination of existing cash and borrowings under its existing credit facility. Results from the acquired business have been reported in the Company's international segment since the date of acquisition. The following table summarizes the preliminary acquisition accounting for STP (in thousands):



Trade and other receivables	$	243,157
Prepaid expenses and other	6,998
Deferred tax assets	9,365
Property and equipment	38,732
Other long term assets	14,280
Goodwill	645,766
Customer relationships and other identifiable intangible assets	584,274
Liabilities assumed	(315,082		)
Aggregate purchase price	$	1,227,490

The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):



	Useful Lives (in Years)	Value
Customer relationships	8.5-17	$	349,310
Trade names and trademarks - indefinite	N/A	189,547
Technology	6	45,417
		$	584,274

In connection with the STP acquisition, the Company recorded contingent liabilities aggregating $13.5 million in the consolidated balance sheet, recorded within other noncurrent liabilities and accrued expenses in the consolidated balance sheet at the date of acquisition. A portion of these acquired liabilities have been indemnified by the respective sellers. As a result, an indemnification asset of $13.0 million was recorded within prepaid and other current assets and other long term assets in the consolidated balance sheet. The contingent liabilities and the indemnification asset are included in the preliminary acquisition accounting for STP at the date of acquisition. The potential range of acquisition related contingent liabilities that the Company estimates could be incurred and ultimately expected to be recoverable is $13.5 million to $18.6 million. Along with the Company's acquisition of STP, the Company signed noncompete agreements with certain parties for approximately $21.6 million.

Acquisition accounting for STP is preliminary as the Company is still completing the valuation for intangible assets, income taxes, certain acquired contingencies and the working capital adjustment period remains open. Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and STP, as well as assembled workforce. The goodwill and definite lived intangibles acquired with this business is expected to be deductible for tax purposes.

Other

During 2016, the Company acquired additional fuel card portfolios in the U.S. and the United Kingdom, additional Shell fuel card markets in Europe and Travelcard in the Netherlands totaling approximately $76.7 million, net of cash acquired of $11.1 million. The following table summarizes the preliminary acquisition accounting for these acquisitions (in thousands):



Trade and other receivables	$	27,810
Prepaid expenses and other	5,097
Property and equipment	992
Goodwill	28,540
Other intangible assets	61,823
Deferred tax asset	146
Liabilities assumed	(42,550		)
Deferred tax liabilities	(5,123		)
Aggregate purchase prices	$	76,735

The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):



	Useful Lives (in Years)	Value
Customer relationships and other identifiable intangible assets	10-18	$	61,823
		$	61,823

The other 2016 acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements. The accounting for certain of these acquisitions is preliminary as the Company is still completing the valuation of intangible assets, income taxes and evaluation of acquired contingencies.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands):



	December 31, 2016		Acquisitions/ Dispositions		Acquisition Accounting Adjustments			Foreign Currency		June 30, 2017
Segment
North America	$	2,640,409	$	—	$	—		$	—	$	2,640,409
International	1,554,741				(13,522		)	30,895		1,572,114
	$	4,195,150	$	—	$	(13,522	)	$	30,895	$	4,212,523

As of June 30, 2017 and December 31, 2016, other intangible assets consisted of the following (in thousands):



		June 30, 2017							December 31, 2016
	Weighted- Avg Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount
Customer and vendor agreements	17.0	$	2,462,866	$	(539,965	)	$	1,922,901	$	2,449,389	$	(458,118	)	$	1,991,271
Trade names and trademarks—indefinite lived	N/A	510,314		—			510,314		510,952		—			510,952
Trade names and trademarks—other	14.6	2,797		(2,093		)	704		2,746		(2,021		)	725
Software	5.3	211,712		(104,710		)	107,002		211,331		(85,167		)	126,164
Non-compete agreements	4.9	35,907		(14,502		)	21,405		35,191		(11,070		)	24,121
Total other intangibles		$	3,223,596	$	(661,270	)	$	2,562,326	$	3,209,609	$	(556,376	)	$	2,653,233

Changes in foreign exchange rates resulted in a $14.0 million increase to the carrying values of other intangible assets in the six months ended June 30, 2017. Amortization expense related to intangible assets for the six months ended June 30, 2017 and 2016 was $104.9 million and $66.1 million, respectively.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Debt

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt

The Company’s debt instruments consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands):



	June 30, 2017		December 31, 2016
Term notes payable—domestic(a), net of discounts	$	2,574,080	$	2,639,279
Revolving line of credit A Facility—domestic(a)	400,000		465,000
Revolving line of credit A Facility—foreign(a)	67,614		123,412
Revolving line of credit A Facility—swing line(a)	38,807		26,608
Other debt(c)	16,564		12,934
Total notes payable and other obligations	3,097,065		3,267,233
Securitization Facility(b)	741,000		591,000
Total notes payable, credit agreements and Securitization Facility	$	3,838,065	$	3,858,233
Current portion	$	1,443,444	$	1,336,506
Long-term portion	2,394,621		2,521,727
Total notes payable, credit agreements and Securitization Facility	$	3,838,065	$	3,858,233

______________________

(a)

On October 24, 2014, the Company entered into a $3.36 billion Credit Agreement, which provides for senior secured credit facilities consisting of (a) a revolving A credit facility in the amount of $1.0 billion, with sublimits for letters of credit, swing line loans and multi-currency borrowings, (b) a revolving B facility in the amount of $35 million for loans in Australian Dollars or New Zealand Dollars, (c) a term loan A facility in the amount of $2.02 billion and (d) a term loan B facility in the amount of $300 million. On August 22, 2016, the Company entered into the first Amendment to the existing Credit Agreement, which established an incremental term A loan in the amount of $600 million under the Credit Agreement accordion feature. The proceeds from the additional $600 million in term A loans were used to partially finance the STP acquisition. The Amendment also established an accordion feature for borrowing an additional $500 million in term A, term B or revolver A debt. On January 20, 2017, the Company entered into the second amendment to the Credit Agreement, which established a new term B loan (Term B-2 loan) in the amount of $245.0 million to replace the existing Term B loan. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.20% to 0.40% of the daily unused portion of the credit facility. The Company has unamortized debt discounts of $5.0 million related to the term A facility and $0.9 million related to the term B facility at June 30, 2017.

On August 2, 2017, the Company entered into the third amendment (the "Amendment") to the Credit Agreement, which increased the facility by $708.7 million and extended the terms of the credit facilities. The Amendment increased the term A loan to $2.69 billion, increased the revolver A credit facility to $1.285 billion and increased the term B loan to $350.0 million. The term A and revolver maturity dates are now August 2, 2022 and the term B maturity date is now August 2, 2024. The term A and revolver pricing remains the same and the term B pricing was reduced by 25 basis points to LIBOR plus 200 basis points.

(b)

The Company is party to a $950 million receivables purchase agreement (Securitization Facility) that was amended and restated on December 1, 2015. There is a program fee equal to one month LIBOR and the Commercial Paper Rate of 1.23% plus 0.90% and 0.85% plus 0.90% as of June 30, 2017 and December 31, 2016, respectively. The unused facility fee is payable at a rate of 0.40% per annum as of June 30, 2017 and December 31, 2016.


(c)	Other debt includes the long-term portion of contingent consideration and deferred payments associated with certain of our businesses.

The Company was in compliance with all financial and non-financial covenants at June 30, 2017.

Income Taxes

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 35% to income before income taxes for the three months ended June 30, 2017 and 2016 due to the following (in thousands):



	2017					2016
Computed tax expense at the U.S. federal tax rate	$	66,636		35.0	%	$	56,822		35.0	%
Changes resulting from:
Foreign income tax differential	(7,473		)	(3.9	)%	(4,424		)	(2.7	)%
Excess tax benefits related to stock-based compensation	(803		)	(0.4	)%	(2,068		)	(1.3	)%
State taxes net of federal benefits	2,361			1.2	%	1,909			1.2	%
Foreign-sourced nontaxable income	1,373			0.7	%	(2,020		)	(1.2	)%
Other	(2,692		)	(1.4	)%	(4,124		)	(2.6	)%
Provision for income taxes	$	59,402		31.2	%	$	46,095		28.4	%

The adoption of ASU 2016-09, "Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting" resulted in excess tax benefits being recorded as a reduction of income tax expense beginning January 1, 2016, rather than additional paid in capital as discussed in Note 1- Summary of Significant Accounting Policies.

Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three and six months ended June 30 (in thousands, except per share data) follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Net income	$	130,987	$	116,253	$	254,680	$	227,343
Denominator for basic earnings per share	92,013		92,665		92,060		92,591
Dilutive securities	2,210		2,614		2,332		2,546
Denominator for diluted earnings per share	94,223		95,279		94,392		95,137
Basic earnings per share	$	1.42	$	1.25	$	2.77	$	2.46
Diluted earnings per share	$	1.39	$	1.22	$	2.70	$	2.39

Diluted earnings per share for the three month periods ended June 30, 2017 and 2016 excludes the effect of 3.7 million and 1.5 million shares of common stock, respectively, that may be issued upon the exercise of employee stock options because such effect would be antidilutive. Diluted earnings per share also excludes the effect of 0.2 million and 0.3 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for the three month periods ended June 30, 2017 and 2016, respectively.

Segments

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segments

The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. The Company’s reportable segments represent components of the business for which separate financial information is evaluated regularly by the chief operating decision maker in determining how to allocate resources and in assessing performance. The Company operates in two reportable segments, North America and International. There were no inter-segment sales.

The Company’s segment results are as follows for the three and six month periods ended June 30 (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Revenues, net:
North America	$	342,995	$	301,126	$	672,943	$	604,674
International	198,242		116,779		388,727		227,493
	$	541,237	$	417,905	$	1,061,670	$	832,167
Operating income:
North America	$	134,926	$	117,611	$	255,898	$	231,461
International	81,117		53,557		155,213		115,662
	$	216,043	$	171,168	$	411,111	$	347,123
Depreciation and amortization:
North America	$	33,384	$	32,180	$	66,561	$	63,612
International	31,325		16,256		63,014		21,152
	$	64,709	$	48,436	$	129,575	$	84,764
Capital expenditures:
North America	$	12,102	$	8,579	$	21,734	$	16,521
International	5,702		4,439		10,866		8,236
	$	17,804	$	13,018	$	32,600	$	24,757

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company is involved in various pending or threatened legal actions, arbitration proceedings, claims, subpoenas, and matters relating to compliance with laws and regulations (collectively, legal proceedings). The Company has recorded reserves for certain legal proceedings. The amounts recorded are estimated and as additional information becomes available, the Company will reassess the potential liability related to legal actions and revise its estimate in the period that information becomes known. Based on our current knowledge, management presently does not believe that the liabilities arising from these legal proceedings will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal proceedings could have a material adverse effect on our results of operations and financial condition for any particular period. Shareholder Class Action and Derivative Lawsuits On June 14, 2017, a shareholder filed a class action complaint in the United States District Court for the Northern District of Georgia against the Company and certain of its officers and directors on behalf of all persons who purchased or otherwise acquired the Company’s stock between February 5, 2016 and May 2, 2017. The complaint alleges that the defendants made false or misleading statements regarding fee charges and the reasons for its earnings and growth in certain press releases and other public statements in violation of the federal securities laws. Plaintiff seeks class certification, unspecified monetary damages, costs, and attorneys’ fees. The Company disputes the allegations in the complaint and intends to vigorously defend against the claims. On July 10, 2017, a shareholder derivative complaint was filed against the Company and certain of the Company’s directors and officers in the United States District Court for the Northern District of Georgia seeking recovery on behalf of the Company. The derivative complaint alleges that the defendants issued a false and misleading proxy statement in violation of the federal securities laws; that defendants breached their fiduciary duties by causing or permitting the Company to make allegedly false and misleading public statements concerning the Company’s fee charges, and financial and business prospects; and that certain defendants breached their fiduciary duties through allegedly improper sales of stock. The complaint seeks unspecified monetary damages on behalf of the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, restitution, costs, and attorneys’ and experts’ fees. The defendants dispute the allegations in the complaint and intend to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, and are in the early stages of the proceedings. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses or a range of possible losses resulting from the matters described above.

Asset Dispositions and Assets Held for Sale	6 Months Ended
Asset Dispositions and Assets Held for Sale	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Asset Dispositions and Assets Held for Sale	Asset Dispositions and Assets Held for Sale SVS On March 3, 2017, the Company signed a definitive agreement to contribute our Stored Value Solutions (SVS) prepaid card services and gift card program management assets into a venture with First Data Corp’s ("First Data") core gift card business, Transactions Wireless, Inc. and Gyft, that will consolidate these various gift solutions to drive new value for clients. In July 2017, the Company decided to terminate the definitive agreement with First Data. The combination of the regulatory review and on-going conversations with SVS customers led the Company to reconsider its decision. As such, SVS is no longer classified as held for sale. NexTraq On June 14, 2017, the Company signed a definitive agreement to sell NexTraq, a U.S. fleet telematics business, to Michelin Group for approximately $320 million. This transaction closed on July 17, 2017. The Company expects to record a pre-tax gain on the disposal of NexTraq of approximately $155 million during the third quarter of 2017, which includes transaction closing costs. The Company has preliminarily calculated taxes on the gain upon disposal of approximately $64 million. NexTraq has historically been included in our North America segment.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation

Foreign Currency Translation

Adoption of New Accounting Standards

Revenue Recognition

Accounting for Leases

Accounting for Employee Stock-Based Payment



	Three Months Ended June 30, 2016							Six Months Ended June 30, 2016
	As Previously Reported		Adjustments			As Recast		As Previously Reported		Adjustments			As Recast
Income before income taxes	$	162,348	$	—		$	162,348	$	319,260	$	—		$	319,260
Provision for income taxes	48,163		(2,068		)	46,095		95,103		(3,186		)	$	91,917
Net income	$	114,185	$	2,068		$	116,253	$	224,157	$	3,186		$	227,343
Earnings per share:
Basic earnings per share	$	1.23	$	0.02		$	1.25	$	2.42	$	0.04		$	2.46
Diluted earnings per share	$	1.21	$	0.01		$	1.22	$	2.37	$	0.02		$	2.39
Weighted average common shares outstanding:
Basic	92,665		—			92,665		92,591		—			92,591
Diluted	94,549		729			95,279		94,437		700			95,137

The following table shows the impact of retrospectively applying this guidance to the Consolidated Statement of Cash flows for the six months ended June 30, 2016 (in thousands):



	Six Months Ended June 30, 2016
	As Previously Reported			Adjustments			As Recast
Net cash provided by operating activities	$	208,856		$	3,186		$	212,042
Net cash used in investing activities	(37,924		)	—			(37,924		)
Net cash used in financing activities	(118,303		)	(3,186		)	(121,489		)
Effect of foreign currency exchange rates on cash	(6,696		)	—			(6,696		)
Net increase in cash	$	45,933		$	—		$	45,933

Accounting for Breakage

Cash Flow Classification

Intangibles - Goodwill and Other Impairment

Definition of a Business

Accounting for Modifications to Stock-Based Compensation

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Schedule of Prior Period Adjustments



	Three Months Ended June 30, 2016							Six Months Ended June 30, 2016
	As Previously Reported		Adjustments			As Recast		As Previously Reported		Adjustments			As Recast
Income before income taxes	$	162,348	$	—		$	162,348	$	319,260	$	—		$	319,260
Provision for income taxes	48,163		(2,068		)	46,095		95,103		(3,186		)	$	91,917
Net income	$	114,185	$	2,068		$	116,253	$	224,157	$	3,186		$	227,343
Earnings per share:
Basic earnings per share	$	1.23	$	0.02		$	1.25	$	2.42	$	0.04		$	2.46
Diluted earnings per share	$	1.21	$	0.01		$	1.22	$	2.37	$	0.02		$	2.39
Weighted average common shares outstanding:
Basic	92,665		—			92,665		92,591		—			92,591
Diluted	94,549		729			95,279		94,437		700			95,137

The following table shows the impact of retrospectively applying this guidance to the Consolidated Statement of Cash flows for the six months ended June 30, 2016 (in thousands):



	Six Months Ended June 30, 2016
	As Previously Reported			Adjustments			As Recast
Net cash provided by operating activities	$	208,856		$	3,186		$	212,042
Net cash used in investing activities	(37,924		)	—			(37,924		)
Net cash used in financing activities	(118,303		)	(3,186		)	(121,489		)
Effect of foreign currency exchange rates on cash	(6,696		)	—			(6,696		)
Net increase in cash	$	45,933		$	—		$	45,933

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2017

Receivables [Abstract]

Company's Accounts Receivable and Securitized Accounts Receivable

The Company’s accounts receivable and securitized accounts receivable include the following at June 30, 2017 and December 31, 2016 (in thousands):



	June 30, 2017			December 31, 2016
Gross domestic accounts receivable	$	711,681		$	529,885
Gross domestic securitized accounts receivable	741,000			591,000
Gross foreign receivables	765,718			704,630
Total gross receivables	2,218,399			1,825,515
Less allowance for doubtful accounts	(47,836		)	(32,506		)
Net accounts and securitized accounts receivable	$	2,170,563		$	1,793,009

Allowance for Doubtful Accounts Related to Accounts Receivable

A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for six months ended June 30 is as follows (in thousands):



	2017			2016
Allowance for doubtful accounts beginning of period	$	32,506		$	21,903
Provision for bad debts	27,648			13,729
Write-offs	(12,318		)	(10,396		)
Allowance for doubtful accounts end of period	$	47,836		$	25,236

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value

The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis as of June 30, 2017 and December 31, 2016, (in thousands).



	Fair Value		Level 1		Level 2		Level 3
June 30, 2017
Assets:
Repurchase agreements	$	310,034	$	—	$	310,034	$	—
Money market	50,254		—		50,254		—
Certificates of deposit	7,759		—		7,759		—
Total cash equivalents	$	368,047	$	—	$	368,047	$	—

December 31, 2016
Assets:
Repurchase agreements	$	232,131	$	—	$	232,131	$	—
Money market	50,179		—		50,179		—
Certificates of deposit	48		—		48		—
Total cash equivalents	$	282,358	$	—	$	282,358	$	—

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Expense Related to Share-Based Payments

The table below summarizes the expense recognized related to share-based payments recognized for the three and six month periods ended June 30 (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Stock options	$	13,949	$	8,394	$	26,038	$	17,638
Restricted stock	7,201		9,041		18,205		14,982
Stock-based compensation	$	21,150	$	17,435	$	44,243	$	32,620

Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation

The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of June 30, 2017 (cost in thousands):

Summary of Changes in Number of Shares of Common Stock Under Option

The following summarizes the changes in the number of shares of common stock under option for the six month period ended June 30, 2017 (shares and aggregate intrinsic value in thousands):



	Shares		Weighted Average Exercise Price		Options Exercisable at End of Period	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Period		Aggregate Intrinsic Value
Outstanding at December 31, 2016	6,146		$	91.20	3,429	$	55.00			$	309,238
Granted	2,550		144.44					$	32.57
Exercised	(267	)	61.59							22,047
Forfeited	(60	)	142.14
Outstanding at June 30, 2017	8,369		$	108.00	3,862	$	66.43			$	303,003
Expected to vest as of June 30, 2017	8,369		$	108.00

Schedule of Weighted-Average Assumptions



	June 30,
	2017		2016
Risk-free interest rate	1.65	%	1.10	%
Dividend yield	—		—
Expected volatility	28.00	%	27.37	%
Expected life (in years)	3.4		3.4

Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the six months ended June 30, 2017 (shares in thousands):



	Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2016	379		$	140.39
Granted	136		149.94
Vested	(200	)	136.22
Cancelled	(38	)	155.55
Outstanding at June 30, 2017	277		$	148.57

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Summary of Acquisition Accounting

The following table summarizes the preliminary acquisition accounting for STP (in thousands):



Trade and other receivables	$	243,157
Prepaid expenses and other	6,998
Deferred tax assets	9,365
Property and equipment	38,732
Other long term assets	14,280
Goodwill	645,766
Customer relationships and other identifiable intangible assets	584,274
Liabilities assumed	(315,082		)
Aggregate purchase price	$	1,227,490

The following table summarizes the preliminary acquisition accounting for these acquisitions (in thousands):



Trade and other receivables	$	27,810
Prepaid expenses and other	5,097
Property and equipment	992
Goodwill	28,540
Other intangible assets	61,823
Deferred tax asset	146
Liabilities assumed	(42,550		)
Deferred tax liabilities	(5,123		)
Aggregate purchase prices	$	76,735

Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives

The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):



	Useful Lives (in Years)	Value
Customer relationships	8.5-17	$	349,310
Trade names and trademarks - indefinite	N/A	189,547
Technology	6	45,417
		$	584,274

The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):



	Useful Lives (in Years)	Value
Customer relationships and other identifiable intangible assets	10-18	$	61,823
		$	61,823

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill by Reportable Business Segment

A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands):



	December 31, 2016		Acquisitions/ Dispositions		Acquisition Accounting Adjustments			Foreign Currency		June 30, 2017
Segment
North America	$	2,640,409	$	—	$	—		$	—	$	2,640,409
International	1,554,741				(13,522		)	30,895		1,572,114
	$	4,195,150	$	—	$	(13,522	)	$	30,895	$	4,212,523

Schedule of Other Intangible Assets

As of June 30, 2017 and December 31, 2016, other intangible assets consisted of the following (in thousands):



		June 30, 2017							December 31, 2016
	Weighted- Avg Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount
Customer and vendor agreements	17.0	$	2,462,866	$	(539,965	)	$	1,922,901	$	2,449,389	$	(458,118	)	$	1,991,271
Trade names and trademarks—indefinite lived	N/A	510,314		—			510,314		510,952		—			510,952
Trade names and trademarks—other	14.6	2,797		(2,093		)	704		2,746		(2,021		)	725
Software	5.3	211,712		(104,710		)	107,002		211,331		(85,167		)	126,164
Non-compete agreements	4.9	35,907		(14,502		)	21,405		35,191		(11,070		)	24,121
Total other intangibles		$	3,223,596	$	(661,270	)	$	2,562,326	$	3,209,609	$	(556,376	)	$	2,653,233

Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Summary of Debt Instruments

The Company’s debt instruments consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands):



	June 30, 2017		December 31, 2016
Term notes payable—domestic(a), net of discounts	$	2,574,080	$	2,639,279
Revolving line of credit A Facility—domestic(a)	400,000		465,000
Revolving line of credit A Facility—foreign(a)	67,614		123,412
Revolving line of credit A Facility—swing line(a)	38,807		26,608
Other debt(c)	16,564		12,934
Total notes payable and other obligations	3,097,065		3,267,233
Securitization Facility(b)	741,000		591,000
Total notes payable, credit agreements and Securitization Facility	$	3,838,065	$	3,858,233
Current portion	$	1,443,444	$	1,336,506
Long-term portion	2,394,621		2,521,727
Total notes payable, credit agreements and Securitization Facility	$	3,838,065	$	3,858,233

______________________

(a)

(b)


(c)	Other debt includes the long-term portion of contingent consideration and deferred payments associated with certain of our businesses.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes and U.S. Federal Tax Rate



	2017					2016
Computed tax expense at the U.S. federal tax rate	$	66,636		35.0	%	$	56,822		35.0	%
Changes resulting from:
Foreign income tax differential	(7,473		)	(3.9	)%	(4,424		)	(2.7	)%
Excess tax benefits related to stock-based compensation	(803		)	(0.4	)%	(2,068		)	(1.3	)%
State taxes net of federal benefits	2,361			1.2	%	1,909			1.2	%
Foreign-sourced nontaxable income	1,373			0.7	%	(2,020		)	(1.2	)%
Other	(2,692		)	(1.4	)%	(4,124		)	(2.6	)%
Provision for income taxes	$	59,402		31.2	%	$	46,095		28.4	%

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

The calculation and reconciliation of basic and diluted earnings per share for the three and six months ended June 30 (in thousands, except per share data) follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Net income	$	130,987	$	116,253	$	254,680	$	227,343
Denominator for basic earnings per share	92,013		92,665		92,060		92,591
Dilutive securities	2,210		2,614		2,332		2,546
Denominator for diluted earnings per share	94,223		95,279		94,392		95,137
Basic earnings per share	$	1.42	$	1.25	$	2.77	$	2.46
Diluted earnings per share	$	1.39	$	1.22	$	2.70	$	2.39

Segments (Tables)

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Schedule of Company's Segment Results

The Company’s segment results are as follows for the three and six month periods ended June 30 (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Revenues, net:
North America	$	342,995	$	301,126	$	672,943	$	604,674
International	198,242		116,779		388,727		227,493
	$	541,237	$	417,905	$	1,061,670	$	832,167
Operating income:
North America	$	134,926	$	117,611	$	255,898	$	231,461
International	81,117		53,557		155,213		115,662
	$	216,043	$	171,168	$	411,111	$	347,123
Depreciation and amortization:
North America	$	33,384	$	32,180	$	66,561	$	63,612
International	31,325		16,256		63,014		21,152
	$	64,709	$	48,436	$	129,575	$	84,764
Capital expenditures:
North America	$	12,102	$	8,579	$	21,734	$	16,521
International	5,702		4,439		10,866		8,236
	$	17,804	$	13,018	$	32,600	$	24,757

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Foreign exchange gain (loss) recognized

$ (800)

$ 200

$ 800

190,389

162,348

^[1]

357,757

319,260

^[1]

59,402

46,095

^[1]

103,077

91,917

^[1]

$ 130,987

$ 116,253

^[1]

$ 254,680

$ 227,343

^[1],[2]

$ 1.42

$ 1.25

^[1]

$ 2.77

$ 2.46

^[1]

Weighted average common shares outstanding:

$ 1.39

$ 1.22

^[1]

$ 2.70

$ 2.39

^[1]

Basic weighted average shares outstanding (in shares)

92,013

92,665

^[1]

92,060

92,591

^[1]

Diluted weighted average shares outstanding (in shares)

94,223

95,279

^[1]

94,392

95,137

^[1]

Adjustments to reconcile net income to net cash provided by operating activities:

$ 212,042

$ 179,004

$ 212,042

^[2]

Net cash provided by (used in) financing activities

(37,924)

(42,507)

(37,924)

^[2]

(121,489)

(67,805)

(121,489)

^[2]

(6,696)

20,868

(6,696)

^[2]

Error Corrections and Prior Period Adjustments Restatement [Line Items]

45,933

$ 89,560

45,933

^[2]

As Previously Reported

162,348

319,260

48,163

95,103

$ 114,185

$ 224,157

$ 1.23

$ 2.42

Weighted average common shares outstanding:

$ 1.21

$ 2.37

Basic weighted average shares outstanding (in shares)

92,665

92,591

Diluted weighted average shares outstanding (in shares)

94,549

94,437

Adjustments to reconcile net income to net cash provided by operating activities:

$ 208,856

Net cash provided by (used in) financing activities

(37,924)

(118,303)

(6,696)

Accounting Standards Update 2016-09 | Adjustments

45,933

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ 0

(2,068)

(3,186)

$ 2,068

$ 3,186

$ 0.02

$ 0.04

Weighted average common shares outstanding:

$ 0.01

$ 0.02

Basic weighted average shares outstanding (in shares)

Diluted weighted average shares outstanding (in shares)

729

700

Adjustments to reconcile net income to net cash provided by operating activities:

$ 3,186

Net cash provided by (used in) financing activities

(3,186)

Allowance for Doubtful Accounts Receivable [Roll Forward]

$ 0

[1]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.
[2]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.

Accounts Receivable - Additional Information (Details)	6 Months Ended
Accounts Receivable - Additional Information (Details)	Jun. 30, 2017 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum undivided ownership interest pooled accounts receivable amount sold	$ 950,000,000
Securitization Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitized accounts receivable facility	$ 950,000,000

Accounts Receivable - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 2,218,399	$ 1,825,515
Gross domestic securitized accounts receivable	741,000	591,000
Less allowance for doubtful accounts	(47,836)	(32,506)	$ (25,236)	$ (21,903)
Net accounts and securitized accounts receivable	2,170,563	1,793,009
Gross domestic accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	711,681	529,885
Gross foreign receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 765,718	$ 704,630

Accounts Receivable - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Allowance for doubtful accounts beginning of period

$ 32,506

$ 21,903

Provision for bad debts

27,648

13,729

^[1]

Write-offs

(12,318)

(10,396)

Allowance for doubtful accounts end of period

$ 47,836

$ 25,236

[1]

Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 368,047	$ 282,358
Repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	310,034	232,131
Money market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	50,254	50,179
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	7,759	48
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	368,047	282,358
Level 2 \| Repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	310,034	232,131
Level 2 \| Money market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	50,254	50,179
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 7,759	$ 48

Stockholders' Equity - Repurchase Program (Details) - USD ($)

6 Months Ended

17 Months Ended

Aug. 08, 2017

Jul. 27, 2017

Feb. 04, 2016

Jun. 30, 2017

Jun. 30, 2016

^[1]

Jun. 30, 2017

Shares repurchased (in shares)

411,166

1,670,311

Repurchase of common stock

$ 52,393,000

$ 26,037,000

Common Stock

Stock repurchase program, approved amount

$ 500,000,000

Stock repurchase program, authorized time period

18 months

Repurchase agreements

Repurchase of common stock

Shares repurchased

$ 240,100,000

$ 52,400,000

Subsequent Event | Common Stock

Increase in authorized amount to be repurchased

$ 250,000,000

Period in force, extension of original period

18 months

Remaining authorized repurchase amount

$ 510,000,000

Scenario, Forecast | Common Stock

Stock repurchased during period, value

$ 250,000,000

Stock repurchase program, number of shares authorized to be repurchased, percentage

85.00%

[1]

Stock-Based Compensation - Summary of Expense Related to Share-Based Payments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 21,150	$ 17,435	$ 44,243	$ 32,620
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	13,949	8,394	26,038	17,638
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 7,201	$ 9,041	$ 18,205	$ 14,982

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits recorded on stock based compensation	$ 24.3	$ 14.2
Aggregate intrinsic value of options exercisable	$ 300.4
Weighted average remaining contractual term of options exercisable (in years)	5 years 2 months 12 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	1 year
Minimum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	1 year
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	5 years

Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 125,262
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 108,831
Weighted Average Period of Expense Recognition (in Years)	1 year 8 months 1 day
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 16,431
Weighted Average Period of Expense Recognition (in Years)	6 months 4 days

Stock-Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares at beginning of period (in shares)	6,146
Granted (in shares)	2,550
Exercised (in shares)	(267)
Forfeited (in shares)	(60)
Shares at end of period (in shares)	8,369
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, beginning of period (in dollars per share)	$ 91.20
Weighted average exercise price, granted (in dollars per share)	144.44
Weighted average exercise price, exercised (in dollars per share)	61.59
Weighted average exercise price, forfeitures (in dollars per share)	142.14
Weighted average exercise price, end of period (in dollars per share)	$ 108.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expected to vest (in shares)	8,369
Weighted average exercise price, expected to vest (in dollars per share)	$ 108.00
Options exercisable at beginning of period (in shares)	3,862	3,429
Weighted average exercise price of exercisable options, beginning of period (in dollars per share)	$ 66.43	$ 55.00
Weighted average exercise price of granted options (in dollars per share)	$ 32.57
Aggregate intrinsic value	$ 303,003	$ 309,238
Aggregate intrinsic value, exercised	$ 22,047

Stock-Based Compensation - Schedule of Weighted-Average Assumptions (Details) - Stock options	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.65%	1.10%
Dividend yield	0.00%	0.00%
Expected volatility	28.00%	27.37%
Expected life (in years)	3 years 5 months 1 day	3 years 5 months 9 days

Stock-Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2017 $ / shares shares
Shares
Shares outstanding, beginning of period (in shares) \| shares	379
Granted (in shares) \| shares	136
Vested (in shares) \| shares	(200)
Canceled (in shares) \| shares	(38)
Shares outstanding, end of period (in shares) \| shares	277
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in dollars per share) \| $ / shares	$ 140.39
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	149.94
Weighted average grant date fair value, vested (in dollars per share) \| $ / shares	136.22
Weighted average grant date fair value, canceled (in dollars per share) \| $ / shares	155.55
Weighted average grant date fair value, end of period (in dollars per share) \| $ / shares	$ 148.57

Acquisition - Additional Information (Details) - USD ($) $ in Millions			12 Months Ended
	Apr. 28, 2017	Aug. 31, 2016	Dec. 31, 2016
Cambridge
Business Acquisition [Line Items]
Aggregate purchase price	$ 690.0
STP
Business Acquisition [Line Items]
Aggregate purchase price		$ 1,230.0
Cash acquired from acquisition		40.2
Contingent liabilities		13.5
Indemnification assets		13.0
Contingent consideration minimum possible value		13.5
Contingent consideration maximum possible value		18.6
Other
Business Acquisition [Line Items]
Aggregate purchase price			$ 76.7
Cash acquired from acquisition			$ 11.1
Non-compete agreements \| STP
Business Acquisition [Line Items]
Customer relationships and other identifiable intangible assets		$ 21.6

Acquisition - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Aug. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 4,212,523	$ 4,195,150
STP
Business Acquisition [Line Items]
Trade and other receivables			$ 243,157
Prepaid expenses and other			6,998
Property and equipment			38,732
Other long term assets			14,280
Goodwill			645,766
Customer relationships and other identifiable intangible assets			584,274
Deferred tax asset			9,365
Liabilities assumed			(315,082)
Aggregate purchase price			$ 1,227,490
Other
Business Acquisition [Line Items]
Trade and other receivables		27,810
Prepaid expenses and other		5,097
Property and equipment		992
Goodwill		28,540
Customer relationships and other identifiable intangible assets		61,823
Other intangible assets		61,823
Deferred tax asset		146
Liabilities assumed		(42,550)
Deferred tax liabilities		(5,123)
Aggregate purchase price		$ 76,735

Acquisition - Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 31, 2016	Dec. 31, 2016
STP
Business Acquisition [Line Items]
Customer relationships and other identifiable intangible assets	$ 584,274
STP \| Customer relationships and other identifiable intangible assets
Business Acquisition [Line Items]
Customer relationships and other identifiable intangible assets	$ 349,310
STP \| Customer relationships and other identifiable intangible assets \| Minimum
Business Acquisition [Line Items]
Useful Lives	8 years 6 months
STP \| Customer relationships and other identifiable intangible assets \| Maximum
Business Acquisition [Line Items]
Useful Lives	17 years
STP \| Technology
Business Acquisition [Line Items]
Useful Lives	6 years
Customer relationships and other identifiable intangible assets	$ 45,417
Other
Business Acquisition [Line Items]
Customer relationships and other identifiable intangible assets		$ 61,823
Other \| Customer relationships and other identifiable intangible assets
Business Acquisition [Line Items]
Customer relationships and other identifiable intangible assets		$ 61,823
Other \| Customer relationships and other identifiable intangible assets \| Minimum
Business Acquisition [Line Items]
Useful Lives		10 years
Other \| Customer relationships and other identifiable intangible assets \| Maximum
Business Acquisition [Line Items]
Useful Lives		18 years
Trade names and trademarks—indefinite lived \| STP
Business Acquisition [Line Items]
Trade names and trademarks - indefinite	$ 189,547

Goodwill and Other Intangible Assets - Summary of Changes in Goodwill by Reportable Business Segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 4,195,150
Acquisitions/ Dispositions	0
Acquisition Accounting Adjustments	(13,522)
Foreign Currency	30,895
Goodwill, ending balance	4,212,523
North America
Goodwill [Roll Forward]
Goodwill, beginning balance	2,640,409
Acquisitions/ Dispositions	0
Acquisition Accounting Adjustments	0
Foreign Currency	0
Goodwill, ending balance	2,640,409
International
Goodwill [Roll Forward]
Goodwill, beginning balance	1,554,741
Acquisitions/ Dispositions
Acquisition Accounting Adjustments	(13,522)
Foreign Currency	30,895
Goodwill, ending balance	$ 1,572,114

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 3,223,596	$ 3,209,609
Accumulated Amortization	(661,270)	(556,376)
Net Carrying Amount	2,562,326	2,653,233
Trade names and trademarks—indefinite lived
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	510,314	510,952
Accumulated Amortization	0	0
Net Carrying Amount	$ 510,314	510,952
Customer and vendor agreements
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	17 years
Gross Carrying Amounts	$ 2,462,866	2,449,389
Accumulated Amortization	(539,965)	(458,118)
Net Carrying Amount	$ 1,922,901	1,991,271
Trade names and trademarks—other
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	14 years 7 months 6 days
Gross Carrying Amounts	$ 2,797	2,746
Accumulated Amortization	(2,093)	(2,021)
Net Carrying Amount	$ 704	725
Software
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	5 years 3 months 18 days
Gross Carrying Amounts	$ 211,712	211,331
Accumulated Amortization	(104,710)	(85,167)
Net Carrying Amount	$ 107,002	126,164
Non-compete agreements
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	4 years 10 months 24 days
Gross Carrying Amounts	$ 35,907	35,191
Accumulated Amortization	(14,502)	(11,070)
Net Carrying Amount	$ 21,405	$ 24,121

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

^[1]

Goodwill and Intangible Assets Disclosure [Abstract]

Impact of foreign exchange rates on intangible assets

$ 14,000

Amortization expense of intangible assets

$ 104,894

$ 66,114

[1]

Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	$ 2,574,080	$ 2,639,279
Other debt	16,564	12,934
Total notes payable and other obligations	3,097,065	3,267,233
Securitization facility	741,000	591,000
Total notes payable, credit agreements and Securitization Facility	3,838,065	3,858,233
Current portion	1,443,444	1,336,506
Long-term portion	2,394,621	2,521,727
Revolving line of credit A Facility—domestic
Debt Instrument [Line Items]
Revolving line of credit	400,000	465,000
Revolving line of credit A Facility—foreign
Debt Instrument [Line Items]
Revolving line of credit	67,614	123,412
Revolving line of credit A Facility—swing line
Debt Instrument [Line Items]
Revolving line of credit	$ 38,807	$ 26,608

Debt - Summary of Debt Instruments Narrative (Details) - USD ($)			6 Months Ended	12 Months Ended
	Aug. 02, 2017	Oct. 24, 2014	Jun. 30, 2017	Dec. 31, 2016	Jan. 20, 2017	Aug. 22, 2016
Securitization Facility
Debt Instrument [Line Items]
Amended securitization facility			$ 950,000,000
Unused facility fee, as percentage of unused portion			0.40%	0.40%
Program fee			one month LIBOR
Term Loan A
Debt Instrument [Line Items]
Additional borrowing capacity						$ 600,000,000
Line of credit facility initial borrowing, unamortized debt discount			$ 5,000,000
Term Loan B
Debt Instrument [Line Items]
Line of credit facility initial borrowing, unamortized debt discount			$ 900,000
Commercial Paper \| Securitization Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.90%	0.90%
Program fee rate			1.2347%	0.85%
Secured Debt
Debt Instrument [Line Items]
Amended securitization facility		$ 3,360,000,000
Additional borrowing capacity						$ 500,000,000
Secured Debt \| Revolving A Facility
Debt Instrument [Line Items]
Amended securitization facility		1,000,000,000
Secured Debt \| Revolving B Facility
Debt Instrument [Line Items]
Amended securitization facility		35,000,000
Secured Debt \| Term Loan A
Debt Instrument [Line Items]
Amended securitization facility		2,020,000,000
Secured Debt \| Term B-2 Loan
Debt Instrument [Line Items]
Amended securitization facility					$ 245,000,000
Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Amended securitization facility		$ 300,000,000
Minimum \| Secured Debt
Debt Instrument [Line Items]
Unused facility fee, as percentage of unused portion		0.20%
Maximum \| Secured Debt
Debt Instrument [Line Items]
Unused facility fee, as percentage of unused portion		0.40%
Subsequent Event
Debt Instrument [Line Items]
Additional borrowing capacity	$ 708,700,000.0
Subsequent Event \| Secured Debt \| Revolving A Facility
Debt Instrument [Line Items]
Amended securitization facility	1,285,000,000.000
Subsequent Event \| Secured Debt \| Term Loan A
Debt Instrument [Line Items]
Amended securitization facility	2,690,000,000.00
Subsequent Event \| Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Amended securitization facility	$ 350,000,000.0
Subsequent Event \| London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Interest rate, increase (decrease)	(0.25%)

Income taxes - Additional Information (Details)	3 Months Ended
Income taxes - Additional Information (Details)	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate, rate	35.00%	35.00%

Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

^[1]

Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract]

Computed tax expense at the U.S. federal tax rate

$ 66,636

$ 56,822

Foreign income tax differential

(7,473)

(4,424)

Excess tax benefits related to stock-based compensation

(803)

(2,068)

State taxes net of federal benefits

2,361

1,909

Foreign-sourced nontaxable income

1,373

(2,020)

(2,692)

(4,124)

Effective Income Tax Rate Reconciliation, Percent [Abstract]

$ 59,402

$ 46,095

^[1]

$ 103,077

$ 91,917

Computed tax expense at the U.S. federal tax rate

35.00%

Foreign income tax differential

(3.90%)

(2.70%)

Excess tax benefits related to stock-based compensation

(0.40%)

(1.30%)

State taxes net of federal benefits

1.20%

Foreign-sourced nontaxable income

0.70%

(1.20%)

(1.40%)

(2.60%)

31.20%

28.40%

[1]

Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Earnings Per Share [Abstract]

Denominator for basic earnings per share (in shares)

$ 130,987

$ 116,253

^[1]

$ 254,680

$ 227,343

^[1],[2]

92,013

92,665

^[1]

92,060

92,591

^[1]

Dilutive securities (in shares)

2,210

2,614

2,332

2,546

Denominator for diluted earnings per share (in shares)

94,223

95,279

^[1]

94,392

95,137

^[1]

$ 1.42

$ 1.25

^[1]

$ 2.77

$ 2.46

^[1]

$ 1.39

$ 1.22

^[1]

$ 2.70

$ 2.39

^[1]

[1]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.
[2]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based compensation, including the income tax consequences.

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted earnings per share excludes antidilutive effect	3.7	1.5
Performance Based Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted earnings per share excludes antidilutive effect	0.2	0.3

Segments - Additional Information (Detail)

3 Months Ended

6 Months Ended

Jun. 30, 2017

USD ($)

Jun. 30, 2016

USD ($)

^[1]

Jun. 30, 2017

USD ($)

segment

Jun. 30, 2016

USD ($)

^[1]

Number of reportable segments | segment

Intersegment Eliminations

$ 541,237,000

$ 417,905,000

$ 1,061,670,000

$ 832,167,000

$ 0

[1]

Segments - Schedule of Company's Segment Results (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

$ 541,237

$ 417,905

^[1]

$ 1,061,670

$ 832,167

^[1]

216,043

171,168

^[1]

411,111

347,123

^[1]

64,709

48,436

^[1]

129,575

84,764

^[1]

Capital expenditures

17,804

13,018

32,600

24,757

^[2]

North America

342,995

301,126

672,943

604,674

134,926

117,611

255,898

231,461

33,384

32,180

66,561

63,612

Capital expenditures

12,102

8,579

21,734

16,521

International

198,242

116,779

388,727

227,493

81,117

53,557

155,213

115,662