0001175454-20-000008 | 10-K | XBRL Viewer | Fleetcor Technologies INC

Accounts and other receivables (less allowance for doubtful accounts of $70,890 at December 31, 2019 and $59,963 at December 31, 2018)

$ 1,271,494

$ 1,031,145

Restricted cash

403,743

333,748

1,568,961

1,425,815

Securitized accounts receivable—restricted for securitization investors

970,973

886,000

Property, plant and equipment, net

403,400

199,278

Total current assets

4,618,571

3,875,986

199,825

186,201

4,833,047

4,542,074

Other intangibles, net

2,341,882

2,407,910

Investments

30,440

42,674

Other assets

224,776

147,632

Current portion of notes payable and lines of credit

12,248,541

11,202,477

Current liabilities:

Accounts payable

1,249,586

1,117,649

Accrued expenses

275,511

261,594

Customer deposits

1,007,631

926,685

Securitization facility

970,973

886,000

775,865

1,184,616

Other current liabilities

183,502

118,669

Total current liabilities

4,463,068

4,495,213

Notes payable and other obligations, less current portion

3,289,947

2,748,431

Deferred income taxes

519,980

491,946

Other noncurrent liabilities

263,930

126,707

Total noncurrent liabilities

4,073,857

3,367,084

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.001 par value; 475,000,000 shares authorized; 124,626,786 shares issued and 85,342,156 shares outstanding at December 31, 2019; and 123,035,859 shares issued and 85,845,344 shares outstanding at December 31, 2018

124

123

Additional paid-in capital

2,494,721

2,306,843

Retained earnings

4,712,729

3,817,656

Accumulated other comprehensive loss

(972,465)

(913,858)

Less treasury stock (39,284,630 shares and 37,190,515 shares at December 31, 2019 and 2018, respectively)

(2,523,493)

(1,870,584)

Total stockholders’ equity

3,711,616

3,340,180

Total liabilities and stockholders’ equity

$ 12,248,541

$ 11,202,477

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Statement of Comprehensive Income [Abstract]

Foreign currency translation (losses) gains, net of tax

$ 895,073

^[1],[2]

$ 811,483

$ 740,200

^[3],[4]

Other comprehensive (loss) income:

(15,855)

(362,001)

83,165

Reclassification of foreign currency translation loss to investment, net of tax

31,381

Net change in derivative contracts, net of tax

(42,752)

Total comprehensive income

(58,607)

(362,001)

114,546

$ 836,466

$ 449,482

$ 854,746

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[2]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[3]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.
[4]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue contract liability	$ 71.8	$ 30.6
Exptected timing to recognize deferred revenue	The Company expects to recognize substantially all of these amounts in revenues within approximately 12 months.
Revenue recognized from deferred	$ 27.5
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Threshold period past due when Company ceases billing and accruing late fees	30 days
Capitalized contract cost amortization period	5 years
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Threshold period past due when Company ceases billing and accruing late fees	40 days
Capitalized contract cost amortization period	10 years
Sales Revenue, Net \| Contracts with Customers
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Concentration risk, percentage	75.00%
Prepaid Expenses
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Capitalized contract cost	$ 14.8	12.7
Other Assets
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Capitalized contract cost	39.7	34.5
Selling Expense
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Capitalized contract cost amortization	14.3	12.0
Processing Expense
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cost of equipment sales	$ 76.4	$ 83.9	$ 96.9

Debt - Summary of Debt Instruments (Detail)

12 Months Ended

Nov. 14, 2019

Nov. 13, 2019

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

^[3]

Aug. 02, 2019

USD ($)

Aug. 30, 2018

USD ($)

Total notes payable and other obligations

Other debt

$ 42,027,000

$ 37,902,000

4,065,812,000

3,933,047,000

Securitization facility

970,973,000

^[1]

886,000,000

Total notes payable, credit agreements and Securitization Facility

5,036,785,000

4,819,047,000

Current portion

1,746,838,000

2,070,616,000

Long-term portion

3,289,947,000

^[1]

2,748,431,000

Principal payments on notes payable

$ 138,500,000

^[2]

$ 498,305,000

$ 423,156,000

Securitization Facility

Line of credit facility, unused capacity, commitment fee percentage

$ 1,200,000,000

0.40%

Unamortized debt issuance costs

$ 700,000

Description of variable rate basis

one month LIBOR

Secured Debt

Line of credit facility additional available borrowing capacity

$ 750,000,000

Debt instrument, leverage ratio

3.00

Secured Debt | Minimum

Line of credit facility, unused capacity, commitment fee percentage

0.25%

Secured Debt | Minimum | Federal Funds Rate Plus

0.50%

Secured Debt | Maximum

Line of credit facility, unused capacity, commitment fee percentage

0.35%

Secured Debt | Maximum | Eurodollar

1.00%

Term Loan A

Term notes payable-domestic, net of discounts

$ 3,080,789,000

$ 2,515,519,000

Line of credit facility, interest rate during period

3.05%

Unamortized discount

$ 7,400,000

Capitalized debt issuance costs

1,800,000

Term Loan A | Secured Debt

3,225,000,000

Term Loan B

Term notes payable-domestic, net of discounts

$ 340,481,000

344,180,000

Line of credit facility, interest rate during period

1.75%

2.00%

3.55%

Unamortized discount

$ 500,000

Capitalized debt issuance costs

1,200,000

Term Loan B | Secured Debt

Term Loan B | Secured Debt | Eurodollar

$ 350,000,000

Term Loan B | Secured Debt | Base Rate

1.75%

Revolving A Credit Facility

0.75%

Revolving A Credit Facility | US Dollar Borrowings

$ 325,000,000

655,000,000

Line of credit facility, interest rate during period

3.03%

Revolving A Credit Facility | Secured Debt

Revolving B Credit Facility

$ 800,000,000

Revolving B Credit Facility | Secured Debt

225,477,000

345,446,000

Revolving C Credit Facility

450,000,000

Revolving C Credit Facility | Secured Debt

35,000,000

Revolving line of credit B Facility

35,000,000

Line of credit facility, interest rate during period

$ 52,038,000

1.96%

Revolving Credit Facility

Unamortized debt issuance costs

$ 6,700,000

Revolving Credit Facility | Secured Debt

Incremental Term Loan A | Secured Debt

$ 1,285,000,000

$ 700,000,000

Foreign Swing Line

Line of credit facility, interest rate during period

1.93%

Term Loan

Capitalized debt issuance costs

$ 7,900,000

$ 10,900,000

Interest rate, effective percentage

4.00%

Principal payments on notes payable

$ 138,500,000

Commercial Paper | Securitization Facility

Commercial Paper | Securitization Facility | London Interbank Offered Rate (LIBOR)

0.80%

Commercial Paper | Securitization Facility | Blended Rate Of LIBOR And Commercial Paper Rates Based On Weighted Average Advance

0.90%

Line of credit facility, commitment fee percentage

0.88%

0.89%

1.80%

2.52%

Period One | Revolving Credit Facility

Period One | Foreign Swing Line

1 month

Period Two | Revolving Credit Facility

20 days

Period Three | Revolving Credit Facility

2 months

Period Four | Revolving Credit Facility

3 months

6 months

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[2]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[3]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

^[3]

Operating activities

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

$ 895,073

^[1],[2]

$ 811,483

$ 740,200

^[4]

Depreciation

62,784

^[1]

52,936

46,599

Provision for losses on accounts receivable

60,953

^[1]

69,939

93,297

74,309

^[1]

64,377

44,857

Amortization of deferred financing costs and discounts

5,106

^[1]

5,342

6,952

Amortization of intangible assets and premium on receivables

211,426

^[1]

221,673

217,961

Loss on extinguishment of debt

^[1],[2]

2,098

3,296

^[4]

Loss on write-off of fixed assets

1,819

^[1]

8,793

Deferred income taxes

37,883

^[1]

(2,750)

(247,712)

Investment loss, net

3,470

^[1],[2]

7,147

53,164

^[4]

Gain on sale of assets/business

^[1]

(152,750)

(174,983)

Other non-cash operating income

(1,297)

^[1]

(186)

(61)

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

Accounts receivable and other receivables

(196,028)

^[1]

(159,024)

(431,003)

Accounts payable, accrued expenses and customer deposits

(185,391)

^[1]

(27,650)

26,102

Other assets

(6,792)

^[1]

(25,432)

(20,957)

198,756

^[1]

27,386

322,346

Net cash provided by operating activities

1,162,071

^[1]

903,382

680,058

Investing activities

Acquisitions, net of cash acquired

(448,277)

^[1]

(20,843)

(705,257)

Purchases of property and equipment

(75,170)

^[1]

(81,387)

(70,093)

Proceeds from disposal of an asset/business

^[1]

98,735

316,501

Net cash used in investing activities

(255)

^[1]

(22,775)

(38,953)

(523,702)

^[1]

(26,270)

(497,802)

Financing activities

Proceeds from issuance of common stock

168,925

^[1]

55,680

44,690

Borrowings (payments) on securitization facility, net

(694,909)

^[1]

(958,696)

(402,393)

84,973

^[1]

75,000

220,000

Deferred financing costs paid and debt discount

(2,868)

^[1]

(4,927)

(12,908)

Proceeds from issuance of notes payable

700,000

^[1]

363,430

780,656

Principal payments on notes payable

(138,500)

^[1]

(498,305)

(423,156)

Borrowings from revolver

1,811,509

^[1]

1,493,091

1,100,000

Payments on revolver

(2,292,349)

^[1]

(1,099,040)

(1,031,722)

Borrowings from (payments on) swing line of credit, net

^[1]

52,996

Borrowings from (payments on) swing line of credit, net

(4,935)

(23,686)

Net cash (used in) provided by financing activities

^[1]

887

457

(310,171)

^[1]

(577,815)

251,938

Effect of foreign currency exchange rates on cash

(17,854)

^[1]

(65,274)

52,906

Net increase in cash and cash equivalents and restricted cash

310,344

^[1]

234,023

487,100

Cash and cash equivalents and restricted cash, beginning of year

1,364,893

^[1]

1,130,870

^[3]

643,770

Cash and cash equivalents and restricted cash, end of year

1,675,237

^[1]

1,364,893

^[1]

1,130,870

Supplemental cash flow information

Cash paid for interest

178,417

^[1]

156,749

113,416

Cash paid for income taxes

200,525

^[1]

207,504

392,192

Non cash investing activity, notes assumed in acquisitions

$ 0

^[1]

$ 0

$ 29,341

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[2]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[3]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.
[4]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill deductible for income tax purposes	$ 861.4	$ 882.3
Decrease to other intangible assets due to changes in foreign exchange rates	2.0	117.0
Amortization expense of intangible assets	$ 206.9	$ 216.3	$ 211.8

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Effective Income Tax Rate Reconciliation, Amount [Abstract]

Computed “expected” tax expense

$ 226,342

$ 229,976

$ 312,756

Change in valuation allowance

(28,614)

25,193

18,289

Foreign income tax differential

(15,816)

9,921

(38,695)

State taxes net of federal benefits

12,482

20,480

12,884

Foreign-sourced nontaxable income

(28,861)

(8,836)

Foreign withholding tax

20,360

20,569

9,362

IRC Section 199 deduction

(8,844)

Excess tax benefits related to stock-based compensation

(38,156)

(19,255)

(18,058)

Revaluation of capital loss deferred tax asset

(24,279)

One-time transition tax

195,779

Foreign tax credit- one-time transition tax

17,385

(113,955)

Deferred tax effects

7,128

(209,965)

Sub-part F Income/GILTI

49,859

40,200

3,741

Foreign tax credits

(38,657)

(52,095)

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

19,225

13,001

(1,068)

Total provision

$ 182,746

^[1]

$ 283,642

$ 153,390

^[2]

Computed "expected" tax expense, rate

21.00%

35.00%

Change in valuation allowance, rate

(2.70%)

2.80%

2.00%

Foreign income tax differential, rate

(1.40%)

0.90%

(4.30%)

State taxes net of federal benefits, rate

1.20%

1.90%

1.40%

Foreign-sourced nontaxable income, rate

(2.60%)

(1.00%)

Foreign Withholding Tax, rate

1.90%

1.00%

IRC Section 199 deduction, rate

0.00%

(1.00%)

Excess tax benefits related to stock-based compensation, rate

(3.50%)

(1.80%)

(2.00%)

Revaluation of capital loss deferred tax asset, rate

(2.30%)

0.00%

One-time transition tax, rate

0.00%

21.90%

Foreign tax credit - one-time transition tax

0.016

(0.128)

Deferred tax effects, rate

0.001

(0.235)

Sub-part F Income/GILTI, rate

4.60%

3.70%

0.40%

Foreign tax credits, rate

(3.60%)

(4.80%)

0.00%

Other, rate

1.80%

1.20%

0.10%

Provision for income taxes, rate

17.00%

25.90%

17.20%

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[2]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.

Summary of Significant Accounting Policies - Company's Accounts Receivable and Securitized Accounts Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivables	$ 2,610,824	$ 2,371,778
Less allowance for doubtful accounts	(70,890)	(59,963)	$ (46,031)	$ (32,506)
Net accounts and securitized accounts receivable	2,539,934	2,311,815
Gross domestic unsecuritized accounts receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivables	734,410	668,154
Gross domestic securitized accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivables	970,973	886,000
Gross foreign receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivables	$ 905,441	$ 817,624

Acquisitions

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

2019 Acquisitions

During 2019, the Company completed acquisitions with an aggregate purchase price of $416 million.

NvoicePay

On April 1, 2019, the Company completed the acquisition of NvoicePay, a provider of full accounts payable automation for business. The aggregate purchase price of this acquisition was approximately $208 million, net of cash acquired of $4.1 million. The purpose of this acquisition is to further expand the Company's corporate payments product. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from NvoicePay are reported in the North America segment. The Company signed noncompete agreements with certain parties with an estimated fair value of $10.7 million that were accounted for separately from the business acquisition. Acquisition accounting for NvoicePay is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, noncompete agreements, and evaluation of acquired contingencies.

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



Trade and other receivables	$	1,513
Prepaid expenses and other current assets	396
Property, plant and equipment	1,030
Other long term assets	5,612
Goodwill	168,990
Intangibles	44,750
Liabilities	(4,415		)
Other noncurrent liabilities	(6,130		)
Deferred tax liabilities	(4,178		)
Aggregate purchase price	$	207,568

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
Trade Name and Trademarks	Indefinite	$	8,700
Proprietary Technology	6	15,600
Referral Partners	10	810
Supplier Network	10	2,640
Customer Relationships	20	17,000
		$	44,750

Other

During 2019, the Company acquired SOLE Financial, a payroll card provider in the U.S.; r2c, a fleet maintenance, compliance and workshop management software provider in the U.K.; and Travelliance, an airline lodging provider in the U.S. The aggregate purchase price of these acquisitions was approximately $209 million, net of cash. The Company signed noncompete agreements with certain parties with an estimated fair value of $8.1 million that were accounted for separately from the business acquisitions.

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



Trade and other receivables	$	91,912
Prepaid expenses and other current assets	2,059
Property, plant and equipment	2,879
Other long term assets	4,593
Goodwill	119,408
Intangibles	82,925
Liabilities	(78,579		)
Other noncurrent liabilities	(4,657		)
Deferred tax liabilities	(11,647		)
Aggregate purchase price	$	208,893

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
Trade Names and Trademarks	2 - Indefinite	$	10,140
Technology	5 - 10	14,032
Lodging Network	10	300
Referral Partners	20	2,000
Customer Relationships	Varies	56,453
		$	82,925

The accounting for these acquisitions is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and evaluation of acquired contingencies.

2018 Acquisitions

During 2018, the Company completed an acquisition with an aggregate purchase price of $21.2 million, net of cash acquired of $11.0 million and made deferred payments of $3.8 million related to acquisitions occurring in prior years. During 2018, the Company made investments in other businesses of $17.0 million and payments on a seller note of $1.6 million.

The Company financed the acquisitions using a combination of existing cash and borrowings under its existing credit facility.

Acquisitions - Summary of Final Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands			12 Months Ended
	Apr. 01, 2019	Aug. 09, 2017	Dec. 31, 2019
Trade Name and Trademarks
Business Acquisition [Line Items]
Useful lives (in years)			13 years 4 months 24 days
NvoicePay
Business Acquisition [Line Items]
Total intangibles	$ 44,750
NvoicePay \| Trade Name and Trademarks
Business Acquisition [Line Items]
Trade names and trademarks	$ 8,700
NvoicePay \| Proprietary Technology
Business Acquisition [Line Items]
Useful lives (in years)	6 years
Other intangible assets	$ 15,600
NvoicePay \| Referral Partners
Business Acquisition [Line Items]
Useful lives (in years)	10 years
Other intangible assets	$ 810
NvoicePay \| Supplier Network
Business Acquisition [Line Items]
Useful lives (in years)	10 years
Other intangible assets	$ 2,640
NvoicePay \| Customer Relationships
Business Acquisition [Line Items]
Useful lives (in years)	20 years
Other intangible assets	$ 17,000
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Total intangibles			$ 82,925
Series of Individually Immaterial Business Acquisitions \| Trade Name and Trademarks
Business Acquisition [Line Items]
Trade names and trademarks			$ 10,140
Series of Individually Immaterial Business Acquisitions \| Trade Name and Trademarks \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)		2 years
Series of Individually Immaterial Business Acquisitions \| Referral Partners
Business Acquisition [Line Items]
Useful lives (in years)			20 years
Other intangible assets			$ 2,000
Series of Individually Immaterial Business Acquisitions \| Customer Relationships
Business Acquisition [Line Items]
Other intangible assets			56,453
Series of Individually Immaterial Business Acquisitions \| Technology
Business Acquisition [Line Items]
Other intangible assets			$ 14,032
Series of Individually Immaterial Business Acquisitions \| Technology \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)		5 years
Series of Individually Immaterial Business Acquisitions \| Technology \| Maximum
Business Acquisition [Line Items]
Useful lives (in years)		10 years
Series of Individually Immaterial Business Acquisitions \| Lodging Network
Business Acquisition [Line Items]
Useful lives (in years)			10 years
Other intangible assets			$ 300

Leases - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Operating Leased Assets [Line Items]
Operating lease, ROU asset	$ 84,300
Operating lease liabilities	98,555
Short-term operating lease liabilities	16,900
Long-term operating lease liabilities	81,700
Total lease costs	$ 20,500
Rent expense for noncancelable operating leases		$ 22,400	$ 18,400
Minimum
Operating Leased Assets [Line Items]
Remaining lease term (in years)	1 year
Lease renewable period (in years)	1 year
Maximum
Operating Leased Assets [Line Items]
Remaining lease term (in years)	30 years
Lease renewable period (in years)	5 years
Accounting Standards Update 2016-02
Operating Leased Assets [Line Items]
Operating lease, ROU asset				$ 55,900
Operating lease liabilities				$ 65,500

Dispositions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
Dispositions - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2018	Sep. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 27, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reclassification of foreign currency translation loss to investment, net of tax				$ 0	$ 0	$ 31,381
Chevron \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal		$ 152,800
NexTraq \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration							$ 316,500
Gain on disposal			$ 175,000
Tax effect of gain from disposal			$ 65,800
Masternaut
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss on investment	$ 44,600			15,600
Cumulative impairment loss on investments				$ 136,300
Reclassification of foreign currency translation loss to investment, net of tax						$ 31,400

Income Taxes - Deferred Tax Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Valuation Allowance [Line Items]
Beginning balance	$ 90,366	$ 59,349	$ 76,395
Additions based on changes in deferred tax assets	2,717	25,193	5,332
Increase (Reduction) in valuation allowance due to rate change from Tax Act		5,824	(22,378)
Reductions based on changes in deferred tax assets	(28,601)
Ending balance	$ 64,482	$ 90,366	$ 59,349

Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

United States (country of domicile)

$ 698,881

$ 681,048

$ 647,094

$ 621,825

$ 643,422

$ 619,586

$ 584,985

$ 585,500

$ 2,648,848

^[1]

$ 2,433,492

$ 2,249,538

^[2]

1,595,266

1,481,785

1,400,801

Brazil

427,918

400,111

394,550

United Kingdom

275,218

257,651

236,550

350,446

293,945

217,637

Fuel1

1,172,954

1,125,532

1,131,684

Corporate payments

516,173

415,856

261,822

Tolls

357,209

332,689

320,880

Lodging Network

212,597

175,505

126,657

Gift

180,236

186,646

194,099

Schedule of Company's Segment Results

$ 209,679

$ 197,264

$ 214,396

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[2]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.

Goodwill and Other Intangible Assets - Schedule of Future Estimated Amortization of Intangibles (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 192,314
2021	183,440
2022	170,757
2023	163,926
2024	157,125
Thereafter	$ 978,014

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions Telematics Businesses As part of the Company's plans to exit the telematics business, the Company sold its investment in Masternaut to Michelin Group during the second quarter of 2019. The Company impaired its investments in Masternaut by an additional $15.6 million during 2019, resulting in no gain or loss when the investment was sold. The Company has recorded cumulative impairment losses associated with its former investment in Masternaut of $136.3 million. On September 30, 2017, we entered into an amended Masternaut investment agreement that resulted in the loss of significant influence, and we began accounting for the Masternaut investment by applying the cost method. As a result of our loss of significant influence and the operating results of Masternaut, we determined that the carrying value of our investment exceeded its fair value, and concluded that this decline in value was other than temporary. We recorded a$44.6 million impairment loss in the Masternaut investment that included an adjustment for $31.4 million of currency translation losses previously recognized in accumulated other comprehensive income, in the accompanying Consolidated Statements of Income in 2017. On July 27, 2017, the Company sold NexTraq, a U.S. fleet telematics business, to Michelin Group for $316.5 million. The Company recorded a pre-tax gain on the disposal of NexTraq of $175.0 million during the third quarter of 2017, which is net of transaction closing costs. The Company recorded tax on the gain of disposal of $65.8 million. The gain on the disposal is included in other (income) expense, net in the accompanying Consolidated Statements of Income. NexTraq had historically been included in the Company's North America segment. Chevron Portfolio The Company completed the sale of the Chevron customer portfolio to WEX inc. resulting in a pre-tax gain of $152.8 million during the fourth quarter of 2018. The gain on the disposal is included in other (income) expense in the Consolidated Statements of Income. The asset was previously reported within the Company's North America segment.

Segments (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

The Company’s segment results are as follows as of and for the years ended December 31 (in thousands):



	2019		2018		2017¹
Revenues, net:
North America	$	1,708,546	$	1,571,466	$	1,428,711
International	940,302		862,026		820,827
	$	2,648,848	$	2,433,492	$	2,249,538
Operating income:
North America	$	755,867	$	673,867	$	541,598
International	475,563		416,831		342,162
	$	1,231,430	$	1,090,698	$	883,760
Depreciation and amortization:
North America	$	160,246	$	154,405	$	139,418
International	113,964		120,204		125,142
	$	274,210	$	274,609	$	264,560
Capital expenditures:
North America	$	44,238	$	36,514	$	40,747
International	30,932		44,873		29,346
	$	75,170	$	81,387	$	70,093
Long-lived assets (excluding goodwill and investments):²
North America	$	1,860,708	$	1,799,149	$	1,888,599
International	905,775		942,594		1,131,610
	$	2,766,483	$	2,741,743	$	3,020,209

¹The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.

²The Company applied the modified retrospective transition method when adopting ASC 842, therefore the Company's 2018 and 2017 prior period results were not restated to reflect ASC 842.

Schedule of Revenues and Long-Lived Assets by Geographical Area

The table below presents the Company's long-lived assets (excluding goodwill and investments) at December 31 (in thousands).



	2019		2018
Long-lived assets (excluding goodwill):
United States (country of domicile)	$	1,860,708	$	1,721,419
Brazil	487,464		541,891
United Kingdom	282,351		274,530

Goodwill and Other Intangible Assets - Summary of Changes in Goodwill by Reportable Business Segment (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Goodwill [Roll Forward]

Beginning Balance of Goodwill

$ 4,542,074

$ 4,715,823

Acquisition Accounting Adjustments

288,397

16,184

2,914

4,056

Foreign Currency

(338)

(193,989)

Ending Balance of Goodwill

4,833,047

^[1]

4,542,074

North America

Goodwill [Roll Forward]

Beginning Balance of Goodwill

3,087,875

3,084,123

Acquisition Accounting Adjustments

268,866

16,184

2,914

4,036

Foreign Currency

9,518

(16,468)

Ending Balance of Goodwill

3,369,173

3,087,875

International

Goodwill [Roll Forward]

Beginning Balance of Goodwill

1,454,199

1,631,700

Acquisition Accounting Adjustments

19,531

Foreign Currency

(9,856)

(177,521)

Ending Balance of Goodwill

$ 1,463,874

$ 1,454,199

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
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). 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. The probability of loss for such contingencies is assessed and accrued as a liability and/or disclosed, as appropriate. 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. On October 13, 2017, the shareholder filed an amended complaint asserting claims on behalf of a class of all persons who purchased or otherwise acquired the Company's common stock between February 4, 2016 and May 3, 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. On July 17, 2019, the court granted plaintiff's motion for class certification. The complaint seeks unspecified monetary damages, costs, and attorneys’ fees. On October 3, 2019, the parties executed a term sheet to settle the case for a payment of $50 million for the benefit of the class. The full settlement amount is covered by the Company’s insurance policies. On December 12, 2019, the court granted the lead plaintiff’s motion for preliminary approval of the settlement. The Company disputes the allegations in the complaint and the settlement is without any admission of the allegations in the complaint. 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 (“Federal Derivative Action”) seeking recovery on behalf of the Company. The Federal Derivative Action 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. On September 20, 2018, the court entered an order deferring the Federal Derivative Action pending a ruling on motions for summary judgment in the shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed to by the parties. After preliminary approval of the proposed settlement of the shareholder class action was granted, the stay on the Federal Derivative Action was lifted. Plaintiffs amended their complaint on February 22, 2020 and FleetCor has an April 10, 2020 date by which to move to dismiss or otherwise respond to the amended complaint in the Federal Derivative Action. On January 9, 2019, a similar shareholder derivative complaint was filed in the Superior Court of Gwinnett County, Georgia (“State Derivative Action”), which was stayed pending a ruling on motions for summary judgment in the shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed by the parties. On the parties’ joint motion, the court has continued the stay of the State Derivative Action “pending further developments in the first-filed Federal Derivative Action.” The defendants dispute the allegations in the derivative complaints and intend to vigorously defend against the claims. FTC Investigation In October 2017, the Federal Trade Commission (“FTC”) issued a Notice of Civil Investigative Demand to the Company for the production of documentation and a request for responses to written interrogatories. After discussions with the Company, the FTC proposed in October 2019 to resolve potential claims relating the Company’s advertising and marketing practices, principally in its U.S. direct fuel card business within its North American Fuel Card business. The parties reached impasse primarily related to what the Company believes are unreasonable demands for redress made by the FTC. On December 20, 2019, the FTC filed a lawsuit in the Northern District of Georgia against the Company and Ron Clarke. See FTC v. FleetCor and Ronald F. Clarke, No. 19-cv-05727 (N.D. Ga.). The complaint alleges the Company and Clarke violated the FTC Act’s prohibitions on unfair and deceptive acts and practices. The complaint seeks among other things injunctive relief, consumer redress, and costs of suit. The Company continues to believe that the FTC’s claims are without merit. The Company has incurred and continues to incur legal and other fees related to this complaint. Any settlement of this matter, or defense against the lawsuit, could involve costs to the Company, including legal fees, fines, penalties, and remediation expenses. At this time, in view of the complexity and ongoing nature of the matter, we are unable to estimate a reasonably possible loss or range of loss that we may incur to settle this matter or defend against the lawsuit brought by the FTC.

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Related to Accounts Receivable (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Accounts Receivable, Allowance for Credit Loss [Roll Forward]

Allowance for doubtful accounts beginning of year

$ 59,963

$ 46,031

$ 32,506

Provision for bad debts

74,309

^[1]

64,377

44,857

^[2]

Write-offs

(63,382)

(50,445)

(31,332)

Allowance for doubtful accounts end of year

$ 70,890

$ 59,963

$ 46,031

[1]

Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.

[2]

Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.

Stockholders' Equity - Additional Information (Detail)

2 Months Ended

12 Months Ended

47 Months Ended

Feb. 20, 2020

Dec. 18, 2019

USD ($)

$ / shares

Jan. 29, 2019

Dec. 14, 2018

USD ($)

$ / shares

Feb. 20, 2020

$ / shares

Jan. 29, 2019

$ / shares

Dec. 31, 2019

USD ($)

transaction

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2019

USD ($)

Oct. 22, 2019

USD ($)

1,431,989

117,751

1,057,035

Shares acquired

$ 2,523,493,000

^[1]

$ 1,870,584,000

$ 2,523,493,000

^[1]

694,909,000

958,696,000

$ 402,393,000

Initial price paid (in usd per share) | $ / shares

$ 694,909,000

^[2]

$ 958,696,000

$ 402,393,000

^[3]

$ 285.70

$ 176.91

Final price paid (in usd per share) | $ / shares

$ 187.27

Number of transactions | transaction

Repurchase agreements

11,119,657

$ 2,200,000,000

$ 500,000,000

$ 220,000,000

Common Stock

Increase in authorized amount of repurchases

$ 1,000,000,000

Aggregate authorized repurchase amount

$ 3,100,000,000

Remaining authorized repurchase amount

2,094,115

4,911,438

2,854,959

Shares acquired

$ 603,800,000

$ 958,700,000

$ 402,400,000

603,800,000

857,000,000

Common Stock | Repurchase agreements

Aggregate authorized repurchase amount

$ 500,000,000

$ 220,000,000

$ 500,000,000

Subsequent Event

Final price paid (in usd per share) | $ / shares

175,340

$ 306.81

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[2]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[3]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.

Derivative Financial Instruments - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Derivative liabilities	$ 60,900	$ 72,100
Swap contracts
Derivative [Line Items]
Derivative liabilities	56,418
Designated as Hedging Instrument \| Other Liabilities \| Swap contracts
Derivative [Line Items]
Derivative liabilities	$ 56,400

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 07, 2018	Feb. 06, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	3,100,000
Tax benefits recorded on stock based compensation	$ 61.6	$ 37.3	$ 48.6
Aggregate intrinsic value of options exercisable	$ 917.9
Weighted average remaining contractual term of options exercisable (in years)	4 years 10 months 24 days
Weighted-average remaining contractual life for options outstanding (in years)	5 years 4 months 24 days
Shares, granted (in shares)	232,000	107,000	238,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to issue grants (in shares)	30,463,150	30,463,150	26,963,150
Shares, granted (in shares)	0	0	0
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to issue grants (in shares)				16,750,000	13,250,000

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Dec. 31, 2019 segment product_line country
Concentration Risk [Line Items]
Number of reportable segments \| segment	2
Number of product lines \| product_line	5
US, Brazil and UK \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	87.00%
Minimum
Concentration Risk [Line Items]
Number of countries where products are sold \| country	100

Stock Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock Shares Outstanding [Roll Forward]
Shares, outstanding, beginning balance (in shares)	174	365	379
Shares, granted (in shares)	232	107	238
Shares, cancelled (in shares)	(49)	(47)	(48)
Shares, issued (in shares)	(114)	(251)	(204)
Shares, outstanding, ending balance (in shares)	243	174	365
Restricted Stock Share Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value, outstanding, beginning balance (in usd per share)	$ 190.73	$ 155.58	$ 140.39
Weighted average grant date fair value, granted (in usd per share)	212.79	200.71	141.99
Weighted average grant date fair value, cancelled (in usd per share)	225.96	339.34	152.95
Weighted average grant date fair value, issued (in usd per share)	206.05	154.85	136.85
Weighted average grant date fair value, outstanding, ending balance (in usd per share)	$ 246.34	$ 190.73	$ 155.58

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Payables and Accruals [Abstract]

Accrued bonuses

$ 23,595

$ 20,553

Accrued payroll and severance

23,718

15,932

Accrued taxes

70,350

85,346

Accrued commissions/rebates

77,430

60,593

Selected Quarterly Financial Data [Line Items]

80,418

79,170

Total

$ 275,511

^[1]

$ 261,594

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.

Selected Quarterly Financial Data (Unaudited) - Additional Information (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

^[1]

Dec. 31, 2018

Dec. 31, 2017

^[2]

Gain on minority investment

$ 13,000

Loss on write-off of fixed assets

1,800

$ 8,800

$ 1,819

$ 8,793

$ 0

Legal settlement

5,500

Restructuring charges

$ 2,800

1,100

Chevron | Disposed of by Sale

Selected Quarterly Financial Data [Line Items]

Gain on disposal

$ 152,800

[1]

[2]

Accrued Expenses

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following at December 31 (in thousands):



	2019		2018
Accrued bonuses	$	23,595	$	20,553
Accrued payroll and severance	23,718		15,932
Accrued taxes	70,350		85,346
Accrued commissions/rebates	77,430		60,593
Other	80,418		79,170
	$	275,511	$	261,594

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 64,482	$ 90,366
Increase (decrease) in the total valuation allowance	28,600
Net operating loss carryforwards for state income tax purposes	671,100
Federal operating loss carry forwards	68,100
Accrued interest and penalties related to the unrecognized tax benefits	3,400	1,500
Total unrecognized tax benefits	42,773	$ 34,152	$ 31,558	$ 26,155
Deferred Tax Asset, Net Operating Loss Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 474,100

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 47,252,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 47,252,000

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 30, 2018
Significant Accounting Policies [Line Items]
Maximum allocation period (in year)	1 year
Capitalized computer software costs	$ 49,800,000	$ 37,300,000	$ 37,400,000
Capitalized computer software amortization expense	$ 37,200,000	24,200,000	21,800,000
Minimum percentage of likelihood required to recognize uncertain income tax position	50.00%
Maturity of cash equivalent, max (in months)	3 months
Foreign exchange gain (loss) recognized	$ 700,000	(100,000)	(200,000)
Foreign currency losses on long-term intra-entity transactions	88,100,000	79,600,000
Advertising expense	33,700,000	26,300,000	$ 26,100,000
Term Loan
Significant Accounting Policies [Line Items]
Deferred financing costs	7,900,000	10,900,000
Revolving Credit Facility and Securitization Facility
Significant Accounting Policies [Line Items]
Deferred financing costs	7,400,000	10,400,000
Securitization Facility
Significant Accounting Policies [Line Items]
Securitized accounts receivable facility				$ 1,200,000,000
Securitization Facility \| Second Amendment
Significant Accounting Policies [Line Items]
Securitized accounts receivable facility	1,200,000,000
New Credit Facility
Significant Accounting Policies [Line Items]
Payments of debt issuance costs	$ 2,900,000	$ 4,900,000
Minimum \| Stock options
Significant Accounting Policies [Line Items]
Period of vesting provisions (in years)	1 year
Minimum \| Restricted Stock And Restricted Stock Units
Significant Accounting Policies [Line Items]
Period of vesting provisions (in years)	1 year
Maximum
Significant Accounting Policies [Line Items]
Customer payment terms (in days)	14 days
Term of derivative contract	1 year
Maximum \| Stock options
Significant Accounting Policies [Line Items]
Period of vesting provisions (in years)	5 years
Maximum \| Restricted Stock And Restricted Stock Units
Significant Accounting Policies [Line Items]
Period of vesting provisions (in years)	4 years
Customer Concentration Risk
Significant Accounting Policies [Line Items]
Period past due for accounts receivable deemed as uncollectible	90 days
Period past due for allowance of trade accounts receivable maximum	90 days
Customer Concentration Risk \| Accounts Receivable
Significant Accounting Policies [Line Items]
Concentration risk, percentage	98.00%	99.00%

Leases Leases - Schedule of Lease Maturities (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 19,785
2021	17,813
2022	14,438
2023	13,403
2024	12,824
Thereafter	38,992
Total lease payments	117,255
Less imputed interest	18,700
Present value of lease liabilities	$ 98,555

Derivative Financial Instruments - Schedule of Cash Flow Hedges (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional amount	$ 15,841.3	$ 10,735.4
Designated as Hedging Instrument \| Interest Rate Swaps
Derivative [Line Items]
Notional amount	$ 1,000.0
Fixed Rates	2.56%
Designated as Hedging Instrument \| Interest Rate Swap 2
Derivative [Line Items]
Notional amount	$ 500.0
Fixed Rates	2.56%
Designated as Hedging Instrument \| Interest Rate Swap 3
Derivative [Line Items]
Notional amount	$ 500.0
Fixed Rates	2.55%

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company's Board of Directors has approved a stock repurchase program (as updated from time to time, the "Program") authorizing the Company to repurchase its common stock from time to time until February 1, 2023. On October 22, 2019, our Board increased the aggregate size of the Program by $1 billion, to $3.1 billion. Since the beginning of the Program, 11,119,657 shares have been repurchased for an aggregate purchase price of $2.2 billion, leaving the Company up to $857 million available under the Program for future repurchases in shares of its common stock, taking into account the full $500 million committed with the 2019 ASR Agreement (defined below), which completed on February 20, 2020. There were 2,094,115 common shares totaling $603.8 million in 2019; 4,911,438 common shares totaling $958.7 million in 2018, and 2,854,959 common shares totaling $402.4 million in 2017; repurchased under the Program. 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 we 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. On December 14, 2018, as part of the Program, the Company entered an accelerated share repurchase ("ASR') agreement ("2018 ASR Agreement") with a third-party financial institution to repurchase $220 million of its common stock. Pursuant to the 2018 ASR Agreement, the Company delivered $220 million in cash and received 1,057,035 shares based on a stock price of $176.91 on December 14, 2018. The 2018 ASR Agreement was completed on January 29, 2019, at which time the Company received 117,751 additional shares based on a final weighted average per share purchase price during the repurchase period of $187.27. On December 18, 2019, the Company entered into another ASR Agreement ("2019 ASR Agreement") with a third-party financial institution to repurchase $500 million of its common stock. Pursuant to the 2019 ASR Agreement, the Company delivered $500 million in cash and received 1,431,989 shares based on a stock price of $285.70 on December 18, 2019. The 2019 ASR Agreement was completed February 20, 2020, at which time we received 175,340 additional shares based on a final weighted average per share purchase price during the repurchase period of $306.81. The Company accounted for the 2018 ASR Agreement and the 2019 ASR Agreement as two separate transactions: (i) as shares of reacquired common stock for the shares delivered to the Company upon effectiveness of each ASR agreement and (ii) as a forward contract indexed to the Company's common stock for the undelivered shares. The initial delivery of shares was included in treasury stock at cost and results in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share. The forward contracts indexed to the Company's own common stock met the criteria for equity classification, and these amounts were initially recorded in additional paid-in capital.

Leases - Summary Operating Lease Future Minimum Payments (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Leases [Abstract]
2019	$ 19,678
2020	16,658
2021	14,826
2022	11,733
2023	11,017
Thereafter	$ 24,374

Income Taxes - Deferred Tax Balance Classification in Balance Sheet (Detail) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Long term deferred tax assets

$ 2,655

$ 3,152

Long term deferred tax liabilities

(519,980)

^[1]

(491,946)

Net deferred tax liabilities

$ (517,325)

$ (488,794)

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.

Income Taxes

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Income Taxes

Income before the provision for income taxes is attributable to the following jurisdictions for years ended December 31 (in thousands):



	2019		2018		2017
United States	$	505,818	$	622,214	$	524,669
Foreign	572,001		472,911		368,921
Total	$	1,077,819	$	1,095,125	$	893,590

The provision for income taxes for the years ended December 31 consists of the following (in thousands):



	2019			2018			2017
Current:
Federal	$	50,145		$	165,303		$	303,514
State	10,285			26,036			19,234
Foreign	84,433			95,053			78,354
Total current	144,863			286,392			401,102
Deferred:
Federal	(10,479		)	(19,688		)	(255,188		)
State	3,745			8,727			276
Foreign	44,617			8,211			7,200
Total deferred	37,883			(2,750		)	(247,712		)
Total provision	$	182,746		$	283,642		$	153,390

The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2019 and 2018 and 35% 2017, respectively, to income before income taxes for the years ended December 31, 2019, 2018 and 2017 due to the following (in thousands):



	2019					2018					2017
Computed “expected” tax expense	$	226,342		21.0	%	$	229,976		21.0	%	$	312,756		35.0	%
Changes resulting from:
Change in valuation allowance	(28,614		)	(2.7	)	25,193			2.8		18,289			2.0
Foreign income tax differential	(15,816		)	(1.4	)	9,921			0.9		(38,695		)	(4.3	)
State taxes net of federal benefits	12,482			1.2		20,480			1.9		12,884			1.4
Foreign-sourced nontaxable income	—					(28,861		)	(2.6	)	(8,836		)	(1.0	)
Foreign withholding tax	20,360			1.9		20,569			1.9		9,362			1.0
IRC Section 199 deduction	—			—		—			—		(8,844		)	(1.0	)
Excess tax benefits related to stock-based compensation	(38,156		)	(3.5	)	(19,255		)	(1.8	)	(18,058		)	(2.0	)
Revaluation of capital loss deferred tax asset	(24,279		)	(2.3	)	—			—		—			—
Impact of the Tax Act:
One-time transition tax	—			—		—			—		195,779			21.9
Foreign tax credit- one-time transition tax	—			—		17,385			1.6		(113,955		)	(12.8	)
Deferred tax effects	—			—		7,128			0.1		(209,965		)	(23.5	)
Sub-part F Income/GILTI	49,859			4.6		40,200			3.7		3,741			0.4
Foreign tax credits	(38,657		)	(3.6	)	(52,095		)	(4.8	)	—			—
Other	19,225			1.8		13,001			1.2		(1,068		)	0.1
Provision for income taxes	$	182,746		17.0	%	$	283,642		25.9	%	$	153,390		17.2	%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31 are as follows (in thousands):



	2019			2018
Deferred tax assets:
Accounts receivable, principally due to the allowance for doubtful accounts	$	9,586		$	8,518
Accrued expenses not currently deductible for tax	2,305			6,734
Lease deferral	24,713			—
Interest rate swap	13,781			—
Stock based compensation	39,779			40,081
Income tax credits	35,845			26,770
Net operating loss carry forwards	67,108			53,221
Investments	—			39,062
Accrued escheat	3,098			3,608
Other	3,522			4,240
Deferred tax assets before valuation allowance	199,737			182,234
Valuation allowance	(64,482		)	(90,366		)
Deferred tax assets, net	135,255			91,868
Deferred tax liabilities:
Intangibles—including goodwill	(499,525		)	(483,361		)
Basis difference in investment in subsidiaries	(42,314		)	(38,200		)
Lease deferral	(21,810		)	—
Mark to Market	(3,213		)	—
Accrued Expense Liability	(4,023		)	—
Prepaid expenses	(2,075		)
Property and equipment, prepaid expenses and other	(79,620		)	(59,101		)
Deferred tax liabilities	(652,580		)	(580,662		)
Net deferred tax liabilities	$	(517,325	)	$	(488,794	)

The Company’s deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands):



	2019			2018
Long term deferred tax assets and liabilities:
Long term deferred tax assets	$	2,655		$	3,152
Long term deferred tax liabilities	(519,980		)	(491,946		)
Net deferred tax liabilities	$	(517,325	)	$	(488,794	)

The valuation allowance for deferred tax assets changed during 2019 as follows (in thousands):



Balance at December 31, 2016	$	76,395
Additions based on changes in deferred tax assets in 2017	5,332
Reduction in valuation allowance due to rate change from Tax Act	(22,378		)
Balance at December 31, 2017 (after impact of tax reform)	59,349
Additions based on changes in deferred tax assets	25,193
Increase in valuation allowance due to rate change from Tax Act	5,824
Balance at December 31, 2018	90,366
Reductions based on changes in deferred tax assets	(28,601		)
Additions based on changes in deferred tax assets	2,717
Balance at December 31, 2019	$	64,482

The valuation allowances relate to basis differences in cost method investments, capital loss carryforwards, income tax credits, foreign net operating loss carryforwards and state net operating loss carryforwards. The net change in the total valuation allowance for the year ended December 31, 2019, was a decrease of $28.6 million. The valuation decrease from the prior year was primarily due to the sale of our investment in Masternaut, which will allow the Company to carryback the capital loss on its investment in Masternaut and offset it against a previously recorded capital gain from the sale of Nextraq in the third quarter of 2017. As the loss was not realizable in prior years based upon the available sources of taxable income in prior periods, a valuation allowance was recorded against the deferred tax asset. The valuation allowance was reversed during the three months ended June 30, 2019 resulting in a recognized tax benefit.

As of December 31, 2019, the Company had a net operating loss carryforward for state income tax purposes of approximately $671.1 million that is available to offset future state taxable income through 2038. Additionally, the Company had $68.1 million net operating loss carryforwards for foreign income tax purposes that are available to offset future foreign taxable income. The foreign net operating loss carryforwards will not expire in future years. The Company has provided a valuation allowance against $474.1 million of the net operating losses as it does not anticipate utilizing the losses in the foreseeable future.

During 2019 and 2018, the Company had recorded accrued interest and penalties related to the unrecognized tax benefits of $3.4 million and $1.5 million, respectively.

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits including interest and penalties for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands):



Unrecognized tax benefits at December 31, 2016	$	26,155
Additions based on tax provisions related to the current year	4,143
Additions for tax positions due to acquisitions	9,208
Deductions based on settlement/expiration of prior year tax positions	(9,119		)
Additions based on tax provisions related to the prior year	1,171
Unrecognized tax benefits at December 31, 2017	31,558
Additions based on tax provisions related to the current year	3,755
Additions based on tax provisions related to the prior year	3,000
Deductions based on settlement/expiration of prior year tax positions	(4,161		)
Unrecognized tax benefits at December 31, 2018	34,152
Additions based on tax provisions related to the current year	4,284
Additions based on tax provisions related to the prior year	11,679
Deductions based on settlement/expiration of prior year tax positions	(7,342		)
Unrecognized tax benefits at December 31, 2019	$	42,773

As of December 31, 2019, the Company had total unrecognized tax benefits of $42.8 million all of which, if recognized, would affect its effective tax rate. It is not anticipated that there are any unrecognized tax benefits that will significantly increase or decrease within the next twelve months.

The Company has immaterial outside basis differences in investments in foreign subsidiaries and has not recorded incremental income taxes for any additional outside basis differences, as these amounts continue to be indefinitely reinvested in foreign operations.

The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The statute of limitations for the Company’s U.S. federal income tax returns has expired for years prior to 2014. The statute of limitations for the Company’s U.K. income tax returns has expired for years prior to 2017. The statute of limitations has expired for years prior to 2016 for the Company’s Czech Republic income tax returns, 2016 for the Company’s Russian income tax returns, 2014 for the Company’s Mexican income tax returns, 2014 for the Company’s Brazilian income tax returns, 2014 for the Company’s Luxembourg income tax returns, 2015 for the Company’s New Zealand income tax returns, and 2017 for the Company’s Australian income tax returns.

Derivative Financial Instruments - Schedule of Notional Amounts (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Total	$ 15,841.3	$ 10,735.4
Swaps
Derivative [Line Items]
Total	599.5	929.5
Futures, forwards and spot
Derivative [Line Items]
Total	3,017.1	3,249.9
Written options
Derivative [Line Items]
Total	6,393.9	3,688.8
Purchased options
Derivative [Line Items]
Total	$ 5,830.8	$ 2,867.2

Stock Based Compensation

12 Months Ended

Dec. 31, 2019

Stock Based Compensation

The Company accounts for stock-based compensation pursuant to relevant authoritative guidance, which requires measurement of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of estimated forfeitures, over the requisite service period for awards expected to vest. 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 Company is authorized to issue grants of restricted stock and stock options to purchase up to 30,463,150 shares for the years ended December 31, 2019 and 2018, respectively, and 26,963,150 shares for the year ended December 31, 2017.

On February 7, 2018, the stockholders of the Company approved the FLEETCOR Technologies, Inc. Amended and Restated 2010 Equity Incentive Plan (the "Amended Plan"). The Amended Plan was authorized and approved by the Company's Board of Directors on December 20, 2017, and Company's stockholders at a special meeting held on February 7, 2018. The Amended Plan amends the Registrant’s existing 2010 Equity Incentive Plan (as amended, the "Prior Plan") to, among other things, increase the number of shares of common stock available for issuance from 13.25 million to 16.75 million and make certain other amendments to the Prior Plan. Giving effect to this increase, there were 3.1 million additional shares remaining available for grant under the Plans at December 31, 2019.

The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements of Income related to share-based payments recognized for the years ended December 31 (in thousands):



	2019		2018		2017
Stock options	$	32,736	$	43,443	$	56,400
Restricted stock	28,217		26,496		36,897
Stock-based compensation	$	60,953	$	69,939	$	93,297

The tax benefits recorded on stock based compensation expense and upon the exercises of options were $61.6 million, $37.3 million and $48.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of December 31, 2019 (cost in thousands):

Stock Options

The following summarizes the changes in the number of shares of common stock under option for the following periods (shares and aggregate intrinsic value in thousands):



	Shares		Weighted Average Exercise Price		Options Exercisable at End of Year	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Year		Aggregate Intrinsic Value
Outstanding at December 31, 2016	6,146		$	91.20	3,429	$	55.00			$	309,238
Granted	2,885		145.35					$	32.57
Exercised	(633	)	71.43							76,546
Forfeited	(367	)	144.51
Outstanding at December 31, 2017	8,031		109.78		4,029	75.80				663,815
Granted	412		204.59					$	50.07
Exercised	(708	)	73.26							79,588
Forfeited	(119	)	155.41
Outstanding at December 31, 2018	7,616		117.58		5,174	98.39				518,954
Granted	431		244.35					$	57.99
Exercised	(1,482	)	115.53							255,242
Forfeited	(302	)	167.35
Outstanding at December 31, 2019	6,263		$	124.38	5,137	$	109.03			$	1,022,860
Expected to vest at December 31, 2019	1,126		$	194.44

The following table summarizes information about stock options outstanding at December 31, 2019 (shares in thousands):



Exercise Price	Options Outstanding	Weighted Average Remaining Vesting Life in Years	Options Exercisable
$10.00 – $114.90	2,242	0.00	2,242
121.76 – 150.74	2,834	0.21	2,516
151.16 – 165.96	352	0.61	227
172.68 – 199.75	342	1.29	124
202.02 – 209.05	69	2.28	7
216.18 – 231.70	144	2.82	21
252.50 – 288.37	280	2.88	—
	6,263		5,137

The aggregate intrinsic value of stock options exercisable at December 31, 2019 was $917.9 million. The weighted average remaining contractual term of options exercisable at December 31, 2019 was 4.9 years.

The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the years ended December 31 as follows:



	2019		2018		2017
Risk-free interest rate	2.40	%	2.57	%	1.65	%
Dividend yield	—		—		—
Expected volatility	26.40	%	26.92	%	28.00	%
Expected life (in years)	3.7		3.8		3.4

The weighted-average remaining contractual life for options outstanding was 5.4 years at December 31, 2019.

Restricted Stock

The fair value of restricted stock units granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during 2019. There were no restricted stock shares granted with market based vesting conditions in 2018 and 2017.



	2019
Risk-free interest rate	1.48	%
Dividend yield	—
Expected volatility	25.40	%
Expected life (in years)	2.36

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the following periods (shares in thousands):



	Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2016	379		$	140.39
Granted	238		141.99
Cancelled	(48	)	152.95
Issued	(204	)	136.85
Outstanding at December 31, 2017	365		155.58
Granted	107		200.71
Cancelled	(47	)	339.34
Issued	(251	)	154.85
Outstanding at December 31, 2018	174		190.73
Granted	232		212.79
Cancelled	(49	)	225.96
Issued	(114	)	206.05
Outstanding at December 31, 2019	243		$	246.34

Income Taxes - Income Before Provision for Income Taxes (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Income before income taxes

United States

$ 505,818

$ 622,214

$ 524,669

Foreign

572,001

472,911

368,921

$ 1,077,819

^[1]

$ 1,095,125

$ 893,590

^[2]

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[2]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Sep. 30, 2017

Mar. 31, 2019

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

^[3],[4]

Assets:

$ 72,100

$ 68,800

1,010,689

723,163

25,600

73,100

60,900

72,100

Cash collateral obligation for foreign exchange contracts

117,327

72,125

6,100

9,600

Net unrealized gains on equity securities

13,000

3,470

^[1],[2]

7,147

$ 53,164

Repurchase agreements

Assets:

833,658

581,293

Money market

Assets:

54,978

50,644

Certificates of deposit

Assets:

27,022

22,412

Trading Securities

Assets:

22,955

Level 1

Assets:

22,955

Level 1 | Repurchase agreements

Assets:

Level 1 | Money market

Assets:

Level 1 | Certificates of deposit

Assets:

Level 1 | Trading Securities

Assets:

22,955

Level 2

Assets:

987,734

723,142

Level 2 | Repurchase agreements

117,327

72,125

Assets:

833,658

581,293

Level 2 | Money market

Assets:

Level 2 | Certificates of deposit

54,978

50,644

Assets:

Level 2 | Trading Securities

27,022

22,412

Assets:

Level 3

Assets:

Level 3 | Repurchase agreements

Assets:

Level 3 | Money market

Assets:

Level 3 | Certificates of deposit

Assets:

Level 3 | Trading Securities

Assets:

Interest Rate Swaps

Interest Rate Swaps | Level 1

56,418

Interest Rate Swaps | Level 2

Interest Rate Swaps | Level 3

56,418

Assets:

72,076

68,814

6,086

9,644

Cash collateral obligation for foreign exchange contracts

60,909

72,125

25,618

73,140

Foreign exchange contracts | Level 1

Assets:

Cash collateral obligation for foreign exchange contracts

Foreign exchange contracts | Level 2

Assets:

72,076

68,793

Cash collateral obligation for foreign exchange contracts

60,909

72,125

Foreign exchange contracts | Level 3

Assets:

Cash collateral obligation for foreign exchange contracts

Telematics

Impairment loss, cumulative amount

$ 15,700

136,300

Carrying amount of investments without readily determinable fair value

7,400

Qui

$ 7,100

Masternaut

Impairment loss, cumulative amount

$ 44,600

15,600

$ 136,300

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[2]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[3]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.
[4]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.

Accumulated Other Comprehensive Loss (AOCI) (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The changes in the components of AOCI for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands):



	Cumulative Foreign Currency Translation			Unrealized (Losses) Gains on Derivative Instruments			Total Accumulated Other Comprehensive (Loss) Income
	Cumulative Foreign Currency Translation			Unrealized (Losses) Gains on Derivative Instruments			Total Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2016	$	(666,403	)	$	—		$	(666,403	)
Other comprehensive income before reclassifications	83,165			—			83,165
Amounts reclassified from AOCI	31,381						31,381
Tax effect	—			—			—
Other comprehensive income	114,546			—			114,546
Balance at December 31, 2017	(551,857		)	—			(551,857		)
Other comprehensive loss before reclassifications	(362,001		)	—			(362,001		)
Amounts reclassified from AOCI	—			—			—
Tax effect	—			—			—
Other comprehensive loss	(362,001		)	—			(362,001		)
Balance at December 31, 2018	(913,858		)	—			(913,858		)
Other comprehensive loss before reclassifications	(15,855		)	(68,928		)	(84,783		)
Amounts reclassified from AOCI	—			5,828			5,828
Tax effect	—			20,348			20,348
Other comprehensive loss	(15,855		)	(42,752		)	(58,607		)
Balance at December 31, 2019	$	(929,713	)	$	(42,752	)	$	(972,465	)

Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

^[1]

Dec. 31, 2018

Dec. 31, 2017

^[2]

Quarterly Financial Information Disclosure [Abstract]

$ 698,881

$ 681,048

$ 647,094

$ 621,825

$ 643,422

$ 619,586

$ 584,985

$ 585,500

$ 2,648,848

$ 2,433,492

$ 2,249,538

320,796

329,141

297,317

284,176

284,738

281,090

264,783

260,087

1,231,430

1,090,698

883,760

Basic earnings per share (in usd per share)

$ 235,510

$ 225,805

$ 261,651

$ 172,107

$ 302,000

$ 157,694

$ 176,852

$ 174,937

$ 895,073

^[3]

$ 811,483

$ 740,200

^[4]

Earnings per share:

$ 2.72

$ 2.61

$ 3.03

$ 2.00

$ 3.45

$ 1.78

$ 1.98

$ 1.95

$ 10.36

$ 9.14

$ 8.12

Diluted earnings per share (in usd per share)

$ 2.60

$ 2.49

$ 2.90

$ 1.93

$ 3.33

$ 1.71

$ 1.91

$ 1.88

$ 9.94

$ 8.81

$ 7.91

Weighted average shares outstanding:

Basic (in shares)

86,600

86,662

86,360

85,941

87,636

88,456

89,169

89,765

86,401

88,750

91,129

Diluted (in shares)

90,427

90,522

90,131

89,244

90,703

92,081

92,702

93,250

90,070

92,151

93,594

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[2]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.
[3]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[4]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Summary of Acquisition Accounting

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



Trade and other receivables	$	91,912
Prepaid expenses and other current assets	2,059
Property, plant and equipment	2,879
Other long term assets	4,593
Goodwill	119,408
Intangibles	82,925
Liabilities	(78,579		)
Other noncurrent liabilities	(4,657		)
Deferred tax liabilities	(11,647		)
Aggregate purchase price	$	208,893

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



Trade and other receivables	$	1,513
Prepaid expenses and other current assets	396
Property, plant and equipment	1,030
Other long term assets	5,612
Goodwill	168,990
Intangibles	44,750
Liabilities	(4,415		)
Other noncurrent liabilities	(6,130		)
Deferred tax liabilities	(4,178		)
Aggregate purchase price	$	207,568

Summary of Final 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
Trade Name and Trademarks	Indefinite	$	8,700
Proprietary Technology	6	15,600
Referral Partners	10	810
Supplier Network	10	2,640
Customer Relationships	20	17,000
		$	44,750

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
Trade Names and Trademarks	2 - Indefinite	$	10,140
Technology	5 - 10	14,032
Lodging Network	10	300
Referral Partners	20	2,000
Customer Relationships	Varies	56,453
		$	82,925

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrecognized Income Tax Benefit [Roll Forward]
Beginning balance, unrecognized tax benefits	$ 34,152	$ 31,558	$ 26,155
Additions based on tax provisions related to the current year	4,284	3,755	4,143
Additions for tax positions due to acquisitions			9,208
Deductions based on settlement/expiration of prior year tax positions	(7,342)	(4,161)	(9,119)
Additions based on tax provisions related to the prior year	11,679	3,000	1,171
Ending balance, unrecognized tax benefits	$ 42,773	$ 34,152	$ 31,558

Segments - Schedule of Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	$ 2,766,483	$ 2,741,743	$ 3,020,209
United States (country of domicile)
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	1,860,708	1,721,419
Brazil
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	487,464	541,891
United Kingdom
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	$ 282,351	$ 274,530

Segments - Additional Information (Detail)	12 Months Ended
Segments - Additional Information (Detail)	Dec. 31, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lease, Cost

The supplementary cash and non-cash disclosures for the year ended December 31, 2019 are as follows (in thousands):



	December 31, 2019
Cash paid for operating lease liabilities	$	19,763
Right-of-use assets obtained in exchange for new operating lease obligations ¹	$	102,586
Weighted-average remaining lease term (years)	7.54
Weighted-average discount rate	4.64		%
¹Includes $55.9 million for operating leases existing on January 1, 2019

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands):



2020	$	19,785
2021	17,813
2022	14,438
2023	13,403
2024	12,824
Thereafter	38,992
Total lease payments	117,255
Less imputed interest	18,700
Present value of lease liabilities	$	98,555

Summary Operating Lease Future Minimum Payments

The minimum lease payments for the noncancelable operating lease agreements are as follows (in thousands):



2019	$	19,678
2020	16,658
2021	14,826
2022	11,733
2023	11,017
Thereafter	24,374

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2019	Feb. 07, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-35004
Entity Registrant Name	FLEETCOR TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1074903
Entity Address, Address Line One	3280 Peachtree Road, Suite 2400,
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30305
City Area Code	770
Local Phone Number	449-0479
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	FLT
Security Exchange Name	NYSE
Entity Well-know Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 23,926,076,537
Entity Common Stock, Shares Outstanding		85,429,057
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001175454
Current Fiscal Year End Date	--12-31
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement to be delivered to shareholders in connection with the Annual Meeting of Shareholders to be held on June 11, 2020 are incorporated by reference into Part III of this report.

Revenue (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company provides its services to customers across different payment solutions and geographies. Revenue by product (in millions) as of and for the years ended December 31 (in thousands):



	Year Ended December 31,
	2019		2018		2017
Revenue by Product Category	Revenues, net		Revenues, net		Revenues, net
Fuel¹	$	1,172,954	$	1,125,532	$	1,131,684
Corporate payments	516,173		415,856		261,822
Tolls¹	357,209		332,689		320,880
Lodging	212,597		175,505		126,657
Gift	180,236		186,646		194,099
Other¹	209,679		197,264		214,396
Consolidated revenues, net	$	2,648,848	$	2,433,492	$	2,249,538

Revenue from External Customers by Geographic Areas

The table below presents the Company's revenues, net by geography as of and for the years ended December 31 (in thousands).



	2019		2018		2017
Revenues, net by location:
United States (country of domicile)	$	1,595,266	$	1,481,785	$	1,400,801
Brazil	427,918		400,111		394,550
United Kingdom	275,218		257,651		236,550
Other	350,446		293,945		217,637
Consolidated Revenues, net	$	2,648,848	$	2,433,492	$	2,249,538

Accumulated Other Comprehensive Loss (AOCI)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Accumulated Other Comprehensive Loss (AOCI)

The changes in the components of AOCI for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands):



	Cumulative Foreign Currency Translation			Unrealized (Losses) Gains on Derivative Instruments			Total Accumulated Other Comprehensive (Loss) Income
	Cumulative Foreign Currency Translation			Unrealized (Losses) Gains on Derivative Instruments			Total Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2016	$	(666,403	)	$	—		$	(666,403	)
Other comprehensive income before reclassifications	83,165			—			83,165
Amounts reclassified from AOCI	31,381						31,381
Tax effect	—			—			—
Other comprehensive income	114,546			—			114,546
Balance at December 31, 2017	(551,857		)	—			(551,857		)
Other comprehensive loss before reclassifications	(362,001		)	—			(362,001		)
Amounts reclassified from AOCI	—			—			—
Tax effect	—			—			—
Other comprehensive loss	(362,001		)	—			(362,001		)
Balance at December 31, 2018	(913,858		)	—			(913,858		)
Other comprehensive loss before reclassifications	(15,855		)	(68,928		)	(84,783		)
Amounts reclassified from AOCI	—			5,828			5,828
Tax effect	—			20,348			20,348
Other comprehensive loss	(15,855		)	(42,752		)	(58,607		)
Balance at December 31, 2019	$	(929,713	)	$	(42,752	)	$	(972,465	)

Income Taxes - Components of Income Taxes (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Current Income Tax Expense (Benefit), Continuing Operations [Abstract]

Document Period End Date

Dec. 31, 2019

Federal

$ 50,145

$ 165,303

$ 303,514

State

10,285

26,036

19,234

Foreign

84,433

95,053

78,354

Total current

144,863

286,392

401,102

Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]

Federal

(10,479)

(19,688)

(255,188)

State

3,745

8,727

276

Foreign

44,617

8,211

7,200

Total deferred

37,883

(2,750)

(247,712)

Total provision

$ 182,746

^[1]

$ 283,642

$ 153,390

^[2]

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[2]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.

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

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Segment Reporting Information [Line Items]

$ 698,881

$ 681,048

$ 647,094

$ 621,825

$ 643,422

$ 619,586

$ 584,985

$ 585,500

$ 2,648,848

^[1]

$ 2,433,492

$ 2,249,538

^[2]

320,796

$ 329,141

$ 297,317

$ 284,176

284,738

$ 281,090

$ 264,783

$ 260,087

1,231,430

^[1]

1,090,698

883,760

^[2]

Long-lived assets (excluding goodwill and investments)

274,210

^[1]

274,609

264,560

^[2]

Capital expenditures

75,170

^[3]

81,387

70,093

^[4]

2,766,483

2,741,743

2,766,483

2,741,743

3,020,209

North America

Segment Reporting Information [Line Items]

1,708,546

1,571,466

1,428,711

755,867

673,867

541,598

Long-lived assets (excluding goodwill and investments)

160,246

154,405

139,418

Capital expenditures

44,238

36,514

40,747

1,860,708

1,799,149

1,860,708

1,799,149

1,888,599

International

Segment Reporting Information [Line Items]

940,302

862,026

820,827

475,563

416,831

342,162

Long-lived assets (excluding goodwill and investments)

113,964

120,204

125,142

Capital expenditures

30,932

44,873

29,346

$ 905,775

$ 942,594

$ 905,775

$ 942,594

$ 1,131,610

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[2]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.
[3]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[4]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 70,890	$ 59,963
Par value (in usd per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	475,000,000	475,000,000
Shares issued (in shares)	124,626,786	123,035,859
Shares outstanding (in shares)	85,342,156	85,845,344
Treasury stock, shares	39,284,630	37,190,515

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Other comprehensive income from foreign exchange, tax	$ 0	$ 0

Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of Debt Instruments

The Company’s debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands):



	2019		2018
Term Loan A note payable (a), net of discounts	$	3,080,789	$	2,515,519
Term Loan B note payable (a), net of discounts	340,481		344,180
Revolving line of credit A Facility(a)	325,000		655,000
Revolving line of credit B Facility(a)	225,477		345,446
Revolving line of credit C Facility(a)	—		35,000
Revolving line of credit B Facility —foreign swing line(a)	52,038		—
Other debt(c)	42,027		37,902
Total notes payable and other obligations	4,065,812		3,933,047
Securitization Facility(b)	970,973		886,000
Total notes payable, credit agreements and Securitization Facility	$	5,036,785	$	4,819,047
Current portion	$	1,746,838	$	2,070,616
Long-term portion	3,289,947		2,748,431
Total notes payable, credit agreements and Securitization Facility	$	5,036,785	$	4,819,047

_____________________


(a)	The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion, a

term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $350 million as of December 31, 2019. The revolving credit facility consists of (a) a revolving A credit facility in the amount of $800 million with sublimits for letters of credit and swing line loans, (b) a revolving B facility in the amount of $450 million with borrowings in U.S. Dollars, Euros, British Pounds, Japanese Yen or other currently as agreed in advance and a sublimit for foreign swing line loans and, (c) a revolving C facility in the amount of $35 million with borrowings in U.S. Dollars, Australian Dollars or New Zealand Dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolver A or revolver B debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. On August 2, 2019, the Company entered into the sixth amendment to the Credit Agreement, which included an incremental term loan A in the amount of $700 million and changes to the consolidated leverage ratio definition and negative covenant related to indebtedness. The maturity date for the term loan A and revolving credit facilities is December 19, 2023. On November 14, 2019, the Company entered into the seventh amendment to the Credit Agreement, to lower the margin for term loan B from 2.00% to 1.75%. The maturity date for the term B loan is August 2, 2024.

Interest on amounts outstanding under the Credit Agreement (other than the term loan B) accrues based on the British Bankers Association LIBOR Rate (the Eurocurrency Rate), plus a margin based on a leverage ratio, or our option, the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) the Eurocurrency Rate plus 1.00%) plus a margin based on a leverage ratio. Interest on the term B loan facility accrues based on the Eurocurrency Rate plus 1.75% for Eurocurrency Loans and at the Base Rate plus 0.75% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the credit facility.

At December 31, 2019, the interest rate on the term A loan was 3.05% and the interest rate on borrowings under revolving A facility was 3.03%, the interest rate on the revolving B facility GBP Borrowings was 1.96%, the interest rate on the term loan B was 3.55% and the interest rate on the foreign swing line was 1.93%. The unused credit facility fee was 0.25% for all revolving facilities at December 31, 2019.

The term loans are payable in quarterly installments due on the last business day of each March, June, September, and December with the final principal payment due on the respective maturity date. Borrowings on the revolving line of credit are repayable at the option of one, two, three or six months after borrowing, depending on the term of the borrowing on the facility. Borrowings on the foreign swing line of credit are due no later than twenty business days after such loan is made.

The Company has unamortized debt issuance costs of $6.7 million related to the revolving credit facility at December 31, 2019. The Company has unamortized debt discounts of $7.4 million related to the term A facility and $0.5 million related to the term B facility and deferred financing costs of $1.8 million related to the term A facility and $1.2 million related to the term B facility at December 31, 2019. The effective interest rate incurred on term loans was 4.00% during 2019 related to the discount on debt. Principal payments of $138.5 million were made on the term loans during 2019.

(b)

The Company is party to a $1.2 billion receivables purchase agreement (Securitization Facility) that was amended on February 8, 2019 and April 22, 2019. There is a program fee equal to one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80% as of December 31, 2019 and 2018. The program fee was 1.80% plus 0.88% as of December 31, 2019 and 2.52% plus 0.89% as of December 31, 2018. The unused facility fee is payable at a rate of 0.40% as of December 31, 2019 and 2018. The Company has unamortized debt issuance costs of $0.7 million related to the Securitization Facility as of December 31, 2019 recorded within other assets in the consolidated balance sheet.

The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things.

(c)

Other includes the long-term portion of deferred payments associated with business acquisitions, deferred revenue, and deferred rent for the prior period presented.

Summary of Contractual Maturities of Notes Payable and Other Obligations

The contractual maturities of the Company’s notes payable and other obligations at December 31, 2019 are as follows (in thousands):



2020	$	775,865
2021	192,577
2022	162,156
2023	2,607,293
2024	327,921
Thereafter	—

Derivative Financial Instruments Derivative Financial Instruments

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers within its Cambridge business. The Company writes derivatives, primarily foreign currency forward contracts, option contracts, and swaps, mostly with small and medium size enterprises that are customers and derives a currency spread from this activity.

Derivative transactions associated with the Company's Cambridge business include:


•	Forward contracts, which are commitments to buy or sell at a future date a currency at a contract price and will be settled in cash.


•	Option contracts, which gives the purchaser, the right, but not the obligation to buy or sell within a specified time a currency at a contracted price that may be settled in cash.


•	Swap contracts, which are commitments to settlement in cash at a future date or dates, usually on an overnight basis.

The credit risk inherent in derivative agreements represents the possibility that a loss may occur from the nonperformance of a counterparty to the agreements. The Company performs a review of the credit risk of these counterparties at the inception of the contract and on an ongoing basis. The Company also monitors the concentration of its contracts with any individual counterparty against limits at the individual counterparty level. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements, but takes action when doubt arises about the counterparties' ability to perform. These actions may include requiring customers to post or increase collateral, and for all counterparties, the possible termination of the related contracts. The Company does not designate any of its foreign exchange derivatives as hedging instruments in accordance with ASC 815.

The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of December 31, 2019 and 2018 (in millions) is presented in the table below. Notional amounts do not reflect the netting of offsetting trades, although these offsetting positions may result in minimal overall market risk. Aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on market conditions, levels of customer activity and other factors.



	Net Notional
	2019		2018
Foreign exchange contracts:
Swaps	$	599.5	$	929.5
Futures, forwards and spot	3,017.1		3,249.9
Written options	6,393.9		3,688.8
Purchased options	5,830.8		2,867.2
Total	$	15,841.3	$	10,735.4

The majority of customer foreign exchange contracts are written in major currencies such as the U.S. Dollar, Canadian Dollar, British Pound, Euro and Australian Dollar.

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions):



December 31, 2019	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	114.9	$	103.8	$	72.1	$	60.9
Cash collateral	6.1		25.6		6.1		25.6
Total net derivative assets and liabilities	$	108.8	$	78.2	$	66.0	$	35.3



December 31, 2018	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	109.5		112.9		68.8		72.1
Cash collateral	9.6		73.1		9.6		73.1
Total net derivative assets and liabilities	$	99.9	$	39.8	$	59.2	$	(1.0	)

The fair values of derivative assets and liabilities associated with contracts that include netting language that the Company believes to be enforceable have been netted to present the Company's net exposure with these counterparties. The Company recognizes all derivative assets, net in prepaid expense and other current assets and all derivative liabilities, net in other current liabilities, both net at the customer level as right of offset exists, in its Consolidated Balance Sheets at their fair value. The gain or loss on the fair value is recognized immediately within revenues, net in the Consolidated Statements of Income. The Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral. At December 31, 2019, $72.1 million derivative assets and $60.9 million derivative liabilities were recorded in other current assets and other current liabilities, respectively, in the Consolidated Balance Sheet. At December 31, 2018, $39.0 million derivative assets and $26.9 million derivative liabilities were recorded in other current assets and other current liabilities, respectively, in the Consolidated Balance Sheet. The Company receives cash from customers as collateral for trade exposures, which is recorded within restricted cash and customer deposits in the Consolidated Balance Sheet. The customer has the right to recall their collateral in the event exposures move in their favor, they unwind all outstanding trades or they cease to do business with the Company.

Cash Flow Hedges

On January 22, 2019, the Company entered into three interest rate swap cash flow contracts (the "swap contracts"). The objective of these swap contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt, the sole source of which is due to changes in the LIBOR benchmark interest rate. As of December 31, 2019, the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions):



	Notional Amount as of		Fixed Rates	Maturity Date
	December 31, 2019		Fixed Rates	Maturity Date
Interest Rate Derivative:
Interest Rate Swap	$	1,000	2.56%	1/31/2022
Interest Rate Swap	500		2.56%	1/31/2023
Interest Rate Swap	500		2.55%	12/19/2023

For each of these swap contracts, the Company will pay a fixed monthly rate and receive one month LIBOR.

The table below presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the Consolidated Balance Sheets, as of December 31, 2019 (in millions). See footnote 4 for additional information on the fair value of the Company’s swap contracts.

The table below displays the effect of the Company’s derivative financial instruments in the Consolidated Statement of Income and other comprehensive loss for the twelve months ended December 31, 2019 (in millions):



	2019
Interest Rate Swaps:
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $20.3 million	$	42.8
Amount of loss reclassified from accumulated other comprehensive income into interest expense	5.8

The estimated net amount of the existing losses expected to be reclassified into earnings within the next 12 months is approximately $19.5 million at December 31, 2019.

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of Expense Related to Share-Based Payments



	2019		2018		2017
Stock options	$	32,736	$	43,443	$	56,400
Restricted stock	28,217		26,496		36,897
Stock-based compensation	$	60,953	$	69,939	$	93,297

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 December 31, 2019 (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 following periods (shares and aggregate intrinsic value in thousands):



	Shares		Weighted Average Exercise Price		Options Exercisable at End of Year	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Year		Aggregate Intrinsic Value
Outstanding at December 31, 2016	6,146		$	91.20	3,429	$	55.00			$	309,238
Granted	2,885		145.35					$	32.57
Exercised	(633	)	71.43							76,546
Forfeited	(367	)	144.51
Outstanding at December 31, 2017	8,031		109.78		4,029	75.80				663,815
Granted	412		204.59					$	50.07
Exercised	(708	)	73.26							79,588
Forfeited	(119	)	155.41
Outstanding at December 31, 2018	7,616		117.58		5,174	98.39				518,954
Granted	431		244.35					$	57.99
Exercised	(1,482	)	115.53							255,242
Forfeited	(302	)	167.35
Outstanding at December 31, 2019	6,263		$	124.38	5,137	$	109.03			$	1,022,860
Expected to vest at December 31, 2019	1,126		$	194.44

Schedule of Stock Options Exercise Price

The following table summarizes information about stock options outstanding at December 31, 2019 (shares in thousands):



Exercise Price	Options Outstanding	Weighted Average Remaining Vesting Life in Years	Options Exercisable
$10.00 – $114.90	2,242	0.00	2,242
121.76 – 150.74	2,834	0.21	2,516
151.16 – 165.96	352	0.61	227
172.68 – 199.75	342	1.29	124
202.02 – 209.05	69	2.28	7
216.18 – 231.70	144	2.82	21
252.50 – 288.37	280	2.88	—
	6,263		5,137

Schedule of Weighted-Average Assumptions



	2019		2018		2017
Risk-free interest rate	2.40	%	2.57	%	1.65	%
Dividend yield	—		—		—
Expected volatility	26.40	%	26.92	%	28.00	%
Expected life (in years)	3.7		3.8		3.4



	2019
Risk-free interest rate	1.48	%
Dividend yield	—
Expected volatility	25.40	%
Expected life (in years)	2.36

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 following periods (shares in thousands):



	Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2016	379		$	140.39
Granted	238		141.99
Cancelled	(48	)	152.95
Issued	(204	)	136.85
Outstanding at December 31, 2017	365		155.58
Granted	107		200.71
Cancelled	(47	)	339.34
Issued	(251	)	154.85
Outstanding at December 31, 2018	174		190.73
Granted	232		212.79
Cancelled	(49	)	225.96
Issued	(114	)	206.05
Outstanding at December 31, 2019	243		$	246.34

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment, net consisted of the following at December 31 (in thousands):



	Estimated Useful Lives (in Years)	2019			2018
Computer hardware and software	3 to 5	$	341,282		$	291,404
Card-reading equipment	4 to 6	24,077			20,117
Furniture, fixtures, and vehicles	2 to 10	19,319			18,308
Buildings and improvements	5 to 50	29,127			21,854
Property, plant and equipment, gross		413,805			351,683
Less: accumulated depreciation		(213,980		)	(165,482		)
Property, plant and equipment, net		$	199,825		$	186,201

Depreciation expense related to property and equipment for the years ended December 31, 2019, 2018, and 2017 was $62.8 million, $52.9 million and $46.6 million, respectively. Amortization expense includes $37.2 million, $24.2 million and $21.8 million for capitalized computer software costs for the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, the Company had unamortized computer software costs of $118.8 million and $86.5 million, respectively.

The Company recorded write-offs of property, plant and equipment of $1.8 million and $8.7 million, within other operating expense, net within its Consolidated Statements of Income for the years ended 2019 and 2018. The Company did not record any write-offs of property, plant and equipment in 2017.

Earnings Per Share

12 Months Ended

Dec. 31, 2019

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 years ended December 31 (in thousands, except per share data) follows:



	2019		2018		2017
Net income	$	895,073	$	811,483	$	740,200
Denominator for basic earnings per share	86,401		88,750		91,129
Dilutive securities	3,669		3,401		2,465
Denominator for diluted earnings per share	90,070		92,151		93,594
Basic earnings per share	$	10.36	$	9.14	$	8.12
Diluted earnings per share	9.94		8.81		7.91

Diluted earnings per share for the years ended December 31, 2019, 2018, and 2017 excludes the effect of 19 thousand, 0.4 million and 0.1 million shares, respectively, of common stock 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 0.1 million, 0.1 million and 0.3 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for the years ended December 31, 2019, 2018 and 2017, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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



	December 31, 2018		Acquisitions		Acquisition Accounting Adjustments		Foreign Currency			December 31, 2019
Segment
North America	$	3,087,875	$	268,866	$	2,914	$	9,518		$	3,369,173
International	1,454,199		19,531		—		(9,856		)	1,463,874
	$	4,542,074	$	288,397	$	2,914	$	(338	)	$	4,833,047



	December 31, 2017		Acquisitions		Acquisition Accounting Adjustments		Foreign Currency			December 31, 2018
Segment
North America	$	3,084,123	$	16,184	$	4,036	$	(16,468	)	$	3,087,875
International	1,631,700		—		20		(177,521		)	1,454,199
	$	4,715,823	$	16,184	$	4,056	$	(193,989	)	$	4,542,074

At December 31, 2019 and 2018, approximately $861.4 million and $882.3 million of the Company’s goodwill is deductible for tax purposes, respectively. Acquisition accounting adjustments recorded in 2019 and 2018 are a result of the Company completing its acquisition accounting and working capital adjustments for certain prior year acquisitions.

Other intangible assets consisted of the following at December 31 (in thousands):



		2019							2018
	Weighted- Avg Useful Life (Years)	Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization			Net Carrying Amount
Customer and vendor agreements	17.0	$	2,698,327	$	(943,537	)	$	1,754,790	$	2,625,270	$	(776,383	)	$	1,848,887
Trade names and trademarks—indefinite lived	N/A	496,306		—			496,306		479,555		—			479,555
Trade names and trademarks—other	13.4	5,384		(2,877		)	2,507		2,957		(2,501		)	456
Software	6.0	242,783		(180,839		)	61,944		212,733		(152,416		)	60,317
Non-compete agreements	4.1	65,560		(39,225		)	26,335		47,009		(28,314		)	18,695
Total other intangibles		$	3,508,360	$	(1,166,478	)	$	2,341,882	$	3,367,524	$	(959,614	)	$	2,407,910

Changes in foreign exchange rates resulted in $2.0 million and $117 million decreases to the carrying values of other intangible assets in the years ended December 31, 2019 and 2018, respectively. Amortization expense related to intangible assets for the years ended December 31, 2019, 2018 and 2017 was $206.9 million, $216.3 million and $211.8 million, respectively.

The future estimated amortization of intangibles at December 31, 2019 is as follows (in thousands):



2020	$	192,314
2021	183,440
2022	170,757
2023	163,926
2024	157,125
Thereafter	978,014

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Effective January 1, 2019, the Company adopted Topic 842 using a modified retrospective method. Under this transition method, the Company has not restated comparative periods, and prior comparative periods will continue to be reported in conformity with ASC 840. On January 1, 2019, based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use (“ROU”) assets of $55.9 million and lease liabilities for operating leases of $65.5 million. At December 31, 2019, other assets include an ROU asset of $84.3 million, other current liabilities include short-term operating lease liabilities of $16.9 million, and other non-current liabilities include long term lease liabilities of $81.7 million. Finance leases are immaterial.

The Company primarily leases office space, data centers, vehicles, and equipment. Some of our leases contain variable lease payments, typically payments based on an index. The Company’s leases have remaining lease terms of one year to thirty years, some of which include options to extend from one to five years or more. The exercise of lease renewal options is typically at the Company's sole discretion; therefore, the majority of renewals to extend the lease terms are not reasonably certain to exercise and are not included in ROU assets and lease liabilities. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement, for the purposes of transition, the rate in effect at January 1, 2019. Additional payments based on the change in an index or rate are recorded as a period expense when incurred. Lease modifications result in remeasurement of the lease liability as of the modification date.

For contracts entered into on or after the effective date or at the inception of a contract, the Company assessed whether the contract is, or contains, a lease. The assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset. The Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs for all leases. Therefore, leases entered into prior to January 1, 2019, are accounted for under the prior accounting standard and were not reassessed. The Company has also elected not to recognize ROU assets and lease liabilities for short-term leases that have a term of twelve months or less. The effect of short-term leases would not be material to the ROU assets and lease liabilities.

Under ASC 842, a Company discounts future lease obligations by the rate implicit in the contract, unless the rate cannot be readily determined. As most of our leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. In determining the borrowing rate, the Company considered the applicable lease terms, the Company's cost of borrowing, and for leases denominated in a foreign currency, the collateralized borrowing rate that the Company would obtain to borrow in the same currency in which the lease is denominated.

Total lease costs for the year ended December 31, 2019 were $20.5 million.

The supplementary cash and non-cash disclosures for the year ended December 31, 2019 are as follows (in thousands):



	December 31, 2019
Cash paid for operating lease liabilities	$	19,763
Right-of-use assets obtained in exchange for new operating lease obligations ¹	$	102,586
Weighted-average remaining lease term (years)	7.54
Weighted-average discount rate	4.64		%
¹Includes $55.9 million for operating leases existing on January 1, 2019

Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands):



2020	$	19,785
2021	17,813
2022	14,438
2023	13,403
2024	12,824
Thereafter	38,992
Total lease payments	117,255
Less imputed interest	18,700
Present value of lease liabilities	$	98,555

Disclosures related to periods prior to the adoption of the new lease standard

The Company enters into noncancelable operating lease agreements for equipment, buildings and vehicles. The minimum lease payments for the noncancelable operating lease agreements are as follows (in thousands):



2019	$	19,678
2020	16,658
2021	14,826
2022	11,733
2023	11,017
Thereafter	24,374

Rent expense for noncancelable operating leases approximated $22.4 million and $18.4 million for the years ended December 31, 2018 and 2017, respectively.

Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2019

^[1]

Dec. 31, 2018

Dec. 31, 2017

^[2]

Income Statement [Abstract]

General and administrative

$ 2,648,848

$ 2,433,492

$ 2,249,538

Expenses:

Merchant commissions

113,133

Processing

530,669

487,695

429,613

Selling

204,806

182,593

170,717

407,210

389,172

387,694

Other operating expense, net

274,210

274,609

264,560

523

8,725

Other expense (income), net

1,231,430

1,090,698

883,760

Investment loss, net

3,470

^[3]

7,147

53,164

^[4]

(152,166)

(173,436)

Interest expense, net

150,048

138,494

107,146

Loss on extinguishment of debt

^[3]

2,098

3,296

^[4]

Total other expense (income)

153,611

(4,427)

(9,830)

Income before income taxes

1,077,819

1,095,125

893,590

Provision for income taxes

182,746

283,642

153,390

Basic earnings per share (in usd per share)

$ 895,073

^[3]

$ 811,483

$ 740,200

^[4]

Earnings per share:

$ 10.36

$ 9.14

$ 8.12

Diluted earnings per share (in usd per share)

$ 9.94

$ 8.81

$ 7.91

Weighted average shares outstanding:

Basic (in shares)

86,401

88,750

91,129

Diluted (in shares)

90,070

92,151

93,594

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[2]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.
[3]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[4]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.

Stock Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 74,285
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 37,349
Weighted Average Period of Expense Recognition (in Years)	1 year 1 month 24 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 36,936
Weighted Average Period of Expense Recognition (in Years)	1 year 5 months 8 days

Accumulated Other Comprehensive Loss (AOCI) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Other comprehensive income before reclassifications

$ 3,340,180

$ 3,676,522

$ 3,084,038

(84,783)

(362,001)

83,165

Amounts reclassified from AOCI

5,828

31,381

Tax effect

20,348

(58,607)

(362,001)

114,546

Total Accumulated Other Comprehensive (Loss) Income

3,711,616

^[1]

3,340,180

3,676,522

AOCI Attributable to Parent, Net of Tax [Roll Forward]

(913,858)

(551,857)

(666,403)

(58,607)

Cumulative Foreign Currency Translation

(972,465)

(913,858)

(551,857)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Other comprehensive income before reclassifications

(913,858)

(551,857)

(666,403)

(15,855)

(362,001)

83,165

Amounts reclassified from AOCI

31,381

Tax effect

(15,855)

(362,001)

114,546

Unrealized (Losses) Gains on Derivative Instruments

(929,713)

(913,858)

(551,857)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Other comprehensive income before reclassifications

(68,928)

Amounts reclassified from AOCI

5,828

Tax effect

20,348

(42,752)

$ (42,752)

$ 0

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Computer hardware and software

$ 341,282

$ 291,404

Card reading equipment

24,077

20,117

Furniture, fixtures, and vehicles

19,319

18,308

Buildings and improvements

29,127

21,854

Property, plant and equipment, gross

413,805

351,683

Less: accumulated depreciation

(213,980)

(165,482)

Property, plant and equipment, net

$ 199,825

^[1]

$ 186,201

Minimum | Computer hardware and software

Minimum | Card-reading equipment

3 years

Minimum | Furniture, fixtures, and vehicles

4 years

Minimum | Buildings and improvements

2 years

Maximum | Computer hardware and software

5 years

Maximum | Card-reading equipment

5 years

Maximum | Furniture, fixtures, and vehicles

6 years

Maximum | Buildings and improvements

10 years

Quarterly Financial Information Disclosure [Abstract]

50 years

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.

Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

The Company’s debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands):



	2019		2018
Term Loan A note payable (a), net of discounts	$	3,080,789	$	2,515,519
Term Loan B note payable (a), net of discounts	340,481		344,180
Revolving line of credit A Facility(a)	325,000		655,000
Revolving line of credit B Facility(a)	225,477		345,446
Revolving line of credit C Facility(a)	—		35,000
Revolving line of credit B Facility —foreign swing line(a)	52,038		—
Other debt(c)	42,027		37,902
Total notes payable and other obligations	4,065,812		3,933,047
Securitization Facility(b)	970,973		886,000
Total notes payable, credit agreements and Securitization Facility	$	5,036,785	$	4,819,047
Current portion	$	1,746,838	$	2,070,616
Long-term portion	3,289,947		2,748,431
Total notes payable, credit agreements and Securitization Facility	$	5,036,785	$	4,819,047

_____________________


(a)	The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion, a

(b)


(c)	Other includes the long-term portion of deferred payments associated with business acquisitions, deferred revenue, and deferred rent for the prior period presented.

The Company was in compliance with all financial and non-financial covenants at December 31, 2019.

The contractual maturities of the Company’s notes payable and other obligations at December 31, 2019 are as follows (in thousands):



2020	$	775,865
2021	192,577
2022	162,156
2023	2,607,293
2024	327,921
Thereafter	—

Stock Based Compensation - Schedule of Stock Options Exercise Price (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Class of Stock [Line Items]
Exercise price, options outstanding (in shares)	6,263
Exercise price, options exercisable (in shares)	5,137
$10.00 – $114.90
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 10.00
Exercise price, maximum (in usd per share) \| $ / shares	$ 114.90
Exercise price, options outstanding (in shares)	2,242
Exercise price, weighted average remaining vesting life in years	0 days
Exercise price, options exercisable (in shares)	2,242
121.76 – 150.74
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 121.76
Exercise price, maximum (in usd per share) \| $ / shares	$ 150.74
Exercise price, options outstanding (in shares)	2,834
Exercise price, weighted average remaining vesting life in years	6 days
Exercise price, options exercisable (in shares)	2,516
151.16 – 165.96
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 151.16
Exercise price, maximum (in usd per share) \| $ / shares	$ 165.96
Exercise price, options outstanding (in shares)	352
Exercise price, weighted average remaining vesting life in years	18 days
Exercise price, options exercisable (in shares)	227
172.68 – 199.75
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 172.68
Exercise price, maximum (in usd per share) \| $ / shares	$ 199.75
Exercise price, options outstanding (in shares)	342
Exercise price, weighted average remaining vesting life in years	1 year 3 months 14 days
Exercise price, options exercisable (in shares)	124
202.02 – 209.05
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 202.02
Exercise price, maximum (in usd per share) \| $ / shares	$ 209.05
Exercise price, options outstanding (in shares)	69
Exercise price, weighted average remaining vesting life in years	2 years 3 months 10 days
Exercise price, options exercisable (in shares)	7
216.18 – 231.70
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 216.18
Exercise price, maximum (in usd per share) \| $ / shares	$ 231.70
Exercise price, options outstanding (in shares)	144
Exercise price, weighted average remaining vesting life in years	2 years 9 months 25 days
Exercise price, options exercisable (in shares)	21
252.50 – 288.37
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 252.50
Exercise price, maximum (in usd per share) \| $ / shares	$ 288.37
Exercise price, options outstanding (in shares)	280
Exercise price, weighted average remaining vesting life in years	2 years 10 months 17 days
Exercise price, options exercisable (in shares)	0

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Selected Quarterly Financial Data (Unaudited)



Fiscal Quarters Year Ended December 31, 2019	First		Second		Third		Fourth
Revenues, net	$	621,825	$	647,094	$	681,048	$	698,881
Operating income	284,176		297,317		329,141		320,796
Net income	172,107		261,651		225,805		235,510
Basic earnings per share	$	2.00	$	3.03	$	2.61	$	2.72
Diluted earnings per share	1.93		2.90		2.49		2.60
Weighted average shares outstanding:
Basic shares	85,941		86,360		86,662		86,600
Diluted shares	89,244		90,131		90,522		90,427



Fiscal Quarters Year Ended December 31, 2018*	First		Second		Third		Fourth
Revenues, net	$	585,500	$	584,985	$	619,586	$	643,422
Operating income	260,087		264,783		281,090		284,738
Net income	174,937		176,852		157,694		302,000
Earnings per share:
Basic earnings per share	$	1.95	$	1.98	$	1.78	$	3.45
Diluted earnings per share	1.88		1.91		1.71		3.33
Weighted average shares outstanding:
Basic shares	89,765		89,169		88,456		87,636
Diluted shares	93,250		92,702		92,081		90,703

*2018 quarterly amounts reflect the impact of the Company's adoption of ASC 606 and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method.

The sum of the quarterly earnings per common share amounts for 2019 and 2018 may not equal the earnings per common share for the 2019 and 2018 due to rounding.

The fourth quarter of 2019 includes: a gain of $13.0 million related to the fair value adjustment of a minority investment, a write-off of property, plant and equipment costs of $1.8 million and restructuring related costs of $2.8 million.

The fourth quarter of 2018 includes: the $152.8 million gain as a result of the sale of the Chevron portfolio, a write-off of capitalized software costs of $8.8 million, a legal settlement of $5.5 million and restructuring costs of $1.1 million.

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2019
Accounting Policies [Abstract]
Description of Business	Description of Business FLEETCOR Technologies, Inc. and its subsidiaries (the Company) is a leading global business payment solutions company that simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitize and control payments on behalf of their employees and suppliers. The Company serves businesses, partners, merchants and consumers and payment networks in North America, Latin America, Europe, and Asia Pacific. The Company has two reportable segments, North America and International. The Company reports these two segments as they reflect how the Company organizes and manages its employees around the world, manages operating performance, contemplates the differing regulatory environments in North America versus other geographies, and helps the Company isolate the impact of foreign exchange fluctuations on its financial results. The Company's solutions are comprised of payment products, networks and associated services. The Company's payment products generally function like a charge card, prepaid card, one-time use virtual card and electronic RFID (radio-frequency identification,), etc. While the actual payment mechanisms vary from category to category, they are structured to afford control and reporting to the end customer. The Company groups its payments solutions into five primary categories: Fuel, Lodging, Tolls, Corporate Payments and Gift. Additionally, the Company provides other complementary payment products including fleet maintenance, employee benefits and long haul transportation-related services. The Company's payment solutions are used in more than 100 countries around the world, with its primary geographies being the U.S., Brazil and the United Kingdom, which combined accounted for approximately 87% of the Company's revenue in 2019. The Company uses both proprietary and third-party networks to deliver its payment solutions. FLEETCOR owns and operates proprietary networks with well-established brands throughout the world, bringing incremental sales and loyalty to affiliated merchants. Third-party networks are used to broaden payment product acceptance and use. The Company markets its products directly through multiple sales channels, including field sales, telesales and digital marketing, and indirectly through our partners, which include major oil companies, leasing companies, petroleum marketers, value-added resellers (VARs) and referral partners.

Revenue

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue

The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including fuel, lodging, tolls, and general corporate payments, as well as gift card solutions (stored value cards and e-cards). The Company provides products that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services.

Payment Services

The Company’s primary performance obligation for the majority of its payment solution products (fuel, lodging, corporate payments, among others) is to stand-ready to provide authorization and processing services ("payment services") for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use (e.g., number of transactions submitted and processed) of the related payment services. Accordingly, the total transaction price is variable. Payment services involve a series of distinct daily services that are substantially the same, with the same pattern of transfer to the customer. As a result, the Company allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. For the tolls payment solution, the Company's primary performance obligation is to stand-ready each month to provide access to the toll network and process toll transactions. Each period of access is determined to be distinct and substantially the same as the customer benefits over the period of access.

The Company records revenue for its payment services net of (i) the cost of the underlying products and services; (ii) assessments and other fees charged by the credit and debit payment networks (along with any rebates provided by them); (iii) customer rebates and other discounts; and (iv) taxes assessed (e.g. VAT and VAT-like taxes) by a government, imposed concurrent with, a revenue producing transaction.

The majority of the transaction price the Company receives for fulfilling the Payment Services performance obligation are comprised of one or a combination of the following: 1) interchange fees earned from the payment networks; 2) discount fees earned from merchants; 3) fees calculated based on a number of transactions processed; 4) fees calculated based upon a percentage of the transaction value for the underlying goods or services (i.e. fuel, food, toll and transportation cards and vouchers); and 5) monthly access fees.

The Company recognizes revenue when the underlying transactions are complete and its performance obligations are satisfied. Transactions are considered complete depending upon the related payment solution but generally when the Company has authorized the transaction, validated that the transaction has no errors and accepted and posted the data to the Company’s records.

The Company's performance obligation for its foreign exchange payment services is providing a foreign currency payment to a customer’s designated recipient and therefore, the Company recognizes revenue on foreign exchange payment services when the underlying payment is made. Revenues from foreign exchange payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market.

Gift Card Products and Services

The Company’s Gift product line delivers both stored value cards and e-cards (cards), and card-based services primarily in the form of gift cards to retailers. These activities each represent performance obligations that are separate and distinct. Revenue for stored valued cards are recognized (gross of the underlying cost of the related card, recorded within processing expense within the Consolidated Statements of Income) at the point in time when control passes to the Company's customer, which is generally upon shipment.

Card-based services consist of transaction processing and reporting of gift card transactions where the Company recognizes revenue based on an output measure of elapsed time for an unknown or unspecified quantity of transactions. As a result, the Company allocates and recognizes variable consideration over the estimated period of time over which the performance obligation is satisfied.

Other

The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. The Company ceases billing and accruing for late fees and finance charges approximately 30 - 40 days after the customer’s balance becomes delinquent.

The Company also writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies, and recognizes revenue in accordance with authoritative fair value and derivative accounting (ASC 815, "Derivatives").

Revenue is also derived from the sale of equipment in certain of the Company’s businesses, which is recognized at the time the device is sold and control has passed to the customer. This revenue is recognized gross of the cost of sales related to the equipment in "revenues, net" within the Consolidated Statements of Income. The related cost of sales for the equipment is recorded within "processing expenses" in the Consolidated Statements of Income.

Revenues from contracts with customers, within the scope of Topic 606, represents approximately 75% of total consolidated revenues, net, for the year ended December 31, 2019.

Disaggregation of Revenues

The Company provides its services to customers across different payment solutions and geographies. Revenue by product (in millions) as of and for the years ended December 31 (in thousands):



	Year Ended December 31,
	2019		2018		2017
Revenue by Product Category	Revenues, net		Revenues, net		Revenues, net
Fuel¹	$	1,172,954	$	1,125,532	$	1,131,684
Corporate payments	516,173		415,856		261,822
Tolls¹	357,209		332,689		320,880
Lodging	212,597		175,505		126,657
Gift	180,236		186,646		194,099
Other¹	209,679		197,264		214,396
Consolidated revenues, net	$	2,648,848	$	2,433,492	$	2,249,538

¹Reflects certain reclassifications of revenue in 2018 and 2017 between product categories for comparability, as the Company realigned its Brazil business into product lines, resulting in refinement of revenue classified as fuel versus tolls and the eCash/OnRoad product being fuel versus other, as a complimentary fuel product.

The table below presents the Company's revenues, net by geography as of and for the years ended December 31 (in thousands).



	2019		2018		2017
Revenues, net by location:
United States (country of domicile)	$	1,595,266	$	1,481,785	$	1,400,801
Brazil	427,918		400,111		394,550
United Kingdom	275,218		257,651		236,550
Other	350,446		293,945		217,637
Consolidated Revenues, net	$	2,648,848	$	2,433,492	$	2,249,538

Contract Liabilities

Deferred revenue contract liabilities for customers subject to ASC 606 were $71.8 million and $30.6 million as of December 31, 2019 and 2018, respectively. The Company expects to recognize substantially all of these amounts in revenues within approximately 12 months. Revenue recognized for the year ended December 31, 2019, that was included in the deferred revenue contract liability as of January 1, 2019, was approximately $27.5 million.

Costs to Obtain or Fulfill a Contract

With the adoption of ASC 606, the Company began capitalizing the incremental costs of obtaining a contract with a customer if the Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales commission).

Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria:


a.	The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify.


b.	The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future.


c.	The costs are expected to be recovered.

In order to determine the appropriate amortization period for contract costs, the Company considered a combination of factors, including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the Company to provide products and services to its customers, whether further contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the straight-line method over the expected period of benefit (ranging from five to ten years). Costs to obtain a contract with an expected period of benefit of one year or less are recognized as an expense when incurred. The amortization of contract acquisition costs associated with sales commissions that qualify for capitalization will be recorded as selling expense in the Company’s Consolidated Statements of Income. The amortization of contract acquisition costs associated with cash payments

for client incentives is included as a reduction of revenues in the Company’s Consolidated Statements of Income. Amortization of capitalized contract costs recorded in selling expense was $14.3 million and $12.0 million for the years ended December 31, 2019 and 2018, respectively.

Costs to obtain or fulfill a contract are classified as contract cost assets within "prepaid expenses and other current assets" and "other assets" in the Company’s Consolidated Balance Sheets. The Company had capitalized costs to obtain a contract of $14.8 million and $12.7 million within prepaid expenses and $39.7 million and $34.5 million within "other assets" in the Company’s Consolidated Balance Sheets, for the years ended December 31, 2019 and 2018, respectively.

The Company has recorded $76.4 million, $83.9 million and $96.9 million of expenses related to sales of equipment within the processing expenses line of the Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017, respectively.

Practical Expedients

ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as allowed by ASC 606, the Company elected to exclude this disclosure for any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company's most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material.

The Company elected to exclude all sales taxes and other similar taxes from the transaction price. Accordingly, the Company presents all collections from customers for these taxes on a net basis, rather than having to assess whether the Company is acting as an agent or a principal in each taxing jurisdiction.

In certain arrangements with customers, the Company has determined that certain promised services and products are immaterial in the context of the contract, both quantitatively and qualitatively.

As a practical expedient, the Company is not required to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised service or product to a customer and when the customer pays for the service or product will be one year or less. As of December 31, 2019, the Company’s contracts with customers did not contain a significant financing component.

Stock Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Options, Outstanding [Roll Forward]
Shares, outstanding, beginning balance (in shares)	7,616	8,031	6,146
Shares, granted (in shares)	431	412	2,885
Shares, exercised (in share)	(1,482)	(708)	(633)
Shares, forfeited (in shares)	(302)	(119)	(367)
Shares, outstanding, ending balance (in shares)	6,263	7,616	8,031
Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, outstanding, beginning balance (in usd per share)	$ 117.58	$ 109.78	$ 91.20
Weighted average exercise price, granted (in usd per share)	244.35	204.59	145.35
Weighted average exercise price, exercised (in usd per share)	115.53	73.26	71.43
Weighted average exercise price, forfeited (in usd per share)	167.35	155.41	144.51
Weighted average exercise price, outstanding, ending balance (in usd per share)	$ 124.38	$ 117.58	$ 109.78
Options, Additional Disclosures [Abstract]
Shares, expected to vest (in shares)	1,126
Weighted average exercise price of options, expected to vest (in usd per share)	$ 194.44
Options exercisable (in shares)	5,137	5,174	4,029	3,429
Weighted average exercise price of exercisable options, outstanding (in usd per share)	$ 109.03	$ 98.39	$ 75.80	$ 55.00
Weighted average fair value of options, granted in period (in usd per share)	$ 57.99	$ 50.07	$ 32.57
Aggregate intrinsic value, options outstanding	$ 1,022,860	$ 518,954	$ 663,815	$ 309,238
Aggregate intrinsic value of options exercised during period	$ 255,242	$ 79,588	$ 76,546

Derivative Financial Instruments - Narrative (Details) $ in Millions	Dec. 31, 2019 USD ($)	Jan. 22, 2019 USD ($) derivative	Dec. 31, 2018 USD ($)
Derivative [Line Items]
Derivative assets	$ 72.1		$ 68.8
Derivative liabilities	60.9		72.1
Number of cash flows entered into \| derivative		3
Gain (loss) to be reclassified during the next 12 months	$ 19.5
Variable Rate Debt
Derivative [Line Items]
Long-term debt		$ 2,000.0
Other Current Assets
Derivative [Line Items]
Derivative assets			39.0
Other Current Liabilities
Derivative [Line Items]
Derivative liabilities			$ 26.9

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Data



Fiscal Quarters Year Ended December 31, 2019	First		Second		Third		Fourth
Revenues, net	$	621,825	$	647,094	$	681,048	$	698,881
Operating income	284,176		297,317		329,141		320,796
Net income	172,107		261,651		225,805		235,510
Basic earnings per share	$	2.00	$	3.03	$	2.61	$	2.72
Diluted earnings per share	1.93		2.90		2.49		2.60
Weighted average shares outstanding:
Basic shares	85,941		86,360		86,662		86,600
Diluted shares	89,244		90,131		90,522		90,427



Fiscal Quarters Year Ended December 31, 2018*	First		Second		Third		Fourth
Revenues, net	$	585,500	$	584,985	$	619,586	$	643,422
Operating income	260,087		264,783		281,090		284,738
Net income	174,937		176,852		157,694		302,000
Earnings per share:
Basic earnings per share	$	1.95	$	1.98	$	1.78	$	3.45
Diluted earnings per share	1.88		1.91		1.71		3.33
Weighted average shares outstanding:
Basic shares	89,765		89,169		88,456		87,636
Diluted shares	93,250		92,702		92,081		90,703

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of FLEETCOR Technologies, Inc. and all of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

The Company’s fiscal year ends on December 31. In certain of the Company’s U.K. businesses, the Company records the operating results using a 4-4-5 week accounting cycle with the fiscal year ending on the Friday on or immediately preceding December 31. Fiscal years 2019, 2018, and 2017 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle.

Credit Risk and Reserve for Losses on Receivables

The Company controls credit risk by performing periodic credit evaluations of its customers. Payments from customers are generally due within 14 days or less of billing. The Company routinely reviews its accounts receivable balances and makes provisions from the customer probable doubtful accounts based primarily on the aging of those balances. Accounts receivable are deemed uncollectible from the customer once they age past 90 days. The Company also provides an allowance for receivables aged less than 90 days that it expects will be uncollectible based on historical collections experience including

accounts that have filed for bankruptcy. At December 31, 2019 and 2018, approximately 98% and 99%, respectively, of outstanding accounts receivable were current. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for doubtful accounts when internal collection efforts have been exhausted and accounts have been turned over to a third-party collection agency. Recoveries from the third-party collection agency are not significant.

Business Combinations

Business combinations completed by the Company have been accounted for under the acquisition method of accounting. The acquisition method requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date. For significant acquisitions, the Company obtains independent third-party valuation studies for certain of the assets acquired and liabilities assumed to assist the Company in determining fair value. Goodwill represents the excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed. The results of the acquired businesses are included in the Company’s results of operations beginning from the completion date of the transaction.

Estimates of fair value are revised during an allocation period as necessary when, and if, information becomes available to further define and quantify the fair value of the assets acquired and liabilities assumed. Provisional estimates of the fair values of the assets acquired and liabilities assumed involves a number of estimates and assumptions that could differ materially from the final amounts recorded. The allocation period does not exceed one year from the date of the acquisition. To the extent additional information to refine the original allocation becomes available during the allocation period, the allocation of the purchase price is adjusted. Should information become available after the allocation period, those items are adjusted through operating results. The direct costs of the acquisition are recorded as operating expenses. Certain acquisitions include contingent consideration related to the performance of the acquired operations following the acquisition. Contingent consideration is recorded at estimated fair value at the date of the acquisition, and is remeasured each reporting period, with any changes in fair value recorded in the Consolidated Statements of Income. The Company estimates the fair value of the acquisition-related contingent consideration using various valuation approaches, as well as significant unobservable inputs, reflecting the Company’s assessment of the assumptions market participants would use to value these liabilities.

Impairment of Long-Lived Assets, Goodwill, Intangibles and Equity Method Investment

Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments

The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of property and equipment and finite-life intangible assets may not be recoverable. When factors indicate that these long-lived assets should be evaluated for possible impairment, the Company assesses the potential impairment by determining whether the carrying amount of such long-lived assets will be recovered through the future undiscounted cash flows expected from use of the asset and its eventual disposition. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market prices or discounted cash flow analysis as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives of property and equipment and finite-life intangible assets may warrant revision.

The Company completes an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level. The Company first performs a qualitative assessment of certain of its reporting units. Factors considered in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of the net assets of our reporting units, sustained decrease in our share price, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or if it determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. The Company then performs the goodwill impairment test for each reporting unit by comparing the reporting unit’s carrying amount, including goodwill, to its fair value which is measured based upon, among other factors, a discounted cash flow analysis, as well as market multiples for comparable companies. Estimates critical to the Company’s evaluation of goodwill for impairment include the discount rate, projected revenue and earnings before interest taxes depreciation and amortization (EBITDA) growth, and projected long-term growth rates in the determination of terminal values. If the carrying amount of the reporting unit is greater than its fair value, goodwill is considered impaired.

Based on the goodwill asset impairment analysis performed quantitatively as of October 1, 2019, the Company determined that the fair value of each of its reporting units was in excess of the carrying value. No events or changes in circumstances have occurred since the date of this most recent annual impairment test that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

The Company evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names, projected average revenue growth and projected long-term growth rates in the determination of terminal values. An impairment charge is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date.

The Company regularly evaluates the carrying value of its investments, which are not carried at fair value, for impairment. The company has elected to measure certain investments in equity instruments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes for similar investments of the issuer. Investments classified as trading securities are carried at fair value with any unrealized gain or loss being recorded in the Consolidated Statements of Income.

Property, Plant and Equipment and Definite-Lived Intangible Assets

Property, plant and equipment are stated at cost and depreciated on the straight-line basis. Definite-lived intangible assets, consisting primarily of customer relationships, are stated at fair value upon acquisition and are amortized over their estimated useful lives. Customer and merchant relationship useful lives are estimated using historical attrition rates.

The Company develops software that is used in providing processing and information management services to customers. A significant portion of the Company’s capital expenditures are devoted to the development of such internal-use computer software. Software development costs are capitalized once technological feasibility of the software has been established. Costs incurred prior to establishing technological feasibility are expensed as incurred. Technological feasibility is established when the Company has completed all planning, designing, coding and testing activities that are necessary to determine that the software can be produced to meet its design specifications, including functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The Company has elected to treat the Global Intangible Low Taxed Income (GILTI) inclusion as a current period expense.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences become deductible. The Company evaluates on a quarterly basis whether it is more likely than not that its deferred tax assets will be realized in the future and concludes whether a valuation allowance must be established.

The Company accounts for uncertainty in income taxes recognized in an entity’s financial statements and prescribes threshold and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50 percent likelihood of being sustained. The Company includes any estimated interest and penalties on tax related matters in income tax expense.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand.

Foreign Currency Translation

Derivatives

The Company uses derivatives to minimize its exposures related to changes in interest rates and facilitate cross-currency corporate payments by writing derivatives to customers.

The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company hedges a portion of its variable rate debt utilizing derivatives designated as cash flow hedges.

Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded in other assets or other noncurrent liabilities and offset against accumulated other comprehensive income/loss, net of tax. Derivative fair value changes that are recorded in accumulated other comprehensive income/loss are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is effective in offsetting the change in cash flows attributable to the hedged risk. The portions of the change in fair value that are either considered ineffective or are excluded from the measure of effectiveness are recognized immediately within earnings.

In the Company's cross-border payments business, the majority of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. In addition, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments. The duration of these derivative contracts at inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The changes in fair value related to these derivatives are recorded in revenues, net in the Consolidated Statements of Income.

The Company recognizes all cross-border payments derivatives in "prepaid expenses and other current assets" and "other current liabilities" in the accompanying Consolidated Balance Sheets at their fair value. All cash flows associated with derivatives are included in cash flows from operating activities in the Consolidated Statements of Cash Flows. Refer to footnote 17.

Stock-Based Compensation

The Company accounts for employee stock options and restricted stock in accordance with relevant authoritative literature. Stock options are granted with an exercise price equal to the fair market value 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 Company has selected the Black-Scholes option pricing model for estimating the grant date fair value of stock option awards. The Company has considered the retirement and forfeiture provisions of the options and utilized its historical experience to estimate the expected life of the options. Option forfeitures are accounted for upon occurrence. The Company bases the risk-free interest rate on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected life of the option from the date of the grant. Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the requisite service period based on the number of years over which the requisite service is expected to be rendered.

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, performance or market conditions, or a combination of these. Shares vesting based on the passage of time have vesting provisions of one to four years. The fair value of restricted stock where the shares vest based on the passage of time or performance is based on the

grant date fair value of the Company’s stock. The fair value of restricted stock units granted with market based vesting conditions is estimated using the Monte Carlo simulation valuation model. The risk-free interest rate and volatility assumptions used within the Monte Carlo simulation valuation model are calculated consistently with those applied in the Black-Scholes options pricing model utilized in determining the fair value of the stock option awards.

For performance-based restricted stock units and awards and performance based stock option awards, the Company must also make assumptions regarding the likelihood of achieving performance goals. If actual results differ significantly from these estimates, stock-based compensation expense and the Company’s results of operations could be materially affected.

Deferred Financing Costs/Debt Discounts

Costs incurred to obtain financing are amortized over the term of the related debt, using the effective interest method and are included within interest expense. The Company capitalized additional debt issuance costs of $2.9 million associated with refinancing its Credit Facility and Securitization Facilities in 2019 and $4.9 million with refinancing its Credit Facility in 2018. At December 31, 2019 and 2018, the Company had net deferred financing costs of $7.4 million and $10.4 million, respectively, related to the revolver under the Credit Facility and the Securitization Facility, each recorded within prepaid and other assets, respectively, on the Consolidated Balance Sheets. At December 31, 2019 and 2018, the Company had deferred financing costs of $7.9 million and $10.9 million, respectively, related to the term notes under the Credit Facility, recorded as a discount to the term debt outstanding within the current portion of notes payable and lines of credit and notes payable and other obligations, less current portion, respectively, in the Consolidated Balance Sheets.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the total of net income and all other changes in equity that result from transactions and other economic events of a reporting period other than transactions with owners.

Accounts Receivable

The Company maintains a $1.2 billion revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to trade receivables resulting from charge card activity in the U.S. 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 transfers, without recourse, on a revolving basis, an undivided ownership interest 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 transferred assets 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 transferred asset 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 maturity date for the Company's Securitization Facility is November 14, 2020.

Advertising

The Company expenses advertising costs as incurred.

Earnings Per Share

The Company reports basic and diluted earnings per share. Basic earnings per share is calculated using the weighted average of common stock and non-vested, non-forfeitable restricted shares outstanding, unadjusted for dilution, and net income attributable to common shareholders.

Diluted earnings per share is calculated using the weighted average shares outstanding and contingently issuable shares less weighted average shares recognized during the period. The net outstanding shares have been adjusted for the dilutive effect of common stock equivalents, which consist of outstanding stock options and unvested forfeitable restricted stock units.

Spot Trade Offsetting

The Company uses spot trades to facilitate cross-currency corporate payments in its Cambridge business. Timing in the receipt of cash from the customer results in intermediary balances in the receivable from the customer and the payment to the customer's counterparty. In accordance with ASC Subtopic 210-20, "Offsetting," the Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted the Company's exposure with these customer's counterparties, with the receivables from the customer. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value.

Adoption of New Accounting Standards

Accounting for Leases

In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842), 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. Effective January 1, 2019, the Company adopted Topic 842 using a modified retrospective approach, as discussed further in Footnote 14.

Accounting for Derivative Financial Instruments

In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which amends the hedge accounting recognition and presentation requirements in ASC 815. The FASB issued accounting guidance to better align hedge accounting with a company’s risk management activities, simplify the application of hedge accounting and improve the disclosures of hedging arrangements. The guidance is effective for the Company for reporting periods beginning after December 15, 2018, and interim periods within those years. The Company

adopted this guidance on January 1, 2019, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. The guidance did simplify the Company's accounting for interest rate swap hedges, allowing more time for the initial hedge effectiveness documentation and a qualitative hedge effectiveness assessment at each quarter end.

In October 2018, the FASB issued ASU 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate, Overnight Index Swap Rate as a Benchmark Interest Rate for Hedge Accounting Purposes", which amends the hedge accounting to add overnight index swap rates based on the secured overnight financing rate as a fifth U.S. benchmark interest rate. The Company adopted this guidance on January 1, 2019, which did not have a material impact on the Company's results of operations, financial condition, or cash flows.

Comprehensive Income Classification

In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", that gives entities the option to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (the "Tax Act"). An entity that elects to reclassify these amounts must reclassify stranded tax effects related to the Tax Act’s change in U.S. federal tax rate for all items accounted for in other comprehensive income. These entities can also elect to reclassify other stranded effects that relate to the Tax Act but do not directly relate to the change in the federal rate. The Company adopted this guidance on January 1, 2019 and elected to not reclassify any items to retained earnings.

Non-Employee Share-Based Payments

In June 2018, the FASB issued ASU 2018-07, "Compensation—Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting", that supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both non-employees and employees. Under the new guidance, the existing employee guidance will apply to non-employee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of non-employee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for non-employee awards. The Company adopted this guidance on January 1, 2019, which had no impact on the Company's results of operations, financial condition, or cash flows.

Pending Adoption of Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company’s management believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption.

Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which changes how companies measure and recognize credit impairment for many financial assets. The new expected credit loss model will require companies to immediately recognize an estimate of credit losses expected to occur over the remaining life of the financial assets (including trade receivables) that are in the scope of the update. The update also made amendments to the current impairment model for held-to-maturity and available-for-sale debt securities and certain guarantees. The ASU is effective for the Company on January 1, 2020.

In April 2019, the FASB issued ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments", which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. For clarifications around credit losses, the effective date will be the same as the effective date in ASU 2016-13. For entities that have adopted ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", ASU 2019-04 is effective the first annual reporting period beginning after the date of issuance of ASU 2019-04 and may be early adopted. The amendments in ASU 2019-04 related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. Upon adoption of the new standard on January 1, 2020, the Company will recognize an allowance for credit losses based on the estimated lifetime expected credit loss related to our financial assets. The Company is analyzing our credit policies and updating our accounting policies and internal controls that will be impacted by the new guidance. We do not anticipate that the adoption of this new standard will have a material impact on the results of operations, financial condition, or cash flows due to the relatively fast turnover of our trade receivables accounts and limited other asset balances to which this standard applies.

Cloud Computing Arrangements

On August 29, 2018, the FASB issued ASU 2018-15, "Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract", that provides guidance on implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. The ASU, which was released in response to a consensus reached by the EITF at its June 2018 meeting, aligns the accounting for such costs with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350 to include in its scope implementation costs of a CCA that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in such a CCA. The guidance is effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is updating the accounting policies and internal controls that will be impacted by the new guidance. The Company's adoption of this ASU on January 1, 2020, is not expected to have a material impact on the results of operations, financial condition, or cash flows.

Fair Value Measurement

On August 28, 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement", which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. The guidance is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The guidance on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other guidance should be applied retrospectively to all periods presented upon their effective date. The Company's adoption of this ASU on January 1, 2020, is not expected to have a material impact on the results of operations, financial condition, or cash flows.

Income Taxes

On December 18, 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which removes certain exceptions to the general principles of ASC 740 and simplifies other areas in order to simplify its application. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption 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.

Revenue

Payment Services

Gift Card Products and Services

Other

Revenues from contracts with customers, within the scope of Topic 606, represents approximately 75% of total consolidated revenues, net, for the year ended December 31, 2019

Contract Liabilities

Costs to Obtain or Fulfill a Contract

Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria:


a.	The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify.


b.	The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future.


c.	The costs are expected to be recovered.

Practical Expedients

In certain arrangements with customers, the Company has determined that certain promised services and products are immaterial in the context of the contract, both quantitatively and qualitatively.

Stock Based Compensation - Summary of Expense Related to Share-Based Payments (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Document Period End Date

Dec. 31, 2019

General and Administrative Expense

$ 60,953

^[1]

$ 69,939

$ 93,297

^[2]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

General and Administrative Expense | Stock options

60,953

69,939

93,297

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

General and Administrative Expense | Restricted stock

32,736

43,443

56,400

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 28,217

$ 26,496

$ 36,897

[1]

[2]

Segments

12 Months Ended

Dec. 31, 2019

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 as of and for the years ended December 31 (in thousands):



	2019		2018		2017¹
Revenues, net:
North America	$	1,708,546	$	1,571,466	$	1,428,711
International	940,302		862,026		820,827
	$	2,648,848	$	2,433,492	$	2,249,538
Operating income:
North America	$	755,867	$	673,867	$	541,598
International	475,563		416,831		342,162
	$	1,231,430	$	1,090,698	$	883,760
Depreciation and amortization:
North America	$	160,246	$	154,405	$	139,418
International	113,964		120,204		125,142
	$	274,210	$	274,609	$	264,560
Capital expenditures:
North America	$	44,238	$	36,514	$	40,747
International	30,932		44,873		29,346
	$	75,170	$	81,387	$	70,093
Long-lived assets (excluding goodwill and investments):²
North America	$	1,860,708	$	1,799,149	$	1,888,599
International	905,775		942,594		1,131,610
	$	2,766,483	$	2,741,743	$	3,020,209

¹The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.

²The Company applied the modified retrospective transition method when adopting ASC 842, therefore the Company's 2018 and 2017 prior period results were not restated to reflect ASC 842.

The table below presents the Company's long-lived assets (excluding goodwill and investments) at December 31 (in thousands).



	2019		2018
Long-lived assets (excluding goodwill):
United States (country of domicile)	$	1,860,708	$	1,721,419
Brazil	487,464		541,891
United Kingdom	282,351		274,530

No single customer represented more than 10% of the Company’s consolidated revenue in 2019, 2018 and 2017.

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

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Earnings Per Share [Abstract]

Denominator for basic earnings per share (in shares)

$ 235,510

$ 225,805

$ 261,651

$ 172,107

$ 302,000

$ 157,694

$ 176,852

$ 174,937

$ 895,073

^[1],[2]

$ 811,483

$ 740,200

^[3],[4]

86,600

86,662

86,360

85,941

87,636

88,456

89,169

89,765

86,401

^[2]

88,750

91,129

^[4]

Dilutive securities (in shares)

3,669

3,401

2,465

Denominator for diluted earnings per share (in shares)

90,427

90,522

90,131

89,244

90,703

92,081

92,702

93,250

90,070

^[2]

92,151

93,594

^[4]

Basic earnings per share (in usd per share)

$ 2.72

$ 2.61

$ 3.03

$ 2.00

$ 3.45

$ 1.78

$ 1.98

$ 1.95

$ 10.36

^[2]

$ 9.14

$ 8.12

^[4]

Diluted earnings per share (in usd per share)

$ 2.60

$ 2.49

$ 2.90

$ 1.93

$ 3.33

$ 1.71

$ 1.91

$ 1.88

$ 9.94

^[2]

$ 8.81

$ 7.91

^[4]

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[2]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[3]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.
[4]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Beginning Balance at Dec. 31, 2016

Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Loss

Treasury Stock

$ 3,084,038

$ 121

$ 2,074,094

$ 2,218,721

$ (666,403)

$ (542,495)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income from currency exchange, net of tax

740,200

^[1],[2]

740,200

114,546

Other comprehensive income, net of tax

114,546

Acquisition of common stock

(402,393)

Share-based compensation expense

^[3]

93,297

Issuance of common stock

46,834

46,833

Ending Balance at Dec. 31, 2017

3,676,522

122

2,214,224

2,958,921

(551,857)

(944,888)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income from currency exchange, net of tax

811,483

(362,001)

Other comprehensive income, net of tax

(362,001)

Acquisition of common stock

(958,696)

(33,000)

(925,696)

Share-based compensation expense

^[3]

69,939

Issuance of common stock

55,681

55,680

Ending Balance at Dec. 31, 2018

3,340,180

123

2,306,843

3,817,656

(913,858)

(1,870,584)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income, net of tax

895,073

^[4],[5]

895,073

(58,607)

Acquisition of common stock

(694,909)

(42,000)

(652,909)

Share-based compensation expense

60,953

Issuance of common stock

168,926

168,925

Ending Balance at Dec. 31, 2019

$ 3,711,616

^[6]

$ 124

$ 2,494,721

$ 4,712,729

$ (972,465)

$ (2,523,493)

[1]	Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.
[2]	The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.
[3]	Comparable disclosure provided to align with 2019 presentation. Activity previously included with issuance of common stock.
[4]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[5]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[6]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Before The Provision for Income Taxes

Income before the provision for income taxes is attributable to the following jurisdictions for years ended December 31 (in thousands):



	2019		2018		2017
United States	$	505,818	$	622,214	$	524,669
Foreign	572,001		472,911		368,921
Total	$	1,077,819	$	1,095,125	$	893,590

Components of Income Taxes

The provision for income taxes for the years ended December 31 consists of the following (in thousands):



	2019			2018			2017
Current:
Federal	$	50,145		$	165,303		$	303,514
State	10,285			26,036			19,234
Foreign	84,433			95,053			78,354
Total current	144,863			286,392			401,102
Deferred:
Federal	(10,479		)	(19,688		)	(255,188		)
State	3,745			8,727			276
Foreign	44,617			8,211			7,200
Total deferred	37,883			(2,750		)	(247,712		)
Total provision	$	182,746		$	283,642		$	153,390

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



	2019					2018					2017
Computed “expected” tax expense	$	226,342		21.0	%	$	229,976		21.0	%	$	312,756		35.0	%
Changes resulting from:
Change in valuation allowance	(28,614		)	(2.7	)	25,193			2.8		18,289			2.0
Foreign income tax differential	(15,816		)	(1.4	)	9,921			0.9		(38,695		)	(4.3	)
State taxes net of federal benefits	12,482			1.2		20,480			1.9		12,884			1.4
Foreign-sourced nontaxable income	—					(28,861		)	(2.6	)	(8,836		)	(1.0	)
Foreign withholding tax	20,360			1.9		20,569			1.9		9,362			1.0
IRC Section 199 deduction	—			—		—			—		(8,844		)	(1.0	)
Excess tax benefits related to stock-based compensation	(38,156		)	(3.5	)	(19,255		)	(1.8	)	(18,058		)	(2.0	)
Revaluation of capital loss deferred tax asset	(24,279		)	(2.3	)	—			—		—			—
Impact of the Tax Act:
One-time transition tax	—			—		—			—		195,779			21.9
Foreign tax credit- one-time transition tax	—			—		17,385			1.6		(113,955		)	(12.8	)
Deferred tax effects	—			—		7,128			0.1		(209,965		)	(23.5	)
Sub-part F Income/GILTI	49,859			4.6		40,200			3.7		3,741			0.4
Foreign tax credits	(38,657		)	(3.6	)	(52,095		)	(4.8	)	—			—
Other	19,225			1.8		13,001			1.2		(1,068		)	0.1
Provision for income taxes	$	182,746		17.0	%	$	283,642		25.9	%	$	153,390		17.2	%

Summary of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31 are as follows (in thousands):



	2019			2018
Deferred tax assets:
Accounts receivable, principally due to the allowance for doubtful accounts	$	9,586		$	8,518
Accrued expenses not currently deductible for tax	2,305			6,734
Lease deferral	24,713			—
Interest rate swap	13,781			—
Stock based compensation	39,779			40,081
Income tax credits	35,845			26,770
Net operating loss carry forwards	67,108			53,221
Investments	—			39,062
Accrued escheat	3,098			3,608
Other	3,522			4,240
Deferred tax assets before valuation allowance	199,737			182,234
Valuation allowance	(64,482		)	(90,366		)
Deferred tax assets, net	135,255			91,868
Deferred tax liabilities:
Intangibles—including goodwill	(499,525		)	(483,361		)
Basis difference in investment in subsidiaries	(42,314		)	(38,200		)
Lease deferral	(21,810		)	—
Mark to Market	(3,213		)	—
Accrued Expense Liability	(4,023		)	—
Prepaid expenses	(2,075		)
Property and equipment, prepaid expenses and other	(79,620		)	(59,101		)
Deferred tax liabilities	(652,580		)	(580,662		)
Net deferred tax liabilities	$	(517,325	)	$	(488,794	)

Deferred Tax Balance Classification in Balance Sheet

The Company’s deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands):



	2019			2018
Long term deferred tax assets and liabilities:
Long term deferred tax assets	$	2,655		$	3,152
Long term deferred tax liabilities	(519,980		)	(491,946		)
Net deferred tax liabilities	$	(517,325	)	$	(488,794	)

Summary of Valuation Allowance

The valuation allowance for deferred tax assets changed during 2019 as follows (in thousands):



Balance at December 31, 2016	$	76,395
Additions based on changes in deferred tax assets in 2017	5,332
Reduction in valuation allowance due to rate change from Tax Act	(22,378		)
Balance at December 31, 2017 (after impact of tax reform)	59,349
Additions based on changes in deferred tax assets	25,193
Increase in valuation allowance due to rate change from Tax Act	5,824
Balance at December 31, 2018	90,366
Reductions based on changes in deferred tax assets	(28,601		)
Additions based on changes in deferred tax assets	2,717
Balance at December 31, 2019	$	64,482

Reconciliation of Unrecognized Tax Benefits



Unrecognized tax benefits at December 31, 2016	$	26,155
Additions based on tax provisions related to the current year	4,143
Additions for tax positions due to acquisitions	9,208
Deductions based on settlement/expiration of prior year tax positions	(9,119		)
Additions based on tax provisions related to the prior year	1,171
Unrecognized tax benefits at December 31, 2017	31,558
Additions based on tax provisions related to the current year	3,755
Additions based on tax provisions related to the prior year	3,000
Deductions based on settlement/expiration of prior year tax positions	(4,161		)
Unrecognized tax benefits at December 31, 2018	34,152
Additions based on tax provisions related to the current year	4,284
Additions based on tax provisions related to the prior year	11,679
Deductions based on settlement/expiration of prior year tax positions	(7,342		)
Unrecognized tax benefits at December 31, 2019	$	42,773

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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 December 31, 2019 and 2018, (in thousands):



	Fair Value		Level 1		Level 2		Level 3
December 31, 2019
Assets:
Repurchase agreements	$	833,658	$	—	$	833,658	$	—
Money market	54,978		—		54,978		—
Certificates of deposit	27,022		—		27,022		—
Trading Securities	22,955		22,955		—		—
Foreign exchange contracts	72,076		—		72,076		—
Total assets	$	1,010,689	$	22,955	$	987,734	$	—
Cash collateral for foreign exchange contracts	$	6,086	$	—	$	—	$	—
Liabilities:
Interest Rate Swaps	$	56,418	$	—	$	56,418	$	—
Foreign exchange contracts	60,909		—		60,909		$	—
Total liabilities	$	117,327	$	—	$	117,327	$	—
Cash collateral obligation for foreign exchange contracts	$	25,618	$	—	$	—	$	—

December 31, 2018
Assets:
Repurchase agreements	$	581,293	$	—	$	581,293	$	—
Money market	50,644		—		50,644		—
Certificates of deposit	22,412		—		22,412		—
Foreign exchange contracts	68,814		21		68,793		—
Total assets	$	723,163	$	21	$	723,142	$	—
Cash collateral for foreign exchange contracts	$	9,644	$	—	$	—	$	—
Liabilities:
Foreign exchange contracts	$	72,125	$	—	$	72,125
Total liabilities	$	72,125	$	—	$	72,125
Cash collateral obligation for foreign exchange contracts	$	73,140	$	—	$	—	$	—

Leases Leases - Schedule of Supplemental Lease Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Cash paid for operating lease liabilities	$ 19,763
Right-of-use assets obtained in exchange for new operating lease obligations	$ 102,586
Weighted-average remaining lease term (years)	7 years 6 months 14 days
Weighted-average discount rate	4.64%

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of December 31, 2019, the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions):



	Notional Amount as of		Fixed Rates	Maturity Date
	December 31, 2019		Fixed Rates	Maturity Date
Interest Rate Derivative:
Interest Rate Swap	$	1,000	2.56%	1/31/2022
Interest Rate Swap	500		2.56%	1/31/2023
Interest Rate Swap	500		2.55%	12/19/2023



	Net Notional
	2019		2018
Foreign exchange contracts:
Swaps	$	599.5	$	929.5
Futures, forwards and spot	3,017.1		3,249.9
Written options	6,393.9		3,688.8
Purchased options	5,830.8		2,867.2
Total	$	15,841.3	$	10,735.4

Schedule of Derivative Liabilities at Fair Value

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions):



December 31, 2019	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	114.9	$	103.8	$	72.1	$	60.9
Cash collateral	6.1		25.6		6.1		25.6
Total net derivative assets and liabilities	$	108.8	$	78.2	$	66.0	$	35.3



December 31, 2018	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	109.5		112.9		68.8		72.1
Cash collateral	9.6		73.1		9.6		73.1
Total net derivative assets and liabilities	$	99.9	$	39.8	$	59.2	$	(1.0	)

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2019 and 2018 (in millions):



	December 31, 2019							December 31, 2018
	Gross		Offset on the Balance Sheet			Net		Gross		Offset on the Balance Sheet			Net
Assets
Accounts Receivable	$	1,139.1	$	(1,084.6	)	$	54.5	$	815.7	$	(745.2	)	$	70.5
Liabilities
Accounts Payable	$	1,140.4	$	(1,084.6	)	$	55.8	$	760.8	$	(745.2	)	$	15.6

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions):



December 31, 2019	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	114.9	$	103.8	$	72.1	$	60.9
Cash collateral	6.1		25.6		6.1		25.6
Total net derivative assets and liabilities	$	108.8	$	78.2	$	66.0	$	35.3



December 31, 2018	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	109.5		112.9		68.8		72.1
Cash collateral	9.6		73.1		9.6		73.1
Total net derivative assets and liabilities	$	99.9	$	39.8	$	59.2	$	(1.0	)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

Derivative Instruments, Gain (Loss)



	2019
Interest Rate Swaps:
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $20.3 million	$	42.8
Amount of loss reclassified from accumulated other comprehensive income into interest expense	5.8

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Accounts receivable, principally due to the allowance for doubtful accounts	$ 9,586	$ 8,518
Accrued expenses not currently deductible for tax	2,305	6,734
Lease deferral	24,713	0
Interest rate swap	13,781	0
Stock based compensation	39,779	40,081
Income tax credits	35,845	26,770
Net operating loss carry forwards	67,108	53,221
Investments	0	39,062
Accrued escheat	3,098	3,608
Other	3,522	4,240
Deferred tax assets before valuation allowance	199,737	182,234
Valuation allowance	(64,482)	(90,366)
Deferred tax assets, net	135,255	91,868
Deferred tax liabilities:
Intangibles—including goodwill	(499,525)	(483,361)
Basis difference in investment in subsidiaries	(42,314)	(38,200)
Lease deferral	(21,810)	0
Mark to Market	(3,213)	0
Accrued Expense Liability	(4,023)	0
Prepaid expenses	(2,075)
Property and equipment, prepaid expenses and other	(79,620)	(59,101)
Deferred tax liabilities	(652,580)	(580,662)
Net deferred tax liabilities	$ (517,325)	$ (488,794)

Derivative Financial Instruments - Schedule of Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $20.3 million	$ 42,752	$ 0	$ 0
Interest Rate Swaps
Derivative [Line Items]
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $20.3 million	42,800
Amount of loss recognized in other comprehensive income on derivatives, tax	20,300
Amount of loss reclassified from accumulated other comprehensive income into interest expense	$ 5,800

Acquisitions - Summary of Purchase Price Allocation (Detail) - USD ($)
$ in Thousands

Dec. 31, 2019

Apr. 01, 2019

Dec. 31, 2018

Dec. 31, 2017

$ 4,833,047

^[1]

$ 4,542,074

$ 4,715,823

NvoicePay

Trade and other receivables

$ 1,513

396

Property and equipment

1,030

Other long term assets

5,612

Other noncurrent liabilities

168,990

Intangibles

44,750

Liabilities

(4,415)

(6,130)

Deferred tax liabilities

(4,178)

Series of Individually Immaterial Business Acquisitions

$ 207,568

Trade and other receivables

91,912

2,059

Property and equipment

2,879

Other long term assets

4,593

Other noncurrent liabilities

119,408

Intangibles

82,925

Liabilities

(78,579)

(4,657)

Deferred tax liabilities

(11,647)

Property, Plant and Equipment [Abstract]

$ 208,893

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.

Earnings Per Share - Additional Information (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted earnings per share excludes antidilutive effect (in shares)	19	400	100
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted earnings per share excludes antidilutive effect (in shares)	100	100	300

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Property, Plant and Equipment

Property, plant and equipment, net consisted of the following at December 31 (in thousands):



	Estimated Useful Lives (in Years)	2019			2018
Computer hardware and software	3 to 5	$	341,282		$	291,404
Card-reading equipment	4 to 6	24,077			20,117
Furniture, fixtures, and vehicles	2 to 10	19,319			18,308
Buildings and improvements	5 to 50	29,127			21,854
Property, plant and equipment, gross		413,805			351,683
Less: accumulated depreciation		(213,980		)	(165,482		)
Property, plant and equipment, net		$	199,825		$	186,201

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivative Asset [Abstract]
Gross	$ 114.9	$ 109.5
Net	72.1	68.8
Derivative Liability [Abstract]
Gross	103.8	112.9
Net	60.9	72.1
Accounts Receivable \| Spot Trade
Derivative Asset [Abstract]
Gross	1,139.1	815.7
Offset on the Balance Sheet	(1,084.6)	(745.2)
Net	54.5	70.5
Accounts Payable \| Spot Trade
Derivative Liability [Abstract]
Gross	1,140.4	760.8
Offset on the Balance Sheet	(1,084.6)	(745.2)
Net	$ 55.8	$ 15.6

Stock Based Compensation - Schedule of Weighted-Average Assumptions (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.40%	2.57%	1.65%
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	26.40%	26.92%	28.00%
Expected life (in years)	3 years 8 months 12 days	3 years 9 months 18 days	3 years 4 months 24 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.48%
Dividend yield	0.00%
Expected volatility	25.40%
Expected life (in years)	2 years 4 months 9 days

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

Principles of Consolidation

Credit Risk and Reserve for Losses on Receivables

Business Combinations

Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments

Property, Plant and Equipment and Definite-Lived Intangible Assets

Income Taxes

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand.

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 recorded to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized a foreign exchange gain of $0.7 million for the year ended December 31, 2019 and foreign exchange losses of $0.1 million and $0.2 million for the years ended December 31, 2018 and 2017 respectively, which are recorded within other expense, net in the Consolidated Statements of Income. The Company recorded foreign currency losses on long-term intra-entity transactions of $88.1 million and $79.6 million for the years ended December 31, 2019 and 2018, respectively, included as a component of foreign currency translation (losses) gains, net of tax, on the Consolidated Statements of Comprehensives Income.

Derivatives

The Company uses derivatives to minimize its exposures related to changes in interest rates and facilitate cross-currency corporate payments by writing derivatives to customers.

Stock-Based Compensation

Deferred Financing Costs/Debt Discounts

Comprehensive Income (Loss)

Accounts Receivable

The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands):



	2019			2018
Gross domestic unsecuritized accounts receivables	$	734,410		$	668,154
Gross domestic securitized accounts receivable	970,973			886,000
Gross foreign receivables	905,441			817,624
Total gross receivables	2,610,824			2,371,778
Less allowance for doubtful accounts	(70,890		)	(59,963		)
Net accounts and securitized accounts receivable	$	2,539,934		$	2,311,815

A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for the years ended December 31 is as follows (in thousands):



	2019			2018			2017
Allowance for doubtful accounts beginning of year	$	59,963		$	46,031		$	32,506
Provision for bad debts	74,309			64,377			44,857
Write-offs	(63,382		)	(50,445		)	(31,332		)
Allowance for doubtful accounts end of year	$	70,890		$	59,963		$	46,031

Advertising

The Company expenses advertising costs as incurred. Advertising expense was $33.7 million, $26.3 million and $26.1 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Earnings Per Share

Spot Trade Offsetting



	December 31, 2019							December 31, 2018
	Gross		Offset on the Balance Sheet			Net		Gross		Offset on the Balance Sheet			Net
Assets
Accounts Receivable	$	1,139.1	$	(1,084.6	)	$	54.5	$	815.7	$	(745.2	)	$	70.5
Liabilities
Accounts Payable	$	1,140.4	$	(1,084.6	)	$	55.8	$	760.8	$	(745.2	)	$	15.6

Adoption of New Accounting Standards

Accounting for Leases

Accounting for Derivative Financial Instruments

Comprehensive Income Classification

Non-Employee Share-Based Payments

Pending Adoption of Recently Issued Accounting Standards

Credit Losses on Financial Instruments

Cloud Computing Arrangements

Fair Value Measurement

Income Taxes

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following at December 31 (in thousands):



	2019		2018
Accrued bonuses	$	23,595	$	20,553
Accrued payroll and severance	23,718		15,932
Accrued taxes	70,350		85,346
Accrued commissions/rebates	77,430		60,593
Other	80,418		79,170
	$	275,511	$	261,594

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Finite And Indefinite Lived Intangible Assets [Line Items]

$ 3,508,360

$ 3,367,524

(1,166,478)

(959,614)

Trade names and trademarks—indefinite lived

2,341,882

^[1]

2,407,910

Finite And Indefinite Lived Intangible Assets [Line Items]

496,306

479,555

Customer and vendor agreements

$ 496,306

479,555

Finite And Indefinite Lived Intangible Assets [Line Items]

17 years

$ 2,698,327

2,625,270

(943,537)

(776,383)

Trade names and trademarks—other

$ 1,754,790

1,848,887

Finite And Indefinite Lived Intangible Assets [Line Items]

13 years 4 months 24 days

$ 5,384

2,957

(2,877)

(2,501)

Finite And Indefinite Lived Intangible Assets [Line Items]

$ 2,507

456

Software

6 years

$ 242,783

212,733

(180,839)

(152,416)

Finite And Indefinite Lived Intangible Assets [Line Items]

$ 61,944

60,317

Non-compete agreements

4 years 1 month 6 days

$ 65,560

47,009

(39,225)

(28,314)

$ 26,335

$ 18,695

[1]	Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.

Acquisitions - Additional Information (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 01, 2019

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

^[2]

Deferred payments of previous acquisitions

$ 448,277

^[1]

$ 20,843

$ 705,257

Investments in other businesses

17,000

Payments on seller notes payable

138,500

^[1]

498,305

$ 423,156

2019 Acquisitions

416,000

NvoicePay

Series of Individually Immaterial Business Acquisitions

$ 208,000

Cash acquired

4,100

209,000

2018 Acquisitions

Acquisitions Prior to 2018

21,200

Cash acquired

11,000

Deferred payments of previous acquisitions

3,800

Payments on seller notes payable

$ 1,600

Non-compete agreements | NvoicePay

Estimated fair value, non-compete agreements

$ 10,700

Non-compete agreements | Series of Individually Immaterial Business Acquisitions

Estimated fair value, non-compete agreements

$ 8,100

[1]

[2]

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Company's Accounts Receivable and Securitized Accounts Receivable

The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands):



	2019			2018
Gross domestic unsecuritized accounts receivables	$	734,410		$	668,154
Gross domestic securitized accounts receivable	970,973			886,000
Gross foreign receivables	905,441			817,624
Total gross receivables	2,610,824			2,371,778
Less allowance for doubtful accounts	(70,890		)	(59,963		)
Net accounts and securitized accounts receivable	$	2,539,934		$	2,311,815

Allowance for Doubtful Accounts Related to Accounts Receivable

A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for the years ended December 31 is as follows (in thousands):



	2019			2018			2017
Allowance for doubtful accounts beginning of year	$	59,963		$	46,031		$	32,506
Provision for bad debts	74,309			64,377			44,857
Write-offs	(63,382		)	(50,445		)	(31,332		)
Allowance for doubtful accounts end of year	$	70,890		$	59,963		$	46,031

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2019 and 2018 (in millions):



	December 31, 2019							December 31, 2018
	Gross		Offset on the Balance Sheet			Net		Gross		Offset on the Balance Sheet			Net
Assets
Accounts Receivable	$	1,139.1	$	(1,084.6	)	$	54.5	$	815.7	$	(745.2	)	$	70.5
Liabilities
Accounts Payable	$	1,140.4	$	(1,084.6	)	$	55.8	$	760.8	$	(745.2	)	$	15.6

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheet as of December 31, 2019 and 2018 (in millions):



December 31, 2019	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	114.9	$	103.8	$	72.1	$	60.9
Cash collateral	6.1		25.6		6.1		25.6
Total net derivative assets and liabilities	$	108.8	$	78.2	$	66.0	$	35.3



December 31, 2018	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	109.5		112.9		68.8		72.1
Cash collateral	9.6		73.1		9.6		73.1
Total net derivative assets and liabilities	$	99.9	$	39.8	$	59.2	$	(1.0	)

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

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 December 31, 2019 and 2018, (in thousands):



	Fair Value		Level 1		Level 2		Level 3
December 31, 2019
Assets:
Repurchase agreements	$	833,658	$	—	$	833,658	$	—
Money market	54,978		—		54,978		—
Certificates of deposit	27,022		—		27,022		—
Trading Securities	22,955		22,955		—		—
Foreign exchange contracts	72,076		—		72,076		—
Total assets	$	1,010,689	$	22,955	$	987,734	$	—
Cash collateral for foreign exchange contracts	$	6,086	$	—	$	—	$	—
Liabilities:
Interest Rate Swaps	$	56,418	$	—	$	56,418	$	—
Foreign exchange contracts	60,909		—		60,909		$	—
Total liabilities	$	117,327	$	—	$	117,327	$	—
Cash collateral obligation for foreign exchange contracts	$	25,618	$	—	$	—	$	—

December 31, 2018
Assets:
Repurchase agreements	$	581,293	$	—	$	581,293	$	—
Money market	50,644		—		50,644		—
Certificates of deposit	22,412		—		22,412		—
Foreign exchange contracts	68,814		21		68,793		—
Total assets	$	723,163	$	21	$	723,142	$	—
Cash collateral for foreign exchange contracts	$	9,644	$	—	$	—	$	—
Liabilities:
Foreign exchange contracts	$	72,125	$	—	$	72,125
Total liabilities	$	72,125	$	—	$	72,125
Cash collateral obligation for foreign exchange contracts	$	73,140	$	—	$	—	$	—

The Company utilizes Level 1 fair value for financial assets designated as trading securities for which there are quoted market prices. Net unrealized gains on equity securities held during the period ended December 31, 2019 totaled $13.0 million. No securities were sold during the period.

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. Foreign exchange derivative contracts are carried at fair value, with changes in fair value recognized in the Consolidated Statements of Income. The fair value of the Company's derivatives is derived with reference to a valuation from a derivatives dealer operating in an active market, which approximates the fair value of these instruments.

The fair value represents the net settlement if the contracts were terminated as of the reporting date. Cash collateral received for foreign exchange derivatives is recorded within customer deposits in our Consolidated Balance Sheet at December 31, 2019. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheet at December 31, 2019.

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 2019 and 2018.

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.

For derivatives accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. The Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in cash flows of the related underlying exposures. Any ineffective portion of a financial instrument's change in fair value is immediately recognized into earnings. The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates.

The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company's derivatives are over-the-counter instruments with liquid markets.

The Company regularly evaluates the carrying value of its investments and during the first quarter of 2019, determined that the fair value of its telematics investment was below cost and recorded an impairment of the investment of $15.7 million based on observable price changes. Since initial date of the telematics investments, the Company has recorded cumulative impairment losses of $136.3 million. The Company sold its remaining investment in the second quarter of 2019. Refer to footnote 16. The carrying amount of investments without readily determinable fair values is $7.4 million at December 31, 2019.

In 2018, the fair value of the Company's investment in Qui was impaired as a result of a decline in operating results and difficulty in obtaining financing. The Company concluded that this decline in fair value was below cost and recorded a $7.1 million impairment loss in investment loss related to the Qui investment.

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.

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.