0001175454-20-000020 | 10-Q | XBRL Viewer | Fleetcor Technologies INC

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,802,236
Title of 12(b) Security	Common Stock
Trading Symbol	FLT
Security Exchange Name	NYSE
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001175454
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,070,681	$ 1,271,494
Restricted cash	481,555	403,743
Accounts and other receivables (less allowance for credit losses of $74,828 at March 31, 2020 and $70,890 at December 31, 2019)	1,338,056	1,568,961
Securitized accounts receivable—restricted for securitization investors	819,000	970,973
Prepaid expenses and other current assets	419,720	403,400
Total current assets	4,129,012	4,618,571
Property and equipment, net	183,229	199,825
Goodwill	4,583,881	4,833,047
Other intangibles, net	2,169,742	2,341,882
Investments	28,068	30,440
Other assets	216,218	224,776
Total assets	11,310,150	12,248,541
Current liabilities:
Accounts payable	1,058,713	1,249,586
Accrued expenses	250,232	275,511
Customer deposits	906,065	1,007,631
Securitization facility	819,000	970,973
Current portion of notes payable and lines of credit	1,094,470	775,865
Other current liabilities	331,596	183,502
Total current liabilities	4,460,076	4,463,068
Notes payable and other obligations, less current portion	3,246,241	3,289,947
Deferred income taxes	486,551	519,980
Other noncurrent liabilities	321,053	263,930
Total noncurrent liabilities	4,053,845	4,073,857
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 125,244,634 shares issued and 83,770,697 shares outstanding at March 31, 2020; and 124,626,786 shares issued and 85,342,156 shares outstanding at December 31, 2019	125	124
Additional paid-in capital	2,657,169	2,494,721
Retained earnings	4,859,789	4,712,729
Accumulated other comprehensive loss	(1,592,124)	(972,465)
Less treasury stock, 41,473,937 shares at March 31, 2020 and 39,284,630 shares at December 31, 2019	(3,128,730)	(2,523,493)
Total stockholders’ equity	2,796,229	3,711,616
Total liabilities and stockholders’ equity	11,310,150	12,248,541
Accounts receivable, allowance for doubtful accounts	$ 74,828	$ 70,890
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	475,000,000	475,000,000
Common stock, shares issued (in shares)	125,244,634	124,626,786
Common stock, shares outstanding (in shares)	83,770,697	85,342,156

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 74,828	$ 70,890
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	475,000,000	475,000,000
Common stock, shares issued (in shares)	125,244,634	124,626,786
Common stock, shares outstanding (in shares)	83,770,697	85,342,156
Treasury stock, shares (in shares)	41,473,937	39,284,630

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues, net	$ 661,093	$ 621,825
Expenses:
Processing	233,703	129,114
Selling	55,859	49,261
General and administrative	106,110	92,784
Depreciation and amortization	64,476	67,445
Other operating, net	(38)	(955)
Operating income	200,983	284,176
Investment loss	2,371	15,660
Other (income) expense, net	(9,366)	220
Interest expense, net	35,679	39,055
Total other expense	28,684	54,935
Income before income taxes	172,299	229,241
Provision for income taxes	25,239	57,134
Net income	$ 147,060	$ 172,107
Earnings per share:
Basic earnings per share (in dollars per share)	$ 1.73	$ 2.00
Diluted earnings per share (in dollars per share)	$ 1.67	$ 1.93
Weighted average shares outstanding:
Basic (in shares)	84,902	85,941
Diluted (in shares)	88,205	89,244

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 147,060	$ 172,107
Other comprehensive loss:
Foreign currency translation (losses) gains, net of tax	(575,118)	373
Net change in derivative contracts, net of tax	(44,541)	(20,707)
Total other comprehensive loss	(619,659)	(20,334)
Total comprehensive (loss) income	$ (472,599)	$ 151,773

- Definition

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

+ References + Details

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Stockholders' Equity beginning 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]
Net income	172,107			172,107
Other comprehensive loss, net of tax	(20,334)				(20,334)
Acquisition of common stock	(3,322)		33,000			(36,322)
Share-based compensation expense	12,541		12,541
Issuance of common stock	29,795		29,795
Stockholders' Equity ending balance at Mar. 31, 2019	3,530,967	123	2,382,179	3,989,763	(934,192)	(1,906,906)
Stockholders' Equity beginning balance at Dec. 31, 2019	3,711,616	124	2,494,721	4,712,729	(972,465)	(2,523,493)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	147,060			147,060
Other comprehensive loss, net of tax	(619,659)				(619,659)
Acquisition of common stock	(530,237)		75,000			(605,237)
Share-based compensation expense	14,175		14,175
Issuance of common stock	73,274	1	73,273
Stockholders' Equity ending balance at Mar. 31, 2020	2,796,229	$ 125	$ 2,657,169	$ 4,859,789	$ (1,592,124)	$ (3,128,730)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income, from currency, tax	$ 0

- Definition

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

+ References + Details

Unaudited Consolidated Statement of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Statement of Stockholders' Equity [Abstract]
Other comprehensive income, from currency, tax	$ 0

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 147,060			$ 172,107
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	15,788			15,132
Stock-based compensation	14,175			12,541
Provision for losses on accounts receivable	117,746			22,164
Amortization of deferred financing costs and discounts	1,354			1,205
Amortization of intangible assets and premium on receivables	48,688			52,313
Deferred income taxes	(7,322)			(2,696)
Investment loss	2,371			15,660
Other non-cash operating income	(38)			(1,574)
Changes in operating assets and liabilities (net of acquisitions/dispositions):
Accounts and other receivables	156,052			(302,395)
Prepaid expenses and other current assets	(45,149)			644
Other assets	(3,046)			(14,517)
Accounts payable, accrued expenses and customer deposits	(27,646)			326,910
Net cash provided by operating activities	420,033			297,494
Investing activities
Acquisitions, net of cash acquired	(467)			0
Purchases of property and equipment	(18,257)	$ (26,490)	$ (17,470)	(14,506)	$ (25,075)
Net cash used in investing activities	(18,724)			(14,506)
Financing activities
Proceeds from issuance of common stock	73,274			29,795
Repurchase of common stock	(530,237)			(3,322)
(Payments) borrowings on securitization facility, net	(151,973)
(Payments) borrowings on securitization facility, net				56,000
Deferred financing costs paid and debt discount	0			(284)
Principal payments on notes payable	(51,722)			(32,438)
Borrowings from revolver	573,500			0
Payments on revolver	(204,460)			(353,638)
(Payments) borrowings on swing line of credit, net	(22,741)
(Payments) borrowings on swing line of credit, net				31,032
Other	(92)			(63)
Net cash used in financing activities	(314,451)			(272,918)
Effect of foreign currency exchange rates on cash	(209,859)			(2,392)
Net (decrease) increase in cash and cash equivalents and restricted cash	(123,001)			7,678
Cash and cash equivalents and restricted cash, beginning of period	1,675,237		$ 1,372,571	1,364,893
Cash and cash equivalents and restricted cash, end of period	1,552,236	$ 1,675,237		1,372,571	$ 1,364,893
Supplemental cash flow information
Cash paid for interest	40,394			46,904
Cash paid for income taxes	$ 32,939			$ 17,894

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

Throughout this Current Report on Form 10-Q, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates.

The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Use of estimates

The preparation of financial statements in conformity with GAAP 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 financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of March 31, 2020 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the magnitude and duration of the COVID-19 pandemic, as well as other factors.

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 (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the period. Gains and losses from foreign currency transactions of these subsidiaries are included in net income.

The Company recognized the following foreign exchange gains/losses on long-term intra-entity transactions, net of tax, and foreign exchange gains/losses within the Unaudited Consolidated Statements of Comprehensive (Loss) Income as follows (in millions):


	Three Months Ended March 31,
	2020		2019
Long-term intra-entity (loss)	$	(164.1)	$	(77.0)
Foreign exchange gain	2.0		0.03

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 Unaudited Consolidated Statements of Income.

The Company recognizes all cross currency 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 14.

Cash, Cash Equivalents, and Restricted Cash

Cash and 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.

Financial Instruments-Credit Losses

The Company adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", on January 1, 2020, under which the Current Expected Credit Loss methodology for measurement of credit losses on financial assets measured at amortized cost basis, replaces the previous incurred loss impairment methodology. The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging or loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forecast economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors.

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. Revenues from contracts with customers, within the scope of ASC 606, represent approximately 80% of total consolidated revenues, net, for the three months ended March 31, 2020. The Company accounts for remaining revenues comprised of 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 also writes foreign currency forward and options contracts for its customers to facilitate future payments in foreign currencies, and recognizes revenue in accordance with authoritative fair value and derivatives accounting (ASC 815, "Derivatives").

Disaggregation of Revenues

The Company provides its services to customers across different payment solutions and geographies. Revenue by product (in millions) for the three months ended March 31 was as follows:


Revenues, net by Product*¹	Three Months Ended March 31,
	2020		%		2019		%
Fuel	$	292	43	%	$	283	47	%
Corporate Payments¹	120		18	%	96		15	%
Tolls	83		13	%	89		14	%
Lodging	57		9	%	42		7	%
Gift	42		6	%	48		8	%
Other¹	67		10	%	63		10	%
Consolidated revenues, net	$	661	100	%	$	622	100	%


¹ Reflects certain reclassifications of revenue between product categories as the Company realigned its corporate payments business, resulting in reclassification of payroll paycard revenue from corporate payments to other.
*Columns may not calculate due to rounding.

Revenue by geography (in millions) for the three months ended March 31 was as follows:


Revenues, net by Geography*	Three Months Ended March 31,
	2020		%		2019		%
United States	$	398	60	%	$	371	60	%
Brazil	99		15	%	106		17	%
United Kingdom	74		11	%	68		11	%
Other	91		14	%	77		12	%
Consolidated revenues, net	661		100	%	622		100	%


*Columns may not calculate due to rounding.

Contract Liabilities

Deferred revenue contract liabilities for customers subject to ASC 606 were $64.9 million and $71.8 million as of March 31, 2020 and December 31, 2019, respectively. We expect to recognize substantially all of these amounts in revenues within approximately 12 months. Revenue recognized in the three months ended March 31, 2020 that was included in the deferred revenue contract liability as of December 31, 2019 was approximately $18.0 million.

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. The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2020 and December 31, 2019, (in millions).


	March 31, 2020										December 31, 2019
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	911.6	$	(867.0)	$	44.6	$	1,139.1	$	(1,084.6)	$	54.5


Liabilities
Accounts Payable	$	912.2	$	(867.0)	$	45.2	$	1,140.4	$	(1,084.6)	$	55.8

Adoption of New Accounting Standards

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 Company adopted this guidance on January 1, 2020, which did not have a material impact on the Company's 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 adopted this guidance on January 1, 2020, which did not have a material impact on the Company's results of operations, financial condition, or cash flows.

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 Company adopted this guidance on January 1, 2020, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. The Company has made updates to it policies and internal controls over financial reporting as a result of the adoption. See revisions to Company's policy above.

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 Company adopted this guidance on January 1, 2020, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. The Company has made updates to it policies and internal controls over financial reporting as a result of the adoption.

Pending Adoption of Recently Issued Accounting Standard

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.

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

LeasesThe 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 Right-of-Use (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. 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.

Other assets include ROU assets, other current liabilities include short-term operating lease liabilities, and other non-current liabilities include long term lease liabilities at March 31, 2020 and 2019 as follows (in million):


	March 31, 2020		December 31, 2019
ROU Assets	$	82.1	$	84.3
Short term lease liabilities	16.3		16.9
Long term lease liabilities	80.3		81.7

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 three months ended March 31 2020 and 2019 were $5.5 million and $4.4 million, respectively.

The supplementary cash and non-cash disclosures for the three months ended March 31 are as follows (in thousands):


	March 31,
	2020	2019
Cash paid for operating lease liabilities	$5,130	$4,607
Right-of-use assets obtained in exchange for new operating lease obligations ¹	$1,494	$69,744
Weighted-average remaining lease term (years)	7.6	7.5
Weighted-average discount rate	4.33%	3.73%
¹Includes $55.9 million for operating leases existing on January 1, 2019

Maturities of lease liabilities as of March 31, 2020 were as follows (in thousands):


2020	$	19,754
2021	17,048
2022	14,899
2023	13,927
2024	13,588
Thereafter	37,246
Total lease payments	116,462
Less imputed interest	(19,862)
Present value of lease liabilities	$	96,600

Accounts Receivable

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Accounts Receivable

The Company's accounts receivable and securitized accounts receivable include the following at March 31, 2020 and December 31, 2019 (in thousands):


	March 31, 2020		December 31, 2019
Gross domestic accounts receivable	$	694,485	$	734,410
Gross domestic securitized accounts receivable	819,000		970,973
Gross foreign receivables	718,399		905,441
Total gross receivables	2,231,884		2,610,824
Less allowance for credit losses	(74,828)		(70,890)
Net accounts and securitized accounts receivable	$	2,157,056	$	2,539,934

The Company maintains a $1.2 billion revolving trade accounts receivable securitization facility (the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility relate to our U.S. trade receivables resulting from charge card activity. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding) a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers, without recourse, on a revolving basis, up to $1.2 billion of undivided ownership interests in this pool of accounts receivable to a multi-seller, asset-backed commercial paper conduit (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold to the Conduit. Purchases by the Conduit are financed with the sale of highly-rated commercial paper.

The Company utilizes proceeds from the 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 accounts receivable sold as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount.

The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments, associated with the securitized debt, are presented as cash flows from financing activities. The maturity date for the Company's Securitization Facility is November 14, 2020.

The Company recorded a $90.1 million provision for credit losses and write-off related to a customer receivable in our foreign currency trading business during the three months ended March 31, 2020. The Company's estimated expected credit losses as of March 31, 2020, included estimated adjustments for economic conditions related to COVID-19. A rollforward of the Company’s allowance for credit losses related to accounts receivable for the three months ended March 31 is as follows (in thousands):


	2020		2019
Allowance for credit losses beginning of period	$	70,890	$	59,963
Provision for credit losses	117,746		22,164
Write-offs	(113,808)		(15,933)
Allowance for credit losses end of period	$	74,828	$	66,194

Fair Value Measurements

3 Months Ended

Mar. 31, 2020

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 at March 31, 2020 and December 31, 2019, (in thousands).


	Fair Value		Level 1		Level 2		Level 3
March 31, 2020
Assets:
Repurchase agreements	$	334,565	$	—	$	334,565	$	—
Money market	56,056		—		56,056		—
Certificates of deposit	12,126		—		12,126		—

Trading securities	20,583		20,583		—		—
Foreign exchange contracts	136,343		—		136,343		—
Total assets	$	559,673	$	20,583	$	539,090	$	—
Cash collateral for foreign exchange derivative contracts	$	40,212	$	—	$	—	$	—
Liabilities:
Interest rate swaps	$	115,355	$	—	$	115,355
Foreign exchange derivative contracts	218,170		—		218,170		—
Total liabilities	$	333,525	$	—	$	333,525	$	—
Cash collateral obligation for foreign exchange contracts	$	130,166	$	—	$	—	$	—

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 derivative contracts	72,076		—		72,076		—
Total assets	$	1,010,689	$	22,955	$	987,734	$	—
Cash collateral for foreign exchange derivative 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	$	—	$	—	$	—

The Company utilizes Level 1 fair value for financial assets designated as trading securities for which there are quoted market prices. Net unrealized losses on equity securities held during the period ended March 31, 2020 totaled $13.6 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 Unaudited Consolidated Balance Sheet at March 31, 2020. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Unaudited Consolidated Balance Sheet at March 31, 2020.

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 March 31, 2020 and 2019.

The Company’s assets that are measured at fair value on a nonrecurring basis or 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. The carrying amount of investments without readily determinable fair values is $7.4 million at March 31, 2020.

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

- Definition

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

+ References + Details

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2020
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, 13,308,964 shares have been repurchased for an aggregate purchase price of $2.8 billion, leaving the Company up to $326.3 million available under the Program for future repurchases in shares of its common stock. Any stock repurchases may be made at times and in such amounts as deemed appropriate. The timing and amount of stock repurchases, if any, will depend on a variety of factors including the stock price, market conditions, corporate and regulatory requirements, and any additional constraints related to material inside information the Company may possess. Any repurchases have been and are expected to be funded by a combination of available cash flow from the business, working capital and debt. On December 18, 2019, the Company entered an accelerated stock repurchase 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 on February 20, 2020, at which time the Company 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 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.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company has Stock Incentive Plans (the "Plans") pursuant to which the Company’s Board of Directors may grant stock options or restricted stock to employees.

The table below summarizes the expense related to share-based payments recognized in the three months ended March 31, 2020 (in thousands):


	Three Months Ended March 31,
	2020		2019
Stock options	$	7,020	$	10,165
Restricted stock	7,155		2,376
Stock-based compensation	$	14,175	$	12,541

The tax benefits recorded on stock based compensation were $17.1 million and $9.9 million for the three months ended March 31, 2020 and 2019, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of March 31, 2020 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	41,338	1.92
Restricted stock	29,070		2.08
Total	$	70,408

Stock Options

Stock options are granted with an exercise price estimated to be 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 following summarizes the changes in the number of shares of common stock under option for the three months ended March 31, 2020 (shares/options and aggregate intrinsic value in thousands):


	Shares	Weighted Average Exercise Price		Options Exercisable at End of Period	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Period		Aggregate Intrinsic Value
Outstanding at December 31, 2019	6,263	$	124.38	5,137	$	109.03			$	1,022,860
Granted	243	204.30					$	48.65
Exercised	(539)	133.20							28,748
Forfeited	(53)	149.00
Outstanding at March 31, 2020	5,914	$	126.68	4,620	$	107.04			$	354,020
Expected to vest as of March 31, 2020	1,294	$	196.76

The aggregate intrinsic value of stock options exercisable at March 31, 2020 was $367.2 million. The weighted average remaining contractual term of options exercisable at March 31, 2020 was 4.5 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 three months ended March 31, 2020 and 2019:


	March 31,
	2020		2019
Risk-free interest rate	0.41	%	2.49	%
Dividend yield	—		—
Expected volatility	30.29	%	26.64	%
Expected life (in years)	3.8		4.0

Restricted Stock

Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, 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 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 during the first quarter of 2020.


						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 three months ended March 31, 2020 (shares in thousands):


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2019	243	$	246.34
Granted	71	213.90
Vested	(79)	201.09
Canceled or forfeited	(4)	251.62
Outstanding at March 31, 2020	231	$	249.52

Acquisitions

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Acquisitions

2019 Acquisitions

NvoicePay

On April 1, 2019, the Company completed the acquisition of NvoicePay, a provider of full accounts payable automation for businesses. 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. Along with the Company's acquisition of NvoicePay, the Company signed noncompete agreements with certain parties with an estimated fair value of $10.7 million.

The following table summarizes the 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 the r2c, SOLE and Travelliance acquisitions (in thousands):




Trade and other receivables	$	93,294
Prepaid expenses and other current assets	1,833
Property, plant and equipment	922
Other long term assets	4,593
Goodwill	120,569
Intangibles	82,926
Liabilities	(83,130)

Deferred tax liabilities	(11,647)
Aggregate purchase price	$	209,360

The accounting for these acquisitions is preliminary subject to working capital adjustments.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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


	December 31, 2019		Acquisition Accounting Adjustments		Foreign Currency		March 31, 2020
Segment
North America	$	3,369,173	$	1,161	$	(20,377)	$	3,349,957
Brazil	756,975		—		(171,360)		585,615
International	706,899		—		(58,590)		648,309
	$	4,833,047	$	1,161	$	(250,327)	$	4,583,881

As of March 31, 2020 and December 31, 2019, other intangible assets consisted of the following (in thousands):


		March 31, 2020										December 31, 2019
	Weighted- Avg Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount
Customer and vendor relationships	17.2	$	2,611,705	$	(987,209)	$	1,624,496	$	2,698,327	$	(943,537)	$	1,754,790
Trade names and trademarks—indefinite lived	N/A	469,786		—		469,786		496,306		—		496,306
Trade names and trademarks—other	13.2	5,267		(2,947)		2,320		5,384		(2,877)		2,507
Software	5.9	234,292		(183,241)		51,051		242,783		(180,839)		61,944
Non-compete agreements	4.0	62,719		(40,630)		22,089		65,560		(39,225)		26,335
Total other intangibles		$	3,383,769	$	(1,214,027)	$	2,169,742	$	3,508,360	$	(1,166,478)	$	2,341,882

Changes in foreign exchange rates resulted in a $124.6 million decrease to the carrying values of other intangible assets in the three months ended March 31, 2020. Amortization expense related to intangible assets for the three months ended March 31, 2020 and 2019 was $47.6 million and $51.2 million, respectively.

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

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


	March 31, 2020		December 31, 2019
Term Loan A note payable (a), net of discounts	$	3,041,115	$	3,080,789
Term Loan B note payable (a), net of discounts	339,698		340,481
Revolving line of credit A Facility(a)	545,000		325,000
Revolving line of credit B Facility(a)	326,858		225,477
Revolving line of credit C Facility(a)	35,000		—
Revolving line of credit B Facility - foreign swing line (a)	25,696		52,038
Other debt(c)	27,344		42,027
Total notes payable and other obligations	4,340,711		4,065,812
Securitization Facility(b)	819,000		970,973
Total notes payable, credit agreements and Securitization Facility	$	5,159,711	$	5,036,785
Current portion	$	1,913,470	$	1,746,838
Long-term portion	3,246,241		3,289,947
Total notes payable, credit agreements and Securitization Facility	$	5,159,711	$	5,036,785

______________________

(a)The Company has a Credit Agreement that 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 March 31, 2020. 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 currency as agreed in advance, and a sublimit for swing line loans, and (c) a revolving C facility in the amount of $35 million for 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 loan B 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 loan B facility accrues based on the Eurocurrency Rate plus 1.75% for Eurocurrency Loans or 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 March 31, 2020, the interest rate on the term loan A was 2.49% and the interest rate on the term loan B was 2.74%. The unused credit facility fee was 0.30% for all revolving facilities at March 31, 2020.

(b)The Company is party to a $1.2 billion 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 March 31, 2020 and December 31, 2019. The program fee was 1.65% plus 0.88% as of March 31, 2020 and 1.80% plus 0.88% as of December 31, 2019. The unused facility fee is payable at a rate of 0.40% per annum as of March 31, 2020 and December 31, 2019. We have unamortized debt issuance costs of $0.5 million and $0.7 million related to the Securitization Facility as of March 31, 2020 and December 31, 2019, respectively, recorded within other assets in the unaudited consolidated balance sheet.

(c)Other debt includes the long-term portion of deferred payments associated with business acquisitions and deferred revenue. The Company was in compliance with all financial and non-financial covenants at March 31, 2020. The Company has entered into interest rate swap cash flow contracts with U.S. dollar notional amounts in order to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt. Refer to Footnote 14 for further details.

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The Company's tax provision or benefit from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates the estimate of the annual effective tax rate, and if our estimated tax rate changes, makes a cumulative adjustment. The Company's quarterly tax provision and quarterly estimate of the annual effective tax rate are subject to significant variation due to several factors, including variability in accurately predicting the pre-tax and taxable income and loss and the mix of jurisdictions to which they relate. Additionally, the Company's effective tax rate can be more or less volatile based on the amount of pre-tax income or loss. For example, the impact of discrete items and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower.

The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2019 and 2018 to income before income taxes for the three months ended March 31, 2020 and 2019 due to the following (in thousands):


	2020						2019
Computed “expected” tax expense	$	36,182	21.0	%	$	48,141	21.0	%
Changes resulting from:
Foreign income tax differential	(8,112)		(4.7)	%	(4,692)		(2.0)	%
Excess tax benefit related to stock-based compensation	(17,098)		(9.9)	%	(6,385)		(2.8)	%
State taxes net of federal benefits	774		0.4	%	3,550		1.5	%
Foreign-sourced nontaxable income	14		—	%	(56)		—	%
Foreign withholding	4,585		2.7	%	5,275		2.3	%
GILTI, net of foreign tax credits	2,426		1.4	%	2,433		1.1	%
Change in valuation allowance and remeasurement of related deferred tax asset	7,651		4.4	%	3,289		1.4	%




Other	(1,183)		(0.7)	%	5,579		2.4	%
Provision for income taxes	$	25,239	14.6	%	$	57,134	24.9	%

Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three months ended March 31, 2020, and 2019 is as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2020		2019
Net income	$	147,060	$	172,107
Denominator for basic earnings per share	84,902		85,941
Dilutive securities	3,303		3,303
Denominator for diluted earnings per share	88,205		89,244
Basic earnings per share	$	1.73	$	2.00
Diluted earnings per share	$	1.67	$	1.93

Diluted earnings per share for the three months ended March 31, 2020 and 2019 excludes the effect of 0.1 million of common stock that may be issued upon the exercise of employee stock options because such effect would be anti-dilutive, respectively. Diluted earnings per share also excludes the effect of 0.1 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for both the three month periods ended March 31, 2020 and 2019, respectively.

Segments

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segments

As previously described in our Annual Report on Form 10-K for the year ended December 31, 2019, the Company has historically managed and reported our operating results through two reportable segments, defined by geographic region: North America and International. In the first quarter of 2020, we evaluated the identification of our operating and reportable segments based upon changes in business models, management reporting, and how the Chief Operating Decision Maker (CODM) is currently allocating resources, assessing performance and reviewing financial information. We determined that this change caused the composition of our reportable segments to change and that Brazil represented a third operating and reportable segment, which was previously reported in the International segment. We now manage and report our operating results through three operating and reportable segments defined by geographic region: North America, Brazil and International, which aligns with how the CODM allocates resources, assesses performance and reviews financial information. This change in reporting segments did not impact our determination of reporting units. We are furnishing supplemental historical segment information, which conforms to the new reportable segment structure.

The Company’s segment results are as follows for the three month periods ended March 31, 2020 and 2019 (in thousands):


	Three Months Ended March 31,
	2020		2019
Revenues, net:
North America	$	434,692	$	396,899
Brazil	98,978		105,699
International	127,423		119,227
	$	661,093	$	621,825
Operating income:
North America	$	85,740	$	172,379
Brazil	39,442		42,154
International	75,801		69,643
	$	200,983	$	284,176
Depreciation and amortization:
North America	$	37,976	$	38,292
Brazil	14,589		16,794
International	11,911		12,359
	$	64,476	$	67,445
Capital expenditures:
North America	$	11,264	$	8,377
Brazil	3,331		4,154
International	3,662		1,975
	$	18,257	$	14,506


Fiscal Quarters Year Ended December 31, 2019 (in thousands)	First		Second		Third		Fourth
Revenues, net:
North America	$	396,899	$	417,941	$	442,704	$	451,002
Brazil	105,699		103,581		106,574		112,067
International	119,227		125,572		131,770		135,812
	$	621,825	$	647,094	$	681,048	$	698,881
Operating income:
North America	$	172,379	$	184,293	$	205,558	$	192,511
Brazil	42,154		42,261		42,469		48,545
International	69,643		70,763		81,114		79,740
	$	284,176	$	297,317	$	329,141	$	320,796
Depreciation and amortization:
North America	$	38,292	$	41,875	$	39,309	$	40,770
Brazil	16,794		16,296		16,224		15,622
International	12,359		12,737		11,814		12,118
	$	67,445	$	70,908	$	67,347	$	68,510
Capital expenditures:
North America	$	8,377	$	11,306	$	10,340	$	14,215
Brazil	4,154		3,823		4,296		6,057
International	1,975		2,341		2,070		6,218
	$	14,506	$	17,470	$	16,706	$	26,490


Fiscal Quarters Year Ended December 31, 2018 (in thousands)	First		Second		Third		Fourth
Revenues, net:
North America	$	364,270	$	370,949	$	412,816	$	423,432
Brazil	107,105		96,336		92,403		104,267
International	114,125		117,700		114,367		115,723
	$	585,500	$	584,985	$	619,586	$	643,422
Operating income:
North America	$	154,798	$	159,904	$	178,262	$	181,513
Brazil	43,436		36,896		36,976		41,414
International	61,853		67,983		65,852		61,811
	$	260,087	$	264,783	$	281,090	$	284,738
Depreciation and amortization:
North America	$	38,675	$	38,317	$	39,049	$	38,364
Brazil	18,833		16,643		15,147		16,544
International	13,994		13,650		13,071		12,322
	$	71,502	$	68,610	$	67,267	$	67,230
Capital expenditures:
North America	$	8,411	$	11,685	$	12,604	$	3,814
Brazil	4,372		3,897		5,357		8,430
International	2,431		3,818		3,737		12,831
	$	15,214	$	19,400	$	21,698	$	25,075


	Years Ended December 31,
	2019		2018
Long-lived assets (excluding goodwill and investments)¹
North America	$	1,860,708	$	1,799,149
Brazil	487,464		541,891
International	418,311		400,703
	$	2,766,483	$	2,741,743

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

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
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. 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 November 7, 2019, the lead plaintiff filed a 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. Final approval of the settlement was granted by the court on April 14, 2020. 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. FLEETCOR moved to dismiss the amended complaint in the Federal Derivative Action on April 17, 2020. 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.

Derivative Financial Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging Activities

Foreign Currency Derivatives

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 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. Concentrations of credit and performance risk may exist with counterparties, as we are engaged in similar activities with similar economic characteristics related to fluctuations in foreign currency rates. 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 March 31, 2020 and December 31, 2019 (in millions) is presented in the table below.


	Notional
	March 31, 2020		December 31, 2019
Foreign exchange contracts:
Swaps	$	662.6	$	599.5
Futures, forwards and spot	4,700.9		3,017.1
Written options	7,940.1		6,393.9
Purchased options	5,825.0		5,830.8
Total	$	19,128.6	$	15,841.3

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

The following table summarizes the fair value of foreign currency derivatives reported in the Unaudited Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 (in millions):


	March 31, 2020														December 31, 2019
	Fair Value, Gross						Fair Value, Net						Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	253.0	$	334.8	$	136.3	$	218.2	$	114.9	$	103.8	$	72.1	$	60.9
Cash collateral	40.2		130.2		40.2		130.2		6.1		25.6		6.1		25.6
Total net of cash collateral	$	212.8	$	204.6	$	96.1	$	88.0	$	108.8	$	78.2	$	66.0	$	35.3

The fair values of derivative assets and liabilities associated with contracts, which include netting terms that the Company believes to be enforceable have been recorded net within the Unaudited Consolidated Balance Sheets. The Company recognizes all derivative assets, net in prepaid expense and other current assets and all derivative liabilities, net in other current liabilities, after netting at the customer level, as right of offset exists, in its Unaudited Consolidated Balance Sheets at their fair value. The gain or loss on the change in fair value of derivative contracts is recognized immediately within revenues, net in the Unaudited Consolidated Statements of Income. The Company receives cash from customers as collateral for trade exposures, which is recorded within cash and cash equivalents and customer deposits in the Unaudited 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. The Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral.

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 March 31, 2020, 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 March 31, 2020		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 Unaudited Consolidated Balance Sheets, as of March 31, 2020 (in millions). See footnote 4 for additional information on the fair value of the Company’s swap contracts.

As of March 31, 2020

Balance Sheet Location

Fair Value

Derivatives designated as cash flow hedges:

Swap contracts

Other liabilities

115.4

The table below displays the effect of the Company’s derivative financial instruments in the Unaudited Consolidated Statement of Income and other comprehensive loss for the three months ended March 31, 2020 (in millions):


	2020
Interest Rate Swaps:
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $14.4 million	$	44.5
Amount of loss reclassified from accumulated other comprehensive income into interest expense	4.4

The estimated net amount of the existing losses expected to be reclassified into earnings within the next 12 months is approximately $45.4 million at March 31, 2020.

Accumulated Other Comprehensive Loss (AOCI)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Accumulated Other Comprehensive Loss (AOCI)

The changes in the components of AOCI for the three months ended March 31, 2020 and 2019 are as follows (in thousands):


	Cumulative Foreign Currency Translation		Unrealized Gains/Losses on Derivative Instruments		Unrealized Gains/Losses on Marketable Securities
Balance at January 1, 2020	$	(929,713)	$	(42,752)	$	(972,465)
Other comprehensive income/(loss) before reclassifications	(575,118)		(63,351)		(638,469)
Amounts reclassified from AOCI	—		4,414		4,414
Tax effect	—		14,396		14,396
Other Comprehensive income/(loss)	$	(575,118)	$	(44,541)	$	(619,659)
Balance at March 31, 2020	$	(1,504,831)	$	(87,293)	$	(1,592,124)


	Cumulative Foreign Currency Translation		Unrealized Gains/Losses on Derivative Instruments		Unrealized Gains/Losses on Marketable Securities
Balance at January 1, 2019	$	(913,858)	$	0	$	(913,858)
Other comprehensive income/(loss) before reclassifications	373		(27,761)		(27,388)
Amounts reclassified from AOCI	—		191		191
Tax effect	—		6,863		6,863
Other Comprehensive income/(loss)	$	373	$	(20,707)	$	(20,334)
Balance at March 31, 2019	$	(913,485)	$	(20,707)	$	(934,192)

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 24, 2020, the Company entered into the eighth amendment to the Credit Agreement, which included a revolving D facility in the amount of $250 million. The revolver D maturity date is April 23, 2021. Additionally, on April 24, 2020, the Company decreased its Securitization Facility from $1.2 billion to $1.0 billion.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Throughout this Current Report on Form 10-Q, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP 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 financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of March 31, 2020 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the magnitude and duration of the COVID-19 pandemic, as well as other factors.
Foreign Currency Translation	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 (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the period. Gains and losses from foreign currency transactions of these subsidiaries are included in net income.
Derivatives	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 Unaudited Consolidated Statements of Income. The Company recognizes all cross currency 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.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash Cash and 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.
Financial Instruments-Credit Losses	Financial Instruments-Credit Losses The Company adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", on January 1, 2020, under which the Current Expected Credit Loss methodology for measurement of credit losses on financial assets measured at amortized cost basis, replaces the previous incurred loss impairment methodology. The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging or loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forecast economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors.
Revenue	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. Revenues from contracts with customers, within the scope of ASC 606, represent approximately 80% of total consolidated revenues, net, for the three months ended March 31, 2020. The Company accounts for remaining revenues comprised of 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 also writes foreign currency forward and options contracts for its customers to facilitate future payments in foreign currencies, and recognizes revenue in accordance with authoritative fair value and derivatives accounting (ASC 815, "Derivatives").
Spot Trade Offsetting	Spot Trade OffsettingThe 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 Accounting Standards	Adoption of New Accounting Standards 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 Company adopted this guidance on January 1, 2020, which did not have a material impact on the Company's 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 adopted this guidance on January 1, 2020, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. 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 Company adopted this guidance on January 1, 2020, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. The Company has made updates to it policies and internal controls over financial reporting as a result of the adoption. See revisions to Company's policy above. 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 Company adopted this guidance on January 1, 2020, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. The Company has made updates to it policies and internal controls over financial reporting as a result of the adoption. Pending Adoption of Recently Issued Accounting Standard 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.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of Foreign Exchange Gains/Losses on LongTerm IntraEquity Transactions


	Three Months Ended March 31,
	2020		2019
Long-term intra-entity (loss)	$	(164.1)	$	(77.0)
Foreign exchange gain	2.0		0.03

Disaggregation of Revenue

The Company provides its services to customers across different payment solutions and geographies. Revenue by product (in millions) for the three months ended March 31 was as follows:


Revenues, net by Product*¹	Three Months Ended March 31,
	2020		%		2019		%
Fuel	$	292	43	%	$	283	47	%
Corporate Payments¹	120		18	%	96		15	%
Tolls	83		13	%	89		14	%
Lodging	57		9	%	42		7	%
Gift	42		6	%	48		8	%
Other¹	67		10	%	63		10	%
Consolidated revenues, net	$	661	100	%	$	622	100	%


¹ Reflects certain reclassifications of revenue between product categories as the Company realigned its corporate payments business, resulting in reclassification of payroll paycard revenue from corporate payments to other.
*Columns may not calculate due to rounding.

Revenue by geography (in millions) for the three months ended March 31 was as follows:


Revenues, net by Geography*	Three Months Ended March 31,
	2020		%		2019		%
United States	$	398	60	%	$	371	60	%
Brazil	99		15	%	106		17	%
United Kingdom	74		11	%	68		11	%
Other	91		14	%	77		12	%
Consolidated revenues, net	661		100	%	622		100	%


*Columns may not calculate due to rounding.

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2020 and December 31, 2019, (in millions).


	March 31, 2020										December 31, 2019
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	911.6	$	(867.0)	$	44.6	$	1,139.1	$	(1,084.6)	$	54.5


Liabilities
Accounts Payable	$	912.2	$	(867.0)	$	45.2	$	1,140.4	$	(1,084.6)	$	55.8

Schedule of Derivative Liabilities at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at March 31, 2020 and December 31, 2019, (in millions).


	March 31, 2020										December 31, 2019
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	911.6	$	(867.0)	$	44.6	$	1,139.1	$	(1,084.6)	$	54.5


Liabilities
Accounts Payable	$	912.2	$	(867.0)	$	45.2	$	1,140.4	$	(1,084.6)	$	55.8

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Lessee, Other Assets and Other Current Liabilities


	March 31, 2020		December 31, 2019
ROU Assets	$	82.1	$	84.3
Short term lease liabilities	16.3		16.9
Long term lease liabilities	80.3		81.7

Lease, Cost

The supplementary cash and non-cash disclosures for the three months ended March 31 are as follows (in thousands):


	March 31,
	2020	2019
Cash paid for operating lease liabilities	$5,130	$4,607
Right-of-use assets obtained in exchange for new operating lease obligations ¹	$1,494	$69,744
Weighted-average remaining lease term (years)	7.6	7.5
Weighted-average discount rate	4.33%	3.73%
¹Includes $55.9 million for operating leases existing on January 1, 2019

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities as of March 31, 2020 were as follows (in thousands):


2020	$	19,754
2021	17,048
2022	14,899
2023	13,927
2024	13,588
Thereafter	37,246
Total lease payments	116,462
Less imputed interest	(19,862)
Present value of lease liabilities	$	96,600

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Company's Accounts Receivable and Securitized Accounts Receivable

The Company's accounts receivable and securitized accounts receivable include the following at March 31, 2020 and December 31, 2019 (in thousands):


	March 31, 2020		December 31, 2019
Gross domestic accounts receivable	$	694,485	$	734,410
Gross domestic securitized accounts receivable	819,000		970,973
Gross foreign receivables	718,399		905,441
Total gross receivables	2,231,884		2,610,824
Less allowance for credit losses	(74,828)		(70,890)
Net accounts and securitized accounts receivable	$	2,157,056	$	2,539,934

Allowance for Doubtful Accounts Related to Accounts Receivable

A rollforward of the Company’s allowance for credit losses related to accounts receivable for the three months ended March 31 is as follows (in thousands):


	2020		2019
Allowance for credit losses beginning of period	$	70,890	$	59,963
Provision for credit losses	117,746		22,164
Write-offs	(113,808)		(15,933)
Allowance for credit losses end of period	$	74,828	$	66,194

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 at March 31, 2020 and December 31, 2019, (in thousands).


	Fair Value		Level 1		Level 2		Level 3
March 31, 2020
Assets:
Repurchase agreements	$	334,565	$	—	$	334,565	$	—
Money market	56,056		—		56,056		—
Certificates of deposit	12,126		—		12,126		—

Trading securities	20,583		20,583		—		—
Foreign exchange contracts	136,343		—		136,343		—
Total assets	$	559,673	$	20,583	$	539,090	$	—
Cash collateral for foreign exchange derivative contracts	$	40,212	$	—	$	—	$	—
Liabilities:
Interest rate swaps	$	115,355	$	—	$	115,355
Foreign exchange derivative contracts	218,170		—		218,170		—
Total liabilities	$	333,525	$	—	$	333,525	$	—
Cash collateral obligation for foreign exchange contracts	$	130,166	$	—	$	—	$	—

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 derivative contracts	72,076		—		72,076		—
Total assets	$	1,010,689	$	22,955	$	987,734	$	—
Cash collateral for foreign exchange derivative 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	$	—	$	—	$	—

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Expense Related to Share-Based Payments

The table below summarizes the expense related to share-based payments recognized in the three months ended March 31, 2020 (in thousands):


	Three Months Ended March 31,
	2020		2019
Stock options	$	7,020	$	10,165
Restricted stock	7,155		2,376
Stock-based compensation	$	14,175	$	12,541

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 March 31, 2020 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	41,338	1.92
Restricted stock	29,070		2.08
Total	$	70,408

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 three months ended March 31, 2020 (shares/options and aggregate intrinsic value in thousands):


	Shares	Weighted Average Exercise Price		Options Exercisable at End of Period	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Period		Aggregate Intrinsic Value
Outstanding at December 31, 2019	6,263	$	124.38	5,137	$	109.03			$	1,022,860
Granted	243	204.30					$	48.65
Exercised	(539)	133.20							28,748
Forfeited	(53)	149.00
Outstanding at March 31, 2020	5,914	$	126.68	4,620	$	107.04			$	354,020
Expected to vest as of March 31, 2020	1,294	$	196.76

Schedule of Weighted-Average Assumptions


	March 31,
	2020		2019
Risk-free interest rate	0.41	%	2.49	%
Dividend yield	—		—
Expected volatility	30.29	%	26.64	%
Expected life (in years)	3.8		4.0

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 during the first quarter of 2020.


						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 three months ended March 31, 2020 (shares in thousands):


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2019	243	$	246.34
Granted	71	213.90
Vested	(79)	201.09
Canceled or forfeited	(4)	251.62
Outstanding at March 31, 2020	231	$	249.52

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Summary of Acquisition Accounting

The following table summarizes the 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 following table summarizes the preliminary acquisition accounting for the r2c, SOLE and Travelliance acquisitions (in thousands):




Trade and other receivables	$	93,294
Prepaid expenses and other current assets	1,833
Property, plant and equipment	922
Other long term assets	4,593
Goodwill	120,569
Intangibles	82,926
Liabilities	(83,130)

Deferred tax liabilities	(11,647)
Aggregate purchase price	$	209,360

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

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


	Useful Lives (in Years)	Value
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

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill by Reportable Business Segment

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


	December 31, 2019		Acquisition Accounting Adjustments		Foreign Currency		March 31, 2020
Segment
North America	$	3,369,173	$	1,161	$	(20,377)	$	3,349,957
Brazil	756,975		—		(171,360)		585,615
International	706,899		—		(58,590)		648,309
	$	4,833,047	$	1,161	$	(250,327)	$	4,583,881

Schedule of Other Intangible Assets

As of March 31, 2020 and December 31, 2019, other intangible assets consisted of the following (in thousands):


		March 31, 2020										December 31, 2019
	Weighted- Avg Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount
Customer and vendor relationships	17.2	$	2,611,705	$	(987,209)	$	1,624,496	$	2,698,327	$	(943,537)	$	1,754,790
Trade names and trademarks—indefinite lived	N/A	469,786		—		469,786		496,306		—		496,306
Trade names and trademarks—other	13.2	5,267		(2,947)		2,320		5,384		(2,877)		2,507
Software	5.9	234,292		(183,241)		51,051		242,783		(180,839)		61,944
Non-compete agreements	4.0	62,719		(40,630)		22,089		65,560		(39,225)		26,335
Total other intangibles		$	3,383,769	$	(1,214,027)	$	2,169,742	$	3,508,360	$	(1,166,478)	$	2,341,882

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of Debt Instruments

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


	March 31, 2020		December 31, 2019
Term Loan A note payable (a), net of discounts	$	3,041,115	$	3,080,789
Term Loan B note payable (a), net of discounts	339,698		340,481
Revolving line of credit A Facility(a)	545,000		325,000
Revolving line of credit B Facility(a)	326,858		225,477
Revolving line of credit C Facility(a)	35,000		—
Revolving line of credit B Facility - foreign swing line (a)	25,696		52,038
Other debt(c)	27,344		42,027
Total notes payable and other obligations	4,340,711		4,065,812
Securitization Facility(b)	819,000		970,973
Total notes payable, credit agreements and Securitization Facility	$	5,159,711	$	5,036,785
Current portion	$	1,913,470	$	1,746,838
Long-term portion	3,246,241		3,289,947
Total notes payable, credit agreements and Securitization Facility	$	5,159,711	$	5,036,785

______________________

(c)Other debt includes the long-term portion of deferred payments associated with business acquisitions and deferred revenue.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

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


	2020						2019
Computed “expected” tax expense	$	36,182	21.0	%	$	48,141	21.0	%
Changes resulting from:
Foreign income tax differential	(8,112)		(4.7)	%	(4,692)		(2.0)	%
Excess tax benefit related to stock-based compensation	(17,098)		(9.9)	%	(6,385)		(2.8)	%
State taxes net of federal benefits	774		0.4	%	3,550		1.5	%
Foreign-sourced nontaxable income	14		—	%	(56)		—	%
Foreign withholding	4,585		2.7	%	5,275		2.3	%
GILTI, net of foreign tax credits	2,426		1.4	%	2,433		1.1	%
Change in valuation allowance and remeasurement of related deferred tax asset	7,651		4.4	%	3,289		1.4	%




Other	(1,183)		(0.7)	%	5,579		2.4	%
Provision for income taxes	$	25,239	14.6	%	$	57,134	24.9	%

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

The calculation and reconciliation of basic and diluted earnings per share for the three months ended March 31, 2020, and 2019 is as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2020		2019
Net income	$	147,060	$	172,107
Denominator for basic earnings per share	84,902		85,941
Dilutive securities	3,303		3,303
Denominator for diluted earnings per share	88,205		89,244
Basic earnings per share	$	1.73	$	2.00
Diluted earnings per share	$	1.67	$	1.93

Segments (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of Company's Segment Results

The Company’s segment results are as follows for the three month periods ended March 31, 2020 and 2019 (in thousands):


	Three Months Ended March 31,
	2020		2019
Revenues, net:
North America	$	434,692	$	396,899
Brazil	98,978		105,699
International	127,423		119,227
	$	661,093	$	621,825
Operating income:
North America	$	85,740	$	172,379
Brazil	39,442		42,154
International	75,801		69,643
	$	200,983	$	284,176
Depreciation and amortization:
North America	$	37,976	$	38,292
Brazil	14,589		16,794
International	11,911		12,359
	$	64,476	$	67,445
Capital expenditures:
North America	$	11,264	$	8,377
Brazil	3,331		4,154
International	3,662		1,975
	$	18,257	$	14,506


Fiscal Quarters Year Ended December 31, 2019 (in thousands)	First		Second		Third		Fourth
Revenues, net:
North America	$	396,899	$	417,941	$	442,704	$	451,002
Brazil	105,699		103,581		106,574		112,067
International	119,227		125,572		131,770		135,812
	$	621,825	$	647,094	$	681,048	$	698,881
Operating income:
North America	$	172,379	$	184,293	$	205,558	$	192,511
Brazil	42,154		42,261		42,469		48,545
International	69,643		70,763		81,114		79,740
	$	284,176	$	297,317	$	329,141	$	320,796
Depreciation and amortization:
North America	$	38,292	$	41,875	$	39,309	$	40,770
Brazil	16,794		16,296		16,224		15,622
International	12,359		12,737		11,814		12,118
	$	67,445	$	70,908	$	67,347	$	68,510
Capital expenditures:
North America	$	8,377	$	11,306	$	10,340	$	14,215
Brazil	4,154		3,823		4,296		6,057
International	1,975		2,341		2,070		6,218
	$	14,506	$	17,470	$	16,706	$	26,490


Fiscal Quarters Year Ended December 31, 2018 (in thousands)	First		Second		Third		Fourth
Revenues, net:
North America	$	364,270	$	370,949	$	412,816	$	423,432
Brazil	107,105		96,336		92,403		104,267
International	114,125		117,700		114,367		115,723
	$	585,500	$	584,985	$	619,586	$	643,422
Operating income:
North America	$	154,798	$	159,904	$	178,262	$	181,513
Brazil	43,436		36,896		36,976		41,414
International	61,853		67,983		65,852		61,811
	$	260,087	$	264,783	$	281,090	$	284,738
Depreciation and amortization:
North America	$	38,675	$	38,317	$	39,049	$	38,364
Brazil	18,833		16,643		15,147		16,544
International	13,994		13,650		13,071		12,322
	$	71,502	$	68,610	$	67,267	$	67,230
Capital expenditures:
North America	$	8,411	$	11,685	$	12,604	$	3,814
Brazil	4,372		3,897		5,357		8,430
International	2,431		3,818		3,737		12,831
	$	15,214	$	19,400	$	21,698	$	25,075

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas


	Years Ended December 31,
	2019		2018
Long-lived assets (excluding goodwill and investments)¹
North America	$	1,860,708	$	1,799,149
Brazil	487,464		541,891
International	418,311		400,703
	$	2,766,483	$	2,741,743

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

Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions


	Notional
	March 31, 2020		December 31, 2019
Foreign exchange contracts:
Swaps	$	662.6	$	599.5
Futures, forwards and spot	4,700.9		3,017.1
Written options	7,940.1		6,393.9
Purchased options	5,825.0		5,830.8
Total	$	19,128.6	$	15,841.3

As of March 31, 2020, 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 March 31, 2020		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

Schedule of Derivative Assets at Fair Value

The following table summarizes the fair value of foreign currency derivatives reported in the Unaudited Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 (in millions):


	March 31, 2020														December 31, 2019
	Fair Value, Gross						Fair Value, Net						Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	253.0	$	334.8	$	136.3	$	218.2	$	114.9	$	103.8	$	72.1	$	60.9
Cash collateral	40.2		130.2		40.2		130.2		6.1		25.6		6.1		25.6
Total net of cash collateral	$	212.8	$	204.6	$	96.1	$	88.0	$	108.8	$	78.2	$	66.0	$	35.3

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

As of March 31, 2020

Balance Sheet Location

Fair Value

Derivatives designated as cash flow hedges:

Swap contracts

Other liabilities

115.4

Derivative Instruments, Gain (Loss)


	2020
Interest Rate Swaps:
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $14.4 million	$	44.5
Amount of loss reclassified from accumulated other comprehensive income into interest expense	4.4

Accumulated Other Comprehensive Loss (AOCI) (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in the components of AOCI for the three months ended March 31, 2020 and 2019 are as follows (in thousands):


	Cumulative Foreign Currency Translation		Unrealized Gains/Losses on Derivative Instruments		Unrealized Gains/Losses on Marketable Securities
Balance at January 1, 2020	$	(929,713)	$	(42,752)	$	(972,465)
Other comprehensive income/(loss) before reclassifications	(575,118)		(63,351)		(638,469)
Amounts reclassified from AOCI	—		4,414		4,414
Tax effect	—		14,396		14,396
Other Comprehensive income/(loss)	$	(575,118)	$	(44,541)	$	(619,659)
Balance at March 31, 2020	$	(1,504,831)	$	(87,293)	$	(1,592,124)


	Cumulative Foreign Currency Translation		Unrealized Gains/Losses on Derivative Instruments		Unrealized Gains/Losses on Marketable Securities
Balance at January 1, 2019	$	(913,858)	$	0	$	(913,858)
Other comprehensive income/(loss) before reclassifications	373		(27,761)		(27,388)
Amounts reclassified from AOCI	—		191		191
Tax effect	—		6,863		6,863
Other Comprehensive income/(loss)	$	373	$	(20,707)	$	(20,334)
Balance at March 31, 2019	$	(913,485)	$	(20,707)	$	(934,192)

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Foreign exchange gains (losses)	$ 2,000	$ 30
Intra-entity Transactions
Related Party Transaction [Line Items]
Foreign exchange gains (losses)	$ (164,100)	$ (77,000)

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue contract liability	$ 64.9		$ 71.8
Performance obligation timing	We expect to recognize substantially all of these amounts in revenues within approximately 12 months.
Deferred revenue recognized	$ 18.0
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Derivative term of contract	1 year
Sales Revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Consolidated revenues, net (percent)	100.00%	100.00%
Contracts with customers \| Sales Revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Consolidated revenues, net (percent)	80.00%

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues, net	$ 661,093	$ 698,881	$ 681,048	$ 647,094	$ 621,825	$ 643,422	$ 619,586	$ 584,985	$ 585,500
Fuel
Disaggregation of Revenue [Line Items]
Revenues, net	292,000				283,000
Corporate Payments
Disaggregation of Revenue [Line Items]
Revenues, net	120,000				96,000
Tolls
Disaggregation of Revenue [Line Items]
Revenues, net	83,000				89,000
Lodging
Disaggregation of Revenue [Line Items]
Revenues, net	57,000				42,000
Gift
Disaggregation of Revenue [Line Items]
Revenues, net	42,000				48,000
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 67,000				$ 63,000
Sales Revenue
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	100.00%				100.00%
Sales Revenue \| Fuel
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	43.00%				47.00%
Sales Revenue \| Corporate Payments
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	18.00%				15.00%
Sales Revenue \| Tolls
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	13.00%				14.00%
Sales Revenue \| Lodging
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	9.00%				7.00%
Sales Revenue \| Gift
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	6.00%				8.00%
Sales Revenue \| Other
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	10.00%				10.00%
United States
Disaggregation of Revenue [Line Items]
Revenues, net	$ 398,000				$ 371,000
United States \| Sales Revenue
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	60.00%				60.00%
Brazil
Disaggregation of Revenue [Line Items]
Revenues, net	$ 99,000				$ 106,000
Brazil \| Sales Revenue
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	15.00%				17.00%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues, net	$ 74,000				$ 68,000
United Kingdom \| Sales Revenue
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	11.00%				11.00%
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 91,000				$ 77,000
Other \| Sales Revenue
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	14.00%				12.00%

Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - Spot Trade - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accounts Receivable
Assets:
Gross	$ 911.6	$ 1,139.1
Offset on the Balance Sheet	(867.0)	(1,084.6)
Net	44.6	54.5
Accounts Payable
Liabilities:
Gross Liabilities	912.2	1,140.4
Offset on the Balance Sheet	(867.0)	(1,084.6)
Net Liabilities	$ 45.2	$ 55.8

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Lease cost	$ 5.5	$ 4.4
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	30 years
Renewal term	5 years

Leases - Other Assets and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
ROU Assets	$ 82.1	$ 84.3
Short term lease liabilities	16.3	16.9
Long term lease liabilities	$ 80.3	$ 81.7

Leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Cash paid for operating lease liabilities	$ 5,130	$ 4,607
Right-of-use assets obtained in exchange for new operating lease obligations	$ 1,494	$ 69,744
Weighted-average remaining lease term (years)	7 years 7 months 6 days	7 years 6 months
Weighted-average discount rate	4.33%	3.73%
Lessee, Lease, Description [Line Items]
ROU Assets	$ 82,100	$ 84,300
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
ROU Assets			$ 55,900

Leases - Schedule of Lease Maturities (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
2020	$ 19,754
2021	17,048
2022	14,899
2023	13,927
2024	13,588
Thereafter	37,246
Total lease payments	116,462
Less imputed interest	(19,862)
Present value of lease liabilities	$ 96,600

Accounts Receivable - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 2,231,884	$ 2,610,824
Less allowance for credit losses	(74,828)	(70,890)	$ (66,194)	$ (59,963)
Net accounts and securitized accounts receivable	2,157,056	2,539,934
Gross domestic accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	694,485	734,410
Gross domestic securitized accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	819,000	970,973
Gross foreign receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 718,399	$ 905,441

Accounts Receivable - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum undivided ownership interest pooled accounts receivable amount sold	$ 1,200,000,000
Provision for credit losses	117,746,000	$ 22,164,000
Gross foreign receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	90,100,000
Securitization Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitized accounts receivable facility	$ 1,200,000,000

Accounts Receivable - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses beginning of period	$ 70,890	$ 59,963
Provision for credit losses	117,746	22,164
Write-offs	(113,808)	(15,933)
Allowance for credit losses end of period	$ 74,828	$ 66,194

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Assets:
Trading securities	$ 20,583	$ 22,955
Total assets	559,673	1,010,689
Liabilities:
Total liabilities	333,525	117,327
Net unrealized losses on equity securities	13,600
Carrying amount of investments without readily determinable fair value	7,400
Interest rate swaps
Liabilities:
Derivative liability	115,355	56,418
Foreign exchange contracts
Assets:
Foreign exchange contracts	136,343	72,076
Cash collateral for foreign exchange derivative contracts	40,212	6,086
Liabilities:
Derivative liability	218,170	60,909
Cash collateral obligation for foreign exchange contracts	130,166	25,618
Repurchase agreements
Assets:
Cash and cash equivalents	334,565	833,658
Money market
Assets:
Cash and cash equivalents	56,056	54,978
Certificates of deposit
Assets:
Cash and cash equivalents	12,126	27,022
Level 1
Assets:
Trading securities	20,583	22,955
Total assets	20,583	22,955
Liabilities:
Total liabilities	0	0
Level 1 \| Interest rate swaps
Liabilities:
Derivative liability	0	0
Level 1 \| Foreign exchange contracts
Assets:
Foreign exchange contracts	0	0
Cash collateral for foreign exchange derivative contracts	0	0
Liabilities:
Derivative liability	0	0
Cash collateral obligation for foreign exchange contracts	0	0
Level 1 \| Repurchase agreements
Assets:
Cash and cash equivalents	0	0
Level 1 \| Money market
Assets:
Cash and cash equivalents	0	0
Level 1 \| Certificates of deposit
Assets:
Cash and cash equivalents	0	0
Level 2
Assets:
Trading securities	0	0
Total assets	539,090	987,734
Liabilities:
Total liabilities	333,525	117,327
Level 2 \| Interest rate swaps
Liabilities:
Derivative liability	115,355	56,418
Level 2 \| Foreign exchange contracts
Assets:
Foreign exchange contracts	136,343	72,076
Cash collateral for foreign exchange derivative contracts	0	0
Liabilities:
Derivative liability	218,170	60,909
Cash collateral obligation for foreign exchange contracts	0	0
Level 2 \| Repurchase agreements
Assets:
Cash and cash equivalents	334,565	833,658
Level 2 \| Money market
Assets:
Cash and cash equivalents	56,056	54,978
Level 2 \| Certificates of deposit
Assets:
Cash and cash equivalents	12,126	27,022
Level 3
Assets:
Trading securities	0	0
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 3 \| Interest rate swaps
Liabilities:
Derivative liability		0
Level 3 \| Foreign exchange contracts
Assets:
Foreign exchange contracts	0	0
Cash collateral for foreign exchange derivative contracts	0	0
Liabilities:
Derivative liability	0	0
Cash collateral obligation for foreign exchange contracts	0	0
Level 3 \| Repurchase agreements
Assets:
Cash and cash equivalents	0	0
Level 3 \| Money market
Assets:
Cash and cash equivalents	0	0
Level 3 \| Certificates of deposit
Assets:
Cash and cash equivalents	$ 0	$ 0

Stockholders' Equity - Repurchase Program (Details)			2 Months Ended	3 Months Ended		6 Months Ended	50 Months Ended
Stockholders' Equity - Repurchase Program (Details)	Jan. 29, 2019 shares	Dec. 14, 2018 USD ($) $ / shares shares	Jan. 29, 2019 $ / shares	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2019 transaction	Mar. 31, 2020 USD ($) shares	Oct. 22, 2019 USD ($)
Class of Stock [Line Items]
Shares repurchased				$ 530,237,000	$ 3,322,000
Repurchase of common stock				530,237,000	$ 3,322,000
Number of transactions \| transaction						2
Program
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares							13,308,964
Shares repurchased							$ 2,800,000,000
Program \| Common Stock
Class of Stock [Line Items]
Increase in authorized amount to be repurchased								$ 1,000,000,000
Stock repurchase program, approved amount								$ 3,100,000,000
Remaining authorized repurchase amount				$ 326,300,000			$ 326,300,000
2019 ASR Agreement
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares	175,340	1,431,989
Repurchase of common stock		$ 500,000,000
Initial price paid (in dollars per share) \| $ / shares		$ 285.70
Final price paid (in dollars per share) \| $ / shares			$ 306.81
2019 ASR Agreement \| Common Stock
Class of Stock [Line Items]
Stock repurchase program, approved amount		$ 500,000,000

Stock-Based Compensation - Summary of Expense Related to Share-Based Payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 14,175	$ 12,541
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	7,020	10,165
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 7,155	$ 2,376

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits recorded on stock based compensation	$ 17.1	$ 9.9
Aggregate intrinsic value of options exercisable	$ 367.2
Weighted average remaining contractual term of options exercisable (in years)	4 years 6 months
Minimum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	1 year
Minimum \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	1 year
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	5 years
Maximum \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	4 years

Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 70,408
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 41,338
Weighted Average Period of Expense Recognition (in Years)	1 year 11 months 1 day
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 29,070
Weighted Average Period of Expense Recognition (in Years)	2 years 29 days

Stock-Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Shares
Shares at beginning of period (in shares)	6,263,000
Granted (in shares)	243,000
Exercised (in shares)	(539,000)
Forfeited (in shares)	(53,000)
Shares at end of period (in shares)	5,914,000
Weighted Average Exercise Price
Weighted average exercise price, beginning of period (in dollars per share)	$ 124.38
Weighted average exercise price, granted (in dollars per share)	204.30
Weighted average exercise price, exercised (in dollars per share)	133.20
Weighted average exercise price, forfeitures (in dollars per share)	149.00
Weighted average exercise price, end of period (in dollars per share)	$ 126.68
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expected to vest (in shares)	1,294,000
Weighted average exercise price, expected to vest (in dollars per share)	$ 196.76
Options exercisable at beginning of period (in shares)	4,620,000	5,137,000
Weighted average exercise price of exercisable options (in dollars per share)	$ 107.04	$ 109.03
Weighted average exercise price of granted options (in dollars per share)	$ 48.65
Aggregate intrinsic value	$ 354,020	$ 1,022,860
Aggregate intrinsic value, exercised	$ 28,748

Stock-Based Compensation - Schedule of Weighted-Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.41%	2.49%
Dividend yield	0.00%	0.00%
Expected volatility	30.29%	26.64%
Expected life (in years)	3 years 9 months 18 days	4 years
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

Stock-Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2020 $ / shares shares
Shares
Shares outstanding, beginning of period (in shares) \| shares	243,000
Granted (in shares) \| shares	71,000
Vested (in shares) \| shares	(79,000)
Canceled (in shares) \| shares	(4,000)
Shares outstanding, end of period (in shares) \| shares	231,000
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in dollars per share) \| $ / shares	$ 246.34
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	213.90
Weighted average grant date fair value, vested (in dollars per share) \| $ / shares	201.09
Weighted average grant date fair value, canceled (in dollars per share) \| $ / shares	251.62
Weighted average grant date fair value, end of period (in dollars per share) \| $ / shares	$ 249.52

Acquisition - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 01, 2019	Dec. 31, 2019
NvoicePay
Business Acquisition [Line Items]
Aggregate purchase price	$ 208.0
Cash acquired from acquisition	4.1
r2c, SOLE and Travelliance
Business Acquisition [Line Items]
Aggregate purchase price		$ 209.0
Non-compete agreements \| NvoicePay
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 10.7
Non-compete agreements \| r2c, SOLE and Travelliance
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 8.1

Acquisition - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Apr. 01, 2019
Business Acquisition [Line Items]
Goodwill	$ 4,583,881	$ 4,833,047
NvoicePay
Business Acquisition [Line Items]
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
r2c, SOLE and Travelliance
Business Acquisition [Line Items]
Trade and other receivables		93,294
Prepaid expenses and other current assets		1,833
Property, plant and equipment		922
Other long term assets		4,593
Goodwill		120,569
Intangibles		82,926
Liabilities		(83,130)
Deferred tax liabilities		(11,647)
Aggregate purchase price		$ 209,360

Acquisition - Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Details) - NvoicePay $ in Thousands	Apr. 01, 2019 USD ($)
Business Acquisition [Line Items]
Other intangible assets	$ 44,750
Proprietary Technology
Business Acquisition [Line Items]
Useful Lives (in Years)	6 years
Finite-lived intangible assets	$ 15,600
Referral Partners
Business Acquisition [Line Items]
Useful Lives (in Years)	10 years
Finite-lived intangible assets	$ 810
Supplier Network
Business Acquisition [Line Items]
Useful Lives (in Years)	10 years
Finite-lived intangible assets	$ 2,640
Customer Relationships
Business Acquisition [Line Items]
Useful Lives (in Years)	20 years
Finite-lived intangible assets	$ 17,000
Trade Name and Trademarks
Business Acquisition [Line Items]
Indefinite-lived intangible assets	$ 8,700

Goodwill and Other Intangible Assets - Summary of Changes in Goodwill by Reportable Business Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 4,833,047
Acquisition Accounting Adjustments	1,161
Foreign Currency	(250,327)
Goodwill, ending balance	4,583,881
North America
Goodwill [Roll Forward]
Goodwill, beginning balance	3,369,173
Acquisition Accounting Adjustments	1,161
Foreign Currency	(20,377)
Goodwill, ending balance	3,349,957
Brazil
Goodwill [Roll Forward]
Goodwill, beginning balance	756,975
Acquisition Accounting Adjustments	0
Foreign Currency	(171,360)
Goodwill, ending balance	585,615
International
Goodwill [Roll Forward]
Goodwill, beginning balance	706,899
Acquisition Accounting Adjustments	0
Foreign Currency	(58,590)
Goodwill, ending balance	$ 648,309

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 3,383,769	$ 3,508,360
Accumulated Amortization	(1,214,027)	(1,166,478)
Net Carrying Amount	2,169,742	2,341,882
Trade names and trademarks—indefinite lived
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	469,786	496,306
Net Carrying Amount	$ 469,786	496,306
Customer and vendor relationships
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	17 years 2 months 12 days
Gross Carrying Amounts	$ 2,611,705	2,698,327
Accumulated Amortization	(987,209)	(943,537)
Net Carrying Amount	$ 1,624,496	1,754,790
Trade names and trademarks—other
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	13 years 2 months 12 days
Gross Carrying Amounts	$ 5,267	5,384
Accumulated Amortization	(2,947)	(2,877)
Net Carrying Amount	$ 2,320	2,507
Software
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	5 years 10 months 24 days
Gross Carrying Amounts	$ 234,292	242,783
Accumulated Amortization	(183,241)	(180,839)
Net Carrying Amount	$ 51,051	61,944
Non-compete agreements
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	4 years
Gross Carrying Amounts	$ 62,719	65,560
Accumulated Amortization	(40,630)	(39,225)
Net Carrying Amount	$ 22,089	$ 26,335

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Impact of foreign exchange rates on intangible assets	$ 124.6
Amortization expense of intangible assets	$ 47.6	$ 51.2

Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Other debt	$ 27,344	$ 42,027
Total notes payable and other obligations	4,340,711	4,065,812
Securitization facility	819,000	970,973
Total notes payable, credit agreements and Securitization Facility	5,159,711	5,036,785
Current portion	1,913,470	1,746,838
Long-term portion	3,246,241	3,289,947
Term Loan A
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	3,041,115	3,080,789
Term Loan B
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	339,698	340,481
Revolving line of credit A Facility
Debt Instrument [Line Items]
Revolving line of credit	545,000	325,000
Revolving line of credit B Facility
Debt Instrument [Line Items]
Revolving line of credit	326,858	225,477
Revolving line of credit C Facility
Debt Instrument [Line Items]
Revolving line of credit	35,000	0
Revolving line of credit B Facility - foreign swing line
Debt Instrument [Line Items]
Revolving line of credit	$ 25,696	$ 52,038

Debt - Summary of Debt Instruments Narrative (Details)					3 Months Ended	12 Months Ended
Debt - Summary of Debt Instruments Narrative (Details)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Nov. 14, 2019	Nov. 13, 2019	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Aug. 02, 2019 USD ($)	Jan. 22, 2019 USD ($)
Debt Instrument [Line Items]
Unused facility fee, as percentage of unused portion					0.30%
Securitization Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,200,000,000				$ 1,200,000,000
Unused facility fee, as percentage of unused portion					0.40%	0.40%
Description of variable rate basis					one month LIBOR
Program fee rate	1.65%	1.80%
Unamortized debt issuance costs	$ 500,000	$ 700,000			$ 500,000	$ 700,000
Term Loan A
Debt Instrument [Line Items]
Effective interest rate					2.49%
Term Loan B
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%	2.00%
Effective interest rate					2.74%
Secured Debt
Debt Instrument [Line Items]
Additional borrowing capacity	$ 750,000,000				$ 750,000,000
Leverage ratio	3.00				3.00
Secured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,285,000,000				$ 1,285,000,000
Secured Debt \| Term Loan A
Debt Instrument [Line Items]
Maximum borrowing capacity	3,225,000,000				3,225,000,000
Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Maximum borrowing capacity	350,000,000				350,000,000
Secured Debt \| Revolving A Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	800,000,000				800,000,000
Secured Debt \| Revolving B Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	450,000,000				450,000,000
Secured Debt \| Revolving C Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	35,000,000				35,000,000
Secured Debt \| Incremental Term Loan A
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 700,000,000
Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt	$ 2,000,000,000.0				$ 2,000,000,000.0			$ 2,000,000,000.0
Eurodollar \| Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Base Rate \| Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Basis spread on variable rate					0.75%
London Interbank Offered Rate (LIBOR) \| Securitization Facility
Debt Instrument [Line Items]
Basis spread on variable rate					0.90%
Commercial Paper Rate \| Securitization Facility
Debt Instrument [Line Items]
Basis spread on variable rate					0.80%
Blended Rate Of LIBOR And Commercial Paper Rates Based On Weighted Average Advance \| Securitization Facility
Debt Instrument [Line Items]
Basis spread on variable rate	0.88%	0.88%
Minimum \| Secured Debt
Debt Instrument [Line Items]
Unused facility fee, as percentage of unused portion					0.25%
Minimum \| Federal Funds Rate \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%
Maximum \| Secured Debt
Debt Instrument [Line Items]
Unused facility fee, as percentage of unused portion					0.35%
Maximum \| Eurodollar \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate					1.00%

Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract]
Computed “expected” tax expense	$ 36,182	$ 48,141
Foreign income tax differential	(8,112)	(4,692)
Excess tax benefit related to stock-based compensation	(17,098)	(6,385)
State taxes net of federal benefits	774	3,550
Foreign-sourced nontaxable income	14	(56)
Foreign withholding	4,585	5,275
GILTI, net of foreign tax credits	2,426	2,433
Change in valuation allowance and remeasurement of related deferred tax asset	7,651	3,289
Other	(1,183)	5,579
Provision for income taxes	$ 25,239	$ 57,134
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Computed “expected” tax expense	21.00%	21.00%
Foreign income tax differential	(4.70%)	(2.00%)
Excess tax benefit related to stock-based compensation	(9.90%)	(2.80%)
State taxes net of federal benefits	0.40%	1.50%
Foreign-sourced nontaxable income	0.00%	0.00%
Foreign withholding	2.70%	2.30%
GILTI, net of foreign tax credits	1.40%	1.10%
Change in valuation allowance and remeasurement of related deferred tax asset	4.40%	1.40%
Other	(0.70%)	2.40%
Provision for income taxes	14.60%	24.90%

Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 147,060	$ 172,107
Denominator for basic earnings per share (in shares)	84,902	85,941
Dilutive securities (in shares)	3,303	3,303
Denominator for diluted earnings per share (in shares)	88,205	89,244
Basic earnings per share (in dollars per share)	$ 1.73	$ 2.00
Diluted earnings per share (in dollars per share)	$ 1.67	$ 1.93

- Definition

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

+ References

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+ Details

- Definition

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.

+ References

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+ Details

- Definition

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

+ References + Details

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	0.1	0.1
Performance Based Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	0.1	0.1

Segments - Additional Information (Detail) - segment	3 Months Ended	12 Months Ended
Segments - Additional Information (Detail) - segment	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Number of reportable segments	3	2

Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Segment Reporting Information [Line Items]
Revenues, net	$ 661,093	$ 698,881	$ 681,048	$ 647,094	$ 621,825	$ 643,422	$ 619,586	$ 584,985	$ 585,500
Operating income:	200,983	320,796	329,141	297,317	284,176	284,738	281,090	264,783	260,087
Depreciation and amortization	64,476	68,510	67,347	70,908	67,445	67,230	67,267	68,610	71,502
Capital expenditures:	18,257	26,490	16,706	17,470	14,506	25,075	21,698	19,400	15,214
North America
Segment Reporting Information [Line Items]
Revenues, net	434,692	451,002	442,704	417,941	396,899	423,432	412,816	370,949	364,270
Operating income:	85,740	192,511	205,558	184,293	172,379	181,513	178,262	159,904	154,798
Depreciation and amortization	37,976	40,770	39,309	41,875	38,292	38,364	39,049	38,317	38,675
Capital expenditures:	11,264	14,215	10,340	11,306	8,377	3,814	12,604	11,685	8,411
Brazil
Segment Reporting Information [Line Items]
Revenues, net	98,978	112,067	106,574	103,581	105,699	104,267	92,403	96,336	107,105
Operating income:	39,442	48,545	42,469	42,261	42,154	41,414	36,976	36,896	43,436
Depreciation and amortization	14,589	15,622	16,224	16,296	16,794	16,544	15,147	16,643	18,833
Capital expenditures:	3,331	6,057	4,296	3,823	4,154	8,430	5,357	3,897	4,372
International
Segment Reporting Information [Line Items]
Revenues, net	127,423	135,812	131,770	125,572	119,227	115,723	114,367	117,700	114,125
Operating income:	75,801	79,740	81,114	70,763	69,643	61,811	65,852	67,983	61,853
Depreciation and amortization	11,911	12,118	11,814	12,737	12,359	12,322	13,071	13,650	13,994
Capital expenditures:	$ 3,662	$ 6,218	$ 2,070	$ 2,341	$ 1,975	$ 12,831	$ 3,737	$ 3,818	$ 2,431

Segments - Schedule of Long-Lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	$ 2,766,483	$ 2,741,743
North America
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	1,860,708	1,799,149
Brazil
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	487,464	541,891
International
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	$ 418,311	$ 400,703

Commitments and Contingencies - Narrative (Details) $ in Millions	Oct. 03, 2019 USD ($)
Shareholder Class Action \| Settled litigation
Loss Contingencies [Line Items]
Settlement amount to be paid	$ 50

Derivative Financial Instruments and Hedging Activities Schedule of Notional Amounts (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional amount	$ 19,128.6	$ 15,841.3
Swaps
Derivative [Line Items]
Notional amount	662.6	599.5
Futures, forwards and spot
Derivative [Line Items]
Notional amount	4,700.9	3,017.1
Written options
Derivative [Line Items]
Notional amount	7,940.1	6,393.9
Purchased options
Derivative [Line Items]
Notional amount	$ 5,825.0	$ 5,830.8

Derivative Financial Instruments and Hedging Activities Schedule of Fair Value by Balance Sheet Location (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Gross	$ 253.0	$ 114.9
Cash collateral	40.2	6.1
Derivative asset, fair value, gross, net of cash collateral	212.8	108.8
Gross Liabilities	334.8	103.8
Cash collateral	130.2	25.6
Derivative liabilities, fair value, gross, net of cash collateral	204.6	78.2
Foreign exchange contracts	136.3	72.1
Derivative assets, net	96.1	66.0
Foreign exchange derivative contracts	218.2	60.9
Derivative liabilities, net	$ 88.0	$ 35.3

Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Millions	Mar. 31, 2020 USD ($)	Jan. 22, 2019 USD ($) derivative
Derivative [Line Items]
Number of cash flow hedges entered into \| derivative		3
Loss to be reclassified during next 12 months	$ 45.4
Variable Rate Debt
Derivative [Line Items]
Long-term debt	$ 2,000.0	$ 2,000.0

Derivative Financial Instruments and Hedging Activities - Schedule of Cash Flow Hedge Notional Amounts (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Jan. 22, 2019
Derivative [Line Items]
Notional amount	$ 19,128.6	$ 15,841.3
Designated as Hedging Instrument \| Interest Rate Swap 1
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%

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value and Balance Sheet Location (Details) - Interest rate swaps - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Foreign exchange derivative contracts	$ 115,355	$ 56,418
Other Liabilities \| Designated as Hedging Instrument
Derivative [Line Items]
Foreign exchange derivative contracts	$ 115,400

Derivative Financial Instruments and Hedging Activities - Schedule of Gain (Loss) (Details) - Designated as Hedging Instrument - Interest rate swaps $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Derivative [Line Items]
Amount of loss recognized in other comprehensive income on derivatives, net of tax of $14.4 million	$ 44.5
Tax on income (loss) recognized in other comprehensive income on derivatives	14.4
Amount of loss reclassified from accumulated other comprehensive income into interest expense	$ 4.4

Accumulated Other Comprehensive Loss (AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance	$ 3,711,616	$ 3,340,180
Total other comprehensive loss	(619,659)	(20,334)
Stockholders' Equity ending balance	2,796,229	3,530,967
Cumulative Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance	(929,713)	(913,858)
Other comprehensive income/(loss) before reclassifications	(575,118)	373
Amounts reclassified from AOCI	0	0
Tax effect	0	0
Total other comprehensive loss	(575,118)	373
Stockholders' Equity ending balance	(1,504,831)	(913,485)
Unrealized Gains/Losses on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance	(42,752)	0
Other comprehensive income/(loss) before reclassifications	(63,351)	(27,761)
Amounts reclassified from AOCI	4,414	191
Tax effect	14,396	6,863
Total other comprehensive loss	(44,541)	(20,707)
Stockholders' Equity ending balance	(87,293)	(20,707)
Unrealized Gains/Losses on Marketable Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance	(972,465)	(913,858)
Other comprehensive income/(loss) before reclassifications	(638,469)	(27,388)
Amounts reclassified from AOCI	4,414	191
Tax effect	14,396	6,863
Total other comprehensive loss	(619,659)	(20,334)
Stockholders' Equity ending balance	$ (1,592,124)	$ (934,192)

Subsequent Events - Narrative (Details) - USD ($)	Apr. 24, 2020	Apr. 23, 2020	Mar. 31, 2020
Securitization Facility
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 1,200,000,000
Subsequent Event \| Securitization Facility
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 1,000,000,000.0	$ 1,200,000,000
Subsequent Event \| Revolving D Credit Facility \| Secured Debt
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 250,000,000