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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________________________________________
FORM 10-Q
 _________________________________________________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-35004
 __________________________________________________________
FLEETCOR Technologies, Inc.
(Exact name of registrant as specified in its charter)
 __________________________________________________________
Delaware 72-1074903
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
3280 Peachtree RoadAtlantaGeorgia30305
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (770449-0479
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockFLTNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at November 1, 2021
Common Stock, $0.001 par value 81,198,597


Table of Contents

FLEETCOR TECHNOLOGIES, INC. AND SUBSIDIARIES
FORM 10-Q
For the Three and Nine Months Ended September 30, 2021
INDEX
 
  Page
PART I—FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II—OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

i

Table of Contents

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share and Par Value Amounts)
September 30, 2021December 31, 2020
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$1,271,000 $934,900 
Restricted cash737,937 541,719 
Accounts and other receivables (less allowance for credit losses of $90,724 at September 30, 2021 and $86,886 at December 31, 2020)
2,071,523 1,366,775 
Securitized accounts receivable—restricted for securitization investors1,098,000 700,000 
Prepaid expenses and other current assets345,831 412,924 
Total current assets5,524,291 3,956,318 
Property and equipment, net220,643 202,509 
Goodwill5,102,263 4,719,181 
Other intangibles, net2,369,457 2,115,882 
Investments11,857 7,480 
Other assets225,872 193,209 
Total assets$13,454,383 $11,194,579 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$1,726,705 $1,054,478 
Accrued expenses327,271 282,681 
Customer deposits1,533,145 1,175,322 
Securitization facility1,098,000 700,000 
Current portion of notes payable and lines of credit803,397 505,697 
Other current liabilities177,752 250,133 
Total current liabilities5,666,270 3,968,311 
Notes payable and other obligations, less current portion3,789,981 3,126,926 
Deferred income taxes564,445 498,154 
Other noncurrent liabilities258,702 245,777 
Total noncurrent liabilities4,613,128 3,870,857 
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 127,105,396 shares issued and 81,197,846 shares outstanding at September 30, 2021; and 126,448,078 shares issued and 83,666,163 shares outstanding at December 31, 2020
127 126 
Additional paid-in capital2,850,143 2,749,900 
Retained earnings6,031,438 5,416,945 
Accumulated other comprehensive loss(1,436,044)(1,363,158)
Less treasury stock, 45,907,550 shares at September 30, 2021 and 42,781,915 shares at December 31, 2020
(4,270,679)(3,448,402)
Total stockholders’ equity3,174,985 3,355,411 
Total liabilities and stockholders’ equity$13,454,383 $11,194,579 
See accompanying notes to unaudited consolidated financial statements.

1


FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(In Thousands, Except Per Share Amounts)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Revenues, net$755,477 $585,283 $2,031,481 $1,771,522 
Expenses:
Processing149,564 119,856 388,286 474,849 
Selling71,204 46,762 186,511 144,995 
General and administrative121,785 90,868 345,155 283,717 
Depreciation and amortization74,237 63,479 209,184 190,117 
Other operating, net (214)81 (482)
Operating income338,687 264,532 902,264 678,326 
Investment loss (gain) 1,330 (9)(30,008)
Other expense (income), net1,532 (3,591)3,683 (10,477)
Interest expense, net29,033 31,383 92,269 99,474 
Total other expense 30,565 29,122 95,943 58,989 
Income before income taxes308,122 235,410 806,321 619,337 
Provision for income taxes74,115 46,593 191,828 124,972 
Net income$234,007 $188,817 $614,493 $494,365 
Basic earnings per share$2.86 $2.26 $7.42 $5.87 
Diluted earnings per share$2.80 $2.19 $7.24 $5.68 
Weighted average shares outstanding:
Basic shares81,836 83,719 82,811 84,170 
Diluted shares83,716 86,273 84,917 87,006 

See accompanying notes to unaudited consolidated financial statements.



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FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Net income$234,007 $188,817 $614,493 $494,365 
Other comprehensive loss:
Foreign currency translation losses, net of tax(179,839)(10,328)(102,191)(577,189)
Net change in derivative contracts, net of tax8,972 9,167 29,305 (33,482)
Total other comprehensive loss(170,867)(1,161)(72,886)(610,671)
Total comprehensive income (loss)$63,140 $187,656 $541,607 $(116,306)
See accompanying notes to unaudited consolidated financial statements.

3


FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Stockholders’ Equity
(In Thousands)
 
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Balance at December 31, 2020$126 $2,749,900 $5,416,945 $(1,363,158)$(3,448,402)$3,355,411 
Net income— — 184,239 — — 184,239 
Other comprehensive loss, net of tax— — — (117,861)— (117,861)
Acquisition of common stock— — — — (170,382)(170,382)
Share-based compensation — 17,747 — — — 17,747 
Issuance of common stock1 27,344 — — — 27,345 
Balance at March 31, 2021127 2,794,991 5,601,184 (1,481,019)(3,618,784)3,296,499 
Net income— — 196,247 — — 196,247 
Other comprehensive income, net of tax— — — 215,842 — 215,842 
Acquisition of common stock— — — — (246,203)(246,203)
Share-based compensation— 17,885 — — — 17,885 
Issuance of common stock— 8,577 — — — 8,577 
Balance at June 30, 2021127 2,821,453 5,797,431 (1,265,177)(3,864,987)3,488,847 
Net income— — 234,007 — — 234,007 
Other comprehensive loss, net of tax— — — (170,867)— (170,867)
Acquisition of common stock— — — — (405,692)(405,692)
Share-based compensation— 16,453 — — — 16,453 
Issuance of common stock— 12,237 — — — 12,237 
Balance at September 30, 2021$127 $2,850,143 $6,031,438 $(1,436,044)$(4,270,679)$3,174,985 
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Table of Contents

Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Balance at December 31, 2019$124 $2,494,721 $4,712,729 $(972,465)$(2,523,493)$3,711,616 
Net income— — 147,060 — — 147,060 
Other comprehensive loss, net of tax— — — (619,659)— (619,659)
Acquisition of common stock— 75,000 — — (605,237)(530,237)
Share-based compensation— 14,175 — — — 14,175 
Issuance of common stock1 73,273 — — — 73,274 
Balance at March 31, 2020125 2,657,169 4,859,789 (1,592,124)(3,128,730)2,796,229 
Net income— — 158,488 — — 158,488 
Other comprehensive income, net of tax— — — 10,149 — 10,149 
Acquisition of common stock— — — — (32,230)(32,230)
Share-based compensation— 8,989 — — — 8,989 
Issuance of common stock1 24,808 — — — 24,809 
Balance at June 30, 2020126 2,690,966 5,018,277 (1,581,975)(3,160,960)2,966,434 
Net income— — 188,817 — — 188,817 
Other comprehensive loss, net of tax — — — (1,161)— (1,161)
Acquisition of common stock— — — — (238,396)(238,396)
Share-based compensation — 11,905 — — — 11,905 
Issuance of common stock— 10,151 — — — 10,151 
Balance at September 30, 2020$126 $2,713,022 $5,207,094 $(1,583,136)$(3,399,356)$2,937,750 

See accompanying notes to unaudited consolidated financial statements.

5


FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In Thousands)
 Nine Months Ended
September 30,
 20212020
Operating activities
Net income$614,493 $494,365 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation55,605 48,150 
Stock-based compensation52,085 35,069 
Provision for credit losses on accounts and other receivables19,419 152,485 
Amortization of deferred financing costs and discounts4,903 5,028 
Amortization of intangible assets and premium on receivables153,579 141,967 
Loss on extinguishment of debt6,230  
Deferred income taxes16,246 (5,747)
Investment gain(9)(30,008)
Other 81 (482)
Changes in operating assets and liabilities (net of acquisitions/dispositions):
Accounts and other receivables(1,020,900)49,690 
Prepaid expenses and other current assets190,543 26,105 
Other assets28,370 6,129 
Accounts payable, accrued expenses and customer deposits478,896 291,945 
Net cash provided by operating activities599,541 1,214,696 
Investing activities
Acquisitions, net of cash acquired(545,052)(72,557)
Purchases of property and equipment(74,455)(55,019)
Proceeds from disposal of investment 52,963 
Other
(2,281) 
Net cash used in investing activities(621,788)(74,613)
Financing activities
Proceeds from issuance of common stock48,159 95,780 
Repurchase of common stock(822,277)(788,409)
Borrowings (payments) on securitization facility, net398,000 (282,973)
Deferred financing costs(21,508)(2,474)
Proceeds from notes payable1,150,000  
Principal payments on notes payable(462,438)(134,097)
Borrowings from revolver1,140,000 1,198,500 
Payments on revolver(798,851)(1,287,899)
Payments on swing line of credit, net(51,049)(20,111)
Other(811)(244)
Net cash provided by (used in) financing activities579,225 (1,221,927)
Effect of foreign currency exchange rates on cash(24,660)(222,533)
Net increase (decrease) in cash and cash equivalents and restricted cash532,318 (304,377)
Cash and cash equivalents and restricted cash, beginning of period1,476,619 1,675,237 
Cash and cash equivalents and restricted cash, end of period$2,008,937 $1,370,860 
Supplemental cash flow information
Cash paid for interest$96,146 $98,564 
Cash paid for income taxes$147,028 $119,089 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents

FLEETCOR Technologies, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies
Basis of Presentation
Throughout this Quarterly 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 notes 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, 2020.
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 September 30, 2021 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. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange gains (losses), which are recorded within other expense (income), net in the Unaudited Consolidated Statements of Income for the three and nine months ended September 30 as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Foreign exchange (losses) gains$(1.2)$3.7 $(2.9)$3.2 
The Company recorded foreign currency gains on long-term intra-entity transactions included as a component of foreign currency translation losses, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30 as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Foreign currency (losses) gains on long-term intra-entity transactions$(46.0)$50.4 $(20.2)$235.8 
Derivatives
The Company uses derivatives to minimize its exposures related to changes in interest rates and to 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.
7


Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded to the derivative assets/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 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 of these derivatives are recorded in revenues, net in the Unaudited Consolidated Statements of Income.
The Company recognizes current cross-border payments derivatives in prepaid expense and other current assets and other current liabilities and derivatives greater than one year in other assets and other noncurrent 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 Unaudited Consolidated Statements of Cash Flows. Refer to Note 13.
Cash, Cash Equivalents, and Restricted Cash
Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, as well as collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits, as well as secure and settle cross-currency transactions.
Financial Instruments - Credit Losses
The Company accounts for financial assets' expected credit losses in accordance with ASC 326. The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. 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 forward-looking 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 Corporate Payments, Fuel, Lodging, Tolls, as well as Gift (stored value cards and e-cards). The Company provides solutions that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment solutions. 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 75% of total consolidated revenues, net, for both the three and nine months ended September 30, 2021. The Company accounts for 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 option 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").
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Table of Contents

Disaggregation of Revenues
The Company provides its services to customers across different payment solutions and geographies. Revenue by solution (in millions) for the three and nine months ended September 30 was as follows:
Revenues, net by Solution *Three Months Ended September 30,Nine Months Ended September 30,
2021%2020%2021%2020%
Fuel$306.8 41 %$255.1 44 %$863.8 43 %$797.0 45 %
Corporate Payments168.7 22 %106.5 18 %425.5 21 %319.0 18 %
Tolls 79.0 10 %67.6 12 %219.4 11 %215.4 12 %
Lodging85.2 11 %52.9 9 %206.5 10 %150.5 8 %
Gift48.6 6 %39.1 7 %124.3 6 %108.0 6 %
Other67.2 9 %64.1 11 %192.1 9 %181.6 10 %
Consolidated revenues, net$755.5 100 %$585.3 100 %$2,031.5 100 %$1,771.5 100 %
*Columns may not calculate due to rounding.
Revenue by geography (in millions) for the three and nine months ended September 30 was as follows:
Revenues, net by Geography*Three Months Ended September 30,Nine Months Ended September 30,
2021%2020%2021%2020%
United States$488.2 65 %$357.1 61 %$1,271.5 63 %$1,089.9 62 %
Brazil94.9 13 %79.6 14 %262.5 13 %253.7 14 %
United Kingdom81.9 11 %70.2 12 %241.0 12 %192.8 11 %
Other90.5 12 %78.3 13 %256.5 13 %235.1 13 %
Consolidated revenues, net$755.5 100 %$585.3 100 %$2,031.5 100 %$1,771.5 100 %
*Columns may not calculate due to rounding.
Contract Liabilities
Deferred revenue contract liabilities for customers subject to ASC 606 were $59.6 million and $73.0 million as of September 30, 2021 and December 31, 2020, respectively. We expect to recognize approximately $37.9 million of these amounts in revenues within 12 months and the remaining $21.7 million over the next five years as of September 30, 2021. Revenue recognized in the nine months ended September 30, 2021 that was included in the deferred revenue contract liability as of December 31, 2020 was approximately $35.2 million.
Spot Trade Offsetting
The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. 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 spot trade liabilities against spot trade receivables at the counter-party level. 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 September 30, 2021 and December 31, 2020 (in millions):
September 30, 2021December 31, 2020
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$2,337.7 $(2,235.1)$102.6 $521.5 $(478.2)$43.3 
Liabilities
Accounts Payable$2,291.6 $(2,235.1)$56.5 $527.5 $(478.2)$49.3 

9


Adoption of New Accounting Standards
Income Taxes
On December 18, 2019, the Financial Accounting Standards Board (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. 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 adopted this guidance on January 1, 2021, which did not have a material impact on the Company's results of operations, financial condition, or cash flows.
Pending Adoption of Recently Issued Accounting Standard
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is evaluating the effect of ASU 2020-04 on interest rate swap contracts. Cross currency derivatives are not impacted by this ASU.
Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805) ("ASU 2021-08"), which requires an acquirer to account for revenue contracts acquired in a business combination in accordance with Topic 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied Topic 606 to determine what to record for the acquired contracts. This update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a
business combination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted, including adoption in an interim period. Adoption during an interim period requires retrospective application to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. The Company is evaluating the effect of ASU 2021-08 on our consolidated financial statements.
10

Table of Contents

2. Accounts and Other Receivables
The Company's accounts and securitized accounts receivable include the following at September 30, 2021 and December 31, 2020 (in thousands):
September 30, 2021December 31, 2020
Gross domestic accounts receivable$1,204,323 $719,675 
Gross domestic securitized accounts receivable1,098,000 700,000 
Gross foreign receivables957,924 733,986 
Total gross receivables3,260,247 2,153,661 
Less allowance for credit losses(90,724)(86,886)
Net accounts and securitized accounts receivable$3,169,523 $2,066,775 
The Company maintains a $1.3 billion revolving trade accounts receivable securitization facility (the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to multi-seller banks and asset-backed commercial paper conduits (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold. Purchases by the Conduit are financed with the sale of highly-rated commercial paper.
The Company utilizes proceeds from the transferred assets as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the transferred asset as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount.
The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities. On September 15, 2021, the Company entered into the ninth amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.0 billion to $1.3 billion.
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 first quarter of 2020. The Company's estimated expected credit losses as of September 30, 2021 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 nine months ended September 30 is as follows (in thousands):
20212020
Allowance for credit losses beginning of period$86,886 $70,890 
Provision for credit losses19,419 152,485 
Write-offs(24,563)(138,939)
Recoveries11,519 7,861 
Impact of foreign currency(2,537)(8,415)
Allowance for credit losses end of period$90,724 $83,882 
3. 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. 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.
11


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 following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020 (in thousands):
Fair ValueLevel 1Level 2Level 3
September 30, 2021
Assets:
Repurchase agreements$509,186 $ $509,186 $ 
Money market43,275  43,275  
Certificates of deposit773  773  
       Foreign exchange contracts 142,007  142,007  
Total assets$695,241 $ $695,241 $ 
Cash collateral for foreign exchange contracts$28,912 $ $ $ 
Liabilities:
Interest rate swaps $49,057 $ $49,057  
       Foreign exchange contracts 107,942  107,942  
Total liabilities$156,999 $ $