0001628280-22-004531 | 10-K | XBRL Viewer | Fleetcor Technologies INC

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 98,719	$ 86,886
Par value (in usd per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	475,000,000	475,000,000
Shares issued (in shares)	127,113,023	126,448,078
Shares outstanding (in shares)	78,879,551	83,666,163
Treasury stock (in shares)	48,233,471	42,781,915

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues, net	$ 2,833,736	$ 2,388,855	$ 2,648,848
Expenses:
Processing	559,819	596,363	530,669
Selling	262,118	192,732	204,806
General and administrative	485,830	374,678	407,210
Depreciation and amortization	284,197	254,802	274,210
Other operating (income) expense, net	(784)	(1,985)	523
Operating income	1,242,556	972,265	1,231,430
Investment (gain) loss, net	(9)	(30,008)	3,470
Other expense (income), net	3,858	(10,055)	93
Interest expense, net	113,705	129,803	150,048
Loss on extinguishment of debt	16,194	0	0
Total other expense	133,748	89,740	153,611
Income before income taxes	1,108,808	882,525	1,077,819
Provision for income taxes	269,311	178,309	182,746
Net income	$ 839,497	$ 704,216	$ 895,073
Earnings per share:
Basic earnings per share (in usd per share)	$ 10.23	$ 8.38	$ 10.36
Diluted earnings per share (in usd per share)	$ 9.99	$ 8.12	$ 9.94
Weighted average shares outstanding:
Basic (in shares)	82,060	84,005	86,401
Diluted (in shares)	84,061	86,719	90,070

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 839,497	$ 704,216	$ 895,073
Other comprehensive loss:
Foreign currency translation losses, net of tax	(144,543)	(367,249)	(15,855)
Net change in derivative contracts, net of tax	43,085	(23,444)	(42,752)
Total other comprehensive loss	(101,458)	(390,693)	(58,607)
Total comprehensive income	$ 738,039	$ 313,523	$ 836,466

- Definition

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

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Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
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	895,073			895,073
Other comprehensive loss, net of tax	(58,607)				(58,607)
Acquisition of common stock	(694,909)		(42,000)			(652,909)
Share-based compensation expense	60,953		60,953
Issuance of common stock	168,926	1	168,925
Ending 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	704,216			704,216
Other comprehensive loss, net of tax	(390,693)				(390,693)
Acquisition of common stock	(849,909)		75,000			(924,909)
Share-based compensation expense	43,384		43,384
Issuance of common stock	136,797	2	136,795
Ending Balance at Dec. 31, 2020	3,355,411	126	2,749,900	5,416,945	(1,363,158)	(3,448,402)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	839,497			839,497
Other comprehensive loss, net of tax	(101,458)				(101,458)
Acquisition of common stock	(1,355,722)					(1,355,722)
Share-based compensation expense	80,071		80,071
Issuance of common stock	48,781	1	48,780
Ending Balance at Dec. 31, 2021	$ 2,866,580	$ 127	$ 2,878,751	$ 6,256,442	$ (1,464,616)	$ (4,804,124)

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Statement of Stockholders' Equity [Abstract]
Other comprehensive income from foreign exchange, tax	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 839,497	$ 704,216	$ 895,073
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	75,571	65,181	62,784
Stock based compensation	80,071	43,384	60,953
Provision for losses on accounts and other receivables	37,919	158,549	74,309
Amortization of deferred financing costs and discounts	6,831	6,486	5,106
Amortization of intangible assets and premium on receivables	208,625	189,620	211,426
Deferred income taxes	11,026	15,668	37,883
Loss on extinguishment of debt	16,194	0	0
Investment (gain) loss, net	(9)	(30,008)	3,470
Other non-cash operating income	(784)	(1,985)	522
Changes in operating assets and liabilities (net of acquisitions/disposition):
Accounts receivable and other receivables	(731,137)	264,140	(196,028)
Prepaid expenses and other current assets	186,268	(14,521)	(185,391)
Other assets	36,832	12,656	(6,792)
Accounts payable, accrued expenses and customer deposits	430,159	59,203	198,756
Net cash provided by operating activities	1,197,063	1,472,589	1,162,071
Investing activities
Acquisitions, net of cash acquired	(602,120)	(80,787)	(448,277)
Purchases of property and equipment	(111,530)	(78,425)	(75,170)
Proceeds from disposal of investment	0	52,963	0
Other	(2,281)	0	(255)
Net cash used in investing activities	(715,931)	(106,249)	(523,702)
Financing activities
Proceeds from issuance of common stock	48,781	136,797	168,925
Repurchase of common stock	(1,355,722)	(849,910)	(694,909)
Borrowings (payments) on securitization facility, net	418,000	(270,973)	84,973
Deferred financing costs paid and debt discount	(38,920)	(2,637)	(2,868)
Proceeds from issuance of notes payable	1,900,000	0	700,000
Principal payments on notes payable	(507,500)	(175,285)	(138,500)
Borrowings from revolver	1,910,000	1,243,500	1,811,509
Payments on revolver	(1,978,851)	(1,496,907)	(2,292,349)
(Payments) borrowings on swing line of credit, net	(51,049)	(1,042)	52,996
Other	(811)	(344)	52
Net cash provided by (used in) financing activities	343,928	(1,416,801)	(310,171)
Effect of foreign currency exchange rates on cash	(50,984)	(148,157)	(17,854)
Net increase (decrease) in cash and cash equivalents and restricted cash	774,076	(198,618)	310,344
Cash and cash equivalents and restricted cash, beginning of year	1,476,619	1,675,237	1,364,893
Cash and cash equivalents and restricted cash, end of year	2,250,695	1,476,619	1,675,237
Supplemental cash flow information
Cash paid for interest	132,504	126,460	178,417
Cash paid for income taxes	$ 229,721	$ 165,315	$ 200,525

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2021
Accounting Policies [Abstract]
Description of Business	Description of Business FLEETCOR Technologies, Inc. (the "Company", "we", "us" and "our") is a leading global provider of digital payment solutions that enables businesses to control purchases and make payments more effectively and efficiently. Since its incorporation in 2000, FLEETCOR has continued to deliver on its mission: to provide businesses with “a better way to pay”. FLEETCOR has been a member of the S&P 500 since 2018 and trades on the New York Stock Exchange under the ticker FLT. FLEETCOR’s vision is that every payment is digital, every purchase is controlled, and every related decision is informed. Digital payments are faster and more secure than paper-based methods such as checks, and provide timely and detailed data which can be utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting, and eliminate reimbursement processes. Combining this payment data with analytical tools delivers insights, which managers can use to better run their businesses. The Company's wide range of digitized solutions generally provides control, reporting, and automation benefits over the payment methods businesses often used, such as cash, paper checks, general purpose credit cards, as well as employee pay and reclaim processes. To help facilitate an understanding of our expansive range of solutions around the world, we describe them in two categories: Expense Management solutions and Corporate Payments solutions. Our Expense Management solutions can help control and monitor employee spending and includes Fuel, Tolls, and Lodging. These solutions are purpose-built to provide customers with greater control and visibility of employee spending when compared with less specialized payment methods, such as cash or general-purpose credit cards. Our Corporate Payments solutions, which simplify and automate payments, are designed to help businesses streamline the back-office operations associated with making outgoing payments. Companies can save time, cut costs, and manage B2B payment processing more efficiently with our suite of Corporate Payment solutions, including accounts payable (AP) automation, virtual cards, cross-border payments, purchasing and T&E cards. The Company also provides several other payments solutions, including Gift and other B2B payment solutions. Our proprietary processing and card management solutions provide customers with capabilities including: customizable user-level controls, detailed transaction reporting, programmable alerts, configurable networks, contract price validation and audit, and tax management and reporting. Our customers can use these data, controls and tools to combat fraud and employee misuse, streamline expense administration and potentially lower their operating costs. We utilize both proprietary and third-party payment acceptance networks to deliver our solutions. In our proprietary networks, which tend to be geographically distinct, transactions are processed on applications and operating systems owned and operated by us, and only at select participating merchants with whom we have contracted directly for acceptance. Third-party networks are operated by independent parties, and tend to be more broadly accepted, which is the primary benefit compared with our proprietary networks. Mastercard and VISA are our primary third-party network partners in North America and Europe, respectively. We actively market and sell our solutions to current and prospective customers leveraging a multi-channel approach. This go-to-market strategy includes comprehensive digital channels, direct sales forces and strategic partner relationships. Our capabilities are also offered through indirect sales channels (e.g., major oil companies and fuel marketers for Fuel, and retail establishments for Tolls) and on a branded or “white label” basis, indirectly through a broad range of resellers and partners across Fuel, Lodging, and Corporate Payments. In doing so, we leverage their sales networks to expand our reach into new customer segments, new industry verticals, and new geographies faster and at a significantly lower cost. The Company has three reportable segments, North America, International, and Brazil. The Company reports these three segments as they reflect how we organize and manage our global employee base, manage operating performance, contemplate the differing regulatory environments across geographies, and help us isolate the impact of foreign exchange fluctuations on our financial results.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Use of Estimates

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

Principles of Consolidation

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

The Company’s fiscal year ends on December 31. In certain of the Company’s U.K. businesses, the Company records the operating results using a 4-4-5 week accounting cycle with the fiscal year ending on the Friday on or immediately preceding December 31. Fiscal years 2021, 2020, and 2019 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle.

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. At December 31, 2021 and 2020, approximately 96% and 97%, respectively, of outstanding accounts receivable were current. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for credit losses when internal collection efforts have been exhausted and accounts have been turned over to a third-party collection agency. Recoveries from the third-party collection agency are not significant.

Business Combinations

Business combinations completed by us have been accounted for under the acquisition method of accounting, which requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date. The excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed represents goodwill. The results of the acquired businesses are included in our results of operations beginning from the completion date of the transaction.

The estimates the Company uses to determine the fair value of long-lived assets, such as intangible assets, can be complex and require significant judgments. The Company uses information available to us to make fair value determinations and engages independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired long-lived assets. The estimated fair values of customer-related and contract-based intangible assets are generally determined using the income approach, which is based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. The discount rates used represented a risk adjusted market participant weighted-average cost of capital, derived using customary market metrics. These measures of fair value also require considerable judgments about future events, including forecasted revenue growth rates, forecasted customer attrition rates, contract renewal estimates and technology changes. Acquired technologies are generally valued using the replacement cost method, which requires us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis, with adjustments in value for physical deterioration and functional and economic obsolescence. Trademarks and trade names are generally valued using the "relief-from-royalty" approach. This method assumes that trademarks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires the Company to estimate the future revenues for the related brands, the appropriate royalty rate and the weighted-average cost of capital. This measure of fair value requires considerable judgment about the value a market participant would be willing to pay in order to achieve the benefits associated with the trade name.

While the Company uses our best estimates and assumptions to determine the fair values of the assets acquired and the liabilities assumed, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in our Consolidated Statements of Income. The Company also estimates the useful lives of intangible assets to determine the period over which to recognize the amount of acquisition-related intangible assets as an expense. Certain assets may be considered to have indefinite useful lives. The Company periodically reviews the estimated useful lives assigned to our intangible assets to determine whether such estimated useful lives continue to be appropriate.

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

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

The Company completes an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level. The Company first performs a

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

Based on the goodwill asset impairment analysis performed quantitatively as of October 1, 2021, the Company determined that the fair value of each of its reporting units was in excess of the carrying value. No events or changes in circumstances have occurred since the date of this most recent annual impairment test that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

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

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

Property, Plant and Equipment and Definite-Lived Intangible Assets

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

The Company develops software that is used in providing processing and information management services to customers. A significant portion of the Company’s capital expenditures are devoted to the development of such internal-use computer software. Software development costs are capitalized once technological feasibility of the software has been established. Costs incurred prior to establishing technological feasibility are expensed as incurred. Technological feasibility is established when the Company has completed all planning, designing, coding and testing activities that are necessary to determine that the software can be produced to meet its design specifications, including functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software. The Company capitalized software costs of $76.7 million, $51.6 million and $49.8 million in 2021, 2020 and 2019, respectively. Amortization expense for software totaled $46.7 million, $40.2 million and $37.2 million in 2021, 2020 and 2019, respectively.

Income Taxes

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

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

The Company accounts for uncertainty in income taxes recognized in an entity’s financial statements and prescribes threshold and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50 percent likelihood of being sustained. The Company includes any estimated interest and penalties on tax related matters in income tax expense. See Note 13 for further information regarding income taxes.

Cash, Cash Equivalents, and Restricted Cash

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

Foreign Currency

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 (losses) gains, which are recorded within other (income) expense, net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions):


	2021		2020		2019
Foreign exchange (losses) gains	$	(3.7)	$	2.9	$	0.7

The Company recorded foreign currency losses on long-term intra-entity transactions included as a component of foreign currency translation (losses) gains, net of tax, in the Consolidated Statements of Comprehensive Income for the years ended December 31 as follows (in millions):


	2021		2020		2019
Foreign currency losses on long-term intra-entity transactions	$	44.4	$	219.8	$	88.1

Derivatives

The Company uses derivatives to minimize its exposures related to changes in interest rates. The Company also uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers and enters into cross currency derivative contracts with banking partners to mitigate foreign exchange risk associated with customer derivative contracts.

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 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, it writes foreign currency forward and option contracts for its customers to facilitate future payments. The Company recognizes current cross-border payments derivatives in prepaid expenses 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 Consolidated Statements of Cash Flows. Refer to Note 17.

Spot Trade Offsetting

The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. 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 for the years ended December 31, 2021 and 2020 (in millions):


	December 31, 2021						December 31, 2020
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	1,185.9	$	(1,057.7)	$	128.2	$	521.5	$	(478.2)	$	43.3


Liabilities
Accounts Payable	$	1,199.5	$	(1,057.7)	$	141.8	$	527.5	$	(478.2)	$	49.3

Stock Based Compensation

The Company routinely grants employee stock options and restricted stock awards/units as part of employee compensation plans. Stock options are granted with an exercise price equal to the fair market value on the date of grant. Options granted have vesting provisions ranging from one to five years and vesting of the options is generally based on the passage of time, performance or market conditions, or a combination of these. Stock option grants are subject to forfeiture if employment terminates prior to vesting. The Company has selected the Black-Scholes option pricing model for estimating the grant date fair value of stock option awards. The Company has considered the retirement and forfeiture provisions of the options and utilized its historical experience to estimate the expected life of the options. Option forfeitures are accounted for upon occurrence. The Company bases the risk-free interest rate on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected life of the option from the date of the grant.

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 generally have vesting provisions of one to four years. The fair value of restricted stock where the shares vest based on the passage of time or performance is based on the grant date fair value of the Company’s stock.

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

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

Stock based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the requisite service period based on the number of years over which the requisite service is expected to be rendered.

Deferred Financing Costs/Debt Discounts

Costs incurred to obtain financing are amortized over the term of the related debt, using the effective interest method and are included within interest expense. The Company capitalized additional debt issuance costs of $2.3 million associated with refinancing its Credit Facility and Securitization Facility in 2021 and $2.6 million in 2020. At December 31, 2021 and 2020, the Company had net deferred financing costs of $5.8 million and $6.4 million, respectively, related to the revolver under the Credit Facility and the Securitization Facility, each recorded within prepaid expenses and other current assets, on the Consolidated Balance Sheets. At December 31, 2021 and 2020, the Company had deferred financing costs of $16.7 million and $7.1 million, respectively, related to the term notes under the Credit Facility, recorded as a discount to the term debt outstanding within the current portion of notes payable and lines of credit and notes payable and other obligations, less current portion, respectively, in the Consolidated Balance Sheets.

Comprehensive Income (Loss)

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

Accounts Receivable

The Company maintains a $1.3 billion revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to trade receivables resulting primarily 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. The maturity date for the Company's Securitization Facility is March 29, 2024.

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


	2021		2020
Gross domestic unsecuritized accounts receivables	$	994,063	$	719,675
Gross domestic securitized accounts receivable	1,118,000		700,000
Gross foreign receivables	897,930		733,986
Total gross receivables	3,009,993		2,153,661
Less allowance for credit losses	(98,719)		(86,886)
Net accounts and securitized accounts receivable	$	2,911,274	$	2,066,775

The Company recorded a $90.1 million provision for credit losses and write-off related to a customer receivable in our cross-border payment business during the year ended December 31, 2020. The Company's estimated expected credit losses as of December 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 years ended December 31 is as follows (in thousands):


	2021		2020		2019
Allowance for credit losses beginning of year	$	86,886	$	70,890	$	59,963
Provision for credit losses	37,919		158,549		74,309
Write-offs	(35,868)		(146,063)		(67,732)
Recoveries	13,459		9,603		4,798
Impact of foreign currency	(3,677)		(6,093)		(448)
Allowance for credit losses end of year	$	98,719	$	86,886	$	70,890

Advertising

The Company expenses advertising costs as incurred. Advertising expense was $54.8 million, $28.5 million and $33.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Earnings Per Share

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

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

Reclassifications and Adjustments

During 2021, the Company identified and corrected an immaterial error in the presentation of Deferred income taxes and changes in Accounts payable, accrued expenses and customer deposits, both presented within Net cash provided by operating activities, in our prior year Consolidated Statement of Cash Flows. The impact of this correction for the year ended December 31, 2020 was an increase to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $30.8 million, with a corresponding decrease to changes in accounts payable, accrued expenses and customer deposits in operating activities of $30.8 million. The impact to net cash provided by operating activities in the Consolidated Statement of Cash Flows was $0.

Additionally, certain disclosures for prior periods have been reclassified to conform with current year presentation.

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.

Reference Rate Reform

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was 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 adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. The Company will transition from LIBOR to the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate for euro borrowings, and the Tokyo Interbank Offer Rate for yen borrowings. The Company has availed itself to the practical expedients related to any changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU.

Pending Adoption of Recently Issued Accounting Standards

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 will adopt this ASU on January 1, 2022, and the adoption is not expected to have a material impact on the Company's results of operations, financial condition, or cash flows.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Corporate Payments, Fuel, Lodging, Tolls, as well as Gift solutions (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 products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services.

Payment Services

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

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

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

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

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

Gift Card Products and Services

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

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

Other

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

In addition, in its cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies. 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 instruments are recorded in revenues, net in the Consolidated Statements of Income.

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

Revenues from contracts with customers, within the scope of Topic 606, represents approximately 75% of total consolidated revenues, net, for the year ended December 31, 2021.

Disaggregation of Revenues

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


Revenues by Solution Category*1	2021		2020		2019
Fuel	$	1,180.1	$	1,057.2	$	1,173.0
Corporate payments	600.0		434.0		450.0
Tolls	306.0		292.0		357.2
Lodging	309.6		207.0		212.6
Gift	179.5		154.4		180.2
Other	258.5		244.3		275.9
Consolidated revenues, net	$	2,833.7	$	2,388.9	$	2,648.8

*Columns may not calculate due to rounding.

1Reflects certain reclassifications of revenue between solution categories as the Company realigned its Corporate Payments solution, resulting in reclassification of Payroll Card revenue from Corporate Payments to Other.

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


Revenues by Geography	2021		2020		2019
United States (country of domicile)	$	1,785.2	$	1,467.5	$	1,595.3
Brazil	368.1		344.2		427.9
United Kingdom	321.8		262.9		275.2
Other	358.6		314.2		350.4
Consolidated revenues, net	$	2,833.7	$	2,388.9	$	2,648.8

Contract Liabilities

Deferred revenue contract liabilities for customers subject to ASC 606 were $73.7 million and $73.0 million as of December 31, 2021 and 2020, respectively. We expect to recognize approximately $43.3 million of these amounts in revenues within 12 months and the remaining $30.4 million over the next five years as of December 31, 2021. The amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized. Revenue recognized for the year ended December 31, 2021, that was included in the deferred revenue contract liability as of January 1, 2021, was approximately $41.0 million.

Costs to Obtain or Fulfill a Contract

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

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

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

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

c.The costs are expected to be recovered.

In order to determine the appropriate amortization period for contract costs, the Company considered a combination of factors, including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the Company to provide products and services to its customers, whether further contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the straight-line method over the expected period of benefit (ranging from five to ten years). Costs to obtain a contract with an expected period of benefit of one year or less are recognized as an expense when incurred. The amortization of contract acquisition costs associated with sales commissions that qualify for capitalization will be recorded as selling expense in the Company’s Consolidated Statements of Income. The amortization of contract acquisition costs associated with cash payments for client incentives is included as a reduction of revenues in the Company’s Consolidated Statements of Income. Amortization of capitalized contract costs recorded in selling expense was $16.0 million, $15.3 million and $14.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Costs to obtain or fulfill a contract are classified as contract cost assets within prepaid expenses and other current assets and other assets in the Company’s Consolidated Balance Sheets. The Company had capitalized costs to obtain a contract of $16.1 million and $15.1 million within prepaid expenses and other current assets and $38.9 million and $37.2 million within other assets in the Company’s Consolidated Balance Sheets, for the year ended December 31, 2021 and 2020, respectively.

The Company has recorded $76.6 million, $65.5 million and $76.4 million of expenses related to sales of equipment in processing expenses within the Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019, respectively.

Practical Expedients

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

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

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

As a practical expedient, the Company is not required to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised service or product to a customer and when the customer pays for the service or product will be one year or less. As of December 31, 2021, the Company’s contracts with customers did not contain a significant financing component.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

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

The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis as of December 31, 2021 and 2020, (in thousands):


	Fair Value		Level 1		Level 2		Level 3
December 31, 2021
Assets:
Repurchase agreements	$	477,069	$	—	$	477,069	$	—
Money market	43,023		—		43,023		—
Certificates of deposit	958		—		958		—

Foreign exchange contracts	120,859		—		120,859		—
Total assets	$	641,909	$	—	$	641,908	$	—
Cash collateral for foreign exchange contracts	$	25,881	$	—	$	—	$	—
Liabilities:
Interest rate swaps	$	(30,733)	$	—	$	(30,733)	$	—
Foreign exchange contracts	89,925		—		89,925		—
Total liabilities	$	59,192	$	—	$	59,192	$	—
Cash collateral obligation for foreign exchange contracts	$	24,803	$	—	$	—	$	—

December 31, 2020
Assets:
Repurchase agreements	$	446,116	$	—	$	446,116	$	—
Money market	48,227		—		48,227		—
Certificates of deposit	188		—		188		—

Foreign exchange contracts	155,846		—		155,846		—
Total assets	$	650,377	$	—	$	650,377	$	—
Cash collateral for foreign exchange contracts	$	18,229	$	—	$	—	$	—
Liabilities:
Interest rate swaps	$	87,873	—		$	87,873	—
Foreign exchange contracts	140,272		—		140,272		—
Total liabilities	$	228,145	$	—	$	228,145	$	—
Cash collateral obligation for foreign exchange contracts	$	38,569	$	—	$	—	$	—

The Company utilizes Level 1 fair value for financial assets designated as trading securities for which there are quoted market prices. During the year ended December 31, 2020, the Company recognized a $30.0 million gain on trading securities sold. Cash flow from trading securities sold was recognized within the Investing section of the Statement of Cash Flows based on the nature of the investment.

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 determined based upon the financial institutions' month-end statement, as these instruments are not tradable and must be settled directly by us with the respective financial institution. Certificates of deposit are valued at cost, plus interest accrued. Given the short-term nature of these instruments, the carrying value approximates fair value. Foreign exchange derivative contracts are carried at fair value, with changes in fair value recognized in the Consolidated Statements of Income. The fair value of the Company's derivatives is derived with reference to a valuation from a derivatives dealer operating in an active market, which approximates the fair value of these instruments.

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

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 2021 and 2020.

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

The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company's derivatives are over-the-counter instruments with liquid markets.

The Company regularly evaluates the carrying value of its investments and during the first quarter of 2019, determined that the fair value of its telematics investment was below cost and recorded an impairment of the investment of $15.7 million based on observable price changes. Since initial date of the telematics investments, the Company has recorded cumulative impairment losses of $136.3 million. The Company sold its remaining investment in the second quarter of 2019. Refer to Note 16. The carrying amount of investments without readily determinable fair values is $52.0 million at December 31, 2021.

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	12 Months Ended
Stockholders' Equity	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company's Board of Directors (the "Board") 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 July 27, 2021, the Board increased the aggregate size of the Program by $1.0 billion, to $5.1 billion. Since the beginning of the Program through December 31, 2021, 20,068,498 shares have been repurchased for an aggregate purchase price of $4.4 billion, leaving the Company up to $0.7 billion available under the Program for future repurchases in shares of its common stock. There were 5,451,556 common shares totaling $1.4 billion in 2021; 3,497,285 common shares totaling $940.8 million in 2020 and 2,211,866 common shares totaling $636.8 million in 2019; repurchased under the Program. On January 25, 2022, the Board increased the aggregate size of the Program by $1.0 billion, to $6.1 billion. In January and February 2022, 1,510,027 shares were repurchased for an aggregate purchase price of $360.8 million, of which 1,066,015 shares with an aggregate purchase price of $256.5 million were repurchased pursuant to a 10b5-1 plan. As of March 1, 2022, the Company has up to $1.3 billion available under the Program for future repurchases 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

The Company accounts for stock based compensation pursuant to relevant authoritative guidance, which requires measurement of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of estimated forfeitures, over the requisite service period for awards expected to vest. The Company has a Stock Incentive Plan (the "Plan"), pursuant to which the Company's board of directors is permitted to grant equity to employees and directors. Under the Plan, a maximum of 16.75 million shares of our common stock is approved to be issued for grants of restricted stock and stock options. At December 31, 2021, there were 1.4 million shares available to be granted under the Plan.

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


	2021		2020		2019
Stock options	$	30,057	$	23,407	$	32,736
Restricted stock	50,014		19,977		28,217
Stock-based compensation	$	80,071	$	43,384	$	60,953

The tax benefits recorded on stock based compensation expense and upon the exercises of options were $32.8 million, $70.6 million and $61.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of December 31, 2021 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	80,305	1.60
Restricted stock	28,349		0.76
Total	$	108,654

Stock Options

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


	Shares	Weighted Average Exercise Price		Options Exercisable at End of Year	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Year		Aggregate Intrinsic Value
Outstanding at December 31, 2018	7,616	$	117.58	5,174	$	98.39			$	518,954
Granted	431	244.35					$	57.99
Exercised	(1,482)	115.53							255,242
Forfeited	(302)	167.35
Outstanding at December 31, 2019	6,263	124.38		5,137	109.03				1,022,860
Granted	503	215.36					$	53.18
Exercised	(1,681)	80.84							322,823
Forfeited	(121)	194.61
Outstanding at December 31, 2020	4,964	146.69		3,994	130.37				626,107
Granted	1,097	261.85					$	72.84
Exercised	(592)	82.50							83,686
Forfeited	(22)	230.14
Outstanding at December 31, 2021	5,447	$	176.52	3,798	$	145.18			$	257,707
Expected to vest at December 31, 2021	1,648	$	248.75

The following table summarizes information about stock options outstanding at December 31, 2021 (shares in thousands):


Exercise Price	Options Outstanding	Weighted Average Remaining Vesting Life in Years	Options Exercisable
$35.04 – $196.18	3,618	0.13	3,444
$199.75 – $202.83	123	0.19	102
$205.28 – $216.18	90	1.52	42
$224.99 – $231.70	261	1.85	91
$248.28 – $252.50	233	1.24	109
$256.55 – $261.27	1,039	2.20	1
$263.21 – $319.55	83	3.00	9
	5,447		3,798

The aggregate intrinsic value of stock options exercisable at December 31, 2021 was $302.9 million. The weighted average remaining contractual term of options exercisable at December 31, 2021 was 4.3 years.

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


	2021		2020		2019
Risk-free interest rate	0.45	%	0.37	%	2.40	%
Dividend yield	—		—		—
Expected volatility	34.44	%	31.00	%	26.40	%
Expected life (in years)	4.0		3.9		3.7

The weighted-average remaining contractual life for options outstanding was 4.7 years at December 31, 2021.

The fair value of performance options granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during the year ended December 31 as follows. There were no performance options granted with market based vesting conditions in 2020 or 2019.


	2021
Risk-free interest rate	0.59	%
Dividend yield	—
Expected volatility	36.10	%
Expected life (in years)	3.3

Restricted Stock

The fair value of restricted stock units granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during 2019. There were no restricted stock shares granted with market based vesting conditions in 2021 or 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 following periods (shares in thousands):


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2018	174	$	190.73
Granted	232	212.79
Cancelled	(49)	225.96
Issued	(114)	206.05
Outstanding at December 31, 2019	243	246.34
Granted	171	252.36
Cancelled	(100)	249.17
Issued	(140)	227.20
Outstanding at December 31, 2020	174	265.29
Granted	215	272.59
Cancelled	(38)	265.76
Issued	(73)	258.13
Outstanding at December 31, 2021	278	$	278.57

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Subsequent to 2021

In February 2022, the Company made two investments in an electric vehicle charging payments business and an electric vehicle data analytics business. In March 2022, the Company acquired a software business that streamlines disruption events for airline passengers. These acquisitions are not expected to be material to the financial results of the Company. The Company financed these acquisitions using a combination of available cash and borrowings under its existing Credit Facility.

2021 Acquisitions

ALE

On September 1, 2021, the Company completed the acquisition of ALE Solutions, Inc. (ALE), a U.S. based provider of lodging solutions to the insurance industry, for a net purchase price of $421.8 million. The purpose of this acquisition is to expand the Company's lodging business into the insurance vertical. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment.

In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business with an estimated fair value of $18.3 million. These noncompete agreements were accounted for separately from the business acquisition. Accounting for the preliminary fair values of the ALE customer relationship intangible asset was subjective due to the uncertainty in estimating customer attrition rates, which had a significant impact on the estimated fair values. The customer attrition rates are forward-looking and could be affected by future economic and market conditions. Specific assumptions that are still being evaluated include customer attrition rates, expected useful lives of definite lived intangible assets, and the measurement of uncertain tax positions.

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


Current assets	$	180,951
Long term assets	10,121
Goodwill	131,771
Intangibles	180,500
Current liabilities	(73,031)
Noncurrent liabilities	(8,479)



Aggregate purchase price	$	421,833

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


	Useful Lives (in Years)	Value
Trade Names and Trademarks	Indefinite	$	18,800
Proprietary Technology	4	14,400
Lodging Network	20	700
Customer Relationships	15	146,600



		$	180,500

AFEX

On June 1, 2021, the Company completed the acquisition of Associated Foreign Exchange (AFEX), a U.S. based, cross-border payment solutions provider, for $459.8 million. This includes $210.3 million of cash and cash equivalents and $178.7 million of restricted cash, resulting in a net purchase price of $70.7 million. The purpose of this acquisition is to further expand the Company's cross-border payment solutions. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment.

In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business with an estimated fair value of $4.1 million. These noncompete agreements were accounted for separately from the business acquisition. Accounting for the preliminary fair values of the AFEX customer relationship intangible asset was subjective due to the uncertainty in estimating customer attrition rates, which had a significant impact on the estimated fair values. The customer attrition rates are forward-looking and could be affected by future economic and market conditions. Specific assumptions that are still being evaluated include customer attrition rates, expected useful lives of definite lived intangible assets, and the measurement of uncertain tax positions.

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


Trade and other receivables	$	8,159
Prepaid expenses and other current assets	108,402
Property, plant and equipment	1,723
Other long term assets	51,074
Goodwill	254,399
Intangibles	242,300
Accounts payable and accrued expenses	(39,234)
Other current liabilities	(81,430)
Customer deposits	(375,049)
Other noncurrent liabilities	(99,614)
Aggregate purchase price	$	70,730

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


	Useful Lives (in Years)	Value
Trade Names and Trademarks	2	$	5,400
Proprietary Technology	4	11,800
Banking Relationships	20	1,800
Licenses	20	2,600
Customer Relationships	10	220,700


		$	242,300

Roger

On January 13, 2021, the Company completed the acquisition of Roger, rebranded Corpay One, a global accounts payable (AP) cloud software platform for small businesses, for $39.0 million, net of cash acquired. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment.

The following table summarizes the final acquisition accounting for Roger (in thousands):


Accounts and other receivables	$	110
Prepaid expenses and other current assets	37

Other assets	28
Goodwill	34,359
Other intangibles	5,400
Current liabilities	(925)

Deferred income taxes	(6)
Aggregate purchase price	$	39,003

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
Proprietary Technology	10	$	4,800


Customer Relationships	9	600


		$	5,400

Other

On December 15, 2021, the Company acquired a mobile fuel payments solution in Russia for a net purchase price of $5.0 million. The results from the acquisition are reported in the International segment. During 2021, the Company made an investment of $37.8 million in a joint venture in Brazil with CAIXA. The Company made investments in other businesses of $6.8 million. The Company financed the investments using a combination of available cash and borrowings under its existing credit facility.

2020 Acquisitions

On August 10, 2020, the Company completed the acquisition of a business in the lodging space in the U.S. The results from the acquisition are reported in the North America segment. On November 30, 2020, the Company completed the acquisition of a fuel card provider in New Zealand. The results from the acquisition are reported in the International segment. The aggregate purchase price of these acquisitions was approximately $77.6 million, net of cash acquired. The Company financed these acquisitions using a combination of available cash and borrowings under its existing credit facility. The Company signed noncompete agreements with certain parties affiliated with the lodging business with an estimated fair value of $3.8 million. These noncompete agreements were accounted for separately from the business acquisitions.

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


Trade and other receivables	$	4,975
Prepaid expenses and other current assets	145
Property, plant and equipment	3,178
Other long term assets	1,049
Goodwill	28,038
Intangibles	42,144
Liabilities	(1,147)
Other noncurrent liabilities	(782)

Aggregate purchase price	$	77,600

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	5 - Indefinite	$	2,161
Licensed Software and Technology	10	4,400
Proprietary Technology	5	8,400
Supplier Network	10	783
Customer Relationships	9 - 16	26,400


		$	42,144

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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


	December 31, 2020		Acquisitions		Acquisition Accounting Adjustments		Foreign Currency		December 31, 2021
Segment
North America	$	3,400,772	$	420,529	$	398	$	(7,441)	$	3,814,258
Brazil	585,861		—		—		(39,713)		546,148
International	732,548		3,286		(1,294)		(15,968)		718,572
	$	4,719,181	$	423,815	$	(896)	$	(63,122)	$	5,078,978


	December 31, 2019		Acquisitions		Acquisition Accounting Adjustments		Foreign Currency		December 31, 2020
Segment
North America	$	3,369,173	$	24,984	$	(1,908)	$	8,523	$	3,400,772
Brazil	756,975		—		—		(171,114)		585,861
International	706,899		3,950		—		21,699		732,548
	$	4,833,047	$	28,934	$	(1,908)	$	(140,892)	$	4,719,181

At December 31, 2021 and 2020, approximately $923.3 million and $793.8 million of the Company’s goodwill is deductible for tax purposes, respectively. Acquisition accounting adjustments recorded in 2021 and 2020 are a result of the Company completing its acquisition accounting and working capital adjustments for certain prior year acquisitions.

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


		2021						2020
	Weighted- Avg Useful Life (Years)	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amounts1		Accumulated Amortization1		Net Carrying Amount
Customer and vendor agreements	16.3	$	2,925,719	$	(1,167,218)	$	1,758,501	$	2,594,909	$	(1,011,815)	$	1,583,094
Trade names and trademarks—indefinite lived	N/A	466,327		—		466,327		455,632		—		455,632
Trade names and trademarks—other	7.2	12,093		(5,235)		6,858		6,720		(3,031)		3,689
Software	5.9	272,461		(198,628)		73,833		239,292		(182,448)		56,844
Non-compete agreements	4.3	78,145		(48,279)		29,866		56,493		(39,870)		16,623
Total other intangibles		$	3,754,745	$	(1,419,360)	$	2,335,385	$	3,353,046	$	(1,237,164)	$	2,115,882


1Recast 2020 to reflect changes between gross carrying amounts and accumulated amortization; net carrying amounts remain unchanged.

Changes in foreign exchange rates resulted in $32.7 million and $83.7 million decreases to the carrying values of other intangible assets in the years ended December 31, 2021 and 2020, respectively. Amortization expense related to intangible assets for the years ended December 31, 2021, 2020 and 2019 was $205.5 million, $184.2 million and $206.9 million, respectively.

The future estimated amortization of intangibles at December 31, 2021 is as follows (in thousands):


2022	$	213,678
2023	204,053
2024	196,009
2025	175,261
2026	152,363
Thereafter	927,694

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	Estimated Useful Lives (in Years)	2021		2020
Computer hardware and software	3 to 5	$	472,145	$	393,217
Card-reading equipment	4 to 6	36,829		25,427
Furniture, fixtures, and vehicles	2 to 10	22,650		19,575
Buildings and improvements	5 to 50	33,517		30,467
Property, plant and equipment, gross		565,141		468,686
Less: accumulated depreciation		(328,847)		(266,177)
Property, plant and equipment, net		$	236,294	$	202,509

Depreciation expense related to property and equipment for the years ended December 31, 2021, 2020, and 2019 was $75.6 million, $65.2 million and $62.8 million, respectively. Amortization expense includes $46.7 million, $40.2 million and $37.2 million for capitalized computer software costs for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021 and 2020, the Company had unamortized computer software costs of $155.3 million and $129.9 million, respectively.

The Company recorded write-offs of property, plant and equipment of $0.2 million, $0.3 million and $1.8 million in other operating (income) expense, net within its Consolidated Statements of Income for the years ended December 31, 2021, 2020, and 2019, respectively.

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses

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


	2021		2020
Accrued bonuses	$	26,950	$	15,903
Accrued payroll and severance	38,328		23,189
Accrued taxes	93,627		78,771
Accrued commissions/rebates	92,063		81,450
Other1	118,086		83,368
	$	369,054	$	282,681

1Other accrued expenses include several types of amounts due to our merchants, vendors, and other third parties.

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

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


	2021		2020
Term Loan A note payable (a), net of discounts	$	2,763,162	$	2,922,042
Term Loan B note payable (a), net of discounts	1,871,505		337,347
Revolving line of credit A Facility(a)	225,000		280,000
Revolving line of credit B Facility(a)	—		13,650

Revolving line of credit B Facility —foreign swing line(a)	—		50,028
Other obligations(c)	—		211
Total notes payable, credit agreements, and other obligations	4,859,667		3,603,277
Securitization Facility(b)	1,118,000		700,000
Total debt	$	5,977,667	$	4,303,277
Current portion	$	1,517,628	$	1,205,697
Long-term portion	4,460,039		3,097,580
Total debt	$	5,977,667	$	4,303,277

_____________________

(a)The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $1.9 billion as of December 31, 2021. 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 foreign swing line loans, and (c) a revolving C facility in the amount of $35 million with borrowings in U.S. Dollars, Australian Dollars or New Zealand Dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolver A or revolver B debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. The maturity date for the term loan A and revolving credit facilities A, B and C is December 19, 2023. On April 30, 2021, the Company entered into the ninth amendment to the Credit Agreement. The amendment provided for a new seven-year $1.15 billion term loan B. The existing term loan B was paid off with proceeds from the new term loan B. On November 16, 2021, the Company entered into the tenth amendment to the Credit Agreement to provide for LIBOR replacement rates for Euros, British Pounds and Japanese Yen borrowings. On December 22, 2021, the Company entered into the eleventh amendment to the Credit Agreement. The amendment increased the amount of the term loan B facility by $750 million. The new term loan B has a maturity date of April 30, 2028, and interest rates remain unchanged.

Interest on amounts outstanding under the Credit Agreement (other than the term loan B) accrues as follows: For loans denominated in U.S. Dollars, Australian Dollars or New Zealand Dollars, based on the British Bankers Association LIBOR Rate (the “Eurocurrency Rate”), in British Pounds, based on the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326%, in Euros, based on the Euro Interbank Offered Rate (“EURIBOR”), or in Japanese Yen, at the Tokyo Interbank Offer Rate (“TIBOR”) plus a margin based on a leverage ratio, or our option (for U.S. Dollar borrowings only), 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 and at the Base Rate plus 0.75% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the credit facility.

The interest rates at December 31, 2021 are as follows:


Term loan A	1.60	%
Revolving A facility	1.61	%
Term loan B	1.85	%
Unused credit facility fee	0.30	%

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

The Company has unamortized debt issuance costs of $3.3 million related to the revolving credit facility at December 31, 2021.

The Company has unamortized debt costs at December 31, 2021 as follows (in thousands):


	Unamortized Debt Discounts		Deferred Financing Costs
Term loan A	$	4,339	$	—
Term loan B	$	12,391	$	8,479

The effective interest rate incurred on term loans was 1.79% during 2021 related to the discount on debt. Principal payments of $507.5 million were made on the term loans during 2021.

(b)The Company is party to a $1.3 billion receivables purchase agreement (Securitization Facility). 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. There is a program fee equal to one month LIBOR plus 1.00% or the Commercial Paper Rate plus 0.90% as of December 31, 2021 and one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80% as December 31, 2020. The program fee was 0.12% plus 0.98% as of December 31, 2021 and 0.34% plus 1.23% as of December 31, 2020. The unused facility fee is payable at a rate of 0.40% as of December 31, 2021 and 2020. The Company has unamortized debt issuance costs of $2.5 million and $1.4 million related to the Securitization Facility as of December 31, 2021 and December 31, 2020, respectively, recorded in other assets within the Consolidated Balance Sheets. On March 29, 2021, the Company entered into the eighth amendment to the Securitization Facility. The amendment included a new three year maturity date, reduced the LIBOR floor to 0 bps, improved margins, and increased the swing line from $100 million to $250 million. The maturity date for the Company's Securitization Facility is March 29, 2024.

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

(c)Other debt includes the long-term portion of deferred payments associated with business acquisitions. Prior year amounts were recast to reflect long term deferred revenue in other noncurrent liabilities, to conform to current year presentation.

The Company was in compliance with all financial and non-financial covenants at December 31, 2021. 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. The $1.0 billion interest rate swap matured in January 2022. Refer to Note 17 for further details.

The contractual maturities of the Company’s total debt at December 31, 2021 are as follows (in thousands):


2022	$	1,517,628
2023	2,619,795
2024	15,682
2025	15,716
2026	15,750
Thereafter	1,793,095

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Accumulated Other Comprehensive Loss (AOCI)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss (AOCI)

The changes in the components of AOCI for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


	Cumulative Foreign Currency Translation		Unrealized (Losses) Gains on Derivative Instruments		Total Accumulated Other Comprehensive (Loss) Income

Balance at December 31, 2018	$	(913,858)	$	—	$	(913,858)
Other comprehensive loss before reclassifications	(15,855)		(68,928)		(84,783)
Amounts reclassified from AOCI	—		5,828		5,828
Tax effect	—		20,348		20,348
Other comprehensive loss	(15,855)		(42,752)		(58,607)
Balance at December 31, 2019	(929,713)		(42,752)		(972,465)
Other comprehensive loss before reclassifications	(367,249)		(70,719)		(437,968)
Amounts reclassified from AOCI	—		39,264		39,264
Tax effect	—		8,011		8,011
Other comprehensive loss	(367,249)		(23,444)		(390,693)
Balance at December 31, 2020	(1,296,962)		(66,196)		(1,363,158)
Other comprehensive (loss) income before reclassifications	(144,543)		7,394		(137,149)
Amounts reclassified from AOCI	—		49,747		49,747
Tax effect	—		(14,056)		(14,056)
Other comprehensive (loss) gain	(144,543)		43,085		(101,458)
Balance at December 31, 2021	$	(1,441,505)	$	(23,111)	$	(1,464,616)

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

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


	2021		2020		2019
United States	$	515,041	$	457,090	$	505,818
Foreign	593,767		425,435		572,001
Total	$	1,108,808	$	882,525	$	1,077,819

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


	2021		2020		2019
Current:
Federal	$	118,861	$	71,123	$	50,145
State	31,674		19,597		10,285
Foreign	107,751		71,921		84,433
Total current	258,286		162,641		144,863
Deferred:
Federal	(12,165)		143		(10,479)
State	(4,540)		(4,323)		3,745
Foreign	27,730		19,848		44,617
Total deferred	11,025		15,668		37,883
Total provision	$	269,311	$	178,309	$	182,746

The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2021, 2020, and 2019, respectively, to income before income taxes for the years ended December 31, 2021, 2020 and 2019 due to the following (in thousands):


	2021				2020				2019
Computed “expected” tax expense	$	232,850	21.0	%	$	185,330	21.0	%	$	226,342	21.0	%
Changes resulting from:
Change in valuation allowance	1,378		0.1		25,932		2.9		(28,614)		(2.7)
Foreign income tax differential	(10,326)		(0.9)		(20,852)		(2.3)		(15,816)		(1.4)
State taxes net of federal benefits	18,352		1.7		7,489		0.8		12,482		1.2
Increase in tax expense due to uncertain tax positions	8,185		0.7		14,848		1.7		—		—

Foreign withholding tax	9,143		0.8		15,630		1.8		20,360		1.9



Excess tax benefits related to stock-based compensation	(16,304)		(1.5)		(58,942)		(6.7)		(38,156)		(3.5)
Revaluation of capital loss deferred tax asset	—		—		—		—		(24,279)		(2.3)





Sub-part F Income/GILTI	72,449		6.5		34,990		4.0		49,859		4.6
Foreign tax credits	(63,926)		(5.8)		(30,497)		(3.5)		(38,657)		(3.6)
Other	17,510		1.6		4,381		0.5		19,225		1.8
Provision for income taxes	$	269,311	24.3	%	$	178,309	20.2	%	$	182,746	17.0	%

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


	2021		2020
Deferred tax assets:
Accounts receivable, principally due to the allowance for doubtful accounts	$	13,987	$	10,515
Accrued expenses not currently deductible for tax	6,252		3,442
Lease deferral	20,349		23,506
Interest rate swap	7,621		21,792
Stock based compensation	39,658		36,015
Income tax credits	51,264		51,264
Net operating loss carry forwards	76,988		83,372
Accrued escheat	3,170		3,567
Other	10,078		11,711
Deferred tax assets before valuation allowance	229,367		245,184
Valuation allowance	(94,601)		(90,340)
Deferred tax assets, net	134,766		154,844
Deferred tax liabilities:
Intangibles—including goodwill	(520,349)		(481,388)
Basis difference in investment in subsidiaries	(42,938)		(42,313)
Lease deferral	(17,739)		(19,977)
Accrued Expense Liability	(795)		(513)
Prepaid expenses	(1,788)		(2,126)
Withholding taxes	(38,704)		(30,488)
Property and equipment and other	(76,810)		(71,342)
Deferred tax liabilities	(699,123)		(648,147)
Net deferred tax liabilities	$	(564,357)	$	(493,303)

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


	2021		2020
Long term deferred tax assets and liabilities:
Long term deferred tax assets	$	1,934	$	4,851
Long term deferred tax liabilities	(566,291)		(498,154)

Net deferred tax liabilities	$	(564,357)	$	(493,303)

The valuation allowances relate to capital loss carryforwards, income tax credits, foreign net operating loss carryforwards and state net operating loss carryforwards. The net change in the total valuation allowance for the year ended December 31, 2021, was an increase of $4.3 million. The valuation increase was primarily due to net operating losses generated in certain states where the Company and its subsidiaries file on a separate company basis as well as an increase in foreign net operating losses where significant negative evidence on future utilization was considered.

As of December 31, 2021, the Company had a net operating loss carryforward for U.S. federal income tax purposes of approximately $4.0 million gross of tax that is available to offset U.S. federal taxable income indefinitely. The Company had a net operating loss carryforward for state income tax purposes of approximately $837.2 million gross of tax that is available to offset future state taxable income indefinitely, and in some cases subject to expiration in 15 or 20 years. Additionally, the Company had $93.9 million net operating loss carryforwards gross of tax that are available to offset future foreign taxable income. Most foreign net operating loss carryforwards will not expire in future years. The Company has provided a valuation allowance against $42.0 million of its deferred tax asset related to the net operating losses as it does not anticipate utilizing the losses in the foreseeable future.

In addition, the Company has foreign tax credits for foreign income purposes in the amount of $51.2 million. The Company has provided a valuation allowance against $51.2 million of the tax credits as it does not anticipate utilizing the credits in the foreseeable future.

During 2021 and 2020, the Company had recorded accrued interest and penalties related to the unrecognized tax benefits of $5.6 million and $5.7 million, respectively. Accumulated interest and penalties were $18.1 million and $12.5 million on the Consolidated Balance Sheets at December 31, 2021 and 2020, respectively. In accordance with the Company's accounting policy, interest and penalties related to unrecognized tax benefits are included as a component of income tax expense.

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):


Unrecognized tax benefits at December 31, 2018	$	34,152
Additions based on tax provisions related to the current year	4,284
Additions based on tax provisions related to the prior year	11,679
Deductions based on settlement/expiration of prior year tax positions	(7,342)

Unrecognized tax benefits at December 31, 2019	42,773
Additions based on tax provisions related to the current year	6,412

Additions based on tax provisions related to the prior year	13,532
Deduction of cumulative interest and penalties	(12,508)
Deductions based on expiration of prior year tax positions	(14,460)
Unrecognized tax benefits at December 31, 2020	35,749
Additions based on tax provisions related to the current year	8,543

Additions based on tax provisions related to the prior year	5,909


Deductions based on settlement of prior year tax positions	(2,122)
Deductions based on expiration of prior year tax positions	(1,058)
Unrecognized tax benefits at December 31, 2021	$	47,021

In prior years, the Company included interest and penalties related to unrecognized tax benefits in its tabular reconciliation above. A cumulative adjustment was made in 2020 to remove interest and penalties from the above tabular disclosure.

As of December 31, 2021, the Company had total unrecognized tax benefits of $47.0 million all of which, if recognized, would affect its effective tax rate. It is not anticipated that there are any unrecognized tax benefits that will significantly increase or decrease within the next twelve months.

The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The statute of limitations for the Company’s U.S. federal income tax returns has expired for years prior to 2014. The statute of limitations for most state income tax returns has expired for years prior to 2018. The statute of limitations has expired for years prior to 2018 for the Company’s Russian income tax returns, 2016 for the Company’s Mexican income tax returns, and 2016 for the Company’s Luxembourg income tax returns.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Leases

12 Months Ended

Dec. 31, 2021

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, for the purposes of transition, the rate in effect at January 1, 2019. Additional payments based on the change in an index or rate are recorded as a period expense when incurred. Lease modifications result in remeasurement of the lease liability as of the modification date.

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 December 31, 2021 and 2020 is as follows (in thousands):


	2021		2020
ROU assets	$	84,777	$	76,797
Short term lease liabilities	$	20,296	$	17,047
Long term lease liabilities	$	79,905	$	75,350

The Company does not recognize ROU assets and lease liabilities for short-term leases that have a term of twelve months or less. The effect of short-term leases would not be material to the ROU assets and lease liabilities.

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

Total lease costs for the year ended December 31, 2021 and 2020 were $22.6 million and $20.7 million, respectively.

The supplementary cash and non-cash disclosures for the year ended December 31, 2021 and 2020 are as follows (in thousands):


	2021		2020
Cash paid for operating lease liabilities	$	23,803	$	20,068
ROU assets obtained in exchange for new operating lease obligations	$	29,428	$	7,134
Weighted-average remaining lease term (years)	5.99		7.07
Weighted-average discount rate	3.80%		4.18%

Maturities of lease liabilities as of December 31, 2021 were as follows (in thousands):


2022	$	1,535
2023	22,924
2024	20,725
2025	19,101
2026	16,734
Thereafter	31,989
Total lease payments	113,008
Less imputed interest	12,807
Present value of lease liabilities	$	100,201

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
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. Derivative Lawsuits 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 then-pending 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 filed a motion to dismiss the amended complaint in the Federal Derivative Action on April 17, 2020, which the court granted without leave to amend on October 21, 2020. Plaintiffs filed a notice of appeal to the United States Court of Appeals for the Eleventh Circuit on November 18, 2020. The appeal is pending, and the court heard oral argument in the case on February 10, 2022. 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 to 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. On April 17, 2021, the FTC filed a motion for summary judgment. On April 22, 2021, the United States Supreme Court held unanimously in AMG Capital Management v. FTC that the FTC does not have authority under current law to seek monetary redress by means of Section 13(b) of the FTC Act, which is the means by which the FTC has sought such redress in this case. FLEETCOR cross-moved for summary judgment regarding the FTC’s ability to seek monetary or injunctive relief on May 17, 2021; the briefing on both parties’ summary judgment motions was completed on July 12, 2021. On August 13, 2021, the FTC filed a motion to stay or to voluntarily dismiss without prejudice the case pending in the Northern District of Georgia in favor of a parallel administrative action under Section 5 of the FTC Act that it filed on August 11, 2021 in the FTC’s administrative process. Apart from the jurisdiction and statutory change, the FTC’s administrative complaint makes the same factual allegations as the FTC’s original complaint filed in December 2019. The Company opposed the FTC’s motion for a stay or to voluntarily dismiss, and the court denied the FTC’s motion on February 7, 2022. The court also set a tentative trial date of June 7, 2022. In the meantime, the FTC’s administrative action is stayed. 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, redress, 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.

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DispositionsTelematics BusinessesAs part of the Company's plans to exit the telematics business, the Company sold its investment in Masternaut to Michelin Group during the second quarter of 2019. The Company impaired its investments in Masternaut by an additional $15.7 million during 2019, resulting in no gain or loss when the investment was sold. The Company has recorded cumulative impairment losses associated with its former investment in Masternaut of $136.3 million.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

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

Derivative transactions associated with the Company's cross-border solution 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, which includes customers and banking partners, 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, if the counterparty does not perform under the term of the contract, the contract may be terminated. The Company does not designate any of its foreign exchange derivatives as hedging instruments in accordance with ASC 815.

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 in earnings.

The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of December 31, 2021 and 2020 (in millions) is presented in the table below.


	Notional
	2021		2020
Foreign exchange contracts:
Swaps	$	2,670.4	$	684.5
Futures, forwards and spot	7,818.3		5,467.8
Written options	11,221.9		5,578.1
Purchased options	10,614.0		5,195.0
Total	$	32,324.5	$	16,925.4

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 derivatives reported in the Consolidated Balance Sheets as of December 31, 2021 and 2020 (in millions):


December 31, 2021	Fair Value, Gross				Fair Value, Net
	Derivative Assets				Derivative Assets
Derivatives - undesignated:


Foreign exchange contracts	$	338.8	$	307.8	$	120.9	$	89.9
Less: Cash collateral	25.9		24.8		25.9		24.8
Total net derivative assets and liabilities	$	312.9	$	283.0	$	95.0	$	65.1


December 31, 2020	Fair Value, Gross				Fair Value, Net
	Derivative Assets				Derivative Assets
Derivatives - undesignated:


Foreign exchange contracts	$	326.1	310.5		155.8		140.3
Less: Cash collateral	18.2		38.6		18.2		38.6
Total net derivative assets and liabilities	$	307.9	$	271.9	$	137.6	$	101.7

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 Consolidated Balance Sheets. The Company receives cash from customers as collateral for trade exposures, which is recorded within cash and cash equivalents and customer deposits in the Consolidated Balance Sheets. The customer has the right to recall their collateral in the event exposures move in their favor, they perform on all outstanding contracts and have no outstanding amounts due to the Company, or they cease to do business with the Company. The Company has trading lines with several banks, most of which require collateral to be posted if certain MTM thresholds are exceeded. Cash collateral posted with banks is recorded within restricted cash and can be recalled in the event that exposures move in the company’s favor or move below the collateral posting thresholds. The Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral. The table below presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2021 and December 31, 2020 (in millions).


		2021		2020
	Balance Sheet Classification	Fair Value

Derivative Asset	Other current assets	$	94.0	$	139.3
Derivative Asset	Other noncurrent assets	$	26.9	$	16.6
Derivative Liability	Other current liabilities	$	66.9	$	127.7
Derivative Liability	Other noncurrent liabilities	$	23.0	$	12.5

Cash Flow Hedges

On January 22, 2019, the Company entered into three interest rate swap cash flow contracts (the "swap contracts"). The objective of these swap contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt, the sole source of which is due to changes in the LIBOR benchmark interest rate. As of December 31, 2021, the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions):


	Notional Amount as of		Fixed Rates	Maturity Date
	December 31, 2021
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 pays a fixed monthly rate and receives one month LIBOR.

The table below presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the Consolidated Balance Sheets, as of December 31, 2021 and 2020 (in millions). See Note 4 for additional information on the fair value of the Company’s swap contracts.


	Balance Sheet Location	2021		2020
Derivatives designated as cash flow hedges:
Swap contracts	Other current liabilities	$	(23.4)	$	(49.3)
Swap contracts	Other noncurrent liabilities	$	(7.3)	$	(38.6)

The table below displays the effect of the Company’s derivative financial instruments in the Consolidated Statements of Income and other comprehensive loss for the twelve months ended December 31, 2021 and 2020 (in millions):


	2021		2020
Interest Rate Swaps:
Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(14.1) million and $8.0 million for 2021 and 2020, respectively	$	6.7	$	62.7
Amount of loss reclassified from accumulated other comprehensive loss into interest expense	$	49.7	$	39.3

The $1.0 billion interest rate swap matured in January 2022. The estimated net amount of the existing losses expected to be reclassified into earnings within the next 12 months is approximately $23.4 million at December 31, 2021.

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method.

The calculation and reconciliation of basic and diluted earnings per share for the years ended December 31 (in thousands, except per share data) follows:


	2021		2020		2019
Net income	$	839,497	$	704,216	$	895,073
Denominator for basic earnings per share	82,060		84,005		86,401
Dilutive securities	2,001		2,714		3,669
Denominator for diluted earnings per share	84,061		86,719		90,070
Basic earnings per share	$	10.23	$	8.38	$	10.36
Diluted earnings per share	$	9.99	$	8.12	$	9.94

Diluted earnings per share for the years ended December 31, 2021 and 2020 excludes the effect of 1.4 million and 0.1 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be antidilutive. For 2019, the antidilutive effect was immaterial. 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 the years ended December 31, 2020 and 2019, respectively. For 2021, the impact was immaterial.

Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segments

SegmentsAs previously described in our Annual Report on Form 10-K for the year ended December 31, 2019, the Company historically managed and reported our operating results through two reportable segments, defined by geographic regions: 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 these changes 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 regions: 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.

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


	2021	2020	2019
Revenues, net:
North America	$1,921,077	$1,581,547	$1,708,546
Brazil	368,080	344,248	427,921
International	544,579	463,060	512,381
	$2,833,736	$2,388,855	$2,648,848
Operating income:
North America	$762,620	$547,912	$754,528
Brazil	154,265	148,055	175,642
International	325,671	276,298	301,260
	$1,242,556	$972,265	$1,231,430
Depreciation and amortization:
North America	$184,876	$156,417	$160,246
Brazil	50,020	51,364	64,936
International	49,301	47,021	49,028
	$284,197	$254,802	$274,210
Capital expenditures:
North America	$67,533	$48,426	$44,238
Brazil	24,431	17,116	18,330
International	19,566	12,883	12,602
	$111,530	$78,425	$75,170
Long-lived assets (excluding goodwill and investments):
North America	$2,117,244	$1,790,661	$1,860,708
Brazil	291,203	341,242	487,464
International	348,265	379,697	418,311
	$2,756,712	$2,511,600	$2,766,483

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


	2021		2020
Long-lived assets (excluding goodwill):
United States (country of domicile)	$	1,848,923	$	1,547,423
Brazil	291,203		341,242
United Kingdom	245,654		269,556

More than 10% of our revenues in 2021, 2020 and 2019 were derived through our relationship with our open-loop network partner in our North America segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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+ Details

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)


Fiscal Quarters Year Ended December 31, 2021	First		Second		Third		Fourth
Revenues, net	$	608,623	$	667,381	$	755,477	$	802,255
Operating income	265,965		297,612		338,687		340,292
Net income	184,239		196,247		234,007		225,004
Earnings per share:
Basic earnings per share	$	2.21	$	2.36	$	2.86	$	2.80
Diluted earnings per share	2.15		2.30		2.80		2.74
Weighted average shares outstanding:
Basic shares	83,475		83,141		81,836		80,228
Diluted shares	85,764		85,295		83,716		81,981


Fiscal Quarters Year Ended December 31, 2020	First		Second		Third		Fourth
Revenues, net	$	661,093	$	525,146	$	585,283	$	617,333
Operating income	200,983		212,811		264,532		293,939
Net income	147,060		158,488		188,817		209,851
Earnings per share:
Basic earnings per share	$	1.73	$	1.89	$	2.26	$	2.51
Diluted earnings per share	1.67		1.83		2.19		2.44
Weighted average shares outstanding:
Basic shares	84,902		83,895		83,719		83,514
Diluted shares	88,205		86,570		86,273		85,846

The sum of the quarterly earnings per common share amounts for 2021 and 2020 may not equal the earnings per common share due to rounding.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of FLEETCOR Technologies, Inc. and all of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company’s fiscal year ends on December 31. In certain of the Company’s U.K. businesses, the Company records the operating results using a 4-4-5 week accounting cycle with the fiscal year ending on the Friday on or immediately preceding December 31. Fiscal years 2021, 2020, and 2019 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle.
Financial Instruments - Credit Losses	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. At December 31, 2021 and 2020, approximately 96% and 97%, respectively, of outstanding accounts receivable were current. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for credit losses when internal collection efforts have been exhausted and accounts have been turned over to a third-party collection agency. Recoveries from the third-party collection agency are not significant.
Business Combinations	Business Combinations Business combinations completed by us have been accounted for under the acquisition method of accounting, which requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date. The excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed represents goodwill. The results of the acquired businesses are included in our results of operations beginning from the completion date of the transaction. The estimates the Company uses to determine the fair value of long-lived assets, such as intangible assets, can be complex and require significant judgments. The Company uses information available to us to make fair value determinations and engages independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired long-lived assets. The estimated fair values of customer-related and contract-based intangible assets are generally determined using the income approach, which is based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. The discount rates used represented a risk adjusted market participant weighted-average cost of capital, derived using customary market metrics. These measures of fair value also require considerable judgments about future events, including forecasted revenue growth rates, forecasted customer attrition rates, contract renewal estimates and technology changes. Acquired technologies are generally valued using the replacement cost method, which requires us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis, with adjustments in value for physical deterioration and functional and economic obsolescence. Trademarks and trade names are generally valued using the "relief-from-royalty" approach. This method assumes that trademarks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires the Company to estimate the future revenues for the related brands, the appropriate royalty rate and the weighted-average cost of capital. This measure of fair value requires considerable judgment about the value a market participant would be willing to pay in order to achieve the benefits associated with the trade name. While the Company uses our best estimates and assumptions to determine the fair values of the assets acquired and the liabilities assumed, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in our Consolidated Statements of Income. The Company also estimates the useful lives of intangible assets to determine the period over which to recognize the amount of acquisition-related intangible assets as an expense. Certain assets may be considered to have indefinite useful lives. The Company periodically reviews the estimated useful lives assigned to our intangible assets to determine whether such estimated useful lives continue to be appropriate.
Impairment of Long-Lived Assets, Goodwill, Intangibles and Equity Method Investment	Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of property and equipment and finite-life intangible assets may not be recoverable. When factors indicate that these long-lived assets should be evaluated for possible impairment, the Company assesses the potential impairment by determining whether the carrying amount of such long-lived assets will be recovered through the future undiscounted cash flows expected from use of the asset and its eventual disposition. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market prices or discounted cash flow analysis as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives of property and equipment and finite-life intangible assets may warrant revision. The Company completes an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level. The Company first performs a qualitative assessment of certain of its reporting units. Factors considered in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of the net assets of our reporting units, sustained decrease in our share price, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or if it determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. The Company then performs the goodwill impairment test for each reporting unit by comparing the reporting unit’s carrying amount, including goodwill, to its fair value which is measured based upon, among other factors, a discounted cash flow analysis, as well as market multiples for comparable companies. Estimates critical to the Company’s evaluation of goodwill for impairment include the discount rates, forecasts for revenues, net and earnings before interest, taxes, depreciation and amortization (EBITDA) growth, and long-term growth rates. If the carrying amount of the reporting unit is greater than its fair value, goodwill is considered impaired. Based on the goodwill asset impairment analysis performed quantitatively as of October 1, 2021, the Company determined that the fair value of each of its reporting units was in excess of the carrying value. No events or changes in circumstances have occurred since the date of this most recent annual impairment test that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names, projected revenue growth and projected long-term growth rates in the determination of terminal values. An impairment loss is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. The Company regularly evaluates the carrying value of its investments, which are not carried at fair value, for impairment. The company has elected to measure certain investments in equity instruments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes for similar investments of the issuer. Investments classified as trading securities are carried at fair value with any unrealized gain or loss recorded within investment (gain) loss in the Consolidated Statements of Income.
Property, Plant and Equipment and Definite-Lived Intangible Assets	Property, Plant and Equipment and Definite-Lived Intangible Assets Property, plant and equipment are stated at cost and depreciated on the straight-line basis. Definite-lived intangible assets, consisting primarily of customer relationships, are stated at fair value upon acquisition and are amortized over their estimated useful lives. Customer and merchant relationship useful lives are estimated using historical attrition rates. The Company develops software that is used in providing processing and information management services to customers. A significant portion of the Company’s capital expenditures are devoted to the development of such internal-use computer software. Software development costs are capitalized once technological feasibility of the software has been established. Costs incurred prior to establishing technological feasibility are expensed as incurred. Technological feasibility is established when the Company has completed all planning, designing, coding and testing activities that are necessary to determine that the software can be produced to meet its design specifications, including functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The Company has elected to treat the Global Intangible Low Taxed Income (GILTI) inclusion as a current period expense. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences become deductible. The Company evaluates on a quarterly basis whether it is more likely than not that its deferred tax assets will be realized in the future and concludes whether a valuation allowance must be established. The Company accounts for uncertainty in income taxes recognized in an entity’s financial statements and prescribes threshold and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50 percent likelihood of being sustained. The Company includes any estimated interest and penalties on tax related matters in income tax expense.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents, and Restricted CashCash 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.
Foreign Currency	Foreign Currency 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.
Derivatives	Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates. The Company also uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers and enters into cross currency derivative contracts with banking partners to mitigate foreign exchange risk associated with customer derivative contracts. 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 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, it writes foreign currency forward and option contracts for its customers to facilitate future payments. The Company recognizes current cross-border payments derivatives in prepaid expenses 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 Consolidated Statements of Cash Flows.
Spot Trade Offsetting	Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. 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.
Stock Based Compensation	Stock Based Compensation The Company routinely grants employee stock options and restricted stock awards/units as part of employee compensation plans. Stock options are granted with an exercise price equal to the fair market value on the date of grant. Options granted have vesting provisions ranging from one to five years and vesting of the options is generally based on the passage of time, performance or market conditions, or a combination of these. Stock option grants are subject to forfeiture if employment terminates prior to vesting. The Company has selected the Black-Scholes option pricing model for estimating the grant date fair value of stock option awards. The Company has considered the retirement and forfeiture provisions of the options and utilized its historical experience to estimate the expected life of the options. Option forfeitures are accounted for upon occurrence. The Company bases the risk-free interest rate on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected life of the option from the date of the grant. 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 generally have vesting provisions of one to four years. The fair value of restricted stock where the shares vest based on the passage of time or performance is based on the grant date fair value of the Company’s stock. The fair value of stock options and restricted stock units granted with market based vesting conditions is estimated using the Monte Carlo simulation valuation model. The risk-free interest rate and volatility assumptions used within the Monte Carlo simulation valuation model are calculated consistently with those applied in the Black-Scholes options pricing model utilized in determining the fair value of the market based stock option awards. For performance-based restricted stock awards/units and performance-based stock option awards, the Company must also make assumptions regarding the likelihood of achieving performance goals. If actual results differ significantly from these estimates, stock based compensation expense and the Company’s results of operations could be materially affected. Stock based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the requisite service period based on the number of years over which the requisite service is expected to be rendered.
Deferred Financing Costs/Debt Discounts	Deferred Financing Costs/Debt DiscountsCosts incurred to obtain financing are amortized over the term of the related debt, using the effective interest method and are included within interest expense. The Company capitalized additional debt issuance costs of $2.3 million associated with refinancing its Credit Facility and Securitization Facility in 2021 and $2.6 million in 2020. At December 31, 2021 and 2020, the Company had net deferred financing costs of $5.8 million and $6.4 million, respectively, related to the revolver under the Credit Facility and the Securitization Facility, each recorded within prepaid expenses and other current assets, on the Consolidated Balance Sheets. At December 31, 2021 and 2020, the Company had deferred financing costs of $16.7 million and $7.1 million, respectively, related to the term notes under the Credit Facility, recorded as a discount to the term debt outstanding within the current portion of notes payable and lines of credit and notes payable and other obligations, less current portion, respectively, in the Consolidated Balance Sheets.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is defined as the total of net income and all other changes in equity that result from transactions and other economic events of a reporting period other than transactions with owners.
Accounts Receivable	Accounts Receivable The Company maintains a $1.3 billion revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to trade receivables resulting primarily 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. The maturity date for the Company's Securitization Facility is March 29, 2024.
Advertising	AdvertisingThe Company expenses advertising costs as incurred.
Earnings Per Share	Earnings Per Share The Company reports basic and diluted earnings per share. Basic earnings per share is calculated using the weighted average of common stock and non-vested, non-forfeitable restricted shares outstanding, unadjusted for dilution, and net income attributable to common shareholders. Diluted earnings per share is calculated using the weighted average shares outstanding and contingently issuable shares less weighted average shares recognized during the period. The net outstanding shares have been adjusted for the dilutive effect of common stock equivalents, which consist of outstanding stock options and unvested forfeitable restricted stock units.
Reclassifications and Adjustments	Reclassifications and Adjustments During 2021, the Company identified and corrected an immaterial error in the presentation of Deferred income taxes and changes in Accounts payable, accrued expenses and customer deposits, both presented within Net cash provided by operating activities, in our prior year Consolidated Statement of Cash Flows. The impact of this correction for the year ended December 31, 2020 was an increase to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $30.8 million, with a corresponding decrease to changes in accounts payable, accrued expenses and customer deposits in operating activities of $30.8 million. The impact to net cash provided by operating activities in the Consolidated Statement of Cash Flows was $0. Additionally, certain disclosures for prior periods have been reclassified to conform with current year presentation.
Adoption of New Accounting Standards and Pending Adoption of Recently Issued Accounting Standards	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. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was 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 adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements. The Company will transition from LIBOR to the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate for euro borrowings, and the Tokyo Interbank Offer Rate for yen borrowings. The Company has availed itself to the practical expedients related to any changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU. Pending Adoption of Recently Issued Accounting Standards 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 will adopt this ASU on January 1, 2022, and the adoption is not expected to have a material impact on the Company's results of operations, financial condition, or cash flows.
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 solutions (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 products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Payment Services The Company’s primary performance obligation for the majority of its payment solutions (Corporate Payments, Fuel, Lodging, and Gift, among others) is to stand-ready to provide authorization and processing services (payment services) for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use (e.g., number of transactions submitted and processed) of the related payment services. Accordingly, the total transaction price is variable. Payment services involve a series of distinct daily services that are substantially the same, with the same pattern of transfer to the customer. As a result, the Company allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. For the tolls payment solution, the Company's primary performance obligation is to stand-ready each month to provide access to the toll network and process toll transactions. Each period of access is determined to be distinct and substantially the same as the customer benefits over the period of access. The Company records revenue for its payment services net of (i) the cost of the underlying products and services; (ii) assessments and other fees charged by the credit and debit payment networks (along with any rebates provided by them); (iii) customer rebates and other discounts; and (iv) taxes assessed (e.g. VAT and VAT-like taxes) by a government, imposed concurrent with, a revenue producing transaction. The majority of the transaction price the Company receives for fulfilling the Payment Services performance obligation are comprised of one or a combination of the following: 1) interchange fees earned from the payment networks; 2) discount fees earned from merchants; 3) fees calculated based on a number of transactions processed; 4) fees calculated based upon a percentage of the transaction value for the underlying goods or services (i.e. fuel, food, toll, lodging, and transportation cards and vouchers); and 5) monthly access fees. The Company recognizes revenue when the underlying transactions are complete and its performance obligations are satisfied. Transactions are considered complete depending upon the related payment solution but generally when the Company has authorized the transaction, validated that the transaction has no errors and accepted and posted the data to the Company’s records. 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. The Company's performance obligation for its foreign exchange payment services is providing a foreign currency payment to a customer’s designated recipient and therefore, the Company recognizes revenue on foreign exchange payment services when the underlying payment is made. Revenues from foreign exchange payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market. Gift Card Products and Services The Company’s Gift solutions deliver both stored value cards and e-cards (cards), and card-based services primarily in the form of gift cards to retailers. These activities each represent performance obligations that are separate and distinct. Revenue for stored valued cards is recognized (gross of the underlying cost of the related card, recorded in processing expenses within the Consolidated Statements of Income) at the point in time when control passes to the Company's customer, which is generally upon shipment. Card-based services consist of transaction processing and reporting of gift card transactions where the Company recognizes revenue based on an output measure of elapsed time for an unknown or unspecified quantity of transactions. As a result, the Company allocates and recognizes variable consideration over the estimated period of time over which the performance obligation is satisfied. Other The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. The Company ceases billing and accruing for late fees and finance charges approximately 30 - 40 days after the customer’s balance becomes delinquent. In addition, in its cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies. 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 instruments are recorded in revenues, net in the Consolidated Statements of Income. Revenue is also derived from the sale of equipment in certain of the Company’s businesses, which is recognized at the time the device is sold and control has passed to the customer. This revenue is recognized gross of the cost of sales related to the equipment in revenues, net within the Consolidated Statements of Income. The related cost of sales for the equipment is recorded in processing expenses within the Consolidated Statements of Income. Revenues from contracts with customers, within the scope of Topic 606, represents approximately 75% of total consolidated revenues, net, for the year ended December 31, 2021. Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $73.7 million and $73.0 million as of December 31, 2021 and 2020, respectively. We expect to recognize approximately $43.3 million of these amounts in revenues within 12 months and the remaining $30.4 million over the next five years as of December 31, 2021. The amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized. Revenue recognized for the year ended December 31, 2021, that was included in the deferred revenue contract liability as of January 1, 2021, was approximately $41.0 million. Costs to Obtain or Fulfill a Contract With the adoption of ASC 606, the Company began capitalizing the incremental costs of obtaining a contract with a customer if the Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales commission). Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria: a.The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. b.The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. c.The costs are expected to be recovered. In order to determine the appropriate amortization period for contract costs, the Company considered a combination of factors, including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the Company to provide products and services to its customers, whether further contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the straight-line method over the expected period of benefit (ranging from five to ten years). Costs to obtain a contract with an expected period of benefit of one year or less are recognized as an expense when incurred. The amortization of contract acquisition costs associated with sales commissions that qualify for capitalization will be recorded as selling expense in the Company’s Consolidated Statements of Income. The amortization of contract acquisition costs associated with cash payments for client incentives is included as a reduction of revenues in the Company’s Consolidated Statements of Income. Amortization of capitalized contract costs recorded in selling expense was $16.0 million, $15.3 million and $14.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. Costs to obtain or fulfill a contract are classified as contract cost assets within prepaid expenses and other current assets and other assets in the Company’s Consolidated Balance Sheets. The Company had capitalized costs to obtain a contract of $16.1 million and $15.1 million within prepaid expenses and other current assets and $38.9 million and $37.2 million within other assets in the Company’s Consolidated Balance Sheets, for the year ended December 31, 2021 and 2020, respectively. The Company has recorded $76.6 million, $65.5 million and $76.4 million of expenses related to sales of equipment in processing expenses within the Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019, respectively. Practical Expedients ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as allowed by ASC 606, the Company elected to exclude this disclosure for any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company's most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. The Company elected to exclude all sales taxes and other similar taxes from the transaction price. Accordingly, the Company presents all collections from customers for these taxes on a net basis, rather than having to assess whether the Company is acting as an agent or a principal in each taxing jurisdiction. In certain arrangements with customers, the Company has determined that certain promised services and products are immaterial in the context of the contract, both quantitatively and qualitatively. As a practical expedient, the Company is not required to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised service or product to a customer and when the customer pays for the service or product will be one year or less. As of December 31, 2021, the Company’s contracts with customers did not contain a significant financing component.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Foreign Exchange Gains (Losses)

The Company recognized foreign exchange (losses) gains, which are recorded within other (income) expense, net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions):


	2021		2020		2019
Foreign exchange (losses) gains	$	(3.7)	$	2.9	$	0.7

Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions


	2021		2020		2019
Foreign currency losses on long-term intra-entity transactions	$	44.4	$	219.8	$	88.1

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2021 and 2020 (in millions):


	December 31, 2021						December 31, 2020
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	1,185.9	$	(1,057.7)	$	128.2	$	521.5	$	(478.2)	$	43.3


Liabilities
Accounts Payable	$	1,199.5	$	(1,057.7)	$	141.8	$	527.5	$	(478.2)	$	49.3

The table below presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2021 and December 31, 2020 (in millions).


		2021		2020
	Balance Sheet Classification	Fair Value

Derivative Asset	Other current assets	$	94.0	$	139.3
Derivative Asset	Other noncurrent assets	$	26.9	$	16.6
Derivative Liability	Other current liabilities	$	66.9	$	127.7
Derivative Liability	Other noncurrent liabilities	$	23.0	$	12.5

Company's Accounts Receivable and Securitized Accounts Receivable

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


	2021		2020
Gross domestic unsecuritized accounts receivables	$	994,063	$	719,675
Gross domestic securitized accounts receivable	1,118,000		700,000
Gross foreign receivables	897,930		733,986
Total gross receivables	3,009,993		2,153,661
Less allowance for credit losses	(98,719)		(86,886)
Net accounts and securitized accounts receivable	$	2,911,274	$	2,066,775

Allowance for Doubtful Accounts Related to Accounts Receivable

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


	2021		2020		2019
Allowance for credit losses beginning of year	$	86,886	$	70,890	$	59,963
Provision for credit losses	37,919		158,549		74,309
Write-offs	(35,868)		(146,063)		(67,732)
Recoveries	13,459		9,603		4,798
Impact of foreign currency	(3,677)		(6,093)		(448)
Allowance for credit losses end of year	$	98,719	$	86,886	$	70,890

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


Revenues by Solution Category*1	2021		2020		2019
Fuel	$	1,180.1	$	1,057.2	$	1,173.0
Corporate payments	600.0		434.0		450.0
Tolls	306.0		292.0		357.2
Lodging	309.6		207.0		212.6
Gift	179.5		154.4		180.2
Other	258.5		244.3		275.9
Consolidated revenues, net	$	2,833.7	$	2,388.9	$	2,648.8

*Columns may not calculate due to rounding.

Revenue from External Customers by Geographic Areas

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


Revenues by Geography	2021		2020		2019
United States (country of domicile)	$	1,785.2	$	1,467.5	$	1,595.3
Brazil	368.1		344.2		427.9
United Kingdom	321.8		262.9		275.2
Other	358.6		314.2		350.4
Consolidated revenues, net	$	2,833.7	$	2,388.9	$	2,648.8

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value

The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis as of December 31, 2021 and 2020, (in thousands):


	Fair Value		Level 1		Level 2		Level 3
December 31, 2021
Assets:
Repurchase agreements	$	477,069	$	—	$	477,069	$	—
Money market	43,023		—		43,023		—
Certificates of deposit	958		—		958		—

Foreign exchange contracts	120,859		—		120,859		—
Total assets	$	641,909	$	—	$	641,908	$	—
Cash collateral for foreign exchange contracts	$	25,881	$	—	$	—	$	—
Liabilities:
Interest rate swaps	$	(30,733)	$	—	$	(30,733)	$	—
Foreign exchange contracts	89,925		—		89,925		—
Total liabilities	$	59,192	$	—	$	59,192	$	—
Cash collateral obligation for foreign exchange contracts	$	24,803	$	—	$	—	$	—

December 31, 2020
Assets:
Repurchase agreements	$	446,116	$	—	$	446,116	$	—
Money market	48,227		—		48,227		—
Certificates of deposit	188		—		188		—

Foreign exchange contracts	155,846		—		155,846		—
Total assets	$	650,377	$	—	$	650,377	$	—
Cash collateral for foreign exchange contracts	$	18,229	$	—	$	—	$	—
Liabilities:
Interest rate swaps	$	87,873	—		$	87,873	—
Foreign exchange contracts	140,272		—		140,272		—
Total liabilities	$	228,145	$	—	$	228,145	$	—
Cash collateral obligation for foreign exchange contracts	$	38,569	$	—	$	—	$	—

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Expense Related to Share-Based Payments


	2021		2020		2019
Stock options	$	30,057	$	23,407	$	32,736
Restricted stock	50,014		19,977		28,217
Stock-based compensation	$	80,071	$	43,384	$	60,953

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

The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of December 31, 2021 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	80,305	1.60
Restricted stock	28,349		0.76
Total	$	108,654

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

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


	Shares	Weighted Average Exercise Price		Options Exercisable at End of Year	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Year		Aggregate Intrinsic Value
Outstanding at December 31, 2018	7,616	$	117.58	5,174	$	98.39			$	518,954
Granted	431	244.35					$	57.99
Exercised	(1,482)	115.53							255,242
Forfeited	(302)	167.35
Outstanding at December 31, 2019	6,263	124.38		5,137	109.03				1,022,860
Granted	503	215.36					$	53.18
Exercised	(1,681)	80.84							322,823
Forfeited	(121)	194.61
Outstanding at December 31, 2020	4,964	146.69		3,994	130.37				626,107
Granted	1,097	261.85					$	72.84
Exercised	(592)	82.50							83,686
Forfeited	(22)	230.14
Outstanding at December 31, 2021	5,447	$	176.52	3,798	$	145.18			$	257,707
Expected to vest at December 31, 2021	1,648	$	248.75

Schedule of Stock Options Exercise Price

The following table summarizes information about stock options outstanding at December 31, 2021 (shares in thousands):


Exercise Price	Options Outstanding	Weighted Average Remaining Vesting Life in Years	Options Exercisable
$35.04 – $196.18	3,618	0.13	3,444
$199.75 – $202.83	123	0.19	102
$205.28 – $216.18	90	1.52	42
$224.99 – $231.70	261	1.85	91
$248.28 – $252.50	233	1.24	109
$256.55 – $261.27	1,039	2.20	1
$263.21 – $319.55	83	3.00	9
	5,447		3,798

Schedule of Weighted-Average Assumptions


	2021		2020		2019
Risk-free interest rate	0.45	%	0.37	%	2.40	%
Dividend yield	—		—		—
Expected volatility	34.44	%	31.00	%	26.40	%
Expected life (in years)	4.0		3.9		3.7


	2021
Risk-free interest rate	0.59	%
Dividend yield	—
Expected volatility	36.10	%
Expected life (in years)	3.3


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

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

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


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2018	174	$	190.73
Granted	232	212.79
Cancelled	(49)	225.96
Issued	(114)	206.05
Outstanding at December 31, 2019	243	246.34
Granted	171	252.36
Cancelled	(100)	249.17
Issued	(140)	227.20
Outstanding at December 31, 2020	174	265.29
Granted	215	272.59
Cancelled	(38)	265.76
Issued	(73)	258.13
Outstanding at December 31, 2021	278	$	278.57

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Summary of Acquisition Accounting

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


Current assets	$	180,951
Long term assets	10,121
Goodwill	131,771
Intangibles	180,500
Current liabilities	(73,031)
Noncurrent liabilities	(8,479)



Aggregate purchase price	$	421,833

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


Trade and other receivables	$	8,159
Prepaid expenses and other current assets	108,402
Property, plant and equipment	1,723
Other long term assets	51,074
Goodwill	254,399
Intangibles	242,300
Accounts payable and accrued expenses	(39,234)
Other current liabilities	(81,430)
Customer deposits	(375,049)
Other noncurrent liabilities	(99,614)
Aggregate purchase price	$	70,730


Accounts and other receivables	$	110
Prepaid expenses and other current assets	37

Other assets	28
Goodwill	34,359
Other intangibles	5,400
Current liabilities	(925)

Deferred income taxes	(6)
Aggregate purchase price	$	39,003

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


Trade and other receivables	$	4,975
Prepaid expenses and other current assets	145
Property, plant and equipment	3,178
Other long term assets	1,049
Goodwill	28,038
Intangibles	42,144
Liabilities	(1,147)
Other noncurrent liabilities	(782)

Aggregate purchase price	$	77,600

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

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


	Useful Lives (in Years)	Value
Trade Names and Trademarks	Indefinite	$	18,800
Proprietary Technology	4	14,400
Lodging Network	20	700
Customer Relationships	15	146,600



		$	180,500

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


	Useful Lives (in Years)	Value
Trade Names and Trademarks	2	$	5,400
Proprietary Technology	4	11,800
Banking Relationships	20	1,800
Licenses	20	2,600
Customer Relationships	10	220,700


		$	242,300

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
Proprietary Technology	10	$	4,800


Customer Relationships	9	600


		$	5,400

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	5 - Indefinite	$	2,161
Licensed Software and Technology	10	4,400
Proprietary Technology	5	8,400
Supplier Network	10	783
Customer Relationships	9 - 16	26,400


		$	42,144

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

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 segment is as follows (in thousands):


	December 31, 2020		Acquisitions		Acquisition Accounting Adjustments		Foreign Currency		December 31, 2021
Segment
North America	$	3,400,772	$	420,529	$	398	$	(7,441)	$	3,814,258
Brazil	585,861		—		—		(39,713)		546,148
International	732,548		3,286		(1,294)		(15,968)		718,572
	$	4,719,181	$	423,815	$	(896)	$	(63,122)	$	5,078,978


	December 31, 2019		Acquisitions		Acquisition Accounting Adjustments		Foreign Currency		December 31, 2020
Segment
North America	$	3,369,173	$	24,984	$	(1,908)	$	8,523	$	3,400,772
Brazil	756,975		—		—		(171,114)		585,861
International	706,899		3,950		—		21,699		732,548
	$	4,833,047	$	28,934	$	(1,908)	$	(140,892)	$	4,719,181

Schedule of Other Intangible Assets

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


		2021						2020
	Weighted- Avg Useful Life (Years)	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amounts1		Accumulated Amortization1		Net Carrying Amount
Customer and vendor agreements	16.3	$	2,925,719	$	(1,167,218)	$	1,758,501	$	2,594,909	$	(1,011,815)	$	1,583,094
Trade names and trademarks—indefinite lived	N/A	466,327		—		466,327		455,632		—		455,632
Trade names and trademarks—other	7.2	12,093		(5,235)		6,858		6,720		(3,031)		3,689
Software	5.9	272,461		(198,628)		73,833		239,292		(182,448)		56,844
Non-compete agreements	4.3	78,145		(48,279)		29,866		56,493		(39,870)		16,623
Total other intangibles		$	3,754,745	$	(1,419,360)	$	2,335,385	$	3,353,046	$	(1,237,164)	$	2,115,882


1Recast 2020 to reflect changes between gross carrying amounts and accumulated amortization; net carrying amounts remain unchanged.

Schedule of Future Estimated Amortization of Intangibles

The future estimated amortization of intangibles at December 31, 2021 is as follows (in thousands):


2022	$	213,678
2023	204,053
2024	196,009
2025	175,261
2026	152,363
Thereafter	927,694

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	Estimated Useful Lives (in Years)	2021		2020
Computer hardware and software	3 to 5	$	472,145	$	393,217
Card-reading equipment	4 to 6	36,829		25,427
Furniture, fixtures, and vehicles	2 to 10	22,650		19,575
Buildings and improvements	5 to 50	33,517		30,467
Property, plant and equipment, gross		565,141		468,686
Less: accumulated depreciation		(328,847)		(266,177)
Property, plant and equipment, net		$	236,294	$	202,509

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

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


	2021		2020
Accrued bonuses	$	26,950	$	15,903
Accrued payroll and severance	38,328		23,189
Accrued taxes	93,627		78,771
Accrued commissions/rebates	92,063		81,450
Other1	118,086		83,368
	$	369,054	$	282,681

1Other accrued expenses include several types of amounts due to our merchants, vendors, and other third parties.

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Debt Instruments

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


	2021		2020
Term Loan A note payable (a), net of discounts	$	2,763,162	$	2,922,042
Term Loan B note payable (a), net of discounts	1,871,505		337,347
Revolving line of credit A Facility(a)	225,000		280,000
Revolving line of credit B Facility(a)	—		13,650

Revolving line of credit B Facility —foreign swing line(a)	—		50,028
Other obligations(c)	—		211
Total notes payable, credit agreements, and other obligations	4,859,667		3,603,277
Securitization Facility(b)	1,118,000		700,000
Total debt	$	5,977,667	$	4,303,277
Current portion	$	1,517,628	$	1,205,697
Long-term portion	4,460,039		3,097,580
Total debt	$	5,977,667	$	4,303,277

_____________________

The interest rates at December 31, 2021 are as follows:


Term loan A	1.60	%
Revolving A facility	1.61	%
Term loan B	1.85	%
Unused credit facility fee	0.30	%

The Company has unamortized debt issuance costs of $3.3 million related to the revolving credit facility at December 31, 2021.

The Company has unamortized debt costs at December 31, 2021 as follows (in thousands):


	Unamortized Debt Discounts		Deferred Financing Costs
Term loan A	$	4,339	$	—
Term loan B	$	12,391	$	8,479

The effective interest rate incurred on term loans was 1.79% during 2021 related to the discount on debt. Principal payments of $507.5 million were made on the term loans during 2021.

Summary of Contractual Maturities of Notes Payable and Other Obligations

The contractual maturities of the Company’s total debt at December 31, 2021 are as follows (in thousands):


2022	$	1,517,628
2023	2,619,795
2024	15,682
2025	15,716
2026	15,750
Thereafter	1,793,095

Accumulated Other Comprehensive Loss (AOCI) (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in the components of AOCI for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):


	Cumulative Foreign Currency Translation		Unrealized (Losses) Gains on Derivative Instruments		Total Accumulated Other Comprehensive (Loss) Income

Balance at December 31, 2018	$	(913,858)	$	—	$	(913,858)
Other comprehensive loss before reclassifications	(15,855)		(68,928)		(84,783)
Amounts reclassified from AOCI	—		5,828		5,828
Tax effect	—		20,348		20,348
Other comprehensive loss	(15,855)		(42,752)		(58,607)
Balance at December 31, 2019	(929,713)		(42,752)		(972,465)
Other comprehensive loss before reclassifications	(367,249)		(70,719)		(437,968)
Amounts reclassified from AOCI	—		39,264		39,264
Tax effect	—		8,011		8,011
Other comprehensive loss	(367,249)		(23,444)		(390,693)
Balance at December 31, 2020	(1,296,962)		(66,196)		(1,363,158)
Other comprehensive (loss) income before reclassifications	(144,543)		7,394		(137,149)
Amounts reclassified from AOCI	—		49,747		49,747
Tax effect	—		(14,056)		(14,056)
Other comprehensive (loss) gain	(144,543)		43,085		(101,458)
Balance at December 31, 2021	$	(1,441,505)	$	(23,111)	$	(1,464,616)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Before The Provision for Income Taxes

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


	2021		2020		2019
United States	$	515,041	$	457,090	$	505,818
Foreign	593,767		425,435		572,001
Total	$	1,108,808	$	882,525	$	1,077,819

Components of Income Taxes

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


	2021		2020		2019
Current:
Federal	$	118,861	$	71,123	$	50,145
State	31,674		19,597		10,285
Foreign	107,751		71,921		84,433
Total current	258,286		162,641		144,863
Deferred:
Federal	(12,165)		143		(10,479)
State	(4,540)		(4,323)		3,745
Foreign	27,730		19,848		44,617
Total deferred	11,025		15,668		37,883
Total provision	$	269,311	$	178,309	$	182,746

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


	2021				2020				2019
Computed “expected” tax expense	$	232,850	21.0	%	$	185,330	21.0	%	$	226,342	21.0	%
Changes resulting from:
Change in valuation allowance	1,378		0.1		25,932		2.9		(28,614)		(2.7)
Foreign income tax differential	(10,326)		(0.9)		(20,852)		(2.3)		(15,816)		(1.4)
State taxes net of federal benefits	18,352		1.7		7,489		0.8		12,482		1.2
Increase in tax expense due to uncertain tax positions	8,185		0.7		14,848		1.7		—		—

Foreign withholding tax	9,143		0.8		15,630		1.8		20,360		1.9



Excess tax benefits related to stock-based compensation	(16,304)		(1.5)		(58,942)		(6.7)		(38,156)		(3.5)
Revaluation of capital loss deferred tax asset	—		—		—		—		(24,279)		(2.3)





Sub-part F Income/GILTI	72,449		6.5		34,990		4.0		49,859		4.6
Foreign tax credits	(63,926)		(5.8)		(30,497)		(3.5)		(38,657)		(3.6)
Other	17,510		1.6		4,381		0.5		19,225		1.8
Provision for income taxes	$	269,311	24.3	%	$	178,309	20.2	%	$	182,746	17.0	%

Summary of Deferred Tax Assets and Liabilities

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


	2021		2020
Deferred tax assets:
Accounts receivable, principally due to the allowance for doubtful accounts	$	13,987	$	10,515
Accrued expenses not currently deductible for tax	6,252		3,442
Lease deferral	20,349		23,506
Interest rate swap	7,621		21,792
Stock based compensation	39,658		36,015
Income tax credits	51,264		51,264
Net operating loss carry forwards	76,988		83,372
Accrued escheat	3,170		3,567
Other	10,078		11,711
Deferred tax assets before valuation allowance	229,367		245,184
Valuation allowance	(94,601)		(90,340)
Deferred tax assets, net	134,766		154,844
Deferred tax liabilities:
Intangibles—including goodwill	(520,349)		(481,388)
Basis difference in investment in subsidiaries	(42,938)		(42,313)
Lease deferral	(17,739)		(19,977)
Accrued Expense Liability	(795)		(513)
Prepaid expenses	(1,788)		(2,126)
Withholding taxes	(38,704)		(30,488)
Property and equipment and other	(76,810)		(71,342)
Deferred tax liabilities	(699,123)		(648,147)
Net deferred tax liabilities	$	(564,357)	$	(493,303)

Deferred Tax Balance Classification in Balance Sheet

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


	2021		2020
Long term deferred tax assets and liabilities:
Long term deferred tax assets	$	1,934	$	4,851
Long term deferred tax liabilities	(566,291)		(498,154)

Net deferred tax liabilities	$	(564,357)	$	(493,303)

Summary of Valuation Allowance

Reconciliation of Unrecognized Tax Benefits


Unrecognized tax benefits at December 31, 2018	$	34,152
Additions based on tax provisions related to the current year	4,284
Additions based on tax provisions related to the prior year	11,679
Deductions based on settlement/expiration of prior year tax positions	(7,342)

Unrecognized tax benefits at December 31, 2019	42,773
Additions based on tax provisions related to the current year	6,412

Additions based on tax provisions related to the prior year	13,532
Deduction of cumulative interest and penalties	(12,508)
Deductions based on expiration of prior year tax positions	(14,460)
Unrecognized tax benefits at December 31, 2020	35,749
Additions based on tax provisions related to the current year	8,543

Additions based on tax provisions related to the prior year	5,909


Deductions based on settlement of prior year tax positions	(2,122)
Deductions based on expiration of prior year tax positions	(1,058)
Unrecognized tax benefits at December 31, 2021	$	47,021

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Other Assets and Other Liabilities


	2021		2020
ROU assets	$	84,777	$	76,797
Short term lease liabilities	$	20,296	$	17,047
Long term lease liabilities	$	79,905	$	75,350

Lease, Cost

The supplementary cash and non-cash disclosures for the year ended December 31, 2021 and 2020 are as follows (in thousands):


	2021		2020
Cash paid for operating lease liabilities	$	23,803	$	20,068
ROU assets obtained in exchange for new operating lease obligations	$	29,428	$	7,134
Weighted-average remaining lease term (years)	5.99		7.07
Weighted-average discount rate	3.80%		4.18%

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities as of December 31, 2021 were as follows (in thousands):


2022	$	1,535
2023	22,924
2024	20,725
2025	19,101
2026	16,734
Thereafter	31,989
Total lease payments	113,008
Less imputed interest	12,807
Present value of lease liabilities	$	100,201

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions


	Notional
	2021		2020
Foreign exchange contracts:
Swaps	$	2,670.4	$	684.5
Futures, forwards and spot	7,818.3		5,467.8
Written options	11,221.9		5,578.1
Purchased options	10,614.0		5,195.0
Total	$	32,324.5	$	16,925.4

As of December 31, 2021, the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions):


	Notional Amount as of		Fixed Rates	Maturity Date
	December 31, 2021
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 Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of December 31, 2021 and 2020 (in millions):


December 31, 2021	Fair Value, Gross				Fair Value, Net
	Derivative Assets				Derivative Assets
Derivatives - undesignated:


Foreign exchange contracts	$	338.8	$	307.8	$	120.9	$	89.9
Less: Cash collateral	25.9		24.8		25.9		24.8
Total net derivative assets and liabilities	$	312.9	$	283.0	$	95.0	$	65.1


December 31, 2020	Fair Value, Gross				Fair Value, Net
	Derivative Assets				Derivative Assets
Derivatives - undesignated:


Foreign exchange contracts	$	326.1	310.5		155.8		140.3
Less: Cash collateral	18.2		38.6		18.2		38.6
Total net derivative assets and liabilities	$	307.9	$	271.9	$	137.6	$	101.7

Schedule of Derivative Liabilities at Fair Value


		2021		2020
	Balance Sheet Classification	Fair Value

Derivative Asset	Other current assets	$	94.0	$	139.3
Derivative Asset	Other noncurrent assets	$	26.9	$	16.6
Derivative Liability	Other current liabilities	$	66.9	$	127.7
Derivative Liability	Other noncurrent liabilities	$	23.0	$	12.5

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended December 31, 2021 and 2020 (in millions):


	December 31, 2021						December 31, 2020
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	1,185.9	$	(1,057.7)	$	128.2	$	521.5	$	(478.2)	$	43.3


Liabilities
Accounts Payable	$	1,199.5	$	(1,057.7)	$	141.8	$	527.5	$	(478.2)	$	49.3


		2021		2020
	Balance Sheet Classification	Fair Value

Derivative Asset	Other current assets	$	94.0	$	139.3
Derivative Asset	Other noncurrent assets	$	26.9	$	16.6
Derivative Liability	Other current liabilities	$	66.9	$	127.7
Derivative Liability	Other noncurrent liabilities	$	23.0	$	12.5

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


	Balance Sheet Location	2021		2020
Derivatives designated as cash flow hedges:
Swap contracts	Other current liabilities	$	(23.4)	$	(49.3)
Swap contracts	Other noncurrent liabilities	$	(7.3)	$	(38.6)

Derivative Instruments, Gain (Loss)


	2021		2020
Interest Rate Swaps:
Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(14.1) million and $8.0 million for 2021 and 2020, respectively	$	6.7	$	62.7
Amount of loss reclassified from accumulated other comprehensive loss into interest expense	$	49.7	$	39.3

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

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


	2021		2020		2019
Net income	$	839,497	$	704,216	$	895,073
Denominator for basic earnings per share	82,060		84,005		86,401
Dilutive securities	2,001		2,714		3,669
Denominator for diluted earnings per share	84,061		86,719		90,070
Basic earnings per share	$	10.23	$	8.38	$	10.36
Diluted earnings per share	$	9.99	$	8.12	$	9.94

Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Company's Segment Results

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


	2021	2020	2019
Revenues, net:
North America	$1,921,077	$1,581,547	$1,708,546
Brazil	368,080	344,248	427,921
International	544,579	463,060	512,381
	$2,833,736	$2,388,855	$2,648,848
Operating income:
North America	$762,620	$547,912	$754,528
Brazil	154,265	148,055	175,642
International	325,671	276,298	301,260
	$1,242,556	$972,265	$1,231,430
Depreciation and amortization:
North America	$184,876	$156,417	$160,246
Brazil	50,020	51,364	64,936
International	49,301	47,021	49,028
	$284,197	$254,802	$274,210
Capital expenditures:
North America	$67,533	$48,426	$44,238
Brazil	24,431	17,116	18,330
International	19,566	12,883	12,602
	$111,530	$78,425	$75,170
Long-lived assets (excluding goodwill and investments):
North America	$2,117,244	$1,790,661	$1,860,708
Brazil	291,203	341,242	487,464
International	348,265	379,697	418,311
	$2,756,712	$2,511,600	$2,766,483

Schedule of Revenues and Long-Lived Assets by Geographical Area

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


	2021		2020
Long-lived assets (excluding goodwill):
United States (country of domicile)	$	1,848,923	$	1,547,423
Brazil	291,203		341,242
United Kingdom	245,654		269,556

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Data


Fiscal Quarters Year Ended December 31, 2021	First		Second		Third		Fourth
Revenues, net	$	608,623	$	667,381	$	755,477	$	802,255
Operating income	265,965		297,612		338,687		340,292
Net income	184,239		196,247		234,007		225,004
Earnings per share:
Basic earnings per share	$	2.21	$	2.36	$	2.86	$	2.80
Diluted earnings per share	2.15		2.30		2.80		2.74
Weighted average shares outstanding:
Basic shares	83,475		83,141		81,836		80,228
Diluted shares	85,764		85,295		83,716		81,981


Fiscal Quarters Year Ended December 31, 2020	First		Second		Third		Fourth
Revenues, net	$	661,093	$	525,146	$	585,283	$	617,333
Operating income	200,983		212,811		264,532		293,939
Net income	147,060		158,488		188,817		209,851
Earnings per share:
Basic earnings per share	$	1.73	$	1.89	$	2.26	$	2.51
Diluted earnings per share	1.67		1.83		2.19		2.44
Weighted average shares outstanding:
Basic shares	84,902		83,895		83,719		83,514
Diluted shares	88,205		86,570		86,273		85,846

Description of Business (Details) - segment	12 Months Ended
Description of Business (Details) - segment	Dec. 31, 2021	Dec. 31, 2019
Accounting Policies [Abstract]
Number of reportable segments	3	2

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 15, 2021	Sep. 14, 2021	Aug. 30, 2018
Significant Accounting Policies [Line Items]
Capitalized computer software costs	$ 76,700,000	$ 51,600,000	$ 49,800,000
Capitalized computer software amortization expense	$ 46,700,000	40,200,000	37,200,000
Minimum percentage of likelihood required to recognize uncertain income tax position (in percent)	50.00%
Maturity of cash equivalent, max (in months)	3 months
Provision for credit losses	$ 35,868,000	146,063,000	67,732,000
Advertising expense	54,800,000	28,500,000	33,700,000
Increase in deferred income taxes	11,026,000	15,668,000	37,883,000
Decrease in accounts payable, accrued expenses and customer deposits	(430,159,000)	(59,203,000)	(198,756,000)
Net cash provided by operating activities	$ 1,197,063,000	1,472,589,000	$ 1,162,071,000
Revision of Prior Period, Error Correction, Adjustment
Significant Accounting Policies [Line Items]
Increase in deferred income taxes		30,800,000
Decrease in accounts payable, accrued expenses and customer deposits		30,800,000
Net cash provided by operating activities		0
SONIA
Significant Accounting Policies [Line Items]
Derivative basis spread on variable rate	0.0326%
International
Significant Accounting Policies [Line Items]
Provision for credit losses		90,100,000
Term Loan
Significant Accounting Policies [Line Items]
Deferred financing costs	$ 16,700,000	7,100,000
Revolving Credit Facility and Securitization Facility
Significant Accounting Policies [Line Items]
Deferred financing costs	5,800,000	6,400,000
Securitization Facility
Significant Accounting Policies [Line Items]
Securitized accounts receivable facility				$ 1,300,000,000	$ 1,000,000,000	$ 1,300,000,000
Securitization Facility \| Second Amendment
Significant Accounting Policies [Line Items]
Securitized accounts receivable facility	1,300,000,000
New Credit Facility
Significant Accounting Policies [Line Items]
Payments of debt issuance costs	$ 2,300,000	$ 2,600,000
Minimum \| Stock options
Significant Accounting Policies [Line Items]
Period of vesting provisions (in years)	1 year
Minimum \| Restricted Stock And Restricted Stock Units
Significant Accounting Policies [Line Items]
Period of vesting provisions (in years)	1 year
Maximum \| Stock options
Significant Accounting Policies [Line Items]
Period of vesting provisions (in years)	5 years
Maximum \| Restricted Stock And Restricted Stock Units
Significant Accounting Policies [Line Items]
Period of vesting provisions (in years)	4 years
Customer Concentration Risk \| Accounts Receivable \| Accounts Receivable, after Allowance for Credit Loss, Current
Significant Accounting Policies [Line Items]
Concentration risk, percentage (more than)	96.00%	97.00%

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Foreign Exchange Gain (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Foreign exchange (losses) gains	$ (3.7)	$ 2.9	$ 0.7

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Foreign currency losses on long-term intra-entity transactions	$ 44.4	$ 219.8	$ 88.1

Basis of Presentation and Summary of Significant Accounting Policies - Company's Accounts Receivable and Securitized Accounts Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivables	$ 3,009,993	$ 2,153,661
Less allowance for credit losses	(98,719)	(86,886)	$ (70,890)	$ (59,963)
Net accounts and securitized accounts receivable	2,911,274	2,066,775
Gross domestic unsecuritized accounts receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivables	994,063	719,675
Gross domestic securitized accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivables	1,118,000	700,000
Gross foreign receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivables	$ 897,930	$ 733,986

Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Related to Accounts Receivable (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts beginning of year	$ 86,886	$ 70,890	$ 59,963
Provision for credit losses	37,919	158,549	74,309
Write-offs	(35,868)	(146,063)	(67,732)
Recoveries	13,459	9,603	4,798
Impact of foreign currency	(3,677)	(6,093)	(448)
Allowance for doubtful accounts end of year	$ 98,719	$ 86,886	$ 70,890

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liabilities
Net	$ 59,192	$ 228,145
Accounts Receivable \| Spot Trade
Assets
Gross	1,185,900	521,500
Offset on the Balance Sheet	(1,057,700)	(478,200)
Net	128,200	43,300
Accounts Payable \| Spot Trade
Liabilities
Gross	1,199,500	527,500
Offset on the Balance Sheet	(1,057,700)	(478,200)
Net	$ 141,800	$ 49,300

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue contract liability	$ 73.7	$ 73.0
Revenue recognized from deferred	41.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligation, amount	$ 43.3
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligation, amount	$ 30.4
Revenue, remaining performance obligation, expected timing of satisfaction, period	5 years
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Threshold period past due when Company ceases billing and accruing late fees	30 days
Capitalized contract cost amortization period (in years)	5 years
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Threshold period past due when Company ceases billing and accruing late fees	40 days
Term of derivative contract	1 year
Capitalized contract cost amortization period (in years)	10 years
Sales Revenue, Net \| Contracts with Customers \| Product Concentration Risk
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Concentration risk, percentage (more than)	75.00%
Prepaid Expenses
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Capitalized contract cost	$ 16.1	15.1
Other Assets
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Capitalized contract cost	38.9	37.2
Selling Expense
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Capitalized contract cost amortization	16.0	15.3	$ 14.3
Processing Expense
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cost of equipment sales	$ 76.6	$ 65.5	$ 76.4

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues, net	$ 802,255	$ 755,477	$ 667,381	$ 608,623	$ 617,333	$ 585,283	$ 525,146	$ 661,093	$ 2,833,736	$ 2,388,855	$ 2,648,848
United States (country of domicile)
Disaggregation of Revenue [Line Items]
Revenues, net									1,785,200	1,467,500	1,595,300
Brazil
Disaggregation of Revenue [Line Items]
Revenues, net									368,100	344,200	427,900
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues, net									321,800	262,900	275,200
Other
Disaggregation of Revenue [Line Items]
Revenues, net									358,600	314,200	350,400
Fuel
Disaggregation of Revenue [Line Items]
Revenues, net									1,180,100	1,057,200	1,173,000
Corporate payments
Disaggregation of Revenue [Line Items]
Revenues, net									600,000	434,000	450,000
Tolls
Disaggregation of Revenue [Line Items]
Revenues, net									306,000	292,000	357,200
Lodging
Disaggregation of Revenue [Line Items]
Revenues, net									309,600	207,000	212,600
Gift
Disaggregation of Revenue [Line Items]
Revenues, net									179,500	154,400	180,200
Other
Disaggregation of Revenue [Line Items]
Revenues, net									$ 258,500	$ 244,300	$ 275,900

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2021
Assets:
Total assets		$ 650,377	$ 641,909
Liabilities:
Total liabilities		228,145	59,192
Gain on trading securities		30,000
Repurchase agreements
Assets:
Cash and cash equivalents		446,116	477,069
Money market
Assets:
Cash and cash equivalents		48,227	43,023
Certificates of deposit
Assets:
Cash and cash equivalents		188	958
Level 1
Assets:
Total assets		0	0
Liabilities:
Total liabilities		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:
Total assets		650,377	641,908
Liabilities:
Total liabilities		228,145	59,192
Level 2 \| Repurchase agreements
Assets:
Cash and cash equivalents		446,116	477,069
Level 2 \| Money market
Assets:
Cash and cash equivalents		48,227	43,023
Level 2 \| Certificates of deposit
Assets:
Cash and cash equivalents		188	958
Level 3
Assets:
Total assets		0	0
Liabilities:
Total liabilities		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
Interest rate swaps
Liabilities:
Total liabilities		87,873	(30,733)
Interest rate swaps \| Level 1
Liabilities:
Total liabilities		0	0
Interest rate swaps \| Level 2
Liabilities:
Total liabilities		87,873	(30,733)
Interest rate swaps \| Level 3
Liabilities:
Total liabilities		0	0
Foreign exchange contracts
Assets:
Foreign exchange contracts		155,846	120,859
Cash collateral for foreign exchange contracts		18,229	25,881
Liabilities:
Total liabilities		140,272	89,925
Cash collateral obligation for foreign exchange contracts		38,569	24,803
Foreign exchange contracts \| Level 1
Assets:
Foreign exchange contracts		0	0
Cash collateral for foreign exchange contracts		0	0
Liabilities:
Total liabilities		0	0
Cash collateral obligation for foreign exchange contracts		0	0
Foreign exchange contracts \| Level 2
Assets:
Foreign exchange contracts		155,846	120,859
Cash collateral for foreign exchange contracts		0	0
Liabilities:
Total liabilities		140,272	89,925
Cash collateral obligation for foreign exchange contracts		0	0
Foreign exchange contracts \| Level 3
Assets:
Foreign exchange contracts		0	0
Cash collateral for foreign exchange contracts		0	0
Liabilities:
Total liabilities		0	0
Cash collateral obligation for foreign exchange contracts		$ 0	0
Telematics
Liabilities:
Impairment loss on investment	$ 15,700
Impairment loss, cumulative amount			136,300
Carrying amount of investments without readily determinable fair value			$ 52,000

Stockholders' Equity (Detail) - USD ($)	2 Months Ended	5 Months Ended	12 Months Ended
Stockholders' Equity (Detail) - USD ($)	Feb. 28, 2022	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 01, 2022	Jan. 25, 2022	Jul. 27, 2021
Class of Stock [Line Items]
Repurchase of common stock			$ 1,355,722,000	$ 849,909,000	$ 694,909,000
Shares acquired		$ 4,804,124,000	$ 4,804,124,000	$ 3,448,402,000
Repurchase agreements
Class of Stock [Line Items]
Shares acquired (in shares)		20,068,498
Repurchase of common stock		$ 4,400,000,000
Repurchase agreements \| Subsequent Event
Class of Stock [Line Items]
Shares acquired (in shares)	1,510,027
Repurchase of common stock	$ 360,800,000
Repurchase agreements \| Subsequent Event \| 10b5-1
Class of Stock [Line Items]
Shares acquired (in shares)	1,066,015
Repurchase of common stock	$ 256,500,000
Common Stock
Class of Stock [Line Items]
Increase in authorized amount of repurchases								$ 1,000,000,000
Aggregate authorized repurchase amount								$ 5,100,000,000
Shares acquired (in shares)			5,451,556	3,497,285	2,211,866
Remaining authorized repurchase amount		700,000,000	$ 700,000,000
Shares acquired		$ 1,400,000,000	$ 1,400,000,000	$ 940,800,000	$ 636,800,000
Common Stock \| Subsequent Event
Class of Stock [Line Items]
Increase in authorized amount of repurchases							$ 1,000,000,000
Aggregate authorized repurchase amount							$ 6,100,000,000
Remaining authorized repurchase amount						$ 1,300,000,000

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 07, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	1,400,000
Tax benefits recorded on stock based compensation	$ 32.8	$ 70.6	$ 61.6
Aggregate intrinsic value of options exercisable	$ 302.9
Weighted average remaining contractual term of options exercisable (in years)	4 years 3 months 18 days
Weighted-average remaining contractual life for options outstanding (in years)	4 years 8 months 12 days
Shares, granted (in shares)	215,000	171,000	232,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	0	0
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to issue grants (in shares)				16,750,000

Stock Based Compensation - Summary of Expense Related to Share-Based Payments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	$ 80,071	$ 43,384	$ 60,953
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	80,071	43,384	60,953
General and Administrative Expense \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	30,057	23,407	32,736
General and Administrative Expense \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	$ 50,014	$ 19,977	$ 28,217

Stock Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 108,654
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 80,305
Weighted Average Period of Expense Recognition (in Years)	1 year 7 months 6 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 28,349
Weighted Average Period of Expense Recognition (in Years)	9 months 3 days

Stock Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares
Shares, outstanding, beginning balance (in shares)	4,964	6,263	7,616
Shares, granted (in shares)	1,097	503	431
Shares, exercised (in share)	(592)	(1,681)	(1,482)
Shares, forfeited (in shares)	(22)	(121)	(302)
Shares, outstanding, ending balance (in shares)	5,447	4,964	6,263
Weighted Average Exercise Price
Weighted average exercise price, outstanding, beginning balance (in usd per share)	$ 146.69	$ 124.38	$ 117.58
Weighted average exercise price, granted (in usd per share)	261.85	215.36	244.35
Weighted average exercise price, exercised (in usd per share)	82.50	80.84	115.53
Weighted average exercise price, forfeited (in usd per share)	230.14	194.61	167.35
Weighted average exercise price, outstanding, ending balance (in usd per share)	$ 176.52	$ 146.69	$ 124.38
Options, Additional Disclosures [Abstract]
Shares, expected to vest (in shares)	1,648
Weighted average exercise price of options, expected to vest (in usd per share)	$ 248.75
Options exercisable (in shares)	3,798	3,994	5,137	5,174
Weighted average exercise price of exercisable options, outstanding (in usd per share)	$ 145.18	$ 130.37	$ 109.03	$ 98.39
Weighted average fair value of options, granted in period (in usd per share)	$ 72.84	$ 53.18	$ 57.99
Aggregate intrinsic value, options outstanding	$ 257,707	$ 626,107	$ 1,022,860	$ 518,954
Aggregate intrinsic value of options exercised during period	$ 83,686	$ 322,823	$ 255,242

Stock Based Compensation - Schedule of Stock Options Exercise Price (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Class of Stock [Line Items]
Exercise price, options outstanding (in shares)	5,447
Exercise price, options exercisable (in shares)	3,798
$35.04 – $196.18
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 35.04
Exercise price, maximum (in usd per share) \| $ / shares	$ 196.18
Exercise price, options outstanding (in shares)	3,618
Exercise price, weighted average remaining vesting life in years	1 month 17 days
Exercise price, options exercisable (in shares)	3,444
$199.75 – $202.83
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 199.75
Exercise price, maximum (in usd per share) \| $ / shares	$ 202.83
Exercise price, options outstanding (in shares)	123
Exercise price, weighted average remaining vesting life in years	2 months 8 days
Exercise price, options exercisable (in shares)	102
$205.28 – $216.18
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 205.28
Exercise price, maximum (in usd per share) \| $ / shares	$ 216.18
Exercise price, options outstanding (in shares)	90
Exercise price, weighted average remaining vesting life in years	1 year 6 months 7 days
Exercise price, options exercisable (in shares)	42
$224.99 – $231.70
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 224.99
Exercise price, maximum (in usd per share) \| $ / shares	$ 231.70
Exercise price, options outstanding (in shares)	261
Exercise price, weighted average remaining vesting life in years	1 year 10 months 6 days
Exercise price, options exercisable (in shares)	91
$248.28 – $252.50
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 248.28
Exercise price, maximum (in usd per share) \| $ / shares	$ 252.50
Exercise price, options outstanding (in shares)	233
Exercise price, weighted average remaining vesting life in years	1 year 2 months 26 days
Exercise price, options exercisable (in shares)	109
$256.55 – $261.27
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 256.55
Exercise price, maximum (in usd per share) \| $ / shares	$ 261.27
Exercise price, options outstanding (in shares)	1,039
Exercise price, weighted average remaining vesting life in years	2 years 2 months 12 days
Exercise price, options exercisable (in shares)	1
$263.21 – $319.55
Class of Stock [Line Items]
Exercise price, minimum (in usd per share) \| $ / shares	$ 263.21
Exercise price, maximum (in usd per share) \| $ / shares	$ 319.55
Exercise price, options outstanding (in shares)	83
Exercise price, weighted average remaining vesting life in years	3 years
Exercise price, options exercisable (in shares)	9

Stock Based Compensation - Schedule of Weighted-Average Assumptions (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.45%	0.37%	2.40%
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	34.44%	31.00%	26.40%
Expected life (in years)	4 years	3 years 10 months 24 days	3 years 8 months 12 days
Performance options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.59%
Dividend yield	0.00%
Expected volatility	36.10%
Expected life (in years)	3 years 3 months 18 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate			1.48%
Dividend yield			0.00%
Expected volatility			25.40%
Expected life (in years)			2 years 4 months 9 days

Stock Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Shares, outstanding, beginning balance (in shares)	174	243	174
Shares, granted (in shares)	215	171	232
Shares, cancelled (in shares)	(38)	(100)	(49)
Shares, issued (in shares)	(73)	(140)	(114)
Shares, outstanding, ending balance (in shares)	278	174	243
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding, beginning balance (in usd per share)	$ 265.29	$ 246.34	$ 190.73
Weighted average grant date fair value, granted (in usd per share)	272.59	252.36	212.79
Weighted average grant date fair value, cancelled (in usd per share)	265.76	249.17	225.96
Weighted average grant date fair value, issued (in usd per share)	258.13	227.20	206.05
Weighted average grant date fair value, outstanding, ending balance (in usd per share)	$ 278.57	$ 265.29	$ 246.34

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands					12 Months Ended
	Dec. 15, 2021	Sep. 01, 2021	Jun. 01, 2021	Jan. 13, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2020	Aug. 10, 2020
Business Combination Segment Allocation [Line Items]
Acquisitions, net of cash acquired					$ 602,120	$ 80,787	$ 448,277
ALE Solutions, Inc.
Business Combination Segment Allocation [Line Items]
Acquisitions, net of cash acquired		$ 421,800
Intangible asset acquired, fair value		180,500
Aggregate purchase price		421,833
AFEX
Business Combination Segment Allocation [Line Items]
Acquisitions, net of cash acquired			$ 70,700
Intangible asset acquired, fair value			242,300
Aggregate purchase price			459,800
Cash acquired			210,300
Restricted cash			178,700
Aggregate purchase price			70,730
Roger
Business Combination Segment Allocation [Line Items]
Intangible asset acquired, fair value				$ 5,400
Aggregate purchase price				39,000
Aggregate purchase price				$ 39,003
Other acquisitions
Business Combination Segment Allocation [Line Items]
Acquisitions, net of cash acquired	$ 5,000
Payments to acquire joint venture					37,800
Payments for investments in other businesses					$ 6,800
Business in the lodging space
Business Combination Segment Allocation [Line Items]
Intangible asset acquired, fair value									$ 42,144
Aggregate purchase price									$ 77,600
Non-compete agreements \| ALE Solutions, Inc.
Business Combination Segment Allocation [Line Items]
Intangible asset acquired, fair value		$ 18,300
Non-compete agreements \| AFEX
Business Combination Segment Allocation [Line Items]
Intangible asset acquired, fair value			$ 4,100
Non-compete agreements \| Business in the lodging space
Business Combination Segment Allocation [Line Items]
Estimated fair value, non-compete agreements								$ 3,800

Acquisitions - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 01, 2021	Jun. 01, 2021	Jan. 13, 2021	Dec. 31, 2020	Aug. 10, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 5,078,978				$ 4,719,181		$ 4,833,047
ALE Solutions, Inc.
Business Acquisition [Line Items]
Current assets		$ 180,951
Long term assets		10,121
Goodwill		131,771
Intangibles		180,500
Current liabilities		(73,031)
Noncurrent liabilities		(8,479)
Aggregate purchase price		$ 421,833
AFEX
Business Acquisition [Line Items]
Trade and other receivables			$ 8,159
Prepaid expenses and other current assets			108,402
Property, plant and equipment			1,723
Other long term assets			51,074
Goodwill			254,399
Intangibles			242,300
Accounts payable and accrued expenses			(39,234)
Other current liabilities			(81,430)
Customer deposits			(375,049)
Other noncurrent liabilities			(99,614)
Aggregate purchase price			$ 70,730
Roger
Business Acquisition [Line Items]
Trade and other receivables				$ 110
Prepaid expenses and other current assets				37
Other long term assets				28
Goodwill				34,359
Intangibles				5,400
Current liabilities				(925)
Deferred tax liabilities				(6)
Aggregate purchase price				$ 39,003
Business in the lodging space
Business Acquisition [Line Items]
Trade and other receivables						$ 4,975
Prepaid expenses and other current assets						145
Property, plant and equipment						3,178
Other long term assets						1,049
Goodwill						28,038
Intangibles						42,144
Liabilities						(1,147)
Other noncurrent liabilities						(782)
Aggregate purchase price						$ 77,600

Acquisitions - Summary of Final Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands					12 Months Ended
	Sep. 01, 2021	Jun. 01, 2021	Jan. 13, 2021	Aug. 10, 2020	Dec. 31, 2021
Trade Names and Trademarks
Business Acquisition [Line Items]
Indefinite lived intangibles	$ 18,800
Trade Names and Trademarks
Business Acquisition [Line Items]
Useful lives (in years)					7 years 2 months 12 days
Proprietary Technology
Business Acquisition [Line Items]
Definite lived intangibles	14,400
Lodging
Business Acquisition [Line Items]
Definite lived intangibles	700
Customer Relationships
Business Acquisition [Line Items]
Definite lived intangibles	146,600
ALE Solutions, Inc.
Business Acquisition [Line Items]
Definite lived intangibles	180,500
Total intangibles	$ 180,500
ALE Solutions, Inc. \| Proprietary Technology
Business Acquisition [Line Items]
Useful lives (in years)	4 years
ALE Solutions, Inc. \| Lodging
Business Acquisition [Line Items]
Useful lives (in years)	20 years
ALE Solutions, Inc. \| Customer Relationships
Business Acquisition [Line Items]
Useful lives (in years)	15 years
AFEX
Business Acquisition [Line Items]
Total intangibles		$ 242,300
AFEX \| Trade Names and Trademarks
Business Acquisition [Line Items]
Useful lives (in years)		2 years
Definite lived intangibles		$ 5,400
AFEX \| Proprietary Technology
Business Acquisition [Line Items]
Useful lives (in years)		4 years
Definite lived intangibles		$ 11,800
AFEX \| Banking Relationships
Business Acquisition [Line Items]
Useful lives (in years)		20 years
Definite lived intangibles		$ 1,800
AFEX \| Licenses
Business Acquisition [Line Items]
Useful lives (in years)		20 years
Definite lived intangibles		$ 2,600
AFEX \| Customer Relationships
Business Acquisition [Line Items]
Useful lives (in years)		10 years
Definite lived intangibles		$ 220,700
Roger
Business Acquisition [Line Items]
Definite lived intangibles			$ 5,400
Total intangibles			$ 5,400
Roger \| Proprietary Technology
Business Acquisition [Line Items]
Useful lives (in years)			10 years
Definite lived intangibles			$ 4,800
Roger \| Customer Relationships
Business Acquisition [Line Items]
Useful lives (in years)			9 years
Definite lived intangibles			$ 600
Business in the lodging space
Business Acquisition [Line Items]
Total intangibles				$ 42,144
Business in the lodging space \| Trade Names and Trademarks
Business Acquisition [Line Items]
Useful lives (in years)				5 years
Indefinite lived intangibles				$ 2,161
Business in the lodging space \| Proprietary Technology
Business Acquisition [Line Items]
Useful lives (in years)				5 years
Definite lived intangibles				$ 8,400
Business in the lodging space \| Customer Relationships
Business Acquisition [Line Items]
Definite lived intangibles				$ 26,400
Business in the lodging space \| Customer Relationships \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)				9 years
Business in the lodging space \| Customer Relationships \| Maximum
Business Acquisition [Line Items]
Useful lives (in years)				16 years
Business in the lodging space \| Licensed Software and Technology
Business Acquisition [Line Items]
Useful lives (in years)				10 years
Definite lived intangibles				$ 4,400
Business in the lodging space \| Supplier Network
Business Acquisition [Line Items]
Useful lives (in years)				10 years
Definite lived intangibles				$ 783

Goodwill and Other Intangible Assets - Summary of Changes in Goodwill by Reportable Business Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning Balance of Goodwill	$ 4,719,181	$ 4,833,047
Acquisitions	423,815	28,934
Acquisition Accounting Adjustments	(896)	(1,908)
Foreign Currency	(63,122)	(140,892)
Ending Balance of Goodwill	5,078,978	4,719,181
North America
Goodwill [Roll Forward]
Beginning Balance of Goodwill	3,400,772	3,369,173
Acquisitions	420,529	24,984
Acquisition Accounting Adjustments	398	(1,908)
Foreign Currency	(7,441)	8,523
Ending Balance of Goodwill	3,814,258	3,400,772
Brazil
Goodwill [Roll Forward]
Beginning Balance of Goodwill	585,861	756,975
Acquisitions	0	0
Acquisition Accounting Adjustments	0	0
Foreign Currency	(39,713)	(171,114)
Ending Balance of Goodwill	546,148	585,861
International
Goodwill [Roll Forward]
Beginning Balance of Goodwill	732,548	706,899
Acquisitions	3,286	3,950
Acquisition Accounting Adjustments	(1,294)	0
Foreign Currency	(15,968)	21,699
Ending Balance of Goodwill	$ 718,572	$ 732,548

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill deductible for income tax purposes	$ 923.3	$ 793.8
Decrease to other intangible assets due to changes in foreign exchange rates	32.7	83.7
Amortization expense of intangible assets	$ 205.5	$ 184.2	$ 206.9

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 3,754,745	$ 3,353,046
Accumulated Amortization	(1,419,360)	(1,237,164)
Net Carrying Amount	2,335,385	2,115,882
Trade names and trademarks—indefinite lived
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	466,327	455,632
Net Carrying Amount	$ 466,327	455,632
Customer and vendor agreements
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Life (Years)	16 years 3 months 18 days
Gross Carrying Amounts	$ 2,925,719	2,594,909
Accumulated Amortization	(1,167,218)	(1,011,815)
Net Carrying Amount	$ 1,758,501	1,583,094
Trade names and trademarks—other
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Life (Years)	7 years 2 months 12 days
Gross Carrying Amounts	$ 12,093	6,720
Accumulated Amortization	(5,235)	(3,031)
Net Carrying Amount	$ 6,858	3,689
Software
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Life (Years)	5 years 10 months 24 days
Gross Carrying Amounts	$ 272,461	239,292
Accumulated Amortization	(198,628)	(182,448)
Net Carrying Amount	$ 73,833	56,844
Non-compete agreements
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Life (Years)	4 years 3 months 18 days
Gross Carrying Amounts	$ 78,145	56,493
Accumulated Amortization	(48,279)	(39,870)
Net Carrying Amount	$ 29,866	$ 16,623

Goodwill and Other Intangible Assets - Schedule of Future Estimated Amortization of Intangibles (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 213,678
2023	204,053
2024	196,009
2025	175,261
2026	152,363
Thereafter	$ 927,694

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 565,141	$ 468,686
Less: accumulated depreciation	(328,847)	(266,177)
Property and equipment, net	236,294	202,509
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 472,145	393,217
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in Years)	3 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in Years)	5 years
Card-reading equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 36,829	25,427
Card-reading equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in Years)	4 years
Card-reading equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in Years)	6 years
Furniture, fixtures, and vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 22,650	19,575
Furniture, fixtures, and vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in Years)	2 years
Furniture, fixtures, and vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in Years)	10 years
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 33,517	$ 30,467
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in Years)	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (in Years)	50 years

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation	$ 75,571	$ 65,181	$ 62,784
Capitalized computer software amortization expense	46,700	40,200	37,200
Unamortized computer software costs	155,300	129,900
Capitalized computer software write down	$ 200	$ 300	$ 1,800

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued bonuses	$ 26,950	$ 15,903
Accrued payroll and severance	38,328	23,189
Accrued taxes	93,627	78,771
Accrued commissions/rebates	92,063	81,450
Other1	118,086	83,368
Total	$ 369,054	$ 282,681

Debt - Summary of Debt Instruments (Detail)

12 Months Ended

Dec. 22, 2021

USD ($)

Apr. 30, 2021

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Sep. 15, 2021

USD ($)

Sep. 14, 2021

USD ($)

Mar. 29, 2021

USD ($)

Mar. 28, 2021

USD ($)

Jan. 22, 2019

USD ($)

Aug. 30, 2018

USD ($)

Debt Instrument [Line Items]

Other debt

$ 0

$ 211,000

Total notes payable, credit agreements, and other obligations

4,859,667,000

3,603,277,000

Securitization facility

1,118,000,000

700,000,000

Total debt

5,977,667,000

4,303,277,000

Current portion

1,517,628,000

1,205,697,000

Long-term portion

^[1]

4,460,039,000

3,097,580,000

Principal payments on notes payable

507,500,000

175,285,000

$ 138,500,000

Derivative, notional amount

32,324,500,000

$ 16,925,400,000

Interest rate swaps | Designated as Hedging Instrument

Debt Instrument [Line Items]

Derivative, notional amount

$ 1,000,000,000

Securitization Facility

Debt Instrument [Line Items]

Line of credit facility

$ 1,300,000,000

$ 1,000,000,000

$ 1,300,000,000

Line of credit facility, unused capacity, commitment fee percentage

0.40%

Unamortized debt issuance costs

$ 2,500,000

$ 1,400,000

LIBOR Floor (in percent)

Secured Debt

Debt Instrument [Line Items]

Line of credit facility additional available borrowing capacity

$ 750,000,000

Debt instrument, leverage ratio

3.00

Secured Debt | Minimum

Debt Instrument [Line Items]

Line of credit facility, unused capacity, commitment fee percentage

0.30%

Variable Rate Debt

Debt Instrument [Line Items]

Long-term debt

$ 2,000,000,000

Term Loan A

Debt Instrument [Line Items]

Term notes payable-domestic, net of discounts

$ 2,763,162,000

2,922,042,000

Line of credit facility, interest rate during period

1.60%

Unamortized discount

$ 4,339,000

Capitalized debt issuance costs

Term Loan A | Secured Debt

Debt Instrument [Line Items]

Line of credit facility

3,225,000,000

Term Loan B

Debt Instrument [Line Items]

Term notes payable-domestic, net of discounts

$ 1,871,505,000

337,347,000

Line of credit facility, interest rate during period

1.85%

Unamortized discount

$ 12,391,000

Capitalized debt issuance costs

8,479,000

Term Loan B | Secured Debt

Debt Instrument [Line Items]

Line of credit facility

$ 1,900,000,000

Increase in line of credit facility

$ 750,000,000

Term Loan B | Secured Debt | Eurodollar

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

1.75%

Term Loan B | Secured Debt | Base Rate

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

0.75%

Term Loan B | Secured Debt | Minimum

Debt Instrument [Line Items]

Line of credit facility, unused capacity, commitment fee percentage

0.25%

Term Loan B | Secured Debt | Maximum

Debt Instrument [Line Items]

Line of credit facility, unused capacity, commitment fee percentage

0.35%

Revolving A Credit Facility

Debt Instrument [Line Items]

Revolving line of credit

$ 225,000,000

280,000,000

Line of credit facility, interest rate during period

1.61%

Revolving A Credit Facility | Secured Debt

Debt Instrument [Line Items]

Line of credit facility

$ 800,000,000

Revolving B Credit Facility

Debt Instrument [Line Items]

Revolving line of credit

13,650,000

Revolving B Credit Facility | Secured Debt

Debt Instrument [Line Items]

Line of credit facility

450,000,000

Revolving line of credit B Facility - foreign swing line

Debt Instrument [Line Items]

Revolving line of credit

50,028,000

Revolving Credit Facility

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ 3,300,000

Revolving Credit Facility | SONIA

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

0.0326%

Revolving Credit Facility | Federal Funds Rate

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

0.50%

Revolving Credit Facility | Eurodollar

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

1.00%

Revolving Credit Facility | Secured Debt

Debt Instrument [Line Items]

Line of credit facility

$ 1,150,000,000

$ 1,285,000,000

Loan term

7 years

Revolving C Credit Facility | Secured Debt

Debt Instrument [Line Items]

Line of credit facility

35,000,000

Term Loan

Debt Instrument [Line Items]

Capitalized debt issuance costs

$ 16,700,000

$ 7,100,000

Interest rate, effective percentage

1.79%

Principal payments on notes payable

$ 507,500,000

Commercial Paper | Securitization Facility

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

0.90%

0.80%

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

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

1.00%

90.00%

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

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

0.98%

1.23%

Line of credit facility, commitment fee percentage

0.12%

0.34%

Swing Line | Securitization Facility

Debt Instrument [Line Items]

Line of credit facility

$ 250,000,000

$ 100,000,000

Period One | Revolving Credit Facility

Debt Instrument [Line Items]

Payment period

1 month

Period One | Foreign Swing Line

Debt Instrument [Line Items]

Payment period

20 days

Period Two | Revolving Credit Facility

Debt Instrument [Line Items]

Payment period

3 months

Period Three | Revolving Credit Facility

Debt Instrument [Line Items]

Payment period

6 months

[1]	1Recast 2020 to reflect long term deferred revenue in other noncurrent liabilities, to conform to current year presentation.

Debt - Summary of Contractual Maturities of Notes Payable and Other Obligations (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 1,517,628
2023	2,619,795
2024	15,682
2025	15,716
2026	15,750
Thereafter	$ 1,793,095

Accumulated Other Comprehensive Loss (AOCI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 3,355,411	$ 3,711,616	$ 3,340,180
Other comprehensive (loss) income before reclassifications	(137,149)	(437,968)	(84,783)
Amounts reclassified from AOCI	49,747	39,264	5,828
Tax effect	(14,056)	8,011	20,348
Total other comprehensive loss	(101,458)	(390,693)	(58,607)
Ending Balance	2,866,580	3,355,411	3,711,616
Total Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,363,158)	(972,465)	(913,858)
Ending Balance	(1,464,616)	(1,363,158)	(972,465)
Cumulative Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,296,962)	(929,713)	(913,858)
Other comprehensive (loss) income before reclassifications	(144,543)	(367,249)	(15,855)
Amounts reclassified from AOCI	0	0	0
Tax effect	0	0	0
Total other comprehensive loss	(144,543)	(367,249)	(15,855)
Ending Balance	(1,441,505)	(1,296,962)	(929,713)
Unrealized (Losses) Gains on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(66,196)	(42,752)	0
Other comprehensive (loss) income before reclassifications	7,394	(70,719)	(68,928)
Amounts reclassified from AOCI	49,747	39,264	5,828
Tax effect	(14,056)	8,011	20,348
Total other comprehensive loss	43,085	(23,444)	(42,752)
Ending Balance	$ (23,111)	$ (66,196)	$ (42,752)

- Definition

+ References

+ Details

Income Taxes - Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ 515,041	$ 457,090	$ 505,818
Foreign	593,767	425,435	572,001
Income before income taxes	$ 1,108,808	$ 882,525	$ 1,077,819

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 30
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section S99
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Components of Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 118,861	$ 71,123	$ 50,145
State	31,674	19,597	10,285
Foreign	107,751	71,921	84,433
Total current	258,286	162,641	144,863
Deferred:
Federal	(12,165)	143	(10,479)
State	(4,540)	(4,323)	3,745
Foreign	27,730	19,848	44,617
Total deferred	11,025	15,668	37,883
Total provision	$ 269,311	$ 178,309	$ 182,746

Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Computed “expected” tax expense	$ 232,850	$ 185,330	$ 226,342
Change in valuation allowance	1,378	25,932	(28,614)
Foreign income tax differential	(10,326)	(20,852)	(15,816)
State taxes net of federal benefits	18,352	7,489	12,482
Increase in tax expense due to uncertain tax positions	8,185	14,848	0
Foreign withholding tax	9,143	15,630	20,360
Excess tax benefits related to stock-based compensation	(16,304)	(58,942)	(38,156)
Revaluation of capital loss deferred tax asset	0	0	(24,279)
Sub-part F Income/GILTI	72,449	34,990	49,859
Foreign tax credits	(63,926)	(30,497)	(38,657)
Other	17,510	4,381	19,225
Total provision	$ 269,311	$ 178,309	$ 182,746
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent [Abstract]
Computed “expected” tax expense	21.00%	21.00%	21.00%
Change in valuation allowance	0.10%	2.90%	(2.70%)
Foreign income tax differential	(0.90%)	(2.30%)	(1.40%)
State taxes net of federal benefits	1.70%	0.80%	1.20%
Increase in tax expense due to uncertain tax positions	0.70%	1.70%	0.00%
Foreign withholding tax	0.80%	1.80%	1.90%
Excess tax benefits related to stock-based compensation	(1.50%)	(6.70%)	(3.50%)
Revaluation of capital loss deferred tax asset	0.00%	0.00%	(2.30%)
Sub-part F Income/GILTI	6.50%	4.00%	4.60%
Foreign tax credits	(5.80%)	(3.50%)	(3.60%)
Other	1.60%	0.50%	1.80%
Provision for income taxes	24.30%	20.20%	17.00%

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accounts receivable, principally due to the allowance for doubtful accounts	$ 13,987	$ 10,515
Accrued expenses not currently deductible for tax	6,252	3,442
Lease deferral	20,349	23,506
Interest rate swap	7,621	21,792
Stock based compensation	39,658	36,015
Income tax credits	51,264	51,264
Net operating loss carry forwards	76,988	83,372
Accrued escheat	3,170	3,567
Other	10,078	11,711
Deferred tax assets before valuation allowance	229,367	245,184
Valuation allowance	(94,601)	(90,340)
Deferred tax assets, net	134,766	154,844
Deferred tax liabilities:
Intangibles—including goodwill	(520,349)	(481,388)
Basis difference in investment in subsidiaries	(42,938)	(42,313)
Lease deferral	(17,739)	(19,977)
Accrued Expense Liability	(795)	(513)
Prepaid expenses	(1,788)	(2,126)
Withholding taxes	(38,704)	(30,488)
Property and equipment and other	(76,810)	(71,342)
Deferred tax liabilities	(699,123)	(648,147)
Net deferred tax liabilities	$ (564,357)	$ (493,303)

Income Taxes - Deferred Tax Balance Classification in Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Long term deferred tax assets	$ 1,934	$ 4,851
Long term deferred tax liabilities	(566,291)	(498,154)
Net deferred tax liabilities	$ (564,357)	$ (493,303)

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Increase in the total valuation allowance	$ 4,300
Net operating loss carryforwards for federal income tax purposes	4,000
Net operating loss carryforwards for state income tax purposes	837,200
Federal operating loss carry forwards	93,900
Valuation allowance	94,601	$ 90,340
Foreign tax credit	51,200
Valuation allowance of foreign tax credit	51,200
Interest and penalties related to the unrecognized tax benefits	5,600	5,700
Accumulated interest and penalties	18,100	12,500
Total unrecognized tax benefits	47,021	$ 35,749	$ 42,773	$ 34,152
Deferred Tax Asset, Net Operating Loss Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 42,000

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unrecognized Income Tax Benefit [Roll Forward]
Beginning balance, unrecognized tax benefits	$ 35,749	$ 42,773	$ 34,152
Additions based on tax provisions related to the current year	8,543	6,412	4,284
Additions based on tax provisions related to the prior year	5,909	13,532	11,679
Deductions based on settlement/expiration of prior year tax positions	(1,058)	(14,460)	(7,342)
Deduction of cumulative interest and penalties		(12,508)
Deductions based on settlement of prior year tax positions	(2,122)
Ending balance, unrecognized tax benefits	$ 47,021	$ 35,749	$ 42,773

Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Leased Assets [Line Items]
Total lease costs	$ 22.6	$ 20.7
Minimum
Operating Leased Assets [Line Items]
Remaining lease term	1 year
Lease renewable period (in years)	1 year
Maximum
Operating Leased Assets [Line Items]
Remaining lease term	30 years
Lease renewable period (in years)	5 years

Leases - Operating Lease ROU Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
ROU assets	$ 84,777	$ 76,797
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Short term lease liabilities	$ 20,296	$ 17,047
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Long term lease liabilities	$ 79,905	$ 75,350

Leases Leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for operating lease liabilities	$ 23,803	$ 20,068
Right-of-use assets obtained in exchange for new operating lease obligations	$ 29,428	$ 7,134
Weighted-average remaining lease term (years)	5 years 11 months 26 days	7 years 25 days
Weighted-average discount rate	3.80%	4.18%

Leases Leases - Schedule of Lease Maturities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 1,535
2023	22,924
2024	20,725
2025	19,101
2026	16,734
Thereafter	31,989
Total lease payments	113,008
Less imputed interest	12,807
Present value of lease liabilities	$ 100,201

Dispositions - Narrative (Details) - Masternaut - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss on investment	$ 15.7
Cumulative impairment loss on investments		$ 136.3

Derivative Financial Instruments - Schedule of Notional Amounts (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative, notional amount	$ 32,324.5	$ 16,925.4
Swaps
Derivative [Line Items]
Derivative, notional amount	2,670.4	684.5
Futures, forwards and spot
Derivative [Line Items]
Derivative, notional amount	7,818.3	5,467.8
Written options
Derivative [Line Items]
Derivative, notional amount	11,221.9	5,578.1
Purchased options
Derivative [Line Items]
Derivative, notional amount	$ 10,614.0	$ 5,195.0

Derivative Financial Instruments - Schedule of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative liabilities - fair value net	$ 59,192	$ 228,145
Foreign exchange contracts
Derivative [Line Items]
Derivative assets, fair value gross	338,800	326,100
Cash collateral	25,881	18,229
Total fair value of gross derivative assets	312,900	307,900
Derivative liabilities, fair value, gross	307,800	310,500
Cash collateral	24,803	38,569
Total fair value of gross derivative liabilities	283,000	271,900
Derivative assets - fair value net	120,859	155,846
Total net derivative assets	95,000	137,600
Derivative liabilities - fair value net	89,925	140,272
Total net derivative liabilities	$ 65,100	$ 101,700

Derivative Financial Instruments - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative liabilities - fair value net	$ 59,192	$ 228,145
Other current assets
Derivative [Line Items]
Derivative assets - fair value net	94,000	139,300
Other noncurrent assets
Derivative [Line Items]
Derivative assets - fair value net	26,900	16,600
Other current liabilities
Derivative [Line Items]
Derivative liabilities - fair value net	66,900	127,700
Other noncurrent liabilities
Derivative [Line Items]
Derivative liabilities - fair value net	$ 23,000	$ 12,500

Derivative Financial Instruments - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 22, 2019 USD ($) derivativeInstrumentHeld
Derivative [Line Items]
Number of cash flows entered into \| derivativeInstrumentHeld			3
Derivative, notional amount	$ 32,324.5	$ 16,925.4
Estimated net amount of existing losses expected to be reclassified into earnings	23.4
Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	1,000.0
Variable Rate Debt
Derivative [Line Items]
Long-term debt	$ 2,000.0		$ 2,000.0

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Derivative Financial Instruments - Schedule of Cash Flow Hedges (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional amount	$ 32,324.5	$ 16,925.4
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional amount	$ 1,000.0
Fixed Rates	2.56%
Designated as Hedging Instrument \| Interest Rate Swap 2
Derivative [Line Items]
Notional amount	$ 500.0
Fixed Rates	2.56%
Designated as Hedging Instrument \| Interest Rate Swap 3
Derivative [Line Items]
Notional amount	$ 500.0
Fixed Rates	2.55%

Derivative Financial Instruments - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative liabilities	$ (59,192)	$ (228,145)
Swap contracts
Derivative [Line Items]
Derivative liabilities	30,733	(87,873)
Designated as Hedging Instrument \| Other current liabilities \| Swap contracts
Derivative [Line Items]
Derivative liabilities	(23,400)	(49,300)
Designated as Hedging Instrument \| Other noncurrent liabilities \| Swap contracts
Derivative [Line Items]
Derivative liabilities	$ (7,300)	$ (38,600)

Derivative Financial Instruments - Schedule of Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Tax effect	$ 14,056	$ (8,011)	$ (20,348)
Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(14.1) million and $8.0 million for 2021 and 2020, respectively	(43,085)	23,444	42,752
Unrealized (Losses) Gains on Derivative Instruments
Derivative [Line Items]
Tax effect	14,056	(8,011)	$ (20,348)
Interest rate swaps
Derivative [Line Items]
Amount of loss recognized in other comprehensive income (loss) on derivatives, net of tax of $(14.1) million and $8.0 million for 2021 and 2020, respectively	(6,700)	(62,700)
Amount of loss reclassified from accumulated other comprehensive loss into interest expense	49,700	39,300
Interest rate swaps \| Unrealized (Losses) Gains on Derivative Instruments
Derivative [Line Items]
Tax effect	$ (14,100)	$ 8,000

Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 225,004	$ 234,007	$ 196,247	$ 184,239	$ 209,851	$ 188,817	$ 158,488	$ 147,060	$ 839,497	$ 704,216	$ 895,073
Denominator for basic earnings per share (in shares)	80,228	81,836	83,141	83,475	83,514	83,719	83,895	84,902	82,060	84,005	86,401
Dilutive securities (in shares)									2,001	2,714	3,669
Denominator for diluted earnings per share (in shares)	81,981	83,716	85,295	85,764	85,846	86,273	86,570	88,205	84,061	86,719	90,070
Basic earnings per share (in usd per share)	$ 2.80	$ 2.86	$ 2.36	$ 2.21	$ 2.51	$ 2.26	$ 1.89	$ 1.73	$ 10.23	$ 8.38	$ 10.36
Diluted earnings per share (in usd per share)	$ 2.74	$ 2.80	$ 2.30	$ 2.15	$ 2.44	$ 2.19	$ 1.83	$ 1.67	$ 9.99	$ 8.12	$ 9.94

- Definition

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

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- 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.

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- 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted earnings per share excludes antidilutive effect (in shares)	1,400,000	100,000	0
Performance options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted earnings per share excludes antidilutive effect (in shares)	0	100,000	100,000

Segments - Additional Information (Detail) - segment	12 Months Ended
Segments - Additional Information (Detail) - segment	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Number of reportable segments	3		2
Number of operating segments	3
Sales Revenue, Net \| Partner Concentration Risk \| North America
Concentration Risk [Line Items]
Concentration risk, percentage (more than)	10.00%	10.00%	10.00%

Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues, net	$ 802,255	$ 755,477	$ 667,381	$ 608,623	$ 617,333	$ 585,283	$ 525,146	$ 661,093	$ 2,833,736	$ 2,388,855	$ 2,648,848
Operating income	340,292	$ 338,687	$ 297,612	$ 265,965	293,939	$ 264,532	$ 212,811	$ 200,983	1,242,556	972,265	1,231,430
Depreciation and amortization									284,197	254,802	274,210
Capital expenditures									111,530	78,425	75,170
Operating Segments
Segment Reporting Information [Line Items]
Revenues, net									2,833,736	2,388,855	2,648,848
Operating income									1,242,556	972,265	1,231,430
Depreciation and amortization									284,197	254,802	274,210
Capital expenditures									111,530	78,425	75,170
Long-lived assets (excluding goodwill and investments)	2,756,712				2,511,600				2,756,712	2,511,600	2,766,483
North America \| Operating Segments
Segment Reporting Information [Line Items]
Revenues, net									1,921,077	1,581,547	1,708,546
Operating income									762,620	547,912	754,528
Depreciation and amortization									184,876	156,417	160,246
Capital expenditures									67,533	48,426	44,238
Long-lived assets (excluding goodwill and investments)	2,117,244				1,790,661				2,117,244	1,790,661	1,860,708
Brazil \| Operating Segments
Segment Reporting Information [Line Items]
Revenues, net									368,080	344,248	427,921
Operating income									154,265	148,055	175,642
Depreciation and amortization									50,020	51,364	64,936
Capital expenditures									24,431	17,116	18,330
Long-lived assets (excluding goodwill and investments)	291,203				341,242				291,203	341,242	487,464
International \| Operating Segments
Segment Reporting Information [Line Items]
Revenues, net									544,579	463,060	512,381
Operating income									325,671	276,298	301,260
Depreciation and amortization									49,301	47,021	49,028
Capital expenditures									19,566	12,883	12,602
Long-lived assets (excluding goodwill and investments)	$ 348,265				$ 379,697				$ 348,265	$ 379,697	$ 418,311

Segments - Schedule of Long-Lived Assets by Geographical Area (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
United States (country of domicile)
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	$ 1,848,923	$ 1,547,423
Brazil
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	291,203	341,242
United Kingdom
Segment Reporting Information [Line Items]
Long-lived assets (excluding goodwill and investments)	$ 245,654	$ 269,556

Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Revenues, net	$ 802,255	$ 755,477	$ 667,381	$ 608,623	$ 617,333	$ 585,283	$ 525,146	$ 661,093	$ 2,833,736	$ 2,388,855	$ 2,648,848
Operating income	340,292	338,687	297,612	265,965	293,939	264,532	212,811	200,983	1,242,556	972,265	1,231,430
Net income	$ 225,004	$ 234,007	$ 196,247	$ 184,239	$ 209,851	$ 188,817	$ 158,488	$ 147,060	$ 839,497	$ 704,216	$ 895,073
Earnings per share:
Basic earnings per share (in usd per share)	$ 2.80	$ 2.86	$ 2.36	$ 2.21	$ 2.51	$ 2.26	$ 1.89	$ 1.73	$ 10.23	$ 8.38	$ 10.36
Diluted earnings per share (in usd per share)	$ 2.74	$ 2.80	$ 2.30	$ 2.15	$ 2.44	$ 2.19	$ 1.83	$ 1.67	$ 9.99	$ 8.12	$ 9.94
Weighted average shares outstanding:
Basic (in shares)	80,228	81,836	83,141	83,475	83,514	83,719	83,895	84,902	82,060	84,005	86,401
Diluted (in shares)	81,981	83,716	85,295	85,764	85,846	86,273	86,570	88,205	84,061	86,719	90,070