0001628280-22-022016 | 10-Q | XBRL Viewer | Fleetcor Technologies INC

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-35004
Entity Registrant Name	FLEETCOR Technologies, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1074903
Entity Address, Address Line One	3280 Peachtree Road
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30305
City Area Code	770
Local Phone Number	449-0479
Title of 12(b) Security	Common Stock
Trading Symbol	FLT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,013,343
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001175454
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,423,060	$ 1,520,027
Restricted cash	933,373	730,668
Accounts and other receivables (less allowance for credit losses of $124,838 at June 30, 2022 and $98,719 at December 31, 2021)	2,448,585	1,793,274
Securitized accounts receivable—restricted for securitization investors	1,600,000	1,118,000
Prepaid expenses and other current assets	418,451	326,079
Total current assets	6,823,469	5,488,048
Property and equipment, net	260,588	236,294
Goodwill	5,076,364	5,078,978
Other intangibles, net	2,220,246	2,335,385
Investments	67,067	52,016
Other assets	262,481	213,932
Total assets	14,710,215	13,404,653
Current liabilities:
Accounts payable	2,014,962	1,406,350
Accrued expenses	348,301	369,054
Customer deposits	1,685,261	1,788,705
Securitization facility	1,600,000	1,118,000
Current portion of notes payable and lines of credit	508,108	399,628
Other current liabilities	275,263	208,614
Total current liabilities	6,431,895	5,290,351
Notes payable and other obligations, less current portion	4,767,545	4,460,039
Deferred income taxes	566,434	566,291
Other noncurrent liabilities	256,672	221,392
Total noncurrent liabilities	5,590,651	5,247,722
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 127,566,381 shares issued and 75,934,303 shares outstanding at June 30, 2022; and 127,113,023 shares issued and 78,879,551 shares outstanding at December 31, 2021	128	127
Additional paid-in capital	2,964,235	2,878,751
Retained earnings	6,736,565	6,256,442
Accumulated other comprehensive loss	(1,413,833)	(1,464,616)
Less treasury stock, 51,632,078 shares at June 30, 2022 and 48,233,471 shares at December 31, 2021	(5,599,426)	(4,804,124)
Total stockholders’ equity	2,687,669	2,866,580
Total liabilities and stockholders’ equity	$ 14,710,215	$ 13,404,653

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 124,838	$ 98,719
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	475,000,000	475,000,000
Common stock, shares issued (in shares)	127,566,381	127,113,023
Common stock, shares outstanding (in shares)	75,934,303	78,879,551
Treasury stock, shares (in shares)	51,632,078	48,233,471

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenues, net	$ 861,278	$ 667,381	$ 1,650,519	$ 1,276,004
Expenses:
Processing	185,588	122,294	359,782	238,722
Selling	79,324	63,225	156,213	115,307
General and administrative	147,446	115,008	290,968	223,370
Depreciation and amortization	78,474	69,218	155,276	134,947
Other operating, net	(34)	24	79	81
Operating income	370,480	297,612	688,201	563,577
Investment loss (gain)	193	0	345	(9)
Other expense, net	3,564	408	4,433	2,151
Interest expense, net	23,070	34,685	45,100	63,236
Total other expense	26,827	35,093	49,878	65,378
Income before income taxes	343,653	262,519	638,323	498,199
Provision for income taxes	81,482	66,272	158,200	117,713
Net income	$ 262,171	$ 196,247	$ 480,123	$ 380,486
Earnings per share:
Basic earnings per share (in dollars per share)	$ 3.42	$ 2.36	$ 6.22	$ 4.57
Diluted earnings per share (in dollars per share)	$ 3.35	$ 2.30	$ 6.10	$ 4.45
Weighted average shares outstanding:
Basic (in shares)	76,769	83,141	77,250	83,307
Diluted (in shares)	78,239	85,295	78,762	85,528

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 262,171	$ 196,247	$ 480,123	$ 380,486
Other comprehensive (loss) income:
Foreign currency translation (losses) gains, net of tax	(158,896)	206,805	24,053	77,648
Net change in derivative contracts, net of tax	8,500	9,037	26,730	20,333
Total other comprehensive (loss) income	(150,396)	215,842	50,783	97,981
Total comprehensive income	$ 111,775	$ 412,089	$ 530,906	$ 478,467

- Definition

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

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+ Details

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Stockholders' Equity beginning balance at Dec. 31, 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	184,239			184,239
Other comprehensive income (loss), net of tax	(117,861)				(117,861)
Acquisition of common stock	(170,382)					(170,382)
Share-based compensation	17,747		17,747
Issuance of common stock	27,345	1	27,344
Stockholders' Equity ending balance at Mar. 31, 2021	3,296,499	127	2,794,991	5,601,184	(1,481,019)	(3,618,784)
Stockholders' Equity beginning 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	380,486
Other comprehensive income (loss), net of tax	97,981
Stockholders' Equity ending balance at Jun. 30, 2021	3,488,847	127	2,821,453	5,797,431	(1,265,177)	(3,864,987)
Stockholders' Equity beginning balance at Mar. 31, 2021	3,296,499	127	2,794,991	5,601,184	(1,481,019)	(3,618,784)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	196,247			196,247
Other comprehensive income (loss), net of tax	215,842				215,842
Acquisition of common stock	(246,203)					(246,203)
Share-based compensation	17,885		17,885
Issuance of common stock	8,577		8,577
Stockholders' Equity ending balance at Jun. 30, 2021	3,488,847	127	2,821,453	5,797,431	(1,265,177)	(3,864,987)
Stockholders' Equity beginning balance at Dec. 31, 2021	2,866,580	127	2,878,751	6,256,442	(1,464,616)	(4,804,124)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	217,952			217,952
Other comprehensive income (loss), net of tax	201,179				201,179
Acquisition of common stock	(422,736)					(422,736)
Share-based compensation	32,631		32,631
Issuance of common stock	8,810		8,810
Stockholders' Equity ending balance at Mar. 31, 2022	2,904,416	127	2,920,192	6,474,394	(1,263,437)	(5,226,860)
Stockholders' Equity beginning balance at Dec. 31, 2021	2,866,580	127	2,878,751	6,256,442	(1,464,616)	(4,804,124)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	480,123
Other comprehensive income (loss), net of tax	50,783
Stockholders' Equity ending balance at Jun. 30, 2022	2,687,669	128	2,964,235	6,736,565	(1,413,833)	(5,599,426)
Stockholders' Equity beginning balance at Mar. 31, 2022	2,904,416	127	2,920,192	6,474,394	(1,263,437)	(5,226,860)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	262,171			262,171
Other comprehensive income (loss), net of tax	(150,396)				(150,396)
Acquisition of common stock	(372,566)					(372,566)
Share-based compensation	34,017		34,017
Issuance of common stock	10,027		10,026
Stockholders' Equity ending balance at Jun. 30, 2022	$ 2,687,669	$ 128	$ 2,964,235	$ 6,736,565	$ (1,413,833)	$ (5,599,426)

- Definition

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

+ References

+ Details

- 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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+ Details

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income	$ 262,171	$ 217,952	$ 196,247	$ 184,239	$ 480,123	$ 380,486
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation					43,783	36,094
Stock-based compensation					66,648	35,632
Provision for credit losses on accounts and other receivables					52,704	8,521
Amortization of deferred financing costs and discounts					4,131	3,248
Amortization of intangible assets and premium on receivables					111,493	98,853
Loss on extinguishment of debt					1,934	6,230
Deferred income taxes					(10,864)	8,216
Other non-cash operating loss					425	72
Changes in operating assets and liabilities (net of acquisitions/dispositions):
Accounts and other receivables					(1,225,705)	(706,574)
Prepaid expenses and other current assets					(89,933)	115,239
Other assets					(48,270)	20,715
Accounts payable, accrued expenses and customer deposits					655,384	349,710
Net cash provided by operating activities					41,853	356,442
Investing activities
Acquisitions, net of cash acquired					(33,744)	(114,994)
Purchases of property and equipment					(66,629)	(45,765)	$ (111,530)	$ (78,425)
Other					0	(2,281)
Net cash used in investing activities					(100,373)	(163,040)
Financing activities
Proceeds from issuance of common stock					18,837	35,921
Repurchase of common stock					(795,302)	(416,585)
Borrowings on securitization facility, net					482,000	300,000
Deferred financing costs					(337)	(21,039)
Proceeds from notes payable					3,000,000	1,150,000
Principal payments on notes payable					(2,777,000)	(419,250)
Borrowings from revolver					1,550,000	405,000
Payments on revolver					(1,356,000)	(623,851)
Borrowings (payments) on swing line of credit, net					194	(51,157)
Other					0	(366)
Net cash provided by financing activities					122,392	358,673
Effect of foreign currency exchange rates on cash					41,866	30,609
Net increase in cash and cash equivalents and restricted cash					105,738	582,684
Cash and cash equivalents and restricted cash, beginning of period		$ 2,250,695		$ 1,476,619	2,250,695	1,476,619	1,476,619
Cash and cash equivalents and restricted cash, end of period	$ 2,356,433		$ 2,059,303		2,356,433	2,059,303	$ 2,250,695	$ 1,476,619
Supplemental cash flow information
Cash paid for interest					73,323	54,818
Cash paid for income taxes					$ 215,653	$ 113,969

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

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

The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of June 30, 2022 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the ongoing conflict between Russia and Ukraine, the impact of changes to monetary policy, as well as other factors.

Foreign Currency Translation

Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive income (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange (losses), which are recorded within other expense, net in the Unaudited Consolidated Statements of Income for the three and six months ended June 30 as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Foreign exchange (losses)	$	(1.8)	$	(0.6)	$	(2.2)	$	(1.7)

The Company recorded foreign currency gains on long-term intra-entity transactions included as a component of foreign currency translation gains (losses), net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30 as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Foreign currency gains on long-term intra-entity transactions	$	10.3	$	92.2	$	156.3	$	25.8

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. Based on our assessment of the current capital market conditions and related impact on our access to cash, we have reclassified all cash held at our Russian businesses of $223 million to restricted cash as of June 30, 2022.

Financial Instruments - Credit Losses

The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses". The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors.

Revenue

The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Fuel, Corporate Payments, Tolls, Lodging, 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. Revenues from contracts with customers, within the scope of ASC 606, "Revenue Recognition", represent approximately 75% of total consolidated revenues, net, for the three and six months ended June 30, 2022. 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. 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.

Disaggregation of Revenues

The Company provides its services to customers across different payment solutions and geographies. Revenue by solution (in millions) for the three and six months ended June 30, was as follows:


Revenues, net by Solution*	Three Months Ended June 30,								Six Months Ended June 30,
	2022		%		2021		%		2022		%		2021		%
Fuel	$	346.9	40	%	$	295.1	44	%	$	665.4	40	%	$	557.0	44	%
Corporate Payments	189.7		22	%	140.4		21	%	373.5		23	%	256.8		20	%
Tolls	91.2		11	%	71.3		11	%	176.1		11	%	140.3		11	%
Lodging	116.9		14	%	62.2		9	%	211.5		13	%	121.3		10	%
Gift	51.7		6	%	32.3		5	%	95.2		6	%	75.7		6	%
Other	65.0		8	%	66.0		10	%	128.9		8	%	124.9		10	%
Consolidated revenues, net	$	861.3	100	%	$	667.4	100	%	$	1,650.5	100	%	$	1,276.0	100	%


*Columns may not calculate due to rounding.

Revenue by geography (in millions) for the three and six months ended June 30, was as follows:


Revenues, net by Geography*	Three Months Ended June 30,								Six Months Ended June 30,
	2022		%		2021		%		2022		%		2021		%
United States	$	527.7	61	%	$	412.7	62	%	$	999.5	61	%	$	783.3	61	%
Brazil	111.8		13	%	85.7		13	%	214.4		13	%	167.6		13	%
United Kingdom	93.4		11	%	83.6		13	%	188.0		11	%	159.2		12	%
Other	128.4		15	%	85.4		13	%	248.7		15	%	165.9		13	%
Consolidated revenues, net	$	861.3	100	%	$	667.4	100	%	$	1,650.5	100	%	$	1,276.0	100	%


*Columns may not calculate due to rounding.

Contract Liabilities

Deferred revenue contract liabilities for customers subject to ASC 606 were $60.2 million and $73.7 million as of June 30, 2022 and December 31, 2021, respectively. We expect to recognize approximately $35.5 million of these amounts in revenues within 12 months and the remaining $24.7 million over the next five years as of June 30, 2022. Revenue recognized in the six months ended June 30, 2022 that was included in the deferred revenue contract liability as of December 31, 2021 was approximately $30.2 million.

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 at June 30, 2022 and December 31, 2021 (in millions):


	June 30, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,884.5	$	(3,679.9)	$	204.6	$	1,185.9	$	(1,057.7)	$	128.2


Liabilities
Accounts Payable	$	3,726.6	$	(3,679.9)	$	46.7	$	1,199.5	$	(1,057.7)	$	141.8

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 six months ended June

30, 2021 was a decrease to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $4.7 million, with a corresponding increase to changes in accounts payable, accrued expenses and customer deposits in operating activities of $4.7 million. There was no impact to net cash provided by operating activities in the Unaudited Consolidated Statement of Cash Flows.

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

Adoption of New Accounting Standards

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 transitioned 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 (“EURIBOR”) for term euro borrowings, the Euro Short Term Rate (“ESTR”) plus an ESTR adjustment of 0.085% for swingline euro borrowings, and the Tokyo Interbank Offered Rate (“TIBOR”) for yen borrowings. In addition, the Company transitioned from LIBOR to the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% for USD borrowings under the Securitization Facility, revolving credit facility and the term loan A. 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.

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 ASC 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied ASC 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's adoption of this ASU on January 1, 2022, did not have a material impact on the Company's results of operations, financial condition, or cash flows.

Accounts and Other Receivables

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Accounts and Other Receivables

The Company's accounts and securitized accounts receivable include the following at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Gross domestic accounts receivable	$	1,184,664	$	994,063
Gross domestic securitized accounts receivable	1,600,000		1,118,000
Gross foreign receivables	1,388,759		897,930
Total gross receivables	4,173,423		3,009,993
Less allowance for credit losses	(124,838)		(98,719)
Net accounts and securitized accounts receivable	$	4,048,585	$	2,911,274

The Company maintains a $1.6 billion revolving trade accounts receivable securitization facility (the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to multi-seller banks and asset-backed commercial paper conduits (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold. Purchases by the Conduit are financed with the sale of highly-rated commercial paper.

The Company utilizes proceeds from the transferred assets as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates,

which approximates the Company’s cost of servicing. The Company retains a residual interest in the transferred asset as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount.

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

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


	2022		2021
Allowance for credit losses beginning of period	$	98,719	$	86,886
Provision for credit losses	52,704		8,521
Write-offs	(33,416)		(14,878)
Recoveries	4,350		9,956
Impact of foreign currency	2,481		1,615
Allowance for credit losses end of period	$	124,838	$	92,100

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

A three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows:

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

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

•Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

The following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands):


	Fair Value		Level 1		Level 2		Level 3
June 30, 2022
Assets:
Repurchase agreements	$	512,485	$	—	$	512,485	$	—
Money market	39,886		—		39,886		—
Certificates of deposit	197		—		197		—
Interest Rate Swaps	4,811		—		4,811		—

Foreign exchange contracts	244,691		—		244,691		—
Total assets	$	802,070	$	—	$	802,070	$	—
Cash collateral for foreign exchange contracts	$	55,350	$	—	$	—	$	—
Liabilities:

Foreign exchange contracts	234,334		—		234,334		—
Total liabilities	$	234,334	$	—	$	234,334	$	—
Cash collateral obligation for foreign exchange contracts	$	19,604	$	—	$	—	$	—

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 swaps1	$	30,733	$	—	$	30,733	$	—
Foreign exchange contracts	89,925		—		89,925		—
Total liabilities	$	120,658	$	—	$	120,625	$	—
Cash collateral obligation for foreign exchange contracts	$	24,803	$	—	$	—	$	—

1During 2022, the Company identified and corrected an immaterial error in the presentation of the December 31, 2021 interest rate swap liabilities in the table above. Such amount was incorrectly bracketed, which has since been corrected. The liability was correctly presented and classified in the Company's Consolidated Balance Sheet at December 31, 2021.

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 in highly liquid investments, such as, repurchase agreements, money markets and certificates of deposit, with maturities ranging from overnight to 90 days or less. The value of overnight repurchase agreements is determined based upon the quoted market prices for the 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 Sheet at June 30, 2022 and December 31, 2021. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheet at June 30, 2022 and December 31, 2021.

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 June 30, 2022 and December 31, 2021.

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

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

The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values was $67.1 million at June 30, 2022.

The Company typically reviews long-lived assets and goodwill for impairment annually in the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or if an indicator of impairment exists. The recent military conflict between Russia and Ukraine has created significant uncertainty and risk in the economic environment in which the Russia reporting unit operates. As such, the Company completed an analysis during the period, which resulted in no impairment. The Company continues to monitor the economic uncertainty, while assessing the financial impact and outlook for the Russia reporting unit.

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

- Definition

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

+ References + Details

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' EquityThe 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 January 25, 2022, the Board increased the aggregate size of the Program by $1.0 billion, to $6.1 billion. Since the beginning of the Program through June 30, 2022, 23,467,105 shares have been repurchased for an aggregate purchase price of $5.2 billion, leaving the Company up to $0.9 billion of remaining authorization available under the Program for future repurchases in shares of its common stock. Subsequent to June 30, 2022, the Company repurchased 931,266 shares for an aggregate purchase price of $200.3 million, pursuant to a 10b5-1 plan. As of August 9, 2022, the Company has up to $655.3 million available under the Program for future repurchases of its common stock.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The following table summarizes the expense recognized within general and administrative expenses in the Unaudited Consolidated Statements of Income related to share-based payments recognized in the three and six months ended June 30 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Stock options	$	18,287	$	5,012	$	36,125	$	9,602
Restricted stock	15,730		12,873		30,523		26,030
Stock-based compensation	$	34,017	$	17,885	$	66,648	$	35,632

The tax benefits recorded on stock-based compensation and upon the exercises of options were $20.0 million and $24.5 million for the six months ended June 30, 2022 and 2021, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of June 30, 2022 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	80,708	1.77
Restricted stock	64,907		1.15
Total	$	145,615

Stock Options

The following summarizes the changes in the number of shares of common stock under option for the six months ended June 30, 2022 (shares/options and aggregate intrinsic value in thousands):


	Shares	Weighted Average Exercise Price		Options Exercisable at End of Period	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Period		Aggregate Intrinsic Value
Outstanding at December 31, 2021	5,447	$	176.52	3,798	$	145.18			$	257,707
Granted	590	226.05					$	65.71
Exercised	(314)	57.80							53,730
Forfeited	(35)	244.52
Outstanding at June 30, 2022	5,688	$	188.22	3,723	$	158.07			$	208,558
Expected to vest as of June 30, 2022	1,972	$	244.40

The aggregate intrinsic value of stock options exercisable at June 30, 2022 was $206.7 million. The weighted average remaining contractual term of options exercisable at June 30, 2022 was 4.3 years.

Restricted Stock

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the six months ended June 30, 2022 (shares in thousands):


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021	278	$	278.57
Granted	319	229.80
Vested	(139)	269.05
Canceled or forfeited	(42)	327.35
Outstanding at June 30, 2022	416	$	239.48

Acquisitions

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

2022 Acquisitions

Levarti

On March 1, 2022, the Company completed the acquisition of Levarti, an airline software platform company for a net purchase price of $23.7 million. 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 Lodging segment.

Acquisition accounting for Levarti is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies.

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


Current assets	$	754
Long term assets	286
Goodwill	14,505
Intangibles	11,800
Current liabilities	(675)
Noncurrent liabilities	(2,926)



Aggregate purchase price	$	23,744

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 Name and Trademarks	2	$	100
Proprietary Technology	10	3,500
Customer Relationships	16	8,200



		$	11,800

Other

In August 2022, the Company acquired an accounts payable (AP) automation software provider. This acquisition is not expected to be material to the financial results of the Company. The Company financed this acquisition using a combination of available cash and borrowings under its existing Credit Facility. In February 2022, the Company also made investments of $7.8 million in an electric vehicle charging payments business and $5.0 million in an electric vehicle data analytics business.

2021 Acquisitions

ALE

On September 1, 2021, the Company completed the acquisition of ALE Solutions, Inc. (ALE), a leader in 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 Lodging 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. Acquisition accounting for ALE is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments.

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


Trade and other receivables	$	178,396
Prepaid expenses and other current assets	2,555

Other long term assets	10,120
Goodwill	136,471
Intangibles	175,800
Accounts payable and accrued expenses	(31,048)
Other current liabilities	(38,866)

Other noncurrent liabilities	(11,596)





Aggregate purchase price	$	421,832

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	$	14,500
Proprietary Technology	4	14,400
Lodging Network	20	800
Customer Relationships	15	146,100



		$	175,800

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 $459.1 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 $70.1 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 Corporate Payments 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.

The following table summarizes the final 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	257,332
Intangibles	237,900
Accounts payable and accrued expenses	(40,164)
Other current liabilities	(81,430)
Customer deposits	(375,049)
Other noncurrent liabilities	(97,855)
Aggregate purchase price	$	70,092

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


	Useful Lives (in Years)	Value
Trade Names and Trademarks	2	$	5,400
Proprietary Technology	4	11,800
Banking Relationships	20	1,800
Licenses	20	2,600
Customer Relationships	10	216,300


		$	237,900

Roger

On January 13, 2021, the Company completed the acquisition of Roger, rebranded Corpay One, a global 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 Corporate Payments 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	13	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. Acquisition accounting for this acquisition is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments. The results from the acquisition are reported in the Fleet segment. During 2021, the Company made an investment of $37.8 million in a joint venture in Brazil with CAIXA. The Company also made investments in other businesses of $6.8 million. The Company financed all of these investments and acquisitions using a combination of available cash and borrowings under its existing credit facility.

Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

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


	December 31, 2021		Acquisitions		Acquisition Accounting Adjustments		Foreign Currency		June 30, 2022






Goodwill	$	5,078,978	$	14,505	$	8,529	$	(25,648)	$	5,076,364

The change in segments discussed in Note 11 resulted in an immaterial change in the Company's former reporting units. As a result of this change, goodwill was reassigned to two reporting units using a relative fair value approach. The change in reporting units qualified as a triggering event and required goodwill to be tested for impairment. As required by ASC 350, "Intangibles-Goodwill and Other", the Company tested goodwill for impairment immediately before and after the change. As a result of these analyses, it was determined that goodwill was not impaired before or after the reorganization.

As of June 30, 2022 and December 31, 2021, other intangibles consisted of the following (in thousands):


		June 30, 2022						December 31, 2021
	Weighted- Avg Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount
Customer and vendor relationships	16.2	$	2,911,654	$	(1,254,252)	$	1,657,402	$	2,925,719	$	(1,167,218)	$	1,758,501
Trade names and trademarks—indefinite lived	N/A	465,404		—		465,404		466,327		—		466,327
Trade names and trademarks—other	7.0	11,910		(6,611)		5,299		12,093		(5,235)		6,858
Software	6.0	276,515		(209,249)		67,266		272,461		(198,628)		73,833
Non-compete agreements	4.3	79,414		(54,539)		24,875		78,145		(48,279)		29,866
Total other intangibles		$	3,744,897	$	(1,524,651)	$	2,220,246	$	3,754,745	$	(1,419,360)	$	2,335,385

Changes in foreign exchange rates resulted in a $6.8 million decrease to the net carrying values of other intangibles in the six months ended June 30, 2022. Amortization expense related to intangible assets for the six months ended June 30, 2022 and 2021 was $109.9 million and $97.3 million, respectively.

Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

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


	June 30, 2022		December 31, 2021
Term Loan A note payable, net of discounts and issuance costs	$	2,992,950	$	2,763,162
Term Loan B note payable, net of discounts and issuance costs	1,863,703		1,871,505
Revolving line of credit facilities	419,000		225,000




Total notes payable and credit agreements	5,275,653		4,859,667
Securitization Facility	1,600,000		1,118,000
Total notes payable, credit agreements and Securitization Facility	$	6,875,653	$	5,977,667
Current portion	$	2,108,108	$	1,517,628
Long-term portion	4,767,545		4,460,039
Total notes payable, credit agreements and Securitization Facility	$	6,875,653	$	5,977,667

On June 24, 2022, the Company entered into the twelfth amendment to the Credit Agreement. The amendment replaced the existing term loan A with a new $3 billion term loan A and the revolving credit facility with a new $1.5 billion revolving credit facility, resulting in net increases of $273 million and $215 million, respectively. The amendment also replaced LIBOR on the term loan A and revolving credit facility with the Secured Overnight Financing Rate ("SOFR"), plus a SOFR adjustment of 0.10% and extended the maturity date for the term loan A and revolving credit facility to June 24, 2027.

On March 23, 2022, the Company entered into the tenth amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.3 billion to $1.6 billion and replaced LIBOR with SOFR plus a SOFR adjustment of 0.10%. The Company has unamortized debt issuance costs of $2.2 million and $2.5 million related to the Securitization Facility as of June 30, 2022 and December 31, 2021, respectively, recorded within other assets in the Consolidated Balance Sheets. The maturity date for the Company's Securitization Facility is March 29, 2024.

The Company was in compliance with all financial and non-financial covenants under the Credit Agreement and Securitization Facility at June 30, 2022.

- 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

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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2022 and 2021 to income before income taxes for the three months ended June 30, 2022 and 2021 due to the following (in thousands):


	2022				2021
Computed expected tax expense	$	72,167	21.0	%	$	55,129	21.0	%
Changes resulting from:
Foreign income tax differential	(1,073)		(0.3)	%	(3,899)		(1.5)	%
Excess tax benefit related to stock-based compensation	(6,336)		(1.8)	%	(6,059)		(2.3)	%
State taxes net of federal benefits	6,699		2.0	%	2,949		1.1	%
Foreign withholding	3,624		1.1	%	(316)		(0.1)	%
Change in indefinite reinvestment - Russia	(9,049)		(2.6)	%	—		—	%
GILTI, net of foreign tax credits	1,396		0.4	%	2,899		1.1	%
Change in UK Statutory Rate	—		—	%	6,470		2.5	%
Increase in tax expense due to uncertain tax positions	2,137		0.6	%	4,800		1.8	%
Sub-part F Income	5,470		1.6	%	1,562		0.6	%
Nondeductible stock-based compensation	1,640		0.5	%	725		0.3	%

Other	4,806		1.4	%	2,012		0.8	%
Provision for income taxes	$	81,482	23.7	%	$	66,272	25.2	%

- 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.

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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	262,171	$	196,247	$	480,123	$	380,486
Denominator for basic earnings per share	76,769		83,141		77,250		83,307
Dilutive securities	1,470		2,154		1,512		2,221
Denominator for diluted earnings per share	78,239		85,295		78,762		85,528
Basic earnings per share	$	3.42	$	2.36	$	6.22	$	4.57
Diluted earnings per share	$	3.35	$	2.30	$	6.10	$	4.45

Diluted earnings per share for the three months ended June 30, 2022 and 2021 excludes the effect of 2.3 million and 0.1 million, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be anti-dilutive. Diluted earnings per share also excludes the effect of an immaterial amount and 0.2 million shares of performance-based restricted stock for which the performance criteria have not yet been achieved for the three month periods ended June 30, 2022 and 2021, respectively.

Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments

SegmentsThe Company reports information about its operating segments in accordance with the authoritative guidance related to segments. In the second quarter of 2022, in order to align with recent changes in the organizational structure and management reporting, the Company has updated its segments structure into Fleet, Corporate Payments, Lodging, Brazil and Other, which includes our Gift and Paycard businesses. The presentation of segment information has been recast for the prior periods to align with this segment presentation for the three and six months ended June 30, 2022. We manage and report our operating results through five reportable segments, which aligns with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information. The Company has aggregated its Corporate Payments and Cross-Border segments into the Corporate Payments reportable segment and allocated overhead expenses on a consistent basis in accordance with relevant guidance.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues, net:
Fleet	$	377,361	$	333,091	$	728,954	$	628,064
Corporate Payments	189,699		140,388		373,467		256,782
Lodging	116,900		62,248		211,476		121,284
Brazil	111,825		85,669		214,362		167,593
Other	65,493		45,985		122,260		102,281
	$	861,278	$	667,381	$	1,650,519	$	1,276,004
Operating income:
Fleet	$	186,790	$	172,588	$	354,635	$	319,619
Corporate Payments	65,859		48,611		124,066		93,014
Lodging	58,559		29,901		98,339		54,774
Brazil	41,617		33,331		78,945		65,556
Other	17,655		13,181		32,216		30,614
	$	370,480	$	297,612	$	688,201	$	563,577
Depreciation and amortization:
Fleet	$	34,927	$	36,384	$	69,634	$	73,039
Corporate Payments	16,724		12,320		33,072		21,553
Lodging	10,321		5,229		20,855		10,384
Brazil	14,288		12,894		27,409		25,181
Other	2,214		2,391		4,306		4,790
	$	78,474	$	69,218	$	155,276	$	134,947

The Company’s segment results are as follows for the quarterly periods in 2021 and 2020, as well as the first quarter of 2022 (in thousands):


	Quarter Ended March 31, 2022		Fiscal Quarters Year Ended December 31, 2021
(in thousands)	First		First		Second		Third		Fourth
Revenues, net:
Fleet	$	351,592	$	294,973	$	333,091	$	343,194	$	348,883
Corporate Payments	183,769		116,394		140,388		168,684		174,525
Lodging	94,576		59,036		62,248		85,214		103,121
Brazil	102,538		81,923		85,669		94,888		105,600
Other	56,766		56,297		45,985		63,497		70,126
	$	789,241	$	608,623	$	667,381	$	755,477	$	802,255
Operating income:
Fleet	$	167,845	$	147,031	$	172,588	$	181,787	$	168,859
Corporate Payments	58,207		44,403		48,611		53,512		51,056
Lodging	39,779		24,873		29,901		44,027		50,172
Brazil	37,328		32,225		33,331		39,943		48,766
Other	14,562		17,433		13,181		19,418		21,439
	$	317,721	$	265,965	$	297,612	$	338,687	$	340,292
Depreciation and amortization:
Fleet	$	34,706	$	36,655	$	36,384	$	36,378	$	35,557
Corporate Payments	16,349		9,233		12,320		15,526		16,579
Lodging	10,534		5,155		5,229		7,301		8,793
Brazil	13,121		12,287		12,894		12,910		11,929
Other	2,092		2,399		2,391		2,122		2,155
	$	76,802	$	65,729	$	69,218	$	74,237	$	75,013


	Fiscal Quarters Year Ended December 31, 2020
(in thousands)	First		Second		Third		Fourth
Revenues, net:
Fleet	$	327,062	$	277,707	$	293,388	$	294,314
Corporate Payments	119,934		92,556		106,504		114,958
Lodging	56,995		40,618		52,857		56,567
Brazil	98,978		75,148		79,596		90,526
Other	58,124		39,117		52,938		60,968
	$	661,093	$	525,146	$	585,283	$	617,333
Operating income:
Fleet	$	155,288	$	134,794	$	145,670	$	158,989
Corporate Payments	(39,857)		28,247		40,892		46,995
Lodging	27,484		11,812		26,165		25,427
Brazil	39,438		29,420		35,600		43,593
Other	18,630		8,538		16,205		18,935
	$	200,983	$	212,811	$	264,532	$	293,939
Depreciation and amortization:
Fleet	$	35,559	$	35,600	$	35,683	$	35,389
Corporate Payments	8,626		8,583		8,723		8,966
Lodging	3,449		3,618		4,462		5,367
Brazil	14,589		12,169		12,260		12,345
Other	2,253		2,192		2,351		2,618
	$	64,476	$	62,162	$	63,479	$	64,685

The Company’s segment results are as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands):


Year ended December 31, (in thousands)	2021		2020		2019
Revenues, net:
Fleet	$	1,320,141	$	1,192,471	$	1,311,922
Corporate Payments	599,991		433,952		509,723
Lodging	309,619		207,037		212,597
Brazil	368,080		344,248		427,921
Other	235,905		211,147		186,685
	$	2,833,736	$	2,388,855	$	2,648,848
Operating income:
Fleet	$	670,265	$	594,741	$	660,958
Corporate Payments	197,582		76,277		219,453
Lodging	148,973		90,888		121,899
Brazil	154,265		148,051		175,429
Other	71,471		62,308		53,691
	$	1,242,556	$	972,265	$	1,231,430
Depreciation and amortization:
Fleet	$	144,974	$	142,231	$	157,938
Corporate Payments	53,658		34,898		34,469
Lodging	26,478		16,896		11,356
Brazil	50,020		51,363		64,936
Other	9,067		9,414		5,511
	$	284,197	$	254,802	$	274,210
Capital expenditures:
Fleet	$	62,620	$	41,765	$	41,234
Corporate Payments	13,696		9,757		8,645
Lodging	4,604		3,586		1,909
Brazil	24,431		17,116		18,330
Other	6,179		6,201		5,052
	$	111,530	$	78,425	$	75,170


	Years Ended December 31,
	2021		2020
Long-lived assets (excluding goodwill, intangibles, investments and other)
Fleet	$	121,076	$	104,337
Corporate Payments	34,974		28,393
Lodging	12,592		11,885
Brazil	53,236		47,994
Other	14,416		9,900
	$	236,294	$	202,509

Results from the 2022 acquisition of Levarti are reported in our Lodging segment. More than 10% of our revenues in 2021, 2020 and 2019 were derived through our relationship with our open-loop network partner, with results included in both our Fleet and Corporate Payments segments.

- 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
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-Section 50
-Paragraph 31
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesIn 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 Eleventh Circuit affirmed the district court’s ruling dismissing the case in an order issued on July 27, 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. In the meantime, the FTC’s administrative action is stayed. On August 9, 2022, the District Court for the Northern District of Georgia granted the FTC's motion for summary judgment as to liability for the Company and Ron Clarke, but granted the Company's motion for summary judgment as to the FTC's claim for monetary relief as to both the Company and Ron Clarke. The court set a hearing for September 1, 2022, to determine the scope of injunctive relief. The Company intends to appeal this decision after final judgment is issued. 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.

Derivative Financial Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging Activities

Foreign Currency Derivatives

The 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 give 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, "Derivatives and Hedging".

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 June 30, 2022 and December 31, 2021 (in millions) is presented in the following table.


	Notional
	June 30, 2022		December 31, 2021
Foreign exchange contracts:
Swaps	$	1,472.5	$	2,670.4
Futures, forwards and spot	12,091.5		7,818.3
Written options	14,486.0		11,221.9
Purchased options	12,976.3		10,614.0
Total	$	41,026.3	$	32,324.5

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 June 30, 2022 and December 31, 2021 (in millions):


	June 30, 2022
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	527.7	$	517.3	$	244.7	$	234.3
Cash collateral	55.4		19.6		55.4		19.6
Total net of cash collateral	$	472.3	$	497.7	$	189.3	$	214.7


	December 31, 2021
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	338.8	$	307.8	$	120.9	$	89.9
Cash collateral	25.9		24.8		25.9		24.8
Total net of cash collateral	$	312.9	$	283.0	$	95.0	$	65.1

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 mark-to-market (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 following table 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 June 30, 2022 and December 31, 2021 (in millions).


		June 30, 2022		December 31, 2021
	Balance Sheet Classification	Fair Value

Derivative Asset	Prepaid expenses and other current assets	$	170.9	$	94.0
Derivative Asset	Other assets	$	73.8	$	26.9
Derivative Liability	Other current liabilities	$	165.8	$	66.9
Derivative Liability	Other noncurrent liabilities	$	68.6	$	23.0

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. The $1.0 billion interest rate swap matured in January 2022. As of June 30, 2022, 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 June 30, 2022		Fixed Rates	Maturity Date
Interest Rate Derivative:
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 following table presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2022 and December 31, 2021 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.


		June 30, 2022		December 31, 2021
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$	3.7	$	—
Swap contracts	Other assets	$	1.2	$	—
Swap contracts	Other current liabilities	$	—	$	23.4
Swap contracts	Other noncurrent liabilities	$	—	$	7.3

The estimated net amount of the existing gains expected to be reclassified into earnings within the next 12 months is approximately $3.8 million at June 30, 2022.

Accumulated Other Comprehensive Loss (AOCL)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss (AOCL)

The changes in the components of AOCL for the six months ended June 30 are as follows (in thousands):


	June 30, 2022
	Cumulative Foreign Currency Translation		Unrealized (Losses) Gains on Derivative Instruments		Total Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2021	$	(1,441,505)	$	(23,111)	$	(1,464,616)
Other comprehensive income before reclassifications	24,053		22,871		46,924
Amounts reclassified from AOCI	—		12,674		12,674
Tax effect	—		(8,815)		(8,815)
Other comprehensive income	24,053		26,730		50,783
Balance at June 30, 2022	$	(1,417,452)	$	3,619	$	(1,413,833)


	June 30, 2021
	Cumulative Foreign Currency Translation		Unrealized (Losses) Gains on Derivative Instruments		Total Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2020	$	(1,296,962)	$	(66,196)	$	(1,363,158)
Other comprehensive income before reclassifications	77,648		2,345		79,993
Amounts reclassified from AOCI	—		24,542		24,542
Tax effect	—		(6,554)		(6,554)
Other comprehensive income	77,648		20,333		97,981
Balance at June 30, 2021	$	(1,219,314)	$	(45,863)	$	(1,265,177)

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Throughout this Quarterly Report on Form 10-Q, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of June 30, 2022 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the ongoing conflict between Russia and Ukraine, the impact of changes to monetary policy, as well as other factors.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive income (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income.
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. Based on our assessment of the current capital market conditions and related impact on our access to cash, we have reclassified all cash held at our Russian businesses of $223 million to restricted cash as of June 30, 2022.
Financial Instruments-Credit Losses	Financial Instruments - Credit Losses The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses". The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors.
Revenue	Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Fuel, Corporate Payments, Tolls, Lodging, 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. Revenues from contracts with customers, within the scope of ASC 606, "Revenue Recognition", represent approximately 75% of total consolidated revenues, net, for the three and six months ended June 30, 2022. 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. 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.
Spot Trade Offsetting	Spot Trade OffsettingThe 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.
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 six months ended June 30, 2021 was a decrease to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $4.7 million, with a corresponding increase to changes in accounts payable, accrued expenses and customer deposits in operating activities of $4.7 million. There was no impact to net cash provided by operating activities in the Unaudited Consolidated Statement of Cash Flows. Additionally, certain disclosures for prior periods have been reclassified to conform with current year presentation.
Adoption of New Accounting Standards	Adoption of New Accounting Standards 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 transitioned 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 (“EURIBOR”) for term euro borrowings, the Euro Short Term Rate (“ESTR”) plus an ESTR adjustment of 0.085% for swingline euro borrowings, and the Tokyo Interbank Offered Rate (“TIBOR”) for yen borrowings. In addition, the Company transitioned from LIBOR to the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% for USD borrowings under the Securitization Facility, revolving credit facility and the term loan A. 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. 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 ASC 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied ASC 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's adoption of this ASU on January 1, 2022, did not have a material impact on the Company's results of operations, financial condition, or cash flows.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Foreign Exchange Gains/Losses on Long-Term Intra-Equity Transactions

The Company recognized foreign exchange (losses), which are recorded within other expense, net in the Unaudited Consolidated Statements of Income for the three and six months ended June 30 as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Foreign exchange (losses)	$	(1.8)	$	(0.6)	$	(2.2)	$	(1.7)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Foreign currency gains on long-term intra-entity transactions	$	10.3	$	92.2	$	156.3	$	25.8

Disaggregation of Revenue

Revenue by solution (in millions) for the three and six months ended June 30, was as follows:


Revenues, net by Solution*	Three Months Ended June 30,								Six Months Ended June 30,
	2022		%		2021		%		2022		%		2021		%
Fuel	$	346.9	40	%	$	295.1	44	%	$	665.4	40	%	$	557.0	44	%
Corporate Payments	189.7		22	%	140.4		21	%	373.5		23	%	256.8		20	%
Tolls	91.2		11	%	71.3		11	%	176.1		11	%	140.3		11	%
Lodging	116.9		14	%	62.2		9	%	211.5		13	%	121.3		10	%
Gift	51.7		6	%	32.3		5	%	95.2		6	%	75.7		6	%
Other	65.0		8	%	66.0		10	%	128.9		8	%	124.9		10	%
Consolidated revenues, net	$	861.3	100	%	$	667.4	100	%	$	1,650.5	100	%	$	1,276.0	100	%


*Columns may not calculate due to rounding.

Revenue by geography (in millions) for the three and six months ended June 30, was as follows:


Revenues, net by Geography*	Three Months Ended June 30,								Six Months Ended June 30,
	2022		%		2021		%		2022		%		2021		%
United States	$	527.7	61	%	$	412.7	62	%	$	999.5	61	%	$	783.3	61	%
Brazil	111.8		13	%	85.7		13	%	214.4		13	%	167.6		13	%
United Kingdom	93.4		11	%	83.6		13	%	188.0		11	%	159.2		12	%
Other	128.4		15	%	85.4		13	%	248.7		15	%	165.9		13	%
Consolidated revenues, net	$	861.3	100	%	$	667.4	100	%	$	1,650.5	100	%	$	1,276.0	100	%


*Columns may not calculate due to rounding.

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2022 and December 31, 2021 (in millions):


	June 30, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,884.5	$	(3,679.9)	$	204.6	$	1,185.9	$	(1,057.7)	$	128.2


Liabilities
Accounts Payable	$	3,726.6	$	(3,679.9)	$	46.7	$	1,199.5	$	(1,057.7)	$	141.8

The following table 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 June 30, 2022 and December 31, 2021 (in millions).


		June 30, 2022		December 31, 2021
	Balance Sheet Classification	Fair Value

Derivative Asset	Prepaid expenses and other current assets	$	170.9	$	94.0
Derivative Asset	Other assets	$	73.8	$	26.9
Derivative Liability	Other current liabilities	$	165.8	$	66.9
Derivative Liability	Other noncurrent liabilities	$	68.6	$	23.0

Schedule of Derivative Liabilities at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2022 and December 31, 2021 (in millions):


	June 30, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,884.5	$	(3,679.9)	$	204.6	$	1,185.9	$	(1,057.7)	$	128.2


Liabilities
Accounts Payable	$	3,726.6	$	(3,679.9)	$	46.7	$	1,199.5	$	(1,057.7)	$	141.8


		June 30, 2022		December 31, 2021
	Balance Sheet Classification	Fair Value

Derivative Asset	Prepaid expenses and other current assets	$	170.9	$	94.0
Derivative Asset	Other assets	$	73.8	$	26.9
Derivative Liability	Other current liabilities	$	165.8	$	66.9
Derivative Liability	Other noncurrent liabilities	$	68.6	$	23.0

Accounts and Other Receivables (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Company's Accounts Receivable and Securitized Accounts Receivable

The Company's accounts and securitized accounts receivable include the following at June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Gross domestic accounts receivable	$	1,184,664	$	994,063
Gross domestic securitized accounts receivable	1,600,000		1,118,000
Gross foreign receivables	1,388,759		897,930
Total gross receivables	4,173,423		3,009,993
Less allowance for credit losses	(124,838)		(98,719)
Net accounts and securitized accounts receivable	$	4,048,585	$	2,911,274

Allowance for Doubtful Accounts Related to Accounts Receivable

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


	2022		2021
Allowance for credit losses beginning of period	$	98,719	$	86,886
Provision for credit losses	52,704		8,521
Write-offs	(33,416)		(14,878)
Recoveries	4,350		9,956
Impact of foreign currency	2,481		1,615
Allowance for credit losses end of period	$	124,838	$	92,100

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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 value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands):


	Fair Value		Level 1		Level 2		Level 3
June 30, 2022
Assets:
Repurchase agreements	$	512,485	$	—	$	512,485	$	—
Money market	39,886		—		39,886		—
Certificates of deposit	197		—		197		—
Interest Rate Swaps	4,811		—		4,811		—

Foreign exchange contracts	244,691		—		244,691		—
Total assets	$	802,070	$	—	$	802,070	$	—
Cash collateral for foreign exchange contracts	$	55,350	$	—	$	—	$	—
Liabilities:

Foreign exchange contracts	234,334		—		234,334		—
Total liabilities	$	234,334	$	—	$	234,334	$	—
Cash collateral obligation for foreign exchange contracts	$	19,604	$	—	$	—	$	—

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 swaps1	$	30,733	$	—	$	30,733	$	—
Foreign exchange contracts	89,925		—		89,925		—
Total liabilities	$	120,658	$	—	$	120,625	$	—
Cash collateral obligation for foreign exchange contracts	$	24,803	$	—	$	—	$	—

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Expense Related to Share-Based Payments


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Stock options	$	18,287	$	5,012	$	36,125	$	9,602
Restricted stock	15,730		12,873		30,523		26,030
Stock-based compensation	$	34,017	$	17,885	$	66,648	$	35,632

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

The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of June 30, 2022 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	80,708	1.77
Restricted stock	64,907		1.15
Total	$	145,615

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

The following summarizes the changes in the number of shares of common stock under option for the six months ended June 30, 2022 (shares/options and aggregate intrinsic value in thousands):


	Shares	Weighted Average Exercise Price		Options Exercisable at End of Period	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted During the Period		Aggregate Intrinsic Value
Outstanding at December 31, 2021	5,447	$	176.52	3,798	$	145.18			$	257,707
Granted	590	226.05					$	65.71
Exercised	(314)	57.80							53,730
Forfeited	(35)	244.52
Outstanding at June 30, 2022	5,688	$	188.22	3,723	$	158.07			$	208,558
Expected to vest as of June 30, 2022	1,972	$	244.40

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

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the six months ended June 30, 2022 (shares in thousands):


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021	278	$	278.57
Granted	319	229.80
Vested	(139)	269.05
Canceled or forfeited	(42)	327.35
Outstanding at June 30, 2022	416	$	239.48

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of Acquisition Accounting

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


Current assets	$	754
Long term assets	286
Goodwill	14,505
Intangibles	11,800
Current liabilities	(675)
Noncurrent liabilities	(2,926)



Aggregate purchase price	$	23,744

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


Trade and other receivables	$	178,396
Prepaid expenses and other current assets	2,555

Other long term assets	10,120
Goodwill	136,471
Intangibles	175,800
Accounts payable and accrued expenses	(31,048)
Other current liabilities	(38,866)

Other noncurrent liabilities	(11,596)





Aggregate purchase price	$	421,832

The following table summarizes the final 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	257,332
Intangibles	237,900
Accounts payable and accrued expenses	(40,164)
Other current liabilities	(81,430)
Customer deposits	(375,049)
Other noncurrent liabilities	(97,855)
Aggregate purchase price	$	70,092

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

Summary of Preliminary 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 Name and Trademarks	2	$	100
Proprietary Technology	10	3,500
Customer Relationships	16	8,200



		$	11,800

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	$	14,500
Proprietary Technology	4	14,400
Lodging Network	20	800
Customer Relationships	15	146,100



		$	175,800

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


	Useful Lives (in Years)	Value
Trade Names and Trademarks	2	$	5,400
Proprietary Technology	4	11,800
Banking Relationships	20	1,800
Licenses	20	2,600
Customer Relationships	10	216,300


		$	237,900

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	13	600


		$	5,400

Goodwill and Other Intangibles (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill by Reportable Business Segment

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


	December 31, 2021		Acquisitions		Acquisition Accounting Adjustments		Foreign Currency		June 30, 2022






Goodwill	$	5,078,978	$	14,505	$	8,529	$	(25,648)	$	5,076,364

Schedule of Other Intangible Assets

As of June 30, 2022 and December 31, 2021, other intangibles consisted of the following (in thousands):


		June 30, 2022						December 31, 2021
	Weighted- Avg Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount
Customer and vendor relationships	16.2	$	2,911,654	$	(1,254,252)	$	1,657,402	$	2,925,719	$	(1,167,218)	$	1,758,501
Trade names and trademarks—indefinite lived	N/A	465,404		—		465,404		466,327		—		466,327
Trade names and trademarks—other	7.0	11,910		(6,611)		5,299		12,093		(5,235)		6,858
Software	6.0	276,515		(209,249)		67,266		272,461		(198,628)		73,833
Non-compete agreements	4.3	79,414		(54,539)		24,875		78,145		(48,279)		29,866
Total other intangibles		$	3,744,897	$	(1,524,651)	$	2,220,246	$	3,754,745	$	(1,419,360)	$	2,335,385

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of Debt Instruments

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


	June 30, 2022		December 31, 2021
Term Loan A note payable, net of discounts and issuance costs	$	2,992,950	$	2,763,162
Term Loan B note payable, net of discounts and issuance costs	1,863,703		1,871,505
Revolving line of credit facilities	419,000		225,000




Total notes payable and credit agreements	5,275,653		4,859,667
Securitization Facility	1,600,000		1,118,000
Total notes payable, credit agreements and Securitization Facility	$	6,875,653	$	5,977,667
Current portion	$	2,108,108	$	1,517,628
Long-term portion	4,767,545		4,460,039
Total notes payable, credit agreements and Securitization Facility	$	6,875,653	$	5,977,667

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

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


	2022				2021
Computed expected tax expense	$	72,167	21.0	%	$	55,129	21.0	%
Changes resulting from:
Foreign income tax differential	(1,073)		(0.3)	%	(3,899)		(1.5)	%
Excess tax benefit related to stock-based compensation	(6,336)		(1.8)	%	(6,059)		(2.3)	%
State taxes net of federal benefits	6,699		2.0	%	2,949		1.1	%
Foreign withholding	3,624		1.1	%	(316)		(0.1)	%
Change in indefinite reinvestment - Russia	(9,049)		(2.6)	%	—		—	%
GILTI, net of foreign tax credits	1,396		0.4	%	2,899		1.1	%
Change in UK Statutory Rate	—		—	%	6,470		2.5	%
Increase in tax expense due to uncertain tax positions	2,137		0.6	%	4,800		1.8	%
Sub-part F Income	5,470		1.6	%	1,562		0.6	%
Nondeductible stock-based compensation	1,640		0.5	%	725		0.3	%

Other	4,806		1.4	%	2,012		0.8	%
Provision for income taxes	$	81,482	23.7	%	$	66,272	25.2	%

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	262,171	$	196,247	$	480,123	$	380,486
Denominator for basic earnings per share	76,769		83,141		77,250		83,307
Dilutive securities	1,470		2,154		1,512		2,221
Denominator for diluted earnings per share	78,239		85,295		78,762		85,528
Basic earnings per share	$	3.42	$	2.36	$	6.22	$	4.57
Diluted earnings per share	$	3.35	$	2.30	$	6.10	$	4.45

Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Company's Segment Results

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues, net:
Fleet	$	377,361	$	333,091	$	728,954	$	628,064
Corporate Payments	189,699		140,388		373,467		256,782
Lodging	116,900		62,248		211,476		121,284
Brazil	111,825		85,669		214,362		167,593
Other	65,493		45,985		122,260		102,281
	$	861,278	$	667,381	$	1,650,519	$	1,276,004
Operating income:
Fleet	$	186,790	$	172,588	$	354,635	$	319,619
Corporate Payments	65,859		48,611		124,066		93,014
Lodging	58,559		29,901		98,339		54,774
Brazil	41,617		33,331		78,945		65,556
Other	17,655		13,181		32,216		30,614
	$	370,480	$	297,612	$	688,201	$	563,577
Depreciation and amortization:
Fleet	$	34,927	$	36,384	$	69,634	$	73,039
Corporate Payments	16,724		12,320		33,072		21,553
Lodging	10,321		5,229		20,855		10,384
Brazil	14,288		12,894		27,409		25,181
Other	2,214		2,391		4,306		4,790
	$	78,474	$	69,218	$	155,276	$	134,947

The Company’s segment results are as follows for the quarterly periods in 2021 and 2020, as well as the first quarter of 2022 (in thousands):


	Quarter Ended March 31, 2022		Fiscal Quarters Year Ended December 31, 2021
(in thousands)	First		First		Second		Third		Fourth
Revenues, net:
Fleet	$	351,592	$	294,973	$	333,091	$	343,194	$	348,883
Corporate Payments	183,769		116,394		140,388		168,684		174,525
Lodging	94,576		59,036		62,248		85,214		103,121
Brazil	102,538		81,923		85,669		94,888		105,600
Other	56,766		56,297		45,985		63,497		70,126
	$	789,241	$	608,623	$	667,381	$	755,477	$	802,255
Operating income:
Fleet	$	167,845	$	147,031	$	172,588	$	181,787	$	168,859
Corporate Payments	58,207		44,403		48,611		53,512		51,056
Lodging	39,779		24,873		29,901		44,027		50,172
Brazil	37,328		32,225		33,331		39,943		48,766
Other	14,562		17,433		13,181		19,418		21,439
	$	317,721	$	265,965	$	297,612	$	338,687	$	340,292
Depreciation and amortization:
Fleet	$	34,706	$	36,655	$	36,384	$	36,378	$	35,557
Corporate Payments	16,349		9,233		12,320		15,526		16,579
Lodging	10,534		5,155		5,229		7,301		8,793
Brazil	13,121		12,287		12,894		12,910		11,929
Other	2,092		2,399		2,391		2,122		2,155
	$	76,802	$	65,729	$	69,218	$	74,237	$	75,013


	Fiscal Quarters Year Ended December 31, 2020
(in thousands)	First		Second		Third		Fourth
Revenues, net:
Fleet	$	327,062	$	277,707	$	293,388	$	294,314
Corporate Payments	119,934		92,556		106,504		114,958
Lodging	56,995		40,618		52,857		56,567
Brazil	98,978		75,148		79,596		90,526
Other	58,124		39,117		52,938		60,968
	$	661,093	$	525,146	$	585,283	$	617,333
Operating income:
Fleet	$	155,288	$	134,794	$	145,670	$	158,989
Corporate Payments	(39,857)		28,247		40,892		46,995
Lodging	27,484		11,812		26,165		25,427
Brazil	39,438		29,420		35,600		43,593
Other	18,630		8,538		16,205		18,935
	$	200,983	$	212,811	$	264,532	$	293,939
Depreciation and amortization:
Fleet	$	35,559	$	35,600	$	35,683	$	35,389
Corporate Payments	8,626		8,583		8,723		8,966
Lodging	3,449		3,618		4,462		5,367
Brazil	14,589		12,169		12,260		12,345
Other	2,253		2,192		2,351		2,618
	$	64,476	$	62,162	$	63,479	$	64,685

The Company’s segment results are as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands):


Year ended December 31, (in thousands)	2021		2020		2019
Revenues, net:
Fleet	$	1,320,141	$	1,192,471	$	1,311,922
Corporate Payments	599,991		433,952		509,723
Lodging	309,619		207,037		212,597
Brazil	368,080		344,248		427,921
Other	235,905		211,147		186,685
	$	2,833,736	$	2,388,855	$	2,648,848
Operating income:
Fleet	$	670,265	$	594,741	$	660,958
Corporate Payments	197,582		76,277		219,453
Lodging	148,973		90,888		121,899
Brazil	154,265		148,051		175,429
Other	71,471		62,308		53,691
	$	1,242,556	$	972,265	$	1,231,430
Depreciation and amortization:
Fleet	$	144,974	$	142,231	$	157,938
Corporate Payments	53,658		34,898		34,469
Lodging	26,478		16,896		11,356
Brazil	50,020		51,363		64,936
Other	9,067		9,414		5,511
	$	284,197	$	254,802	$	274,210
Capital expenditures:
Fleet	$	62,620	$	41,765	$	41,234
Corporate Payments	13,696		9,757		8,645
Lodging	4,604		3,586		1,909
Brazil	24,431		17,116		18,330
Other	6,179		6,201		5,052
	$	111,530	$	78,425	$	75,170


	Years Ended December 31,
	2021		2020
Long-lived assets (excluding goodwill, intangibles, investments and other)
Fleet	$	121,076	$	104,337
Corporate Payments	34,974		28,393
Lodging	12,592		11,885
Brazil	53,236		47,994
Other	14,416		9,900
	$	236,294	$	202,509

Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions


	Notional
	June 30, 2022		December 31, 2021
Foreign exchange contracts:
Swaps	$	1,472.5	$	2,670.4
Futures, forwards and spot	12,091.5		7,818.3
Written options	14,486.0		11,221.9
Purchased options	12,976.3		10,614.0
Total	$	41,026.3	$	32,324.5

As of June 30, 2022, 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 June 30, 2022		Fixed Rates	Maturity Date
Interest Rate Derivative:
Interest Rate Swap	$	500	2.56%	1/31/2023
Interest Rate Swap	$	500	2.55%	12/19/2023

Schedule of Derivative Assets at Fair Value

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (in millions):


	June 30, 2022
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	527.7	$	517.3	$	244.7	$	234.3
Cash collateral	55.4		19.6		55.4		19.6
Total net of cash collateral	$	472.3	$	497.7	$	189.3	$	214.7


	December 31, 2021
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	338.8	$	307.8	$	120.9	$	89.9
Cash collateral	25.9		24.8		25.9		24.8
Total net of cash collateral	$	312.9	$	283.0	$	95.0	$	65.1

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2022 and December 31, 2021 (in millions):


	June 30, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,884.5	$	(3,679.9)	$	204.6	$	1,185.9	$	(1,057.7)	$	128.2


Liabilities
Accounts Payable	$	3,726.6	$	(3,679.9)	$	46.7	$	1,199.5	$	(1,057.7)	$	141.8


		June 30, 2022		December 31, 2021
	Balance Sheet Classification	Fair Value

Derivative Asset	Prepaid expenses and other current assets	$	170.9	$	94.0
Derivative Asset	Other assets	$	73.8	$	26.9
Derivative Liability	Other current liabilities	$	165.8	$	66.9
Derivative Liability	Other noncurrent liabilities	$	68.6	$	23.0

Schedule of Derivative Liabilities at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2022 and December 31, 2021 (in millions):


	June 30, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,884.5	$	(3,679.9)	$	204.6	$	1,185.9	$	(1,057.7)	$	128.2


Liabilities
Accounts Payable	$	3,726.6	$	(3,679.9)	$	46.7	$	1,199.5	$	(1,057.7)	$	141.8


		June 30, 2022		December 31, 2021
	Balance Sheet Classification	Fair Value

Derivative Asset	Prepaid expenses and other current assets	$	170.9	$	94.0
Derivative Asset	Other assets	$	73.8	$	26.9
Derivative Liability	Other current liabilities	$	165.8	$	66.9
Derivative Liability	Other noncurrent liabilities	$	68.6	$	23.0

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


		June 30, 2022		December 31, 2021
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$	3.7	$	—
Swap contracts	Other assets	$	1.2	$	—
Swap contracts	Other current liabilities	$	—	$	23.4
Swap contracts	Other noncurrent liabilities	$	—	$	7.3

Accumulated Other Comprehensive Loss (AOCL) (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in the components of AOCL for the six months ended June 30 are as follows (in thousands):


	June 30, 2022
	Cumulative Foreign Currency Translation		Unrealized (Losses) Gains on Derivative Instruments		Total Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2021	$	(1,441,505)	$	(23,111)	$	(1,464,616)
Other comprehensive income before reclassifications	24,053		22,871		46,924
Amounts reclassified from AOCI	—		12,674		12,674
Tax effect	—		(8,815)		(8,815)
Other comprehensive income	24,053		26,730		50,783
Balance at June 30, 2022	$	(1,417,452)	$	3,619	$	(1,413,833)


	June 30, 2021
	Cumulative Foreign Currency Translation		Unrealized (Losses) Gains on Derivative Instruments		Total Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2020	$	(1,296,962)	$	(66,196)	$	(1,363,158)
Other comprehensive income before reclassifications	77,648		2,345		79,993
Amounts reclassified from AOCI	—		24,542		24,542
Tax effect	—		(6,554)		(6,554)
Other comprehensive income	77,648		20,333		97,981
Balance at June 30, 2021	$	(1,219,314)	$	(45,863)	$	(1,265,177)

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Foreign currency gains on long-term intra-entity transactions	$ (1.8)	$ (0.6)	$ (2.2)	$ (1.7)
Foreign currency gains on long-term intra-entity transactions
Related Party Transaction [Line Items]
Foreign currency gains on long-term intra-entity transactions	$ 10.3	$ 92.2	$ 156.3	$ 25.8

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Deferred revenue contract liabilities	$ 60,200,000	$ 60,200,000		$ 73,700,000
Deferred revenue recognized		30,200,000
Deferred income taxes		(10,864,000)	$ 8,216,000
Decrease in accounts payable, accrued expenses and customer deposits		(655,384,000)	(349,710,000)
Net cash provided by operating activities		$ 41,853,000	356,442,000
Sterling Overnight Index Average Reference Rate
Disaggregation of Revenue [Line Items]
Derivative basis spread on variable rate	0.0326%	0.0326%
Euro Short Term Rate (ESTR)
Disaggregation of Revenue [Line Items]
Derivative basis spread on variable rate	0.085%	0.085%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Disaggregation of Revenue [Line Items]
Derivative basis spread on variable rate	0.10%	0.10%
RUSSIAN FEDERATION
Disaggregation of Revenue [Line Items]
Cash	$ 223,000,000	$ 223,000,000
Revision of Prior Period, Error Correction, Adjustment
Disaggregation of Revenue [Line Items]
Deferred income taxes			4,700,000
Decrease in accounts payable, accrued expenses and customer deposits			4,700,000
Net cash provided by operating activities			$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues to be recognized	$ 35,500,000	$ 35,500,000
Revenues to be recognized, period	12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues to be recognized	$ 24,700,000	$ 24,700,000
Revenues to be recognized, period	5 years	5 years
Contracts with customers \| Sales Revenue \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	75.00%	75.00%

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues, net	$ 861,278	$ 789,241	$ 802,255	$ 755,477	$ 667,381	$ 608,623	$ 617,333	$ 585,283	$ 525,146	$ 661,093	$ 1,650,519	$ 1,276,004	$ 2,833,736	$ 2,388,855	$ 2,648,848
Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	100.00%				100.00%						100.00%	100.00%
Sales Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	100.00%				100.00%						100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Revenues, net	$ 527,700				$ 412,700						$ 999,500	$ 783,300
United States \| Sales Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	61.00%				62.00%						61.00%	61.00%
Brazil
Disaggregation of Revenue [Line Items]
Revenues, net	$ 111,800				$ 85,700						$ 214,400	$ 167,600
Brazil \| Sales Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	13.00%				13.00%						13.00%	13.00%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues, net	$ 93,400				$ 83,600						$ 188,000	$ 159,200
United Kingdom \| Sales Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	11.00%				13.00%						11.00%	12.00%
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 128,400				$ 85,400						$ 248,700	$ 165,900
Other \| Sales Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	15.00%				13.00%						15.00%	13.00%
Fuel
Disaggregation of Revenue [Line Items]
Revenues, net	$ 346,900				$ 295,100						$ 665,400	$ 557,000
Fuel \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	40.00%				44.00%						40.00%	44.00%
Corporate Payments
Disaggregation of Revenue [Line Items]
Revenues, net	$ 189,700				$ 140,400						$ 373,500	$ 256,800
Corporate Payments \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	22.00%				21.00%						23.00%	20.00%
Tolls
Disaggregation of Revenue [Line Items]
Revenues, net	$ 91,200				$ 71,300						$ 176,100	$ 140,300
Tolls \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	11.00%				11.00%						11.00%	11.00%
Lodging
Disaggregation of Revenue [Line Items]
Revenues, net	$ 116,900				$ 62,200						$ 211,500	$ 121,300
Lodging \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	14.00%				9.00%						13.00%	10.00%
Gift
Disaggregation of Revenue [Line Items]
Revenues, net	$ 51,700				$ 32,300						$ 95,200	$ 75,700
Gift \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	6.00%				5.00%						6.00%	6.00%
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 65,000				$ 66,000						$ 128,900	$ 124,900
Other \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	8.00%				10.00%						8.00%	10.00%

Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - Spot Trade - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts Receivable
Assets:
Gross	$ 3,884.5	$ 1,185.9
Offset on the Balance Sheet	(3,679.9)	(1,057.7)
Net	204.6	128.2
Accounts Payable
Liabilities:
Gross Liabilities	3,726.6	1,199.5
Offset on the Balance Sheet	(3,679.9)	(1,057.7)
Net	$ 46.7	$ 141.8

Accounts and Other Receivables - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 4,173,423	$ 3,009,993
Less allowance for credit losses	(124,838)	(98,719)	$ (92,100)	$ (86,886)
Net accounts and securitized accounts receivable	4,048,585	2,911,274
Gross domestic accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	1,184,664	994,063
Gross domestic securitized accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	1,600,000	1,118,000
Gross foreign receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 1,388,759	$ 897,930

Accounts and Other Receivables - Additional Information (Details) - USD ($) $ in Billions	Jun. 30, 2022	Mar. 23, 2022	Mar. 22, 2022
Securitization Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitized accounts receivable facility	$ 1.6	$ 1.6	$ 1.3

Accounts and Other Receivables - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses beginning of period	$ 98,719	$ 86,886
Provision for credit losses	52,704	8,521
Write-offs	(33,416)	(14,878)
Recoveries	4,350	9,956
Impact of foreign currency	2,481	1,615
Allowance for credit losses end of period	$ 124,838	$ 92,100

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Total assets	$ 802,070	$ 641,909
Liabilities:
Total liabilities	234,334	120,658
Carrying amount of investments without readily determinable fair value	67,100
Interest rate swaps
Assets:
Foreign exchange contracts	4,811
Liabilities:
Derivative Liability		30,733
Foreign exchange contracts
Assets:
Foreign exchange contracts	244,691	120,859
Cash collateral for foreign exchange contracts	55,350	25,881
Liabilities:
Derivative Liability	234,334	89,925
Cash collateral obligation for foreign exchange contracts	19,604	24,803
Repurchase agreements
Assets:
Cash and cash equivalents	512,485	477,069
Money market
Assets:
Cash and cash equivalents	39,886	43,023
Certificates of deposit
Assets:
Cash and cash equivalents	197	958
Level 1
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 1 \| Interest rate swaps
Assets:
Foreign exchange contracts	0
Liabilities:
Derivative Liability		0
Level 1 \| Foreign exchange contracts
Assets:
Foreign exchange contracts	0	0
Cash collateral for foreign exchange contracts	0	0
Liabilities:
Derivative Liability	0	0
Cash collateral obligation for foreign exchange contracts	0	0
Level 1 \| Repurchase agreements
Assets:
Cash and cash equivalents	0	0
Level 1 \| Money market
Assets:
Cash and cash equivalents	0	0
Level 1 \| Certificates of deposit
Assets:
Cash and cash equivalents	0	0
Level 2
Assets:
Total assets	802,070	641,908
Liabilities:
Total liabilities	234,334	120,625
Level 2 \| Interest rate swaps
Assets:
Foreign exchange contracts	4,811
Liabilities:
Derivative Liability		30,733
Level 2 \| Foreign exchange contracts
Assets:
Foreign exchange contracts	244,691	120,859
Cash collateral for foreign exchange contracts	0	0
Liabilities:
Derivative Liability	234,334	89,925
Cash collateral obligation for foreign exchange contracts	0	0
Level 2 \| Repurchase agreements
Assets:
Cash and cash equivalents	512,485	477,069
Level 2 \| Money market
Assets:
Cash and cash equivalents	39,886	43,023
Level 2 \| Certificates of deposit
Assets:
Cash and cash equivalents	197	958
Level 3
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 3 \| Interest rate swaps
Assets:
Foreign exchange contracts	0
Liabilities:
Derivative Liability		0
Level 3 \| Foreign exchange contracts
Assets:
Foreign exchange contracts	0	0
Cash collateral for foreign exchange contracts	0	0
Liabilities:
Derivative Liability	0	0
Cash collateral obligation for foreign exchange contracts	0	0
Level 3 \| Repurchase agreements
Assets:
Cash and cash equivalents	0	0
Level 3 \| Money market
Assets:
Cash and cash equivalents	0	0
Level 3 \| Certificates of deposit
Assets:
Cash and cash equivalents	$ 0	$ 0

Stockholders' Equity - Repurchase Program (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				77 Months Ended
	Aug. 09, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jan. 25, 2022
Class of Stock [Line Items]
Shares repurchased		$ 372,566	$ 422,736	$ 246,203	$ 170,382
Program
Class of Stock [Line Items]
Shares repurchased (in shares)						23,467,105
Shares repurchased						$ 5,200,000
Remaining authorized repurchase amount		$ 900,000				$ 900,000
Program \| Subsequent Event
Class of Stock [Line Items]
Remaining authorized repurchase amount	$ 655,300
Shares repurchased (in shares)	931,266
Aggregate purchase price	$ 200,300
Program \| Common Stock
Class of Stock [Line Items]
Increase in authorized amount to be repurchased							$ 1,000,000
Stock repurchase program, approved amount							$ 6,100,000

Stock-Based Compensation - Summary of Expense Related to Share-Based Payments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 34,017	$ 17,885	$ 66,648	$ 35,632
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	18,287	5,012	36,125	9,602
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 15,730	$ 12,873	$ 30,523	$ 26,030

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits recorded on stock based compensation	$ 20.0	$ 24.5
Aggregate intrinsic value of options exercisable	$ 206.7
Weighted average remaining contractual term of options exercisable (in years)	4 years 3 months 18 days

Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 145,615
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 80,708
Weighted Average Period of Expense Recognition (in Years)	1 year 9 months 7 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 64,907
Weighted Average Period of Expense Recognition (in Years)	1 year 1 month 24 days

Stock-Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Shares
Shares at beginning of period (in shares)	5,447
Granted (in shares)	590
Exercised (in shares)	(314)
Forfeited (in shares)	(35)
Shares at end of period (in shares)	5,688
Weighted Average Exercise Price
Weighted average exercise price, beginning of period (in dollars per share)	$ 176.52
Weighted average exercise price, granted (in dollars per share)	226.05
Weighted average exercise price, exercised (in dollars per share)	57.80
Weighted average exercise price, forfeited (in dollars per share)	244.52
Weighted average exercise price, end of period (in dollars per share)	$ 188.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expected to vest (in shares)	1,972
Weighted average exercise price, expected to vest (in dollars per share)	$ 244.40
Options exercisable (in shares)	3,723	3,798
Weighted average exercise price of exercisable options (in dollars per share)	$ 158.07	$ 145.18
Weighted average exercise price of granted options (in dollars per share)	$ 65.71
Aggregate intrinsic value	$ 208,558	$ 257,707
Aggregate intrinsic value, exercised	$ 53,730

Stock-Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Shares
Shares outstanding, beginning of period (in shares) \| shares	278
Granted (in shares) \| shares	319
Vested (in shares) \| shares	(139)
Canceled or forfeited (in shares) \| shares	(42)
Shares outstanding, end of period (in shares) \| shares	416
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in dollars per share) \| $ / shares	$ 278.57
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	229.80
Weighted average grant date fair value, vested (in dollars per share) \| $ / shares	269.05
Weighted average grant date fair value, canceled or forfeited (in dollars per share) \| $ / shares	327.35
Weighted average grant date fair value, end of period (in dollars per share) \| $ / shares	$ 239.48

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands						1 Months Ended	6 Months Ended		12 Months Ended
	Mar. 01, 2022	Dec. 15, 2021	Sep. 01, 2021	Jun. 01, 2021	Jan. 13, 2021	Feb. 28, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisitions, net of cash acquired							$ 33,744	$ 114,994
Levarti
Business Acquisition [Line Items]
Acquisitions, net of cash acquired	$ 23,700
Intangibles	$ 11,800
Other - Electric Vehicle Charging Payments Business
Business Acquisition [Line Items]
Investment payments						$ 7,800
Other - Electric Vehicle Data Analytics Business
Business Acquisition [Line Items]
Investment payments						$ 5,000
ALE Solutions, Inc.
Business Acquisition [Line Items]
Acquisitions, net of cash acquired			$ 421,800
Intangibles			175,800
Finite-lived intangible assets			$ 18,300
Associated Foreign Exchange
Business Acquisition [Line Items]
Acquisitions, net of cash acquired				$ 70,100
Intangibles				237,900
Aggregate purchase price				459,100
Cash acquired from acquisition				210,300
Restricted cash				178,700
Finite-lived intangible assets				$ 4,100
Roger
Business Acquisition [Line Items]
Intangibles					$ 5,400
Aggregate purchase price					$ 39,000
Other Acquisitions
Business Acquisition [Line Items]
Acquisitions, net of cash acquired		$ 5,000
Payments to acquire joint venture									$ 37,800
Cash payment									$ 6,800

Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 01, 2022	Dec. 31, 2021	Sep. 01, 2021	Jun. 01, 2021	Jan. 13, 2021
Business Acquisition [Line Items]
Goodwill	$ 5,076,364		$ 5,078,978
Levarti
Business Acquisition [Line Items]
Current assets		$ 754
Long term assets		286
Goodwill		14,505
Intangibles		11,800
Current liabilities		(675)
Noncurrent liabilities		(2,926)
Aggregate purchase price		$ 23,744
ALE Solutions, Inc.
Business Acquisition [Line Items]
Accounts and other receivables				$ 178,396
Prepaid expenses and other current assets				2,555
Other long term assets				10,120
Goodwill				136,471
Intangibles				175,800
Accounts payable and accrued expenses				(31,048)
Other current liabilities				(38,866)
Other noncurrent liabilities				(11,596)
Aggregate purchase price				$ 421,832
Associated Foreign Exchange
Business Acquisition [Line Items]
Accounts 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					257,332
Intangibles					237,900
Accounts payable and accrued expenses					(40,164)
Other current liabilities					(81,430)
Customer deposits					(375,049)
Other noncurrent liabilities					(97,855)
Aggregate purchase price					$ 70,092
Roger
Business Acquisition [Line Items]
Accounts 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 income taxes						(6)
Aggregate purchase price						$ 39,003

Acquisitions - Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Details) - USD ($) $ in Thousands					6 Months Ended
	Mar. 01, 2022	Sep. 01, 2021	Jun. 01, 2021	Jan. 13, 2021	Jun. 30, 2022
Trade Names and Trademarks
Business Acquisition [Line Items]
Indefinite-lived intangible assets		$ 14,500
Trade Names and Trademarks
Business Acquisition [Line Items]
Useful Lives (in Years)					7 years
Finite-lived intangible assets	$ 100
Proprietary Technology
Business Acquisition [Line Items]
Finite-lived intangible assets	3,500	14,400
Lodging
Business Acquisition [Line Items]
Finite-lived intangible assets		800
Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	8,200	146,100
Levarti
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 11,800
Levarti \| Trade Names and Trademarks
Business Acquisition [Line Items]
Useful Lives (in Years)	2 years
Levarti \| Proprietary Technology
Business Acquisition [Line Items]
Useful Lives (in Years)	10 years
Levarti \| Customer Relationships
Business Acquisition [Line Items]
Useful Lives (in Years)	16 years
ALE Solutions, Inc.
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 175,800
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
Associated Foreign Exchange
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 237,900
Associated Foreign Exchange \| Trade Names and Trademarks
Business Acquisition [Line Items]
Useful Lives (in Years)			2 years
Finite-lived intangible assets			$ 5,400
Associated Foreign Exchange \| Proprietary Technology
Business Acquisition [Line Items]
Useful Lives (in Years)			4 years
Finite-lived intangible assets			$ 11,800
Associated Foreign Exchange \| Banking Relationships
Business Acquisition [Line Items]
Useful Lives (in Years)			20 years
Finite-lived intangible assets			$ 1,800
Associated Foreign Exchange \| Licenses
Business Acquisition [Line Items]
Useful Lives (in Years)			20 years
Finite-lived intangible assets			$ 2,600
Associated Foreign Exchange \| Customer Relationships
Business Acquisition [Line Items]
Useful Lives (in Years)			10 years
Finite-lived intangible assets			$ 216,300
Roger
Business Acquisition [Line Items]
Finite-lived intangible assets				$ 5,400
Roger \| Proprietary Technology
Business Acquisition [Line Items]
Useful Lives (in Years)				10 years
Finite-lived intangible assets				$ 4,800
Roger \| Customer Relationships
Business Acquisition [Line Items]
Useful Lives (in Years)				13 years
Finite-lived intangible assets				$ 600

Goodwill and Other Intangibles - Summary of Changes in Goodwill by Reportable Business Segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 5,078,978
Acquisitions	14,505
Acquisition Accounting Adjustments	8,529
Foreign Currency	(25,648)
Goodwill, ending balance	$ 5,076,364

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangibles - Schedule of Other Intangibles (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 3,744,897	$ 3,754,745
Accumulated Amortization	(1,524,651)	(1,419,360)
Net Carrying Amount	2,220,246	2,335,385
Trade names and trademarks—indefinite lived
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	465,404	466,327
Net Carrying Amount	$ 465,404	466,327
Customer and vendor relationships
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	16 years 2 months 12 days
Gross Carrying Amounts	$ 2,911,654	2,925,719
Accumulated Amortization	(1,254,252)	(1,167,218)
Net Carrying Amount	$ 1,657,402	1,758,501
Trade Names and Trademarks
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	7 years
Gross Carrying Amounts	$ 11,910	12,093
Accumulated Amortization	(6,611)	(5,235)
Net Carrying Amount	$ 5,299	6,858
Software
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	6 years
Gross Carrying Amounts	$ 276,515	272,461
Accumulated Amortization	(209,249)	(198,628)
Net Carrying Amount	$ 67,266	73,833
Non-compete agreements
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	4 years 3 months 18 days
Gross Carrying Amounts	$ 79,414	78,145
Accumulated Amortization	(54,539)	(48,279)
Net Carrying Amount	$ 24,875	$ 29,866

Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impact of foreign exchange rates on intangible assets	$ (6.8)
Amortization expense of intangible assets	$ 109.9	$ 97.3

Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total notes payable and credit agreements	$ 5,275,653	$ 4,859,667
Securitization facility	1,600,000	1,118,000
Total notes payable, credit agreements and Securitization Facility	6,875,653	5,977,667
Current portion	2,108,108	1,517,628
Long-term portion	4,767,545	4,460,039
Term Loan A
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	2,992,950	2,763,162
Term Loan B
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	1,863,703	1,871,505
Revolving line of credit facilities
Debt Instrument [Line Items]
Revolving line of credit	$ 419,000	$ 225,000

Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 24, 2022	Mar. 23, 2022	Jun. 30, 2022	Mar. 22, 2022	Dec. 31, 2021
Term Loan A \| Line of Credit
Debt Instrument [Line Items]
Term loan	$ 3,000,000
Increase in revolving credit facility		$ 273,000
Revolving line of credit facilities
Debt Instrument [Line Items]
Revolving line of credit			$ 419,000		$ 225,000
Revolving line of credit facilities \| Line of Credit
Debt Instrument [Line Items]
Revolving line of credit	$ 1,500,000
Increase in revolving credit facility		215,000
Securitization Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,600,000	1,600,000	$ 1,300,000
Unamortized debt issuance costs			$ 2,200		$ 2,500
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Term Loan A \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Revolving line of credit facilities \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Securitization Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		0.10%

Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract]
Computed expected tax expense	$ 72,167	$ 55,129
Foreign income tax differential	(1,073)	(3,899)
Excess tax benefit related to stock-based compensation	(6,336)	(6,059)
State taxes net of federal benefits	6,699	2,949
Foreign withholding	3,624	(316)
Change in indefinite reinvestment - Russia	(9,049)	0
GILTI, net of foreign tax credits	1,396	2,899
Change in UK Statutory Rate	0	6,470
Increase in tax expense due to uncertain tax positions	2,137	4,800
Sub-part F Income	5,470	1,562
Nondeductible stock-based compensation	1,640	725
Other	4,806	2,012
Provision for income taxes	$ 81,482	$ 66,272	$ 158,200	$ 117,713
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Computed expected tax expense	21.00%	21.00%
Foreign income tax differential	(0.30%)	(1.50%)
Excess tax benefit related to stock-based compensation	(1.80%)	(2.30%)
State taxes net of federal benefits	2.00%	1.10%
Foreign withholding	1.10%	(0.10%)
Change in indefinite reinvestment - Russia	(2.60%)	0.00%
GILTI, net of foreign tax credits	0.40%	1.10%
Change in UK Statutory Rate	0.00%	2.50%
Increase in tax expense due to uncertain tax positions	0.60%	1.80%
Sub-part F Income	1.60%	0.60%
Nondeductible stock-based compensation	0.50%	0.30%
Other	1.40%	0.80%
Provision for income taxes	23.70%	25.20%

Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 262,171	$ 217,952	$ 196,247	$ 184,239	$ 480,123	$ 380,486
Denominator for basic earnings per share (in shares)	76,769		83,141		77,250	83,307
Dilutive securities (in shares)	1,470		2,154		1,512	2,221
Denominator for diluted earnings per share (in shares)	78,239		85,295		78,762	85,528
Basic earnings per share (in dollars per share)	$ 3.42		$ 2.36		$ 6.22	$ 4.57
Diluted earnings per share (in dollars per share)	$ 3.35		$ 2.30		$ 6.10	$ 4.45

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 65
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+ Details

- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	2.3	0.1
Performance Based Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)		0.2

Segments - Additional Information (Detail)	6 Months Ended
Segments - Additional Information (Detail)	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	5
Number of operating segments	5

Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues, net	$ 861,278	$ 789,241	$ 802,255	$ 755,477	$ 667,381	$ 608,623	$ 617,333	$ 585,283	$ 525,146	$ 661,093	$ 1,650,519	$ 1,276,004	$ 2,833,736	$ 2,388,855	$ 2,648,848
Operating income:	370,480	317,721	340,292	338,687	297,612	265,965	293,939	264,532	212,811	200,983	688,201	563,577	1,242,556	972,265	1,231,430
Depreciation and amortization	78,474	76,802	75,013	74,237	69,218	65,729	64,685	63,479	62,162	64,476	155,276	134,947	284,197	254,802	274,210
Capital expenditures:											66,629	45,765	111,530	78,425	75,170
Long-lived assets (excluding goodwill, intangibles, investments and other)			236,294				202,509						236,294	202,509
Fleet
Segment Reporting Information [Line Items]
Revenues, net	377,361	351,592	348,883	343,194	333,091	294,973	294,314	293,388	277,707	327,062	728,954	628,064	1,320,141	1,192,471	1,311,922
Operating income:	186,790	167,845	168,859	181,787	172,588	147,031	158,989	145,670	134,794	155,288	354,635	319,619	670,265	594,741	660,958
Depreciation and amortization	34,927	34,706	35,557	36,378	36,384	36,655	35,389	35,683	35,600	35,559	69,634	73,039	144,974	142,231	157,938
Capital expenditures:													62,620	41,765	41,234
Long-lived assets (excluding goodwill, intangibles, investments and other)			121,076				104,337						121,076	104,337
Corporate Payments
Segment Reporting Information [Line Items]
Revenues, net	189,699	183,769	174,525	168,684	140,388	116,394	114,958	106,504	92,556	119,934	373,467	256,782	599,991	433,952	509,723
Operating income:	65,859	58,207	51,056	53,512	48,611	44,403	46,995	40,892	28,247	(39,857)	124,066	93,014	197,582	76,277	219,453
Depreciation and amortization	16,724	16,349	16,579	15,526	12,320	9,233	8,966	8,723	8,583	8,626	33,072	21,553	53,658	34,898	34,469
Capital expenditures:													13,696	9,757	8,645
Long-lived assets (excluding goodwill, intangibles, investments and other)			34,974				28,393						34,974	28,393
Lodging
Segment Reporting Information [Line Items]
Revenues, net	116,900	94,576	103,121	85,214	62,248	59,036	56,567	52,857	40,618	56,995	211,476	121,284	309,619	207,037	212,597
Operating income:	58,559	39,779	50,172	44,027	29,901	24,873	25,427	26,165	11,812	27,484	98,339	54,774	148,973	90,888	121,899
Depreciation and amortization	10,321	10,534	8,793	7,301	5,229	5,155	5,367	4,462	3,618	3,449	20,855	10,384	26,478	16,896	11,356
Capital expenditures:													4,604	3,586	1,909
Long-lived assets (excluding goodwill, intangibles, investments and other)			12,592				11,885						12,592	11,885
Brazil
Segment Reporting Information [Line Items]
Revenues, net	111,825	102,538	105,600	94,888	85,669	81,923	90,526	79,596	75,148	98,978	214,362	167,593	368,080	344,248	427,921
Operating income:	41,617	37,328	48,766	39,943	33,331	32,225	43,593	35,600	29,420	39,438	78,945	65,556	154,265	148,051	175,429
Depreciation and amortization	14,288	13,121	11,929	12,910	12,894	12,287	12,345	12,260	12,169	14,589	27,409	25,181	50,020	51,363	64,936
Capital expenditures:													24,431	17,116	18,330
Long-lived assets (excluding goodwill, intangibles, investments and other)			53,236				47,994						53,236	47,994
Other
Segment Reporting Information [Line Items]
Revenues, net	65,493	56,766	70,126	63,497	45,985	56,297	60,968	52,938	39,117	58,124	122,260	102,281	235,905	211,147	186,685
Operating income:	17,655	14,562	21,439	19,418	13,181	17,433	18,935	16,205	8,538	18,630	32,216	30,614	71,471	62,308	53,691
Depreciation and amortization	$ 2,214	$ 2,092	2,155	$ 2,122	$ 2,391	$ 2,399	2,618	$ 2,351	$ 2,192	$ 2,253	$ 4,306	$ 4,790	9,067	9,414	5,511
Capital expenditures:													6,179	6,201	$ 5,052
Long-lived assets (excluding goodwill, intangibles, investments and other)			$ 14,416				$ 9,900						$ 14,416	$ 9,900

Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amounts (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 41,026.3	$ 32,324.5
Swaps
Derivative [Line Items]
Notional amount	1,472.5	2,670.4
Futures, forwards and spot
Derivative [Line Items]
Notional amount	12,091.5	7,818.3
Written options
Derivative [Line Items]
Notional amount	14,486.0	11,221.9
Purchased options
Derivative [Line Items]
Notional amount	$ 12,976.3	$ 10,614.0

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value by Balance Sheet Location (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative Asset, Fair Value, Gross	$ 527.7	$ 338.8
Cash collateral	55.4	25.9
Derivative Asset, Fair Value, Gross, Total net of cash collateral	472.3	312.9
Derivative Liabilities, Fair Value, Gross	517.3	307.8
Cash collateral	19.6	24.8
Derivative Liabilities, Fair Value, Gross, Total net of cash collateral	497.7	283.0
Derivative Asset	244.7	120.9
Derivative Assets, Total net of cash collateral	189.3	95.0
Derivative Liabilities, Fair Value, Net	234.3	89.9
Derivative Liabilities, Total net of cash collateral	$ 214.7	$ 65.1

Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Asset	$ 170.9	$ 94.0
Other assets
Derivative [Line Items]
Derivative Asset	73.8	26.9
Other current liabilities
Derivative [Line Items]
Derivative Liability	165.8	66.9
Other noncurrent liabilities
Derivative [Line Items]
Derivative Liability	$ 68.6	$ 23.0

Derivative Financial Instruments and Hedging Activities - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 22, 2019 USD ($) derivative
Derivative [Line Items]
Number of cash flow hedges entered into \| derivative				3
Notional amount	$ 41,026.3		$ 32,324.5
Gains to be reclassified during next 12 months	$ 3.8
Interest rate swaps
Derivative [Line Items]
Notional amount		$ 1,000.0
Variable Rate Debt
Derivative [Line Items]
Long-term debt				$ 2,000.0

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Derivative Financial Instruments and Hedging Activities - Schedule of Cash Flow Hedge Notional Amounts (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 41,026.3	$ 32,324.5
Designated as Hedging Instrument \| Interest Rate Swap 2
Derivative [Line Items]
Notional amount	$ 500.0
Fixed Rates	2.56%
Designated as Hedging Instrument \| Interest Rate Swap 3
Derivative [Line Items]
Notional amount	$ 500.0
Fixed Rates	2.55%

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Interest rate swaps
Derivative [Line Items]
Derivative Asset	$ 4,811
Derivative Liability		$ 30,733
Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Asset	170,900	94,000
Prepaid expenses and other current assets \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative Asset	3,700	0
Other assets
Derivative [Line Items]
Derivative Asset	73,800	26,900
Other assets \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative Asset	1,200	0
Other current liabilities
Derivative [Line Items]
Derivative Liability	165,800	66,900
Other current liabilities \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative Liability	0	23,400
Other noncurrent liabilities
Derivative [Line Items]
Derivative Liability	68,600	23,000
Other noncurrent liabilities \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative Liability	$ 0	$ 7,300

Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance	$ 2,904,416	$ 2,866,580	$ 3,296,499	$ 3,355,411	$ 2,866,580	$ 3,355,411
Other comprehensive income before reclassifications					46,924	79,993
Amounts reclassified from AOCI					12,674	24,542
Tax effect					(8,815)	(6,554)
Total other comprehensive (loss) income	(150,396)	201,179	215,842	(117,861)	50,783	97,981
Stockholders' Equity ending balance	2,687,669	2,904,416	3,488,847	3,296,499	2,687,669	3,488,847
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance	(1,263,437)	(1,464,616)	(1,481,019)	(1,363,158)	(1,464,616)	(1,363,158)
Total other comprehensive (loss) income	(150,396)	201,179	215,842	(117,861)
Stockholders' Equity ending balance	(1,413,833)	(1,263,437)	(1,265,177)	(1,481,019)	(1,413,833)	(1,265,177)
Cumulative Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance		(1,441,505)		(1,296,962)	(1,441,505)	(1,296,962)
Other comprehensive income before reclassifications					24,053	77,648
Amounts reclassified from AOCI					0	0
Tax effect					0	0
Total other comprehensive (loss) income					24,053	77,648
Stockholders' Equity ending balance	(1,417,452)		(1,219,314)		(1,417,452)	(1,219,314)
Unrealized (Losses) Gains on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance		$ (23,111)		$ (66,196)	(23,111)	(66,196)
Other comprehensive income before reclassifications					22,871	2,345
Amounts reclassified from AOCI					12,674	24,542
Tax effect					(8,815)	(6,554)
Total other comprehensive (loss) income					26,730	20,333
Stockholders' Equity ending balance	$ 3,619		$ (45,863)		$ 3,619	$ (45,863)

- Definition

+ References

+ Details