0001628280-22-028729 | 10-Q | XBRL Viewer | Fleetcor Technologies INC

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Stockholders' Equity - Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended						80 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Oct. 25, 2022	Jan. 25, 2022
Class of Stock [Line Items]
Shares repurchased	$ 500,342	$ 372,566	$ 422,736	$ 405,692	$ 246,203	$ 170,382
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
Shares repurchased (in shares)							25,699,551
Shares repurchased							$ 5,700,000
Remaining authorized repurchase amount	$ 400,000						$ 400,000
Program \| Common Stock \| Subsequent Event
Class of Stock [Line Items]
Increase in authorized amount to be repurchased								$ 1,000,000
Stock repurchase program, approved amount								7,100,000
Remaining authorized repurchase amount								$ 1,400,000

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits recorded on stock based compensation	$ 23.9	$ 33.2
Aggregate intrinsic value of options exercisable	$ 99.1
Weighted average remaining contractual term of options exercisable (in years)	3 years 10 months 24 days

Acquisitions - Narrative (Details) - USD ($) $ in Thousands						1 Months Ended		9 Months Ended		12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Nov. 01, 2022	Dec. 15, 2021	Sep. 01, 2021	Jun. 01, 2021	Jan. 13, 2021	Sep. 30, 2022	Feb. 28, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisitions, net of cash acquired								$ 160,117	$ 545,052
Roomex \| Subsequent Event
Business Acquisition [Line Items]
Aggregate purchase price	$ 60,000
Levarti, Accrualify, And Plugsurfing
Business Acquisition [Line Items]
Aggregate purchase price								$ 140,700
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
Finite-lived intangible assets			$ 18,300
Associated Foreign Exchange
Business Acquisition [Line Items]
Aggregate purchase price				$ 459,100
Acquisitions, net of cash acquired				70,100
Finite-lived intangible assets				4,100
Cash acquired from acquisition				210,300
Restricted cash				$ 178,700
Roger
Business Acquisition [Line Items]
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
Other - Electric Vehicle Search And Pay Mapping Service
Business Acquisition [Line Items]
Investment payments						$ 6,100

Fair Value Measurements - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Carrying amount of investments without readily determinable fair value	$ 74.3

Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance	$ 2,687,669	$ 2,904,416	$ 2,866,580	$ 3,488,847	$ 3,296,499	$ 3,355,411	$ 2,866,580	$ 3,355,411
Other comprehensive (loss) income before reclassifications							(198,582)	(100,502)
Amounts reclassified from AOCL							13,582	37,128
Tax effect							(10,829)	(9,512)
Total other comprehensive loss	(246,612)	(150,396)	201,179	(170,867)	215,842	(117,861)	(195,829)	(72,886)
Stockholders' Equity ending balance	2,227,052	2,687,669	2,904,416	3,174,985	3,488,847	3,296,499	2,227,052	3,174,985
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance	(1,413,833)	(1,263,437)	(1,464,616)	(1,265,177)	(1,481,019)	(1,363,158)	(1,464,616)	(1,363,158)
Total other comprehensive loss	(246,612)	(150,396)	201,179	(170,867)	215,842	(117,861)
Stockholders' Equity ending balance	(1,660,445)	$ (1,413,833)	(1,263,437)	(1,436,044)	$ (1,265,177)	(1,481,019)	(1,660,445)	(1,436,044)
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 (loss) income before reclassifications							(228,666)	(102,191)
Amounts reclassified from AOCL							0	0
Tax effect							0	0
Total other comprehensive loss							(228,666)	(102,191)
Stockholders' Equity ending balance	(1,670,171)			(1,399,153)			(1,670,171)	(1,399,153)
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 (loss) income before reclassifications							30,084	1,689
Amounts reclassified from AOCL							13,582	37,128
Tax effect							(10,829)	(9,512)
Total other comprehensive loss							32,837	29,305
Stockholders' Equity ending balance	$ 9,726			$ (36,891)			$ 9,726	$ (36,891)

- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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+ Details

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	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Shares
Shares at beginning of period (in shares)	5,447
Granted (in shares)	612
Exercised (in shares)	(333)
Forfeited (in shares)	(51)
Shares at end of period (in shares)	5,675
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)	226.23
Weighted average exercise price, exercised (in dollars per share)	64.34
Weighted average exercise price, forfeited (in dollars per share)	244.77
Weighted average exercise price, end of period (in dollars per share)	$ 187.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expected to vest (in shares)	1,589
Weighted average exercise price, expected to vest (in dollars per share)	$ 239.94
Options exercisable (in shares)	4,085	3,798
Weighted average exercise price of exercisable options (in dollars per share)	$ 167.60	$ 145.18
Weighted average exercise price of granted options (in dollars per share)	$ 65.85
Aggregate Intrinsic Value	$ 99,121	$ 257,707
Aggregate intrinsic value, exercised	$ 54,752

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Debt Instruments

The balances of the Company’s debt instruments under the Credit Agreement and the Securitization Facility are as follows (in thousands):


	September 30, 2022		December 31, 2021
Term Loan A note payable, net of discounts and issuance costs	$	2,974,412	$	2,763,162
Term Loan B note payable, net of discounts and issuance costs	1,859,798		1,871,505
Revolving line of credit facilities	905,000		225,000




Total notes payable and credit agreements	5,739,210		4,859,667
Securitization Facility	1,482,000		1,118,000
Total notes payable, credit agreements and Securitization Facility	$	7,221,210	$	5,977,667
Current portion	$	2,476,088	$	1,517,628
Long-term portion	4,745,122		4,460,039
Total notes payable, credit agreements and Securitization Facility	$	7,221,210	$	5,977,667

Accounts and Other Receivables - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 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	89,976	19,419
Write-offs	(58,284)	(24,563)
Recoveries	5,329	11,519
Impact of foreign currency	(1,713)	(2,537)
Allowance for credit losses end of period	$ 134,027	$ 90,724

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 134,027	$ 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)	127,591,768	127,113,023
Common stock, shares outstanding (in shares)	73,727,244	78,879,551
Treasury stock, shares (in shares)	53,864,524	48,233,471

Accumulated Other Comprehensive Loss (AOCL)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss (AOCL)

The changes in the components of AOCL for the nine months ended September 30, 2022 and 2021 are as follows (in thousands):


	September 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 (loss) income before reclassifications	(228,666)		30,084		(198,582)
Amounts reclassified from AOCL	—		13,582		13,582
Tax effect	—		(10,829)		(10,829)
Other comprehensive (loss) income	(228,666)		32,837		(195,829)
Balance at September 30, 2022	$	(1,670,171)	$	9,726	$	(1,660,445)


	September 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 (loss) income before reclassifications	(102,191)		1,689		(100,502)
Amounts reclassified from AOCL	—		37,128		37,128
Tax effect	—		(9,512)		(9,512)
Other comprehensive (loss) income	(102,191)		29,305		(72,886)
Balance at September 30, 2021	$	(1,399,153)	$	(36,891)	$	(1,436,044)

Accounts and Other Receivables - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 3,800,656	$ 3,009,993
Less allowance for credit losses	(134,027)	(98,719)	$ (90,724)	$ (86,886)
Net accounts and securitized accounts receivable	3,666,629	2,911,274
Gross domestic accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	1,004,713	994,063
Gross domestic securitized accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	1,482,000	1,118,000
Gross foreign receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 1,313,943	$ 897,930

Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of September 30, 2022 and December 31, 2021 (in millions) is presented in the following table.


	Notional
	September 30, 2022		December 31, 2021
Foreign exchange contracts:
Swaps	$	1,088.3	$	2,670.4
Futures, forwards and spot	13,881.0		7,818.3
Written options	14,365.2		11,221.9
Purchased options	12,867.2		10,614.0
Total	$	42,201.7	$	32,324.5

As of September 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 September 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 Instruments at Fair Value

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


	September 30, 2022
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	1,007.9	$	987.8	$	484.7	$	464.6
Cash collateral	112.5		142.3		112.5		142.3
Total net of cash collateral	$	895.4	$	845.5	$	372.2	$	322.3


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


	September 30, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,789.6	$	(3,615.6)	$	174.0	$	1,185.9	$	(1,057.7)	$	128.2


Liabilities
Accounts Payable	$	3,697.1	$	(3,615.6)	$	81.5	$	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 September 30, 2022 and December 31, 2021 (in millions).


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

Derivative Assets	Prepaid expenses and other current assets	$	369.1	$	94.0
Derivative Assets	Other assets	$	115.6	$	26.9
Derivative Liabilities	Other current liabilities	$	357.0	$	66.9
Derivative Liabilities	Other noncurrent liabilities	$	107.6	$	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 September 30, 2022 and December 31, 2021 (in millions):


	September 30, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,789.6	$	(3,615.6)	$	174.0	$	1,185.9	$	(1,057.7)	$	128.2


Liabilities
Accounts Payable	$	3,697.1	$	(3,615.6)	$	81.5	$	1,199.5	$	(1,057.7)	$	141.8


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

Derivative Assets	Prepaid expenses and other current assets	$	369.1	$	94.0
Derivative Assets	Other assets	$	115.6	$	26.9
Derivative Liabilities	Other current liabilities	$	357.0	$	66.9
Derivative Liabilities	Other noncurrent liabilities	$	107.6	$	23.0

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

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 September 30, 2022 and December 31, 2021 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.


		September 30, 2022		December 31, 2021
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$	11.3	$	—
Swap contracts	Other assets	$	1.6	$	—
Swap contracts	Other current liabilities	$	—	$	23.4
Swap contracts	Other noncurrent liabilities	$	—	$	7.3

Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 24, 2022	Sep. 30, 2022	Aug. 18, 2022	Aug. 17, 2022	Dec. 31, 2021
Term Loan A \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 3,000,000
Increase in revolving credit facility	273,000
Revolving line of credit facilities
Debt Instrument [Line Items]
Revolving line of credit facilities		$ 905,000			$ 225,000
Revolving line of credit facilities \| Line of Credit
Debt Instrument [Line Items]
Revolving line of credit facilities	1,500,000
Increase in revolving credit facility	$ 215,000
Securitization Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		1,700,000	$ 1,700,000	$ 1,600,000
Unamortized debt issuance costs		3,500			$ 2,500
Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount		$ 6,400,000
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%

Income Taxes

9 Months Ended

Sep. 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 September 30, 2022 and 2021 due to the following (in thousands):


	2022				2021
Computed expected tax expense	$	71,379	21.0	%	$	64,706	21.0	%
Changes resulting from:
Foreign income tax differential	(717)		(0.2)	%	(2,692)		(0.9)	%
Excess tax benefit related to stock-based compensation	(12)		—	%	(5,044)		(1.6)	%
State taxes net of federal benefits	5,588		1.6	%	4,927		1.6	%
Foreign withholding	3,653		1.1	%	3,304		1.1	%

GILTI, net of foreign tax credits	1,196		0.4	%	1,907		0.6	%
Foreign sourced non taxable income	88		—	%	81		—	%
Stock-based compensation	1,614		0.5	%	1,043		0.3	%
Sub-part F Income	3,382		1.0	%	2,139		0.7	%


Other	4,842		1.4	%	3,746		1.3	%
Provision for income taxes	$	91,013	26.8	%	$	74,115	24.1	%

- Definition

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

+ References

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

+ Details

Unaudited Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
Unaudited Statements of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 729,008	$ 614,493
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	67,066	55,605
Stock-based compensation	100,828	52,085
Provision for credit losses on accounts and other receivables	89,976	19,419
Amortization of deferred financing costs and discounts	5,949	4,903
Amortization of intangible assets and premium on receivables	165,423	153,579
Loss on extinguishment of debt	1,934	6,230
Deferred income taxes	(7,987)	10,051
Other non-cash operating loss	601	72
Changes in operating assets and liabilities (net of acquisitions/dispositions):
Accounts and other receivables	(950,237)	(1,020,900)
Prepaid expenses and other current assets	(300,600)	190,543
Other assets	(105,013)	28,370
Accounts payable, accrued expenses and customer deposits	641,659	485,091
Net cash provided by operating activities	438,607	599,541
Investing activities
Acquisitions, net of cash acquired	(160,117)	(545,052)
Purchases of property and equipment	(107,631)	(74,455)
Other	0	(2,281)
Net cash used in investing activities	(267,748)	(621,788)
Financing activities
Proceeds from issuance of common stock	22,109	48,159
Repurchase of common stock	(1,295,644)	(822,277)
Borrowings on securitization facility, net	364,000	398,000
Deferred financing costs	(10,282)	(21,508)
Proceeds from notes payable	3,000,000	1,150,000
Principal payments on notes payable	(2,800,500)	(462,438)
Borrowings from revolver	4,338,000	1,140,000
Payments on revolver	(3,658,000)	(798,851)
Borrowings (payments) on swing line of credit, net	194	(51,049)
Other	0	(811)
Net cash (used in) provided by financing activities	(40,123)	579,225
Effect of foreign currency exchange rates on cash	(80,551)	(24,660)
Net increase in cash and cash equivalents and restricted cash	50,185	532,318
Cash and cash equivalents and restricted cash, beginning of period	2,250,695	1,476,619
Cash and cash equivalents and restricted cash, end of period	2,300,880	2,008,937
Supplemental cash flow information
Cash paid for interest	138,310	96,146
Cash paid for income taxes	$ 309,567	$ 147,028

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

The Company is party to a $6.4 billion Credit Agreement (the "Credit Agreement"), with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, and a syndicate of financial institutions (the "Lenders"). The Credit Agreement includes term loan A, term loan B, and a revolving credit facility. As noted in footnote 2, the Company is also party to a Securitization Facility.

The balances of the Company’s debt instruments under the Credit Agreement and the Securitization Facility are as follows (in thousands):


	September 30, 2022		December 31, 2021
Term Loan A note payable, net of discounts and issuance costs	$	2,974,412	$	2,763,162
Term Loan B note payable, net of discounts and issuance costs	1,859,798		1,871,505
Revolving line of credit facilities	905,000		225,000




Total notes payable and credit agreements	5,739,210		4,859,667
Securitization Facility	1,482,000		1,118,000
Total notes payable, credit agreements and Securitization Facility	$	7,221,210	$	5,977,667
Current portion	$	2,476,088	$	1,517,628
Long-term portion	4,745,122		4,460,039
Total notes payable, credit agreements and Securitization Facility	$	7,221,210	$	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 August 18, 2022, the Company entered into the eleventh amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.6 billion to $1.7 billion, reduced the program fee margin and extended the maturity of the Securitization Facility to August 18, 2025. The Company has unamortized debt issuance costs of $3.5 million and $2.5 million related to the Securitization Facility as of September 30, 2022 and December 31, 2021, respectively, recorded within other assets in the Consolidated Balance Sheets.

The Company was in compliance with all financial and non-financial covenants under the Credit Agreement and Securitization Facility at September 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of Acquisition Accounting

The following table summarizes the preliminary acquisition accounting, in aggregate, for the business acquisitions noted above (in thousands):


Trade and other receivables	$	5,547
Prepaid expenses and other current assets	14,810

Other long term assets	4,598
Goodwill	104,377
Intangibles	52,364
Other current liabilities	(18,006)
Other noncurrent liabilities	(22,919)

Aggregate purchase price	$	140,771

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


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

Other long term assets	10,121
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	$	421,833

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 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

Earnings Per Share (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 is as follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	248,885	$	234,007	$	729,008	$	614,493
Denominator for basic earnings per share	74,461		81,836		76,311		82,811
Dilutive securities	1,097		1,880		1,376		2,106
Denominator for diluted earnings per share	75,558		83,716		77,687		84,917
Basic earnings per share	$	3.34	$	2.86	$	9.55	$	7.42
Diluted earnings per share	$	3.29	$	2.80	$	9.38	$	7.24

Stock-Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Shares
Shares outstanding, beginning of period (in shares) \| shares	278
Granted (in shares) \| shares	382
Vested (in shares) \| shares	(146)
Canceled or forfeited (in shares) \| shares	(45)
Shares outstanding, end of period (in shares) \| shares	469
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	229.05
Weighted average grant date fair value, vested (in dollars per share) \| $ / shares	267.56
Weighted average grant date fair value, canceled or forfeited (in dollars per share) \| $ / shares	322.07
Weighted average grant date fair value, end of period (in dollars per share) \| $ / shares	$ 237.61

Derivative Financial Instruments and Hedging Activities - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 22, 2019 USD ($) derivative_instrument
Derivative [Line Items]
Number of cash flow hedges entered into (in derivative instruments) \| derivative_instrument			3
Notional amount	$ 42,201.7	$ 32,324.5
Gains to be reclassified during next 12 months	11.3
Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount			$ 1,000.0
Interest Rate Swap 3 \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 500.0		500.0
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

Acquisitions - Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Details) - USD ($) $ in Thousands				9 Months Ended
	Sep. 01, 2021	Jun. 01, 2021	Jan. 13, 2021	Sep. 30, 2022
Trade Names and Trademarks
Business Acquisition [Line Items]
Indefinite-lived intangible assets	$ 14,500
Trade Names and Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets				6 years 9 months 18 days
Proprietary Technology
Business Acquisition [Line Items]
Finite-lived intangible assets	14,400
Lodging
Business Acquisition [Line Items]
Finite-lived intangible assets	800
Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	146,100
ALE Solutions, Inc.
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 175,800
ALE Solutions, Inc. \| Proprietary Technology
Business Acquisition [Line Items]
Finite-lived intangible assets	4 years
ALE Solutions, Inc. \| Lodging
Business Acquisition [Line Items]
Finite-lived intangible assets	20 years
ALE Solutions, Inc. \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	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]
Finite-lived intangible assets		2 years
Finite-lived intangible assets		$ 5,400
Associated Foreign Exchange \| Proprietary Technology
Business Acquisition [Line Items]
Finite-lived intangible assets		4 years
Finite-lived intangible assets		$ 11,800
Associated Foreign Exchange \| Banking Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		20 years
Finite-lived intangible assets		$ 1,800
Associated Foreign Exchange \| Licenses
Business Acquisition [Line Items]
Finite-lived intangible assets		20 years
Finite-lived intangible assets		$ 2,600
Associated Foreign Exchange \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		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]
Finite-lived intangible assets			10 years
Finite-lived intangible assets			$ 4,800
Roger \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets			13 years
Finite-lived intangible assets			$ 600

Goodwill and Other Intangibles - Summary of Changes in Goodwill by Reportable Business Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 5,078,978
Acquisitions	104,377
Acquisition Accounting Adjustments	8,849
Foreign Currency	(123,250)
Goodwill, ending balance	$ 5,068,954

- 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

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2022	Sep. 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)	2,500,000	200,000
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	200,000

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Deferred revenue contract liabilities	$ 56,100,000	$ 56,100,000		$ 73,700,000
Deferred revenue recognized		38,000,000
Decrease to deferred income taxes		7,987,000	$ (10,051,000)
Increase to accounts payable, accrued expenses, and customer deposits in operating activities		641,659,000	485,091,000
Net cash provided by operating activities		438,607,000	599,541,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Disaggregation of Revenue [Line Items]
Revenues to be recognized	$ 34,200,000	$ 34,200,000
Revenues to be recognized, period	12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Disaggregation of Revenue [Line Items]
Revenues to be recognized	$ 21,900,000	$ 21,900,000
Revenues to be recognized, period	5 years	5 years
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	$ 246,600,000	$ 246,600,000
Revision of Prior Period, Error Correction, Adjustment
Disaggregation of Revenue [Line Items]
Decrease to deferred income taxes			6,200,000
Increase to accounts payable, accrued expenses, and customer deposits in operating activities			6,200,000
Net cash provided by operating activities			$ 0
Contracts with customers \| Sales Revenue \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	75.00%	75.00%

Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenues, net	$ 893,000	$ 755,477	$ 2,543,519	$ 2,031,481
Operating income	389,170	338,687	1,077,371	902,264
Depreciation and amortization	77,213	74,237	232,489	209,184
Fleet
Segment Reporting Information [Line Items]
Revenues, net	395,203	343,194	1,124,157	971,258
Operating income	192,598	181,787	547,233	501,406
Depreciation and amortization	34,897	36,378	104,531	109,417
Corporate Payments
Segment Reporting Information [Line Items]
Revenues, net	196,941	168,684	570,408	425,466
Operating income	69,669	53,512	193,735	146,526
Depreciation and amortization	15,864	15,526	48,936	37,079
Lodging
Segment Reporting Information [Line Items]
Revenues, net	125,961	85,214	337,438	206,498
Operating income	63,463	44,027	161,802	98,801
Depreciation and amortization	10,474	7,301	31,329	17,685
Brazil
Segment Reporting Information [Line Items]
Revenues, net	108,583	94,888	322,945	262,481
Operating income	44,646	39,943	123,591	105,499
Depreciation and amortization	13,756	12,910	41,164	38,091
Other
Segment Reporting Information [Line Items]
Revenues, net	66,312	63,497	188,571	165,778
Operating income	18,794	19,418	51,010	50,032
Depreciation and amortization	$ 2,222	$ 2,122	$ 6,529	$ 6,912

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Summary of Expense Related to Share-Based Payments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 34,181	$ 16,453	$ 100,828	$ 52,085
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	17,434	3,792	53,558	13,394
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 16,747	$ 12,661	$ 47,270	$ 38,691

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Total assets	$ 864,017	$ 641,909
Liabilities:
Total liabilities	464,576	120,658
Interest rate swaps
Assets:
Derivative asset	12,932
Liabilities:
Derivative Liabilities		30,733
Foreign exchange contracts
Assets:
Derivative asset	484,748	120,859
Cash collateral for foreign exchange contracts	112,529	25,881
Liabilities:
Derivative Liabilities	464,576	89,925
Cash collateral obligation for foreign exchange contracts	142,263	24,803
Repurchase agreements
Assets:
Cash and cash equivalents	93,152	477,069
Money market
Assets:
Cash and cash equivalents	242,717	43,023
Certificates of deposit
Assets:
Cash and cash equivalents	30,468	958
Level 1
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 1 \| Interest rate swaps
Assets:
Derivative asset	0
Liabilities:
Derivative Liabilities		0
Level 1 \| Foreign exchange contracts
Assets:
Derivative asset	0	0
Cash collateral for foreign exchange contracts	0	0
Liabilities:
Derivative Liabilities	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	864,017	641,908
Liabilities:
Total liabilities	464,576	120,658
Level 2 \| Interest rate swaps
Assets:
Derivative asset	12,932
Liabilities:
Derivative Liabilities		30,733
Level 2 \| Foreign exchange contracts
Assets:
Derivative asset	484,748	120,859
Cash collateral for foreign exchange contracts	0	0
Liabilities:
Derivative Liabilities	464,576	89,925
Cash collateral obligation for foreign exchange contracts	0	0
Level 2 \| Repurchase agreements
Assets:
Cash and cash equivalents	93,152	477,069
Level 2 \| Money market
Assets:
Cash and cash equivalents	242,717	43,023
Level 2 \| Certificates of deposit
Assets:
Cash and cash equivalents	30,468	958
Level 3
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 3 \| Interest rate swaps
Assets:
Derivative asset	0
Liabilities:
Derivative Liabilities		0
Level 3 \| Foreign exchange contracts
Assets:
Derivative asset	0	0
Cash collateral for foreign exchange contracts	0	0
Liabilities:
Derivative Liabilities	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

Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amounts (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 42,201.7	$ 32,324.5
Swaps
Derivative [Line Items]
Notional amount	1,088.3	2,670.4
Futures, forwards and spot
Derivative [Line Items]
Notional amount	13,881.0	7,818.3
Written options
Derivative [Line Items]
Notional amount	14,365.2	11,221.9
Purchased options
Derivative [Line Items]
Notional amount	$ 12,867.2	$ 10,614.0

Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021 (in thousands):


	Fair Value		Level 1		Level 2		Level 3
September 30, 2022
Assets:
Repurchase agreements	$	93,152	$	—	$	93,152	$	—
Money market	242,717		—		242,717		—
Certificates of deposit	30,468		—		30,468		—
Interest Rate Swaps	12,932		—		12,932		—

Foreign exchange contracts	484,748		—		484,748		—
Total assets	$	864,017	$	—	$	864,017	$	—
Cash collateral for foreign exchange contracts	$	112,529	$	—	$	—	$	—
Liabilities:

Foreign exchange contracts	464,576		—		464,576		—
Total liabilities	$	464,576	$	—	$	464,576	$	—
Cash collateral obligation for foreign exchange contracts	$	142,263	$	—	$	—	$	—

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	$	—	$	120,658	$	—
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.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

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


	2022				2021
Computed expected tax expense	$	71,379	21.0	%	$	64,706	21.0	%
Changes resulting from:
Foreign income tax differential	(717)		(0.2)	%	(2,692)		(0.9)	%
Excess tax benefit related to stock-based compensation	(12)		—	%	(5,044)		(1.6)	%
State taxes net of federal benefits	5,588		1.6	%	4,927		1.6	%
Foreign withholding	3,653		1.1	%	3,304		1.1	%

GILTI, net of foreign tax credits	1,196		0.4	%	1,907		0.6	%
Foreign sourced non taxable income	88		—	%	81		—	%
Stock-based compensation	1,614		0.5	%	1,043		0.3	%
Sub-part F Income	3,382		1.0	%	2,139		0.7	%


Other	4,842		1.4	%	3,746		1.3	%
Provision for income taxes	$	91,013	26.8	%	$	74,115	24.1	%

Derivative Financial Instruments and Hedging Activities

9 Months Ended

Sep. 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".


	Notional
	September 30, 2022		December 31, 2021
Foreign exchange contracts:
Swaps	$	1,088.3	$	2,670.4
Futures, forwards and spot	13,881.0		7,818.3
Written options	14,365.2		11,221.9
Purchased options	12,867.2		10,614.0
Total	$	42,201.7	$	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 September 30, 2022 and December 31, 2021 (in millions):


	September 30, 2022
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	1,007.9	$	987.8	$	484.7	$	464.6
Cash collateral	112.5		142.3		112.5		142.3
Total net of cash collateral	$	895.4	$	845.5	$	372.2	$	322.3


	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 September 30, 2022 and December 31, 2021 (in millions).


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

Derivative Assets	Prepaid expenses and other current assets	$	369.1	$	94.0
Derivative Assets	Other assets	$	115.6	$	26.9
Derivative Liabilities	Other current liabilities	$	357.0	$	66.9
Derivative Liabilities	Other noncurrent liabilities	$	107.6	$	23.0

Cash Flow Hedges

On January 22, 2019, the Company entered into three interest rate swap cash flow contracts (the "swap contracts"). One contract (which matured in January 2022) had a notional value of $1.0 billion, while the two remaining contracts each have a notional value of $500 million. 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. At inception, the Company designated these contracts 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.


	Notional Amount as of September 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.


		September 30, 2022		December 31, 2021
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$	11.3	$	—
Swap contracts	Other assets	$	1.6	$	—
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 $11.3 million at September 30, 2022.

Stock-Based Compensation

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock options	$	17,434	$	3,792	$	53,558	$	13,394
Restricted stock	16,747		12,661		47,270		38,691
Stock-based compensation	$	34,181	$	16,453	$	100,828	$	52,085

The tax benefits recorded on stock-based compensation and upon the exercises of options were $23.9 million and $33.2 million for the nine months ended September 30, 2022 and 2021, respectively.

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


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	64,530	1.90
Restricted stock	61,015		0.95
Total	$	125,545

Stock Options

The following summarizes the changes in the number of shares of common stock under option for the nine months ended September 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	612	226.23					$	65.85
Exercised	(333)	64.34							54,752
Forfeited	(51)	244.77
Outstanding at September 30, 2022	5,675	$	187.86	4,085	$	167.60			$	99,121
Expected to vest as of September 30, 2022	1,589	$	239.94

The aggregate intrinsic value of stock options exercisable at September 30, 2022 was $99.1 million. The weighted average remaining contractual term of options exercisable at September 30, 2022 was 3.9 years.

Restricted Stock

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


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021	278	$	278.57
Granted	382	229.05
Vested	(146)	267.56
Canceled or forfeited	(45)	322.07
Outstanding at September 30, 2022	469	$	237.61

Accumulated Other Comprehensive Loss (AOCL) (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in the components of AOCL for the nine months ended September 30, 2022 and 2021 are as follows (in thousands):


	September 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 (loss) income before reclassifications	(228,666)		30,084		(198,582)
Amounts reclassified from AOCL	—		13,582		13,582
Tax effect	—		(10,829)		(10,829)
Other comprehensive (loss) income	(228,666)		32,837		(195,829)
Balance at September 30, 2022	$	(1,670,171)	$	9,726	$	(1,660,445)


	September 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 (loss) income before reclassifications	(102,191)		1,689		(100,502)
Amounts reclassified from AOCL	—		37,128		37,128
Tax effect	—		(9,512)		(9,512)
Other comprehensive (loss) income	(102,191)		29,305		(72,886)
Balance at September 30, 2021	$	(1,399,153)	$	(36,891)	$	(1,436,044)

Accounts and Other Receivables (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Company's Accounts Receivable and Securitized Accounts Receivable

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


	September 30, 2022		December 31, 2021
Gross domestic accounts receivable	$	1,004,713	$	994,063
Gross domestic securitized accounts receivable	1,482,000		1,118,000
Gross foreign receivables	1,313,943		897,930
Total gross receivables	3,800,656		3,009,993
Less allowance for credit losses	(134,027)		(98,719)
Net accounts and securitized accounts receivable	$	3,666,629	$	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 nine months ended September 30, 2022 and 2021 is as follows (in thousands):


	2022		2021
Allowance for credit losses beginning of period	$	98,719	$	86,886
Provision for credit losses	89,976		19,419
Write-offs	(58,284)		(24,563)
Recoveries	5,329		11,519
Impact of foreign currency	(1,713)		(2,537)
Allowance for credit losses end of period	$	134,027	$	90,724

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Expense Related to Share-Based Payments


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock options	$	17,434	$	3,792	$	53,558	$	13,394
Restricted stock	16,747		12,661		47,270		38,691
Stock-based compensation	$	34,181	$	16,453	$	100,828	$	52,085

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 September 30, 2022 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	64,530	1.90
Restricted stock	61,015		0.95
Total	$	125,545

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 nine months ended September 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	612	226.23					$	65.85
Exercised	(333)	64.34							54,752
Forfeited	(51)	244.77
Outstanding at September 30, 2022	5,675	$	187.86	4,085	$	167.60			$	99,121
Expected to vest as of September 30, 2022	1,589	$	239.94

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 nine months ended September 30, 2022 (shares in thousands):


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021	278	$	278.57
Granted	382	229.05
Vested	(146)	267.56
Canceled or forfeited	(45)	322.07
Outstanding at September 30, 2022	469	$	237.61

Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total notes payable and credit agreements	$ 5,739,210	$ 4,859,667
Securitization facility	1,482,000	1,118,000
Total notes payable, credit agreements and Securitization Facility	7,221,210	5,977,667
Current portion	2,476,088	1,517,628
Long-term portion	4,745,122	4,460,039
Term Loan A
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	2,974,412	2,763,162
Term Loan B
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	1,859,798	1,871,505
Revolving line of credit facilities
Debt Instrument [Line Items]
Revolving line of credit facilities	$ 905,000	$ 225,000

Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impact of foreign exchange rates on intangible assets	$ (45.8)
Amortization expense of intangible assets	$ 163.1	$ 151.2

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Foreign exchange (losses)	$	(1.9)	$	(1.2)	$	(4.1)	$	(2.9)

The Company recorded foreign currency gains (losses) 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 nine months ended September 30, 2022 and 2021 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Foreign currency gains (losses) on long-term intra-entity transactions	$	27.8	$	(46.0)	$	184.1	$	(20.2)

Disaggregation of Revenue

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


Revenues, net by Solution*	Three Months Ended September 30,								Nine Months Ended September 30,
	2022		%		2021		%		2022		%		2021		%
Fuel	$	361.8	41	%	$	306.8	41	%	$	1,027.2	40	%	$	863.8	43	%
Corporate Payments	196.9		22	%	168.7		22	%	570.4		22	%	425.5		21	%
Tolls	88.6		10	%	79.0		10	%	264.7		10	%	219.4		11	%
Lodging	126.0		14	%	85.2		11	%	337.4		13	%	206.5		10	%
Gift	52.0		6	%	48.6		6	%	147.2		6	%	124.3		6	%
Other	67.7		8	%	67.2		9	%	196.6		8	%	192.1		9	%
Consolidated revenues, net	$	893.0	100	%	$	755.5	100	%	$	2,543.5	100	%	$	2,031.5	100	%


*Columns may not calculate due to rounding.

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


Revenues, net by Geography*	Three Months Ended September 30,								Nine Months Ended September 30,
	2022		%		2021		%		2022		%		2021		%
United States	$	558.3	63	%	$	488.2	65	%	$	1,557.7	61	%	$	1,271.5	63	%
Brazil	108.6		12	%	94.9		13	%	322.9		13	%	262.5		13	%
United Kingdom	90.4		10	%	81.9		11	%	278.4		11	%	241.0		12	%
Other	135.8		15	%	90.5		12	%	384.5		15	%	256.5		13	%
Consolidated revenues, net	$	893.0	100	%	$	755.5	100	%	$	2,543.5	100	%	$	2,031.5	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 September 30, 2022 and December 31, 2021 (in millions):


	September 30, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,789.6	$	(3,615.6)	$	174.0	$	1,185.9	$	(1,057.7)	$	128.2


Liabilities
Accounts Payable	$	3,697.1	$	(3,615.6)	$	81.5	$	1,199.5	$	(1,057.7)	$	141.8


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

Derivative Assets	Prepaid expenses and other current assets	$	369.1	$	94.0
Derivative Assets	Other assets	$	115.6	$	26.9
Derivative Liabilities	Other current liabilities	$	357.0	$	66.9
Derivative Liabilities	Other noncurrent liabilities	$	107.6	$	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 September 30, 2022 and December 31, 2021 (in millions):


	September 30, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,789.6	$	(3,615.6)	$	174.0	$	1,185.9	$	(1,057.7)	$	128.2


Liabilities
Accounts Payable	$	3,697.1	$	(3,615.6)	$	81.5	$	1,199.5	$	(1,057.7)	$	141.8


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

Derivative Assets	Prepaid expenses and other current assets	$	369.1	$	94.0
Derivative Assets	Other assets	$	115.6	$	26.9
Derivative Liabilities	Other current liabilities	$	357.0	$	66.9
Derivative Liabilities	Other noncurrent liabilities	$	107.6	$	23.0

Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Assets	$ 369.1	$ 94.0
Other assets
Derivative [Line Items]
Derivative Assets	115.6	26.9
Other current liabilities
Derivative [Line Items]
Derivative Liabilities	357.0	66.9
Other noncurrent liabilities
Derivative [Line Items]
Derivative Liabilities	$ 107.6	$ 23.0

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company is involved in various pending or threatened legal actions, arbitration proceedings, claims, subpoenas, and matters relating to compliance with laws and regulations (collectively, "legal proceedings"). Based on our current knowledge, management presently does not believe that the liabilities arising from these legal proceedings will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal proceedings could have a material adverse effect on our results of operations and financial condition for any particular period. Derivative Lawsuits On July 10, 2017, a shareholder derivative complaint was filed against the Company and certain of the Company’s directors and officers in the United States District Court for the Northern District of Georgia ("Federal Derivative Action") seeking recovery from 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 from 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 October 31, 2022, the Court granted the Company’s motion to dismiss the State Derivative Action after the Eleventh Circuit affirmed the dismissal of the Federal Derivative Action. 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. 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 Company intends to appeal this decision after final judgment is issued. On October 20-21, 2022, the court held a hearing on the scope of injunctive relief. At the conclusion of the hearing, the Court did not enter either the FTC’s proposed order or the Company’s proposed order, and instead suggested that the parties enter mediation. The Company is exploring mediation with the FTC. 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.

Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 01, 2021	Jun. 01, 2021	Jan. 13, 2021
Business Acquisition [Line Items]
Goodwill	$ 5,068,954	$ 5,078,978
ALE Solutions, Inc.
Business Acquisition [Line Items]
Trade and other receivables			$ 178,396
Prepaid expenses and other current assets			2,555
Other assets			10,121
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			$ 421,833
Associated Foreign Exchange
Business Acquisition [Line Items]
Trade and other receivables				$ 8,159
Prepaid expenses and other current assets				108,402
Property, plant and equipment				1,723
Other assets				51,074
Goodwill				257,332
Intangibles				237,900
Accounts payable and accrued expenses				(40,164)
Other current liabilities				(81,430)
Other noncurrent liabilities				(97,855)
Customer deposits				(375,049)
Aggregate purchase price				$ 70,092
Roger
Business Acquisition [Line Items]
Trade and other receivables					$ 110
Prepaid expenses and other current assets					37
Other assets					28
Goodwill					34,359
Intangibles					5,400
Current liabilities					(925)
Deferred income taxes					(6)
Aggregate purchase price					$ 39,003
Levarti, Accrualify, And Plugsurfing
Business Acquisition [Line Items]
Trade and other receivables	5,547
Prepaid expenses and other current assets	14,810
Other assets	4,598
Goodwill	104,377
Intangibles	52,364
Other current liabilities	(18,006)
Other noncurrent liabilities	(22,919)
Aggregate purchase price	$ 140,771

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,317,544	$ 1,520,027
Restricted cash	983,336	730,668
Accounts and other receivables (less allowance for credit losses of $134,027 at September 30, 2022 and $98,719 at December 31, 2021)	2,184,629	1,793,274
Securitized accounts receivable—restricted for securitization investors	1,482,000	1,118,000
Prepaid expenses and other current assets	618,559	326,079
Total current assets	6,586,068	5,488,048
Property and equipment, net	272,589	236,294
Goodwill	5,068,954	5,078,978
Other intangibles, net	2,169,232	2,335,385
Investments	74,349	52,016
Other assets	314,832	213,932
Total assets	14,486,024	13,404,653
Current liabilities:
Accounts payable	1,693,988	1,406,350
Accrued expenses	389,953	369,054
Customer deposits	1,599,853	1,788,705
Securitization facility	1,482,000	1,118,000
Current portion of notes payable and lines of credit	994,088	399,628
Other current liabilities	478,283	208,614
Total current liabilities	6,638,165	5,290,351
Notes payable and other obligations, less current portion	4,745,122	4,460,039
Deferred income taxes	571,448	566,291
Other noncurrent liabilities	304,237	221,392
Total noncurrent liabilities	5,620,807	5,247,722
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 127,591,768 shares issued and 73,727,244 shares outstanding at September 30, 2022; and 127,113,023 shares issued and 78,879,551 shares outstanding at December 31, 2021	128	127
Additional paid-in capital	3,001,687	2,878,751
Retained earnings	6,985,450	6,256,442
Accumulated other comprehensive loss	(1,660,445)	(1,464,616)
Less treasury stock, 53,864,524 shares at September 30, 2022 and 48,233,471 shares at December 31, 2021	(6,099,768)	(4,804,124)
Total stockholders’ equity	2,227,052	2,866,580
Total liabilities and stockholders’ equity	$ 14,486,024	$ 13,404,653

Goodwill and Other Intangibles

9 Months Ended

Sep. 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		September 30, 2022






Goodwill	$	5,078,978	$	104,377	$	8,849	$	(123,250)	$	5,068,954

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


		September 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	16.5	$	2,886,386	$	(1,264,559)	$	1,621,827	$	2,925,719	$	(1,167,218)	$	1,758,501
Trade names and trademarks—indefinite lived	N/A	456,239		—		456,239		466,327		—		466,327
Trade names and trademarks—other	6.8	11,644		(7,214)		4,430		12,093		(5,235)		6,858
Software	5.9	273,822		(210,644)		63,178		272,461		(198,628)		73,833
Non-compete agreements	4.3	79,543		(55,985)		23,558		78,145		(48,279)		29,866
Total other intangibles		$	3,707,634	$	(1,538,402)	$	2,169,232	$	3,754,745	$	(1,419,360)	$	2,335,385

Changes in foreign exchange rates resulted in a $45.8 million decrease to the net carrying values of other intangibles in the nine months ended September 30, 2022. Amortization expense related to intangible assets for the nine months ended September 30, 2022 and 2021 was $163.1 million and $151.2 million, respectively.

Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 248,885	$ 262,171	$ 217,952	$ 234,007	$ 196,247	$ 184,239	$ 729,008	$ 614,493
Denominator for basic earnings per share (in shares)	74,461			81,836			76,311	82,811
Dilutive securities (in shares)	1,097			1,880			1,376	2,106
Denominator for diluted earnings per share (in shares)	75,558			83,716			77,687	84,917
Basic earnings per share (in dollars per share)	$ 3.34			$ 2.86			$ 9.55	$ 7.42
Diluted earnings per share (in dollars per share)	$ 3.29			$ 2.80			$ 9.38	$ 7.24

- Definition

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

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

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+ Details

- 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

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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 to us as of September 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.
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 nine months ended September 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. Our revenue is generally reported net of the cost for underlying products and services purchased through our payment solutions. In this report, we refer to this net revenue as "revenue".
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 nine months ended September 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 $6.2 million, with a corresponding increase to changes in accounts payable, accrued expenses and customer deposits in operating activities of $6.2 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 Accounting Standards Update (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 Company's adoption of this ASU 2020-04 on January 1, 2022 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 (as defined below), revolving credit facility and the term loan A. The Company has availed itself of available benefits arising from 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 consolidated financial statements.

Derivative Financial Instruments and Hedging Activities - Schedule of Cash Flow Hedge Notional Amounts (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Jan. 22, 2019
Derivative [Line Items]
Notional amount	$ 42,201.7	$ 32,324.5
Designated as Hedging Instrument \| Interest Rate Swap 2
Derivative [Line Items]
Notional amount	$ 500.0		$ 500.0
Fixed Rates	2.56%
Designated as Hedging Instrument \| Interest Rate Swap 3
Derivative [Line Items]
Notional amount	$ 500.0		$ 500.0
Fixed Rates	2.55%

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value by Balance Sheet Location (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative Asset, Fair Value, Gross	$ 1,007.9	$ 338.8
Cash collateral	112.5	25.9
Derivative Asset, Fair Value, Gross, Total net of cash collateral	895.4	312.9
Derivative Liabilities, Fair Value, Gross	987.8	307.8
Cash collateral	142.3	24.8
Derivative Liabilities, Fair Value, Gross, Total net of cash collateral	845.5	283.0
Derivative Assets	484.7	120.9
Derivative Assets, Total net of cash collateral	372.2	95.0
Derivative Liabilities, Fair Value, Net	464.6	89.9
Derivative Liabilities, Total net of cash collateral	$ 322.3	$ 65.1

Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract]
Computed expected tax expense	$ 71,379	$ 64,706
Foreign income tax differential	(717)	(2,692)
Excess tax benefit related to stock-based compensation	(12)	(5,044)
State taxes net of federal benefits	5,588	4,927
Foreign withholding	3,653	3,304
GILTI, net of foreign tax credits	1,196	1,907
Foreign sourced non taxable income	88	81
Stock-based compensation	1,614	1,043
Sub-part F Income	3,382	2,139
Other	4,842	3,746
Provision for income taxes	$ 91,013	$ 74,115	$ 249,213	$ 191,828
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Computed expected tax expense	21.00%	21.00%
Foreign income tax differential	(0.20%)	(0.90%)
Excess tax benefit related to stock-based compensation	0.00%	(1.60%)
State taxes net of federal benefits	1.60%	1.60%
Foreign withholding	1.10%	1.10%
GILTI, net of foreign tax credits	0.40%	0.60%
Foreign sourced non taxable income	0.00%	0.00%
Nondeductible stock-based compensation	0.50%	0.30%
Sub-part F Income	1.00%	0.70%
Other	1.40%	1.30%
Provision for income taxes	26.80%	24.10%

Goodwill and Other Intangibles - Schedule of Other Intangibles (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 3,707,634	$ 3,754,745
Accumulated Amortization	(1,538,402)	(1,419,360)
Net Carrying Amount	2,169,232	2,335,385
Trade names and trademarks—indefinite lived
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	456,239	466,327
Net Carrying Amount	$ 456,239	466,327
Customer and vendor relationships
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	16 years 6 months
Gross Carrying Amounts	$ 2,886,386	2,925,719
Accumulated Amortization	(1,264,559)	(1,167,218)
Net Carrying Amount	$ 1,621,827	1,758,501
Trade Names and Trademarks
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	6 years 9 months 18 days
Gross Carrying Amounts	$ 11,644	12,093
Accumulated Amortization	(7,214)	(5,235)
Net Carrying Amount	$ 4,430	6,858
Software
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	5 years 10 months 24 days
Gross Carrying Amounts	$ 273,822	272,461
Accumulated Amortization	(210,644)	(198,628)
Net Carrying Amount	$ 63,178	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	$ 79,543	78,145
Accumulated Amortization	(55,985)	(48,279)
Net Carrying Amount	$ 23,558	$ 29,866

Goodwill and Other Intangibles (Tables)

9 Months Ended

Sep. 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		September 30, 2022






Goodwill	$	5,078,978	$	104,377	$	8,849	$	(123,250)	$	5,068,954

Schedule of Other Intangible Assets

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


		September 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	16.5	$	2,886,386	$	(1,264,559)	$	1,621,827	$	2,925,719	$	(1,167,218)	$	1,758,501
Trade names and trademarks—indefinite lived	N/A	456,239		—		456,239		466,327		—		466,327
Trade names and trademarks—other	6.8	11,644		(7,214)		4,430		12,093		(5,235)		6,858
Software	5.9	273,822		(210,644)		63,178		272,461		(198,628)		73,833
Non-compete agreements	4.3	79,543		(55,985)		23,558		78,145		(48,279)		29,866
Total other intangibles		$	3,707,634	$	(1,538,402)	$	2,169,232	$	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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues, net	$ 893,000	$ 755,477	$ 2,543,519	$ 2,031,481
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	$ 558,300	$ 488,200	$ 1,557,700	$ 1,271,500
United States \| Sales Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	63.00%	65.00%	61.00%	63.00%
Brazil
Disaggregation of Revenue [Line Items]
Revenues, net	$ 108,600	$ 94,900	$ 322,900	$ 262,500
Brazil \| Sales Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	12.00%	13.00%	13.00%	13.00%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues, net	$ 90,400	$ 81,900	$ 278,400	$ 241,000
United Kingdom \| Sales Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	10.00%	11.00%	11.00%	12.00%
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 135,800	$ 90,500	$ 384,500	$ 256,500
Other \| Sales Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	15.00%	12.00%	15.00%	13.00%
Fuel
Disaggregation of Revenue [Line Items]
Revenues, net	$ 361,800	$ 306,800	$ 1,027,200	$ 863,800
Fuel \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	41.00%	41.00%	40.00%	43.00%
Corporate Payments
Disaggregation of Revenue [Line Items]
Revenues, net	$ 196,900	$ 168,700	$ 570,400	$ 425,500
Corporate Payments \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	22.00%	22.00%	22.00%	21.00%
Tolls
Disaggregation of Revenue [Line Items]
Revenues, net	$ 88,600	$ 79,000	$ 264,700	$ 219,400
Tolls \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	10.00%	10.00%	10.00%	11.00%
Lodging
Disaggregation of Revenue [Line Items]
Revenues, net	$ 126,000	$ 85,200	$ 337,400	$ 206,500
Lodging \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	14.00%	11.00%	13.00%	10.00%
Gift
Disaggregation of Revenue [Line Items]
Revenues, net	$ 52,000	$ 48,600	$ 147,200	$ 124,300
Gift \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	6.00%	6.00%	6.00%	6.00%
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 67,700	$ 67,200	$ 196,600	$ 192,100
Other \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	8.00%	9.00%	8.00%	9.00%

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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, Address Line Two	Suite 2400
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30305
City Area Code	770
Local Phone Number	449-0479
Title of 12(b) Security	Common Stock
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		73,752,362
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001175454
Current Fiscal Year End Date	--12-31

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues, net	$ 893,000	$ 755,477	$ 2,543,519	$ 2,031,481
Expenses:
Processing	203,315	149,564	563,097	388,286
Selling	74,005	71,204	230,218	186,511
General and administrative	149,294	121,785	440,262	345,155
Depreciation and amortization	77,213	74,237	232,489	209,184
Other operating, net	3	0	82	81
Operating income	389,170	338,687	1,077,371	902,264
Other expenses:
Investment loss (gain)	174	0	519	(9)
Other expense (income), net	3,688	1,532	6,187	(2,547)
Interest expense, net	45,410	29,033	90,510	92,269
Loss on extinguishment of debt	0	0	1,934	6,230
Total other expense	49,272	30,565	99,150	95,943
Income before income taxes	339,898	308,122	978,221	806,321
Provision for income taxes	91,013	74,115	249,213	191,828
Net income	$ 248,885	$ 234,007	$ 729,008	$ 614,493
Basic earnings per share (in dollars per share)	$ 3.34	$ 2.86	$ 9.55	$ 7.42
Diluted earnings per share (in dollars per share)	$ 3.29	$ 2.80	$ 9.38	$ 7.24
Weighted average shares outstanding:
Basic (in shares)	74,461	81,836	76,311	82,811
Diluted (in shares)	75,558	83,716	77,687	84,917

Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Derivative asset, statement of financial position [extensible enumeration]	Accounts and other receivables (less allowance for credit losses of $134,027 at September 30, 2022 and $98,719 at December 31, 2021)	Accounts and other receivables (less allowance for credit losses of $134,027 at September 30, 2022 and $98,719 at December 31, 2021)
Liabilities:
Derivative liability, statement of financial position [extensible enumeration]	Accounts payable	Accounts payable
Spot Trade
Assets:
Net	$ 174.0	$ 128.2
Liabilities:
Net	81.5	141.8
Spot Trade \| Accounts Payable
Liabilities:
Gross Liabilities	3,697.1	1,199.5
Offset on the Balance Sheet	(3,615.6)	(1,057.7)
Spot Trade \| Accounts Receivable
Assets:
Gross	3,789.6	1,185.9
Offset on the Balance Sheet	$ (3,615.6)	$ (1,057.7)

Fair Value Measurements

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021 (in thousands):


	Fair Value		Level 1		Level 2		Level 3
September 30, 2022
Assets:
Repurchase agreements	$	93,152	$	—	$	93,152	$	—
Money market	242,717		—		242,717		—
Certificates of deposit	30,468		—		30,468		—
Interest Rate Swaps	12,932		—		12,932		—

Foreign exchange contracts	484,748		—		484,748		—
Total assets	$	864,017	$	—	$	864,017	$	—
Cash collateral for foreign exchange contracts	$	112,529	$	—	$	—	$	—
Liabilities:

Foreign exchange contracts	464,576		—		464,576		—
Total liabilities	$	464,576	$	—	$	464,576	$	—
Cash collateral obligation for foreign exchange contracts	$	142,263	$	—	$	—	$	—

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	$	—	$	120,658	$	—
Cash collateral obligation for foreign exchange contracts	$	24,803	$	—	$	—	$	—

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 September 30, 2022 and December 31, 2021. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheet at September 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 September 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 $74.3 million at September 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

Accounts and Other Receivables

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Accounts and Other Receivables

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


	September 30, 2022		December 31, 2021
Gross domestic accounts receivable	$	1,004,713	$	994,063
Gross domestic securitized accounts receivable	1,482,000		1,118,000
Gross foreign receivables	1,313,943		897,930
Total gross receivables	3,800,656		3,009,993
Less allowance for credit losses	(134,027)		(98,719)
Net accounts and securitized accounts receivable	$	3,666,629	$	2,911,274

The Company maintains a $1.7 billion revolving trade accounts receivable securitization facility (as amended from time to time, 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 securitized assets as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the transferred asset as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount.

The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for

losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities. On August 18, 2022, the Company entered into the eleventh amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.6 billion to $1.7 billion, reduced the program fee margin and extended the maturity of the Securitization Facility to August 18, 2025.

A rollforward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30, 2022 and 2021 is as follows (in thousands):


	2022		2021
Allowance for credit losses beginning of period	$	98,719	$	86,886
Provision for credit losses	89,976		19,419
Write-offs	(58,284)		(24,563)
Recoveries	5,329		11,519
Impact of foreign currency	(1,713)		(2,537)
Allowance for credit losses end of period	$	134,027	$	90,724

Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 125,545
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 64,530
Weighted Average Period of Expense Recognition (in Years)	1 year 10 months 24 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 61,015
Weighted Average Period of Expense Recognition (in Years)	11 months 12 days

Segments

9 Months Ended

Sep. 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 updated its segments structure into Fleet, Corporate Payments, Lodging, Brazil and Other, which includes our Gift and Paycard businesses. We manage and report our operating results through these five reportable segments which aligns with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information. The presentation of segment information has been recast for the prior periods to align with this segment presentation for the three and nine months ended September 30, 2022.

The Company’s segment results are as follows for the three and nine month periods ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	20221		2021		20221		2021
Revenues, net:
Fleet	$	395,203	$	343,194	$	1,124,157	$	971,258
Corporate Payments	196,941		168,684		570,408		425,466
Lodging	125,961		85,214		337,438		206,498
Brazil	108,583		94,888		322,945		262,481
Other2	66,312		63,497		188,571		165,778
	$	893,000	$	755,477	$	2,543,519	$	2,031,481
Operating income:
Fleet	$	192,598	$	181,787	$	547,233	$	501,406
Corporate Payments	69,669		53,512		193,735		146,526
Lodging	63,463		44,027		161,802		98,801
Brazil	44,646		39,943		123,591		105,499
Other2	18,794		19,418		51,010		50,032
	$	389,170	$	338,687	$	1,077,371	$	902,264
Depreciation and amortization:
Fleet	$	34,897	$	36,378	$	104,531	$	109,417
Corporate Payments	15,864		15,526		48,936		37,079
Lodging	10,474		7,301		31,329		17,685
Brazil	13,756		12,910		41,164		38,091
Other2	2,222		2,122		6,529		6,912
	$	77,213	$	74,237	$	232,489	$	209,184

1Results from Levarti acquired in the first quarter of 2022 are reported in our Lodging segment. Results from Accrualify and Plugsurfing acquired in the third quarter of 2022 are reported in our Corporate Payments and Fleet segments, respectively.

2Other includes gift and payroll card components.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 26
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
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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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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Accounts and Other Receivables - Narrative (Details) - USD ($) $ in Billions	Sep. 30, 2022	Aug. 18, 2022	Aug. 17, 2022
Securitization Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitized accounts receivable facility	$ 1.7	$ 1.7	$ 1.6

Acquisitions

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

2022 Acquisitions

Levarti, Accrualify, and Plugsurfing

During 2022, the Company acquired Levarti, an airline software platform company reported in the Lodging segment, Accrualify, an accounts payable (AP) automation software company reported in the Corporate Payments segment, and Plugsurfing, a European electric vehicle (EV) software and network provider reported in the Fleet segment. The aggregate purchase price of these acquisitions was approximately $140.7 million, net of cash. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. In connection with one of these acquisitions, the Company signed noncompete agreements with certain parties affiliated with the business for which the Company is still completing the valuation. These noncompete agreements were accounted for separately from the business acquisition.

Acquisition accounting 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 aggregate, for the business acquisitions noted above (in thousands):


Trade and other receivables	$	5,547
Prepaid expenses and other current assets	14,810

Other long term assets	4,598
Goodwill	104,377
Intangibles	52,364
Other current liabilities	(18,006)
Other noncurrent liabilities	(22,919)

Aggregate purchase price	$	140,771

Roomex (Subsequent to September 30, 2022)

On November 1, 2002, the Company completed the acquisition of Roomex, a European workforce lodging provider serving the U.K. and German markets for approximately $60 million. The Company is in the process of performing the acquisition accounting for the assets acquired and liabilities assumed in the transaction.

Other

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. In September 2022, the Company made an investment of $6.1 million in a U.K. based electric vehicle search and pay mapping service.

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.

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


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

Other long term assets	10,121
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	$	421,833

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	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 accounts payable (AP) cloud software platform for small businesses, for $39.0 million, net of cash acquired. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the 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 with CAIXA, a leading bank in Brazil. 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.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 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 to us as of September 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 nine months ended September 30, 2022 and 2021 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Foreign exchange (losses)	$	(1.9)	$	(1.2)	$	(4.1)	$	(2.9)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Foreign currency gains (losses) on long-term intra-entity transactions	$	27.8	$	(46.0)	$	184.1	$	(20.2)

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 $246.6 million to restricted cash as of September 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 nine months ended September 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. Our revenue is generally reported net of the cost for underlying products and services purchased through our payment solutions. In this report, we refer to this net revenue as "revenue".

Disaggregation of Revenues

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


Revenues, net by Solution*	Three Months Ended September 30,								Nine Months Ended September 30,
	2022		%		2021		%		2022		%		2021		%
Fuel	$	361.8	41	%	$	306.8	41	%	$	1,027.2	40	%	$	863.8	43	%
Corporate Payments	196.9		22	%	168.7		22	%	570.4		22	%	425.5		21	%
Tolls	88.6		10	%	79.0		10	%	264.7		10	%	219.4		11	%
Lodging	126.0		14	%	85.2		11	%	337.4		13	%	206.5		10	%
Gift	52.0		6	%	48.6		6	%	147.2		6	%	124.3		6	%
Other	67.7		8	%	67.2		9	%	196.6		8	%	192.1		9	%
Consolidated revenues, net	$	893.0	100	%	$	755.5	100	%	$	2,543.5	100	%	$	2,031.5	100	%


*Columns may not calculate due to rounding.

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


Revenues, net by Geography*	Three Months Ended September 30,								Nine Months Ended September 30,
	2022		%		2021		%		2022		%		2021		%
United States	$	558.3	63	%	$	488.2	65	%	$	1,557.7	61	%	$	1,271.5	63	%
Brazil	108.6		12	%	94.9		13	%	322.9		13	%	262.5		13	%
United Kingdom	90.4		10	%	81.9		11	%	278.4		11	%	241.0		12	%
Other	135.8		15	%	90.5		12	%	384.5		15	%	256.5		13	%
Consolidated revenues, net	$	893.0	100	%	$	755.5	100	%	$	2,543.5	100	%	$	2,031.5	100	%


*Columns may not calculate due to rounding.

Contract Liabilities

Deferred revenue contract liabilities for customers subject to ASC 606 were $56.1 million and $73.7 million as of September 30, 2022 and December 31, 2021, respectively. We expect to recognize approximately $34.2 million of these amounts in revenues within 12 months and the remaining $21.9 million over the next five years as of September 30, 2022. Revenue recognized in the nine months ended September 30, 2022 that was included in the deferred revenue contract liability as of December 31, 2021 was approximately $38.0 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 September 30, 2022 and December 31, 2021 (in millions):


	September 30, 2022						December 31, 2021
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,789.6	$	(3,615.6)	$	174.0	$	1,185.9	$	(1,057.7)	$	128.2


Liabilities
Accounts Payable	$	3,697.1	$	(3,615.6)	$	81.5	$	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 nine months ended September 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 $6.2 million, with a corresponding increase to changes in accounts payable, accrued expenses and customer deposits in operating activities of $6.2 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 Accounting Standards Update (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 Company's adoption of this ASU 2020-04 on January 1, 2022 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 (as defined below), revolving credit facility and the term loan A. The Company has availed itself of available benefits arising from 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 consolidated financial statements.

Unaudited Statement 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	614,493
Other comprehensive income (loss), net of tax	(72,886)
Stockholders' Equity ending balance at Sep. 30, 2021	3,174,985	127	2,850,143	6,031,438	(1,436,044)	(4,270,679)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	234,007			234,007
Other comprehensive income (loss), net of tax	(170,867)				(170,867)
Acquisition of common stock	(405,692)					(405,692)
Share-based compensation	16,453		16,453
Issuance of common stock	12,237		12,237
Stockholders' Equity ending balance at Sep. 30, 2021	3,174,985	127	2,850,143	6,031,438	(1,436,044)	(4,270,679)
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	729,008
Other comprehensive income (loss), net of tax	(195,829)
Stockholders' Equity ending balance at Sep. 30, 2022	2,227,052	128	3,001,687	6,985,450	(1,660,445)	(6,099,768)
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	1	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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	248,885			248,885
Other comprehensive income (loss), net of tax	(246,612)				(246,612)
Acquisition of common stock	(500,342)					(500,342)
Share-based compensation	34,180		34,180
Issuance of common stock	3,272		3,272
Stockholders' Equity ending balance at Sep. 30, 2022	$ 2,227,052	$ 128	$ 3,001,687	$ 6,985,450	$ (1,660,445)	$ (6,099,768)

- Definition

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

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 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, 2024. 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 September 30, 2022, 25,699,551 shares have been repurchased for an aggregate purchase price of $5.7 billion, leaving the Company up to $0.4 billion of remaining authorization available under the Program for future repurchases in shares of its common stock. On October 25, 2022, the Board increased the aggregate size of the Program by $1.0 billion to an aggregate of $7.1 billion, with approximately $1.4 billion remaining.

- 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
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 is as follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	248,885	$	234,007	$	729,008	$	614,493
Denominator for basic earnings per share	74,461		81,836		76,311		82,811
Dilutive securities	1,097		1,880		1,376		2,106
Denominator for diluted earnings per share	75,558		83,716		77,687		84,917
Basic earnings per share	$	3.34	$	2.86	$	9.55	$	7.42
Diluted earnings per share	$	3.29	$	2.80	$	9.38	$	7.24

Diluted earnings per share for the three months ended September 30, 2022 and 2021 excludes the effect of 2.5 million and 0.2 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 September 30, 2022 and 2021, respectively.

Segments - Additional Information (Detail)	9 Months Ended
Segments - Additional Information (Detail)	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	5

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Interest rate swaps
Derivative [Line Items]
Derivative Assets	$ 12,932
Derivative Liabilities		$ 30,733
Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Assets	369,100	94,000
Prepaid expenses and other current assets \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative Assets	11,300	0
Other assets
Derivative [Line Items]
Derivative Assets	115,600	26,900
Other assets \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative Assets	1,600	0
Other current liabilities
Derivative [Line Items]
Derivative Liabilities	357,000	66,900
Other current liabilities \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative Liabilities	0	23,400
Other noncurrent liabilities
Derivative [Line Items]
Derivative Liabilities	107,600	23,000
Other noncurrent liabilities \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative Liabilities	$ 0	$ 7,300

Segments (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Company's Segment Results

The Company’s segment results are as follows for the three and nine month periods ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	20221		2021		20221		2021
Revenues, net:
Fleet	$	395,203	$	343,194	$	1,124,157	$	971,258
Corporate Payments	196,941		168,684		570,408		425,466
Lodging	125,961		85,214		337,438		206,498
Brazil	108,583		94,888		322,945		262,481
Other2	66,312		63,497		188,571		165,778
	$	893,000	$	755,477	$	2,543,519	$	2,031,481
Operating income:
Fleet	$	192,598	$	181,787	$	547,233	$	501,406
Corporate Payments	69,669		53,512		193,735		146,526
Lodging	63,463		44,027		161,802		98,801
Brazil	44,646		39,943		123,591		105,499
Other2	18,794		19,418		51,010		50,032
	$	389,170	$	338,687	$	1,077,371	$	902,264
Depreciation and amortization:
Fleet	$	34,897	$	36,378	$	104,531	$	109,417
Corporate Payments	15,864		15,526		48,936		37,079
Lodging	10,474		7,301		31,329		17,685
Brazil	13,756		12,910		41,164		38,091
Other2	2,222		2,122		6,529		6,912
	$	77,213	$	74,237	$	232,489	$	209,184

2Other includes gift and payroll card components.

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 248,885	$ 234,007	$ 729,008	$ 614,493
Other comprehensive loss:
Foreign currency translation losses, net of tax	(252,719)	(179,839)	(228,666)	(102,191)
Net change in derivative contracts, net of tax	6,107	8,972	32,837	29,305
Total other comprehensive loss	(246,612)	(170,867)	(195,829)	(72,886)
Total comprehensive income	$ 2,273	$ 63,140	$ 533,179	$ 541,607

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Foreign exchange (losses)	$ (1.9)	$ (1.2)	$ (4.1)	$ (2.9)
Foreign currency gains (losses) on long-term intra-entity transactions
Related Party Transaction [Line Items]
Foreign exchange (losses)	$ 27.8	$ (46.0)	$ 184.1	$ (20.2)