0001628280-23-038098 | 10-Q | XBRL Viewer | Fleetcor Technologies INC

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Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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, 2023 and December 31, 2022 (in thousands):


	Fair Value		Level 1		Level 2		Level 3
September 30, 2023
Assets:
Repurchase agreements	$	207,458	$	—	$	207,458	$	—
Money market mutual funds	154,886		—		154,886		—
Certificates of deposit	226,541		—		226,541		—
Treasury bills	184,625		—		184,625		—
Interest rate swaps	54,125		—		54,125		—
Cross-currency interest rate swap	6,850		—		6,850		—
Foreign exchange contracts	317,084		—		317,084		—
Total assets	$	1,151,569	$	—	$	1,151,569	$	—
Cash collateral for foreign exchange contracts	$	46,100
Liabilities:
Interest rate swaps	$	6,526	$	—	6,526		—

Foreign exchange contracts	266,967		—		266,967		—
Total liabilities	$	273,493	$	—	$	273,493	$	—
Cash collateral obligation for foreign exchange contracts	$	187,100

December 31, 2022
Assets:
Repurchase agreements	$	444,216	$	—	$	444,216	$	—
Money market mutual funds	37,821		—		37,821		—
Certificates of deposit	181		—		181		—
Interest rate swaps	11,953		—		11,953		—
Foreign exchange contracts	266,917		—		266,917		—
Total assets	$	761,088	$	—	$	761,088	$	—
Cash collateral for foreign exchange contracts	$	56,103
Liabilities:

Foreign exchange contracts	224,725		—		224,725		—
Total liabilities	$	224,725	$	—	$	224,725	$	—
Cash collateral obligation for foreign exchange contracts	$	148,167

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, certificates of deposit and Treasury bills, with purchased 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 and certain U.S. Treasury bills 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 liability in our Consolidated Balance Sheets at September 30, 2023 and December 31, 2022. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Consolidated Balance Sheets at September 30, 2023 and December 31, 2022.

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, 2023 and December 31, 2022.

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's derivatives are over-the-counter instruments with liquid markets. 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. See Note 13 for additional information on the fair value of the Company’s derivatives.

The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values was $68.0 million at September 30, 2023.

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 monthly 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

Debt - Narrative (Details) - Credit Agreement - USD ($) $ in Billions	May 03, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Debt instrument, face amount		$ 6.4
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 29,073	$ 34,181	$ 89,917	$ 100,828
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	4,921	17,434	18,482	53,558
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 24,152	$ 16,747	$ 71,435	$ 47,270

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Foreign exchange gains (losses)	$ (6.4)	$ (1.9)	$ (6.2)	$ (4.1)
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Russia Business
Related Party Transaction [Line Items]
Foreign exchange loss	5.6		5.6
Foreign currency gains on long-term intra-entity transactions
Related Party Transaction [Line Items]
Foreign exchange gains (losses)	$ 31.0	$ 27.8	$ 43.4	$ 184.1

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

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 stock-based payments recognized in the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock options	$	4,921	$	17,434	$	18,482	$	53,558
Restricted stock	24,152		16,747		71,435		47,270
Stock-based compensation	$	29,073	$	34,181	$	89,917	$	100,828

The tax benefits recorded on stock-based compensation and upon the exercises of options were $28.6 million and $23.9 million for the nine months ended September 30, 2023 and 2022, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of September 30, 2023 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	37,281	2.24
Restricted stock	61,573		0.75
Total	$	98,854

Stock Options

The following summarizes the changes in the number of shares of common stock under option for the nine months ended September 30, 2023 (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, 2022	5,301	$	188.12	3,512	$	159.46			$	113,681
Granted	186	203.36					$	67.47
Exercised	(573)	171.92							$	33,922
Forfeited	(78)	241.63
Outstanding at September 30, 2023	4,836	$	189.76	3,237	$	163.45			$	324,687
Expected to vest as of September 30, 2023	749	$	222.31

The aggregate intrinsic value of stock options exercisable at September 30, 2023 was $298.9 million. The weighted average remaining contractual term of options exercisable at September 30, 2023 was 3.3 years.

Restricted Stock

The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units for the nine months ended September 30, 2023 (shares in thousands):


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022	435	$	237.68
Granted	441	213.36
Issued	(307)	235.55
Cancelled	(21)	232.16
Outstanding at September 30, 2023	548	$	219.52

Goodwill and Other Intangibles - Schedule of Other Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 3,916,282	$ 3,748,353
Accumulated Amortization	(1,751,283)	(1,617,379)
Net Carrying Amount	2,164,999	2,130,974
Trade names and trademarks—indefinite lived
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	423,340	419,270
Net Carrying Amount	$ 423,340	419,270
Customer and vendor relationships
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	17 years 1 month 6 days
Gross Carrying Amounts	$ 3,073,277	2,922,586
Accumulated Amortization	(1,438,677)	(1,332,542)
Net Carrying Amount	$ 1,634,600	1,590,044
Trade Name and Trademarks
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	1 year 10 months 24 days
Gross Carrying Amounts	$ 50,447	47,939
Accumulated Amortization	(13,873)	(9,111)
Net Carrying Amount	$ 36,574	38,828
Software
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	6 years
Gross Carrying Amounts	$ 285,396	278,460
Accumulated Amortization	(231,227)	(216,858)
Net Carrying Amount	$ 54,169	61,602
Non-compete agreements
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	4 years 2 months 12 days
Gross Carrying Amounts	$ 83,822	80,098
Accumulated Amortization	(67,506)	(58,868)
Net Carrying Amount	$ 16,316	$ 21,230

Accounts and Other Receivables

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Accounts and Other Receivables

The Company's accounts and securitized accounts receivable include the following at September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Gross domestic accounts receivable	$	1,326,581	$	985,873
Gross domestic securitized accounts receivable	1,396,000		1,287,000
Gross foreign receivables	1,499,608		1,228,718


Total gross receivables	4,222,189		3,501,591
Less allowance for credit losses	(170,914)		(149,846)
Net accounts and securitized accounts receivables	$	4,051,275	$	3,351,745

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 in the form of a legal sale certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers in the form of a legal sale, without recourse, on a revolving basis, an undivided percentage ownership interest in this pool of accounts receivable to unrelated transferees i.e., multi-seller banks and asset-backed commercial paper conduits. Funding retains a residual, subordinated interest in cash flow distribution from the transferred receivables and provides to the transferees an incremental pledge of unsold receivables as a form of over-collateralization to enhance the credit of the transferred receivables. Purchases by the banks and conduits are generally 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. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount.

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

A roll forward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30, 2023 and 2022 is as follows (in thousands):


	2023		2022
Allowance for credit losses beginning of period	$	149,846	$	98,719
Provision for credit losses	103,495		89,976
Write-offs	(92,406)		(58,284)
Recoveries	8,242		5,329
Impact of foreign currency	1,737		(1,713)

Allowance for credit losses end of period	$	170,914	$	134,027

The provision for credit losses and write-offs increased during the nine months ended September 30, 2023, as customer spend increased due to new sales and higher fuel prices. These new customers tend to have higher loss rates. Additionally, the Company experienced higher losses among micro-SMB (small-medium business) customers who were more severely impacted by negative economic conditions.

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues, net	$ 970,892	$ 893,000	$ 2,820,399	$ 2,543,519
United States
Disaggregation of Revenue [Line Items]
Revenues, net	561,400	558,300	1,609,800	1,557,700
Brazil
Disaggregation of Revenue [Line Items]
Revenues, net	134,200	108,600	382,000	322,900
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues, net	114,500	90,400	333,400	278,400
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 160,800	$ 135,800	$ 495,200	$ 384,500
Sales Revenue \| Segment 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%
Sales Revenue \| Geographic Concentration Risk \| United States
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	58.00%	63.00%	57.00%	61.00%
Sales Revenue \| Geographic Concentration Risk \| Brazil
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	14.00%	12.00%	14.00%	13.00%
Sales Revenue \| Geographic Concentration Risk \| United Kingdom
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	12.00%	10.00%	12.00%	11.00%
Sales Revenue \| Geographic Concentration Risk \| Other
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	17.00%	15.00%	18.00%	15.00%
Fleet
Disaggregation of Revenue [Line Items]
Revenues, net	$ 365,502	$ 395,203	$ 1,120,823	$ 1,124,157
Fleet \| Sales Revenue \| Segment Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	38.00%	44.00%	40.00%	44.00%
Corporate Payments
Disaggregation of Revenue [Line Items]
Revenues, net	$ 258,800	$ 196,941	$ 732,958	$ 570,408
Corporate Payments \| Sales Revenue \| Segment Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	27.00%	22.00%	26.00%	22.00%
Lodging
Disaggregation of Revenue [Line Items]
Revenues, net	$ 141,389	$ 125,961	$ 400,287	$ 337,438
Lodging \| Sales Revenue \| Segment Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	15.00%	14.00%	14.00%	13.00%
Brazil
Disaggregation of Revenue [Line Items]
Revenues, net	$ 134,172	$ 108,583	$ 381,998	$ 322,945
Brazil \| Sales Revenue \| Segment Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	14.00%	12.00%	14.00%	13.00%
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 71,029	$ 66,312	$ 184,333	$ 188,571
Other \| Sales Revenue \| Segment Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	7.00%	7.00%	7.00%	7.00%

Unaudited Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock
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)
Stock-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)
Stock-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)
Stock-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)
Stockholders' Equity beginning balance at Dec. 31, 2022	2,541,493	128	3,049,570	7,210,769	(1,509,650)	(6,209,324)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	214,835			214,835
Other comprehensive income (loss), net of tax	75,634				75,634
Acquisition of common stock	(9,597)					(9,597)
Stock-based compensation	26,096		26,096
Issuance of common stock	33,399		33,399
Stockholders' Equity ending balance at Mar. 31, 2023	2,881,860	128	3,109,065	7,425,604	(1,434,016)	(6,218,921)
Stockholders' Equity beginning balance at Dec. 31, 2022	2,541,493	128	3,049,570	7,210,769	(1,509,650)	(6,209,324)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	726,033
Other comprehensive income (loss), net of tax	147,716
Stockholders' Equity ending balance at Sep. 30, 2023	3,059,451	129	3,227,476	7,936,802	(1,361,934)	(6,743,022)
Stockholders' Equity beginning balance at Mar. 31, 2023	2,881,860	128	3,109,065	7,425,604	(1,434,016)	(6,218,921)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	239,702			239,702
Other comprehensive income (loss), net of tax	76,753				76,753
Acquisition of common stock	(2,376)					(2,376)
Stock-based compensation	34,748		34,748
Issuance of common stock	32,749		32,749
Stockholders' Equity ending balance at Jun. 30, 2023	3,263,436	128	3,176,562	7,665,306	(1,357,263)	(6,221,297)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	271,496			271,496
Other comprehensive income (loss), net of tax	(4,671)				(4,671)
Acquisition of common stock	(534,937)		(13,212)			(521,725)
Stock-based compensation	29,073		29,073
Issuance of common stock	35,054	1	35,053
Stockholders' Equity ending balance at Sep. 30, 2023	$ 3,059,451	$ 129	$ 3,227,476	$ 7,936,802	$ (1,361,934)	$ (6,743,022)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Commitments and Contingencies - Narrative (Details) $ in Millions	Jan. 20, 2023 USD ($)
State Derivative Action Lawsuit
Loss Contingencies [Line Items]
Amount of damages sought	$ 118

Goodwill and Other Intangibles - Summary of Changes in Goodwill by Reportable Business Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 5,201,435
Acquisitions1	372,479
Dispositions	(40,857)
Acquisition Accounting Adjustments	3,746
Foreign Currency	16,743
Goodwill, ending balance	5,553,546
Fleet
Goodwill [Roll Forward]
Acquisitions1	220,000
Payments
Goodwill [Roll Forward]
Acquisitions1	$ 152,500

- 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

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company announced on February 4, 2016 that its Board of Directors (the "Board") 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 October 25, 2022, the Company announced the Board increased the aggregate size of the Program by $1.0 billion to $7.1 billion. Since the beginning of the Program through September 30, 2023, 28,314,820 shares have been repurchased for an aggregate purchase price of $6.4 billion, leaving the Company up to $0.7 billion of remaining authorization available under the Program for future repurchases in shares of its common stock. On August 18, 2023, as part of the Program, the Company entered an accelerated share repurchase ("ASR") agreement ("2023 ASR Agreement") with a third-party financial institution to repurchase $450 million of its common stock. Pursuant to the 2023 ASR Agreement, the Company delivered $450 million in cash and received 1,372,841 shares based on a stock price of $262.23 on August 18, 2023. The 2023 ASR Agreement was completed on September 26, 2023, at which time the Company received 293,588 additional shares based on a final weighted average per share purchase price during the repurchase period of $270.04. The Company accounted for the 2023 ASR Agreement as two separate transactions: (i) as shares of reacquired common stock for the shares delivered to the Company upon execution of the ASR agreement and (ii) as a forward contract indexed to the Company's common stock for the undelivered shares. The initial delivery of shares was included in treasury stock at cost and resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share. The forward contracts indexed to the Company's own common stock met the criteria for equity classification, and these amounts were initially recorded in additional paid-in capital

- Definition

The entire disclosure for equity.

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+ Details

Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

2023 Acquisitions

In January 2023, the Company acquired 100% of Global Reach, a U.K.-based cross-border payments provider, for approximately $102.9 million, net of cash. In February 2023, the Company acquired the remainder of Mina Digital Limited ("Mina"), a cloud-based electric vehicle ("EV") charging software platform. In February 2023, the Company also acquired 100% of Business Gateway AG, a European-based service, maintenance and repair technology provider. In September 2023, the Company acquired 100% of PayByPhone Technologies, Inc., the world's second largest mobile parking operator, for approximately $303.2 million, net of cash. Each of these 2023 acquisitions provide incremental geographic expansion of our products, with PayByPhone specifically intended to progress the Company's broader strategy to transform our vehicle payments business. Results from these acquisitions have been included in the Company's consolidated results from the respective date of each acquisition.

The aggregate purchase price of these acquisitions was approximately $438.3 million (inclusive of the $8.5 million previously-held equity method investment in Mina), net of cash of $115 million. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. Any noncompete agreements signed in conjunction with these acquisitions were accounted for separately from the business acquisition.

Acquisition accounting is preliminary for the 2023 acquisitions as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies. As the PayByPhone acquisition occurred near the end of the third quarter of 2023, the Company preliminarily allocated the excess of the purchase price of the acquisition over the estimated assets acquired and liabilities assumed to goodwill and intangibles on a provisional basis, based on historical valuation outcomes. Further, the provisional amounts assigned to such intangibles of $150.5 million were preliminarily assigned to the customer relationship intangible asset.

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


Trade and other receivables	$	20,312
Prepaid expenses and other current assets	120,346
Other long term assets	10,506
Goodwill	372,479
Intangibles	211,117
Accounts payable and accrued expenses	(95,180)
Other current liabilities	(139,801)
Other noncurrent liabilities	(61,442)


Aggregate purchase price	$	438,337

Results from the Global Reach Group are included in the Company's Corporate Payments segment and the results for Mina Digital Limited, Business Gateway AG and PayByPhone are included in the Company's Fleet segment.

2022 Acquisitions

In March 2022, the Company completed the acquisition of Levarti, a U.S.-based airline software platform company reported in the Lodging segment, for $23.7 million, net of cash. In August 2022, the Company completed the acquisition of Accrualify, an accounts payable (AP) automation software company reported in the Corporate Payments segment, for $41.2 million, net of cash. In September 2022, the Company completed the acquisition of Plugsurfing, a European EV software and network provider reported in the Fleet segment, for $75.8 million, net of cash. In November 2022, the Company completed the acquisition of Roomex, a European workforce lodging provider serving the U.K. and German markets reported in the Lodging segment, for approximately $56.8 million, net of cash. Results from these acquisitions have been included in the Company's consolidated results from the respective date of each acquisition.

The aggregate purchase price of these 2022 acquisitions was approximately $197.6 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 two of these acquisitions, the Company signed noncompete agreements of $1.1 million and $1.2 million with certain parties affiliated with the respective businesses. These noncompete agreements were accounted for separately from the business acquisitions.

Acquisition accounting is preliminary for Roomex (and has been completed for Levarti, Accrualify and Plugsurfing), 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	$	13,349
Prepaid expenses and other current assets	4,006
Other long term assets	463
Goodwill	164,123
Intangibles	50,145
Accounts payable and accrued expenses	(20,273)
Other current liabilities	(4,960)
Other noncurrent liabilities	(9,281)


Aggregate purchase price	$	197,572

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


	Useful Lives (in Years)	Value
Trade Name and Trademarks	2 - Indefinite	$	4,705
Proprietary Technology	5 - 10	11,646
Lodging / Supplier Network	10 - 20	1,402
Customer Relationships	5 - 20	32,392

		$	50,145

Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Assets	$ 222.3	$ 204.9
Other assets
Derivative [Line Items]
Derivative Assets	94.8	62.0
Other current liabilities
Derivative [Line Items]
Derivative Liabilities	188.8	184.1
Other noncurrent liabilities
Derivative [Line Items]
Derivative Liabilities	$ 78.2	$ 40.6

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 170,914	$ 149,846
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)	128,682,799	127,802,590
Common stock, shares outstanding (in shares)	72,203,006	73,356,709
Treasury stock, shares (in shares)	56,479,793	54,445,881

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2023

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	$	20,312
Prepaid expenses and other current assets	120,346
Other long term assets	10,506
Goodwill	372,479
Intangibles	211,117
Accounts payable and accrued expenses	(95,180)
Other current liabilities	(139,801)
Other noncurrent liabilities	(61,442)


Aggregate purchase price	$	438,337

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


Trade and other receivables	$	13,349
Prepaid expenses and other current assets	4,006
Other long term assets	463
Goodwill	164,123
Intangibles	50,145
Accounts payable and accrued expenses	(20,273)
Other current liabilities	(4,960)
Other noncurrent liabilities	(9,281)


Aggregate purchase price	$	197,572

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

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


	Useful Lives (in Years)	Value
Trade Name and Trademarks	2 - Indefinite	$	4,705
Proprietary Technology	5 - 10	11,646
Lodging / Supplier Network	10 - 20	1,402
Customer Relationships	5 - 20	32,392

		$	50,145

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022 is as follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income	$	271,496	$	248,885	$	726,033	$	729,008
Denominator for basic earnings per share	73,165		74,461		73,523		76,311
Dilutive securities	1,439		1,097		1,210		1,376
Denominator for diluted earnings per share	74,604		75,558		74,733		77,687
Basic earnings per share	$	3.71	$	3.34	$	9.87	$	9.55
Diluted earnings per share	$	3.64	$	3.29	$	9.72	$	9.38

Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)	Aug. 31, 2023 USD ($) derivative_instrument	May 04, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jan. 31, 2023 USD ($) derivative_instrument	Dec. 31, 2022 USD ($)	Jan. 22, 2019 USD ($) derivative_instrument
Derivative [Line Items]
Number of cash flow hedges entered into (in derivative instruments) \| derivative_instrument		8			5		3
Notional Amount	$ 55,690.5					$ 40,496.4
Gains to be reclassified during next 12 months	45.5
2019 Interest Rate Swap, 1 \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount							$ 1,000.0
2019 Interest Rate Swap, 2 \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount							500.0
2019 Interest Rate Swap, 3 \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount							500.0
Interest rate swaps
Derivative [Line Items]
Derivative reclassified from AOCI	24.6
Interest rate swaps \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount		$ 2,000.0			$ 1,500.0
Interest rate swaps \| Cash Flow Hedging \| London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Pay-fixed monthly interest rate			2.55%
Interest rate swaps \| Cash Flow Hedging \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Pay-fixed monthly interest rate			2.50%
Cross-currency interest rate swap
Derivative [Line Items]
Notional Amount	194.3					$ 160.9
Cross-currency interest rate swap \| Net Investment Hedging
Derivative [Line Items]
Notional Amount				$ 500.0
Derivative, interest rate savings, percentage				1.96%
Derivatives, benefit recorded in interest expense	(6.4)
Derivative asset	$ 6.9
Amended 2019 Interest Rate Swap \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount			$ 500.0
Variable Rate Debt
Derivative [Line Items]
Long-term debt							$ 2,000.0

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 726,033	$ 729,008
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	82,028	67,066
Stock-based compensation	89,917	100,828
Provision for credit losses on accounts and other receivables	103,495	89,976
Amortization of deferred financing costs and discounts	5,417	5,949
Amortization of intangible assets and premium on receivables	170,630	165,423
Loss on extinguishment of debt	0	1,934
Deferred income taxes	(18,911)	(7,987)
Gain on disposition of business, net	(13,712)	0
Other non-cash operating expense, net	491	601
Changes in operating assets and liabilities (net of acquisitions/disposition):
Accounts and other receivables	(809,487)	(950,237)
Prepaid expenses and other current assets	114,237	(25,570)
Derivative assets and liabilities, net	(7,939)	10,756
Other assets	33,090	(16,154)
Accounts payable, accrued expenses and customer deposits	428,580	267,014
Net cash provided by operating activities	903,869	438,607
Investing activities
Acquisitions, net of cash acquired	(429,914)	(160,117)
Purchases of property and equipment	(117,158)	(107,631)
Proceeds from disposal of a business, net of cash disposed	197,025	0
Other	4,401	0
Net cash used in investing activities	(345,646)	(267,748)
Financing activities
Proceeds from issuance of common stock	101,202	22,109
Repurchase of common stock	(546,910)	(1,295,644)
Borrowings on securitization facility, net	109,000	364,000
Deferred financing costs	(238)	(10,282)
Proceeds from notes payable	0	3,000,000
Principal payments on notes payable	(70,500)	(2,800,500)
Borrowings from revolver	6,495,000	4,338,000
Payments on revolver	(6,770,000)	(3,658,000)
Borrowings on swing line of credit, net	180,723	194
Other	264	0
Net cash used in financing activities	(501,459)	(40,123)
Effect of foreign currency exchange rates on cash	(30,431)	(80,551)
Net increase in cash and cash equivalents and restricted cash	26,333	50,185
Cash and cash equivalents and restricted cash, beginning of period	2,289,180	2,250,695
Cash and cash equivalents and restricted cash, end of period	2,315,513	2,300,880
Supplemental cash flow information
Cash paid for interest	327,099	138,310
Cash paid for income taxes	$ 319,764	$ 309,567

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company's effective tax rate was 26.6% and 26.8% for the three months ended September 30, 2023 and 2022, respectively. Income tax expense is based on an estimated annual effective rate, which requires the Company to make its best estimate of annual pretax accounting income or loss before consideration of tax or benefit discretely recognized in the period in which such occur. Our effective income tax rate for the three months ended September 30, 2023 differs from the U.S. federal statutory rate due primarily to the unfavorable impact of state taxes net of federal benefits, additional taxes on undistributed foreign-sourced income, and foreign withholding taxes on interest income from intercompany notes.

- Definition

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

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+ Details

Goodwill and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2023

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, 2022		Acquisitions1		Dispositions2		Acquisition Accounting Adjustments		Foreign Currency		September 30, 2023







Goodwill	$	5,201,435	$	372,479	$	(40,857)	$	3,746	$	16,743	$	5,553,546

1 Reflects the recognition of preliminary goodwill related to acquisitions completed by the Company during the nine months ended September 30, 2023. Of this amount, $220.0 million was assigned to the Fleet segment and $152.5 million was assigned to the Corporate Payments segment.

2 Reflects goodwill derecognized in connection with the disposition of the Company's operations in Russia. See Note 15 for additional information.

Schedule of Other Intangible Assets

As of September 30, 2023 and December 31, 2022, other intangibles consisted of the following (in thousands):


		September 30, 2023						December 31, 2022
	Weighted- Avg Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount
Customer and vendor relationships	17.1	$	3,073,277	$	(1,438,677)	$	1,634,600	$	2,922,586	$	(1,332,542)	$	1,590,044
Trade names and trademarks—indefinite lived	N/A	423,340		—		423,340		419,270		—		419,270
Trade names and trademarks—other	1.9	50,447		(13,873)		36,574		47,939		(9,111)		38,828
Software	6.0	285,396		(231,227)		54,169		278,460		(216,858)		61,602
Non-compete agreements	4.2	83,822		(67,506)		16,316		80,098		(58,868)		21,230

Total other intangibles		$	3,916,282	$	(1,751,283)	$	2,164,999	$	3,748,353	$	(1,617,379)	$	2,130,974
N/A = Not Applicable

- Definition

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

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+ Details

Derivative Financial Instruments and Hedging Activities - Schedule of Cash Flow Hedge Notional Amounts (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Aug. 31, 2023 USD ($) derivative_instrument	Jan. 31, 2023 derivative_instrument	Dec. 31, 2022 USD ($)	Jan. 22, 2019 derivative_instrument
Derivative [Line Items]
Number of cash flow hedges entered into (in derivative instruments) \| derivative_instrument		8	5		3
Notional Amount	$ 55,690,500			$ 40,496,400
Designated as Hedging Instrument \| Amended 2019 Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 500,000
Fixed Rates	2.50%
Designated as Hedging Instrument \| January 2023 Interest Rate Swap, 1
Derivative [Line Items]
Notional Amount	$ 250,000
Fixed Rates	4.01%
Designated as Hedging Instrument \| January 2023 Interest Rate Swap, 2
Derivative [Line Items]
Notional Amount	$ 250,000
Fixed Rates	4.02%
Designated as Hedging Instrument \| January 2023 Interest Rate Swap, 3
Derivative [Line Items]
Notional Amount	$ 500,000
Fixed Rates	3.80%
Designated as Hedging Instrument \| January 2023 Interest Rate Swap, 4
Derivative [Line Items]
Notional Amount	$ 250,000
Fixed Rates	3.71%
Designated as Hedging Instrument \| January 2023 Interest Rate Swap, 5
Derivative [Line Items]
Notional Amount	$ 250,000
Fixed Rates	3.72%
Designated as Hedging Instrument \| August 2023 Interest Rate Swap, 1
Derivative [Line Items]
Notional Amount		$ 100,000
Fixed Rates		4.35%
Designated as Hedging Instrument \| August 2023 Interest Rate Swap, 2
Derivative [Line Items]
Notional Amount		$ 250,000
Fixed Rates		4.40%
Designated as Hedging Instrument \| August 2023 Interest Rate Swap, 3
Derivative [Line Items]
Notional Amount		$ 250,000
Fixed Rates		4.40%
Designated as Hedging Instrument \| August 2023 Interest Rate Swap, 4
Derivative [Line Items]
Notional Amount		$ 400,000
Fixed Rates		4.33%
Designated as Hedging Instrument \| August 2023 Interest Rate Swap, 5
Derivative [Line Items]
Notional Amount		$ 250,000
Fixed Rates		4.29%
Designated as Hedging Instrument \| August 2023 Interest Rate Swap, 6
Derivative [Line Items]
Notional Amount		$ 250,000
Fixed Rates		4.29%
Designated as Hedging Instrument \| August 2023 Interest Rate Swap, 7
Derivative [Line Items]
Notional Amount		$ 250,000
Fixed Rates		4.19%
Designated as Hedging Instrument \| August 2023 Interest Rate Swap, 8
Derivative [Line Items]
Notional Amount		$ 250,000
Fixed Rates		4.19%

Segments (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	20231		2022		20231		2022
Revenues, net:
Fleet	$	365,502	$	395,203	$	1,120,823	$	1,124,157
Corporate Payments	258,800		196,941		732,958		570,408
Lodging	141,389		125,961		400,287		337,438
Brazil	134,172		108,583		381,998		322,945
Other2	71,029		66,312		184,333		188,571
	$	970,892	$	893,000	$	2,820,399	$	2,543,519
Operating income:
Fleet	$	186,614	$	192,598	$	547,637	$	547,233
Corporate Payments	102,143		69,669		265,100		193,735
Lodging	74,023		63,463		196,832		161,802
Brazil	61,054		44,646		168,673		123,591
Other2	21,143		18,794		54,580		51,010
	$	444,977	$	389,170	$	1,232,822	$	1,077,371
Depreciation and amortization:
Fleet	$	34,219	$	34,897	$	104,147	$	104,531
Corporate Payments	21,114		15,864		61,458		48,936
Lodging	12,189		10,474		35,247		31,329
Brazil	14,989		13,756		45,065		41,164
Other2	2,239		2,222		6,741		6,529
	$	84,750	$	77,213	$	252,658	$	232,489

1Results from Global Reach Group acquired in the first quarter of 2023 are reported in the Corporate Payments segment from the date of acquisition. Results from Mina Digital Limited, Business Gateway AG and PayByPhone acquired during 2023 are reported in the Fleet segment, from the date of acquisition.

2Other includes Gift and Payroll Card operating segments.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		72,204,127
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001175454
Current Fiscal Year End Date	--12-31

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 271,496	$ 239,702	$ 214,835	$ 248,885	$ 262,171	$ 217,952	$ 726,033	$ 729,008

- 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 - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue contract liabilities	$ 42.6	$ 42.6	$ 57.7
Deferred revenue recognized		31.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Disaggregation of Revenue [Line Items]
Revenues to be recognized	$ 27.6	$ 27.6
Revenues to be recognized, period	12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Revenues to be recognized	$ 15.0	$ 15.0
Revenues to be recognized, period	5 years	5 years
RUSSIAN FEDERATION
Disaggregation of Revenue [Line Items]
Cash			$ 215.8
Contracts with customers \| Sales Revenue \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	84.00%	85.00%
Late Fees and Finance Charges \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	4.00%	5.00%
Derivatives, Cross-Border Payments Business \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Consolidated revenues, net (percent)	9.00%	8.00%

Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amounts (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 55,690.5	$ 40,496.4
Swaps
Derivative [Line Items]
Notional Amount	194.3	160.9
Futures and forwards
Derivative [Line Items]
Notional Amount	19,841.1	15,159.4
Written options
Derivative [Line Items]
Notional Amount	19,671.8	13,701.9
Purchased options
Derivative [Line Items]
Notional Amount	$ 15,983.3	$ 11,474.2

Earnings Per Share

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022 is as follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income	$	271,496	$	248,885	$	726,033	$	729,008
Denominator for basic earnings per share	73,165		74,461		73,523		76,311
Dilutive securities	1,439		1,097		1,210		1,376
Denominator for diluted earnings per share	74,604		75,558		74,733		77,687
Basic earnings per share	$	3.71	$	3.34	$	9.87	$	9.55
Diluted earnings per share	$	3.64	$	3.29	$	9.72	$	9.38

Diluted earnings per share for the three months ended September 30, 2023 and 2022 excludes the effect of 0.7 million and 2.5 million shares, 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 of performance-based restricted stock for which the performance criteria have not yet been achieved for the three month periods ended September 30, 2023 and 2022.

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 271,496	$ 239,702	$ 214,835	$ 248,885	$ 262,171	$ 217,952	$ 726,033	$ 729,008
Denominator for basic earnings per share (in shares)	73,165			74,461			73,523	76,311
Dilutive securities (in shares)	1,439			1,097			1,210	1,376
Denominator for diluted earnings per share (in shares)	74,604			75,558			74,733	77,687
Basic earnings per share (in dollars per share)	$ 3.71			$ 3.34			$ 9.87	$ 9.55
Diluted earnings per share (in dollars per share)	$ 3.64			$ 3.29			$ 9.72	$ 9.38

- Definition

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

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- Definition

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

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- Definition

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

+ References

+ Details

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Assets	$ 222.3	$ 204.9
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative Liabilities	(6.5)	0.0
Designated as Hedging Instrument \| Interest rate swaps \| Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Assets	45.5	12.0
Designated as Hedging Instrument \| Interest rate swaps \| Other Assets
Derivative [Line Items]
Derivative Assets	$ 8.6	$ 0.0

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
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 District Court dismissed the Federal Derivative Action on October 21, 2020, and the United States Court of Appeals for the Eleventh Circuit affirmed the dismissal on July 27, 2022, ending the lawsuit. A similar derivative lawsuit that had been filed on January 9, 2019 in the Superior Court of Gwinnett County, Georgia (“State Derivative Action”) was likewise dismissed on October 31, 2022. On January 20, 2023, the previous State Derivative Action plaintiffs filed a new derivative lawsuit in the Superior Court of Gwinnett County, Georgia. The new lawsuit, City of Aventura Police Officers’ Retirement Fund, derivatively on behalf of FleetCor Technologies, Inc. v. Ronald F. Clarke and Eric R. Dey, alleges that the defendants breached their fiduciary duties by causing or permitting the Company to engage in unfair or deceptive marketing and billing practices, making false and misleading public statements concerning the Company’s fee charges and financial and business prospects, and making improper sales of stock. The complaint seeks approximately $118 million in monetary damages on behalf of the Company, including contribution by defendants as joint tortfeasors with the Company in unfair and deceptive practices, and disgorgement of incentive pay and stock compensation. On January 24, 2023, the previous Federal Derivative Action plaintiffs filed a similar new derivative lawsuit, Jerrell Whitten, derivatively on behalf of FleetCor Technologies, Inc. v. Ronald F. Clarke and Eric R. Dey, against Mr. Clarke and Mr. Dey in Gwinnett County, Georgia. The defendants dispute the allegations in the derivative complaints and intend to vigorously defend against the claims. FTC Investigation In October 2017, the Federal Trade Commission ("FTC") issued a Notice of Civil Investigative Demand to the Company for the production of documentation and a request for responses to written interrogatories. After discussions with the Company, the FTC proposed in October 2019 to resolve potential claims relating to the Company’s advertising and marketing practices, principally in its U.S. direct fuel card business within its North American Fuel Card business. The parties reached impasse primarily related to what the Company believes are unreasonable demands for redress made by the FTC. On December 20, 2019, the FTC filed a lawsuit in the Northern District of Georgia against the Company and Ron Clarke. See FTC v. FLEETCOR and Ronald F. Clarke, No. 19-cv-05727 (N.D. Ga.). The complaint alleges the Company and Clarke violated the FTC Act’s prohibitions on unfair and deceptive acts and practices. The complaint seeks among other things injunctive relief, consumer redress, and costs of suit. The Company continues to believe that the FTC’s claims are without merit. On April 17, 2021, the FTC filed a motion for summary judgment. On April 22, 2021, the United States Supreme Court held unanimously in AMG Capital Management v. FTC that the FTC does not have authority under current law to seek monetary redress by means of Section 13(b) of the FTC Act, which is the means by which the FTC has sought such redress in this case. FLEETCOR cross-moved for summary judgment regarding the FTC’s ability to seek monetary or injunctive relief on May 17, 2021. 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. Following mediation, both parties have filed proposed orders with the Court. On June 8, 2023, the Court issued an Order for Permanent Injunction and Other Relief. The Company filed its notice of appeal to the United States Court of Appeals for the Eleventh Circuit on August 3, 2023. On August 17, 2023, the FTC Commission ordered that the stay of the parallel Section 5 administrative action will remain in place during the pendency of the Eleventh Circuit appeal. The Company has incurred and continues to incur legal and other fees related to this FTC 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. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an extensive degree of judgment, particularly where, as here, the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses or a range of possible losses resulting from, the matters described above.

Debt (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023		December 31, 2022
Term Loan A note payable, net of discounts	$	2,900,963	$	2,956,053
Term Loan B note payable, net of discounts	1,844,159		1,855,891
Revolving line of credit facilities	840,011		935,000
Other obligations	1,881		2,950



Total notes payable and credit agreements	5,587,014		5,749,894
Securitization Facility	1,396,000		1,287,000
Total notes payable, credit agreements and Securitization Facility	$	6,983,014	$	7,036,894
Current portion	$	2,345,803	$	2,314,056
Long-term portion	4,637,211		4,722,838
Total notes payable, credit agreements and Securitization Facility	$	6,983,014	$	7,036,894

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
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 accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, 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, 2022.
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, 2023 and through the date of this Quarterly Report. The accounting estimates used in the preparation of the Company’s interim 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 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 Cash Cash equivalents primarily consist of a) cash on hand, b) highly liquid investments with original maturities of three months or less, such as certificates of deposit and treasury bills, and c) customer deposits repayable on demand without legal restrictions. Restricted cash primarily represents a) customer deposits repayable on demand held in certain geographies with legal restrictions, b) 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 and secure and settle cross-currency transactions, and c) collateral posted with banks for hedging positions in our cross-border payments business.
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	RevenueThe Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend or geographically defined categories, including Fleet, Corporate Payments, Lodging, Brazil and Other (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 84% and 85% of total consolidated revenues, net, for the three and nine months ended September 30, 2023. In its cross-border payments business, the Company writes foreign currency forward and option derivative contracts for its customers to facilitate future payments in foreign currencies. These contracts are accounted for in accordance with ASC 815, "Derivatives and Hedging" and represent approximately 9% and 8% of total consolidated revenues for the three and nine months ended September 30, 2023, respectively. Additionally, 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 and represent approximately 4% and 5% of total consolidated revenues, net for the three and nine months ended September 30, 2023. The Company's remaining revenue represents float revenue earned on invested customer funds in jurisdictions where permitted. 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 our 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 Certain disclosures for prior periods have been reclassified to conform with current year presentation, including the breakout of derivatives assets and liabilities, net within the Consolidated Statements of Cash Flows, and the presentation of disaggregated revenues by solution to align with our revenues by segment presentation.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

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

The Company recognized foreign exchange gains and losses, which are recorded within other (income) expense, net in the Unaudited Consolidated Statements of Income, for the three and nine months ended September 30, 2023 and 2022 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Foreign exchange losses	$	(6.4)	$	(1.9)	$	(6.2)	$	(4.1)

Foreign exchange losses for the three and nine months ended September 30, 2023 include a $5.6 million exchange loss incurred in connection with the Company's disposition of its Russia business upon conversion of the ruble-denominated proceeds to U.S. dollars. See Note 15 for additional information.

The Company recorded foreign currency gains on long-term intra-entity transactions included as a component of foreign currency translation losses, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Foreign currency gains on long-term intra-entity transactions	$	31.0	$	27.8	$	43.4	$	184.1

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,
	2023		%		2022		%		2023		%		2022		%
Fleet	$	365.5	38	%	$	395.2	44	%	$	1,120.8	40	%	$	1,124.2	44	%
Corporate Payments	258.8		27	%	196.9		22	%	733.0		26	%	570.4		22	%
Lodging	141.4		15	%	126.0		14	%	400.3		14	%	337.4		13	%
Brazil	134.2		14	%	108.6		12	%	382.0		14	%	322.9		13	%
Other	71.0		7	%	66.3		7	%	184.3		7	%	188.6		7	%
Consolidated revenues, net	$	970.9	100	%	$	893.0	100	%	$	2,820.4	100	%	$	2,543.5	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,
	2023		%		2022		%		2023		%		2022		%
United States	$	561.4	58	%	$	558.3	63	%	$	1,609.8	57	%	$	1,557.7	61	%
Brazil	134.2		14	%	108.6		12	%	382.0		14	%	322.9		13	%
United Kingdom	114.5		12	%	90.4		10	%	333.4		12	%	278.4		11	%
Other	160.8		17	%	135.8		15	%	495.2		18	%	384.5		15	%
Consolidated revenues, net	$	970.9	100	%	$	893.0	100	%	$	2,820.4	100	%	$	2,543.5	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, 2023 and December 31, 2022 (in millions):


	September 30, 2023						December 31, 2022
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,824.6	$	(3,647.4)	$	177.2	$	2,409.8	$	(2,266.0)	$	143.8
Liabilities
Accounts Payable	$	3,736.9	$	(3,647.4)	$	89.5	$	2,332.5	$	(2,266.0)	$	66.5

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, 2023 and December 31, 2022 (in millions):


		September 30, 2023		December 31, 2022
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$	222.3	$	204.9
Derivative Assets	Other assets	$	94.8	$	62.0
Derivative Liabilities	Other current liabilities	$	188.8	$	184.1
Derivative Liabilities	Other noncurrent liabilities	$	78.2	$	40.6

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, 2023 and December 31, 2022 (in millions):


	September 30, 2023						December 31, 2022
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,824.6	$	(3,647.4)	$	177.2	$	2,409.8	$	(2,266.0)	$	143.8
Liabilities
Accounts Payable	$	3,736.9	$	(3,647.4)	$	89.5	$	2,332.5	$	(2,266.0)	$	66.5


		September 30, 2023		December 31, 2022
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$	222.3	$	204.9
Derivative Assets	Other assets	$	94.8	$	62.0
Derivative Liabilities	Other current liabilities	$	188.8	$	184.1
Derivative Liabilities	Other noncurrent liabilities	$	78.2	$	40.6

Debt

9 Months Ended

Sep. 30, 2023

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 a term loan A, a term loan B, and a revolving credit facility. As noted in footnote 2, the Company is also party to the 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, 2023		December 31, 2022
Term Loan A note payable, net of discounts	$	2,900,963	$	2,956,053
Term Loan B note payable, net of discounts	1,844,159		1,855,891
Revolving line of credit facilities	840,011		935,000
Other obligations	1,881		2,950



Total notes payable and credit agreements	5,587,014		5,749,894
Securitization Facility	1,396,000		1,287,000
Total notes payable, credit agreements and Securitization Facility	$	6,983,014	$	7,036,894
Current portion	$	2,345,803	$	2,314,056
Long-term portion	4,637,211		4,722,838
Total notes payable, credit agreements and Securitization Facility	$	6,983,014	$	7,036,894

On May 3, 2023, the Company entered into the thirteenth amendment to the Credit Facility. The amendment replaced LIBOR on the term B loan with the Secured Overnight Financing Rate ("SOFR"), plus a SOFR adjustment of 0.10%.

The Company was in compliance with all financial and non-financial covenants under the Credit Agreement and Securitization Facility at September 30, 2023.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

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 accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, 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, 2022.

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, 2023 and through the date of this Quarterly Report. The accounting estimates used in the preparation of the Company’s interim 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 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 gains and losses, which are recorded within other (income) expense, net in the Unaudited Consolidated Statements of Income, for the three and nine months ended September 30, 2023 and 2022 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Foreign exchange losses	$	(6.4)	$	(1.9)	$	(6.2)	$	(4.1)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Foreign currency gains on long-term intra-entity transactions	$	31.0	$	27.8	$	43.4	$	184.1

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents primarily consist of a) cash on hand, b) highly liquid investments with original maturities of three months or less, such as certificates of deposit and treasury bills, and c) customer deposits repayable on demand without legal restrictions. Restricted cash primarily represents a) customer deposits repayable on demand held in certain geographies with legal restrictions, b) 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 and secure and settle cross-currency transactions, and c) collateral

posted with banks for hedging positions in our cross-border payments business. During the third quarter of 2023, the Company disposed of its Russian net assets, including its cash balances. See Note 15 for additional information. Based on our assessment of the capital market conditions and related impact on our access to cash prior to the Russia disposition, we had reclassified all cash held at our Russia business of $215.8 million at December 31, 2022 to restricted cash.

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 or geographically defined categories, including Fleet, Corporate Payments, Lodging, Brazil and Other (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 84% and 85% of total consolidated revenues, net, for the three and nine months ended September 30, 2023. In its cross-border payments business, the Company writes foreign currency forward and option derivative contracts for its customers to facilitate future payments in foreign currencies. These contracts are accounted for in accordance with ASC 815, "Derivatives and Hedging" and represent approximately 9% and 8% of total consolidated revenues for the three and nine months ended September 30, 2023, respectively. Additionally, 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 and represent approximately 4% and 5% of total consolidated revenues, net for the three and nine months ended September 30, 2023. The Company's remaining revenue represents float revenue earned on invested customer funds in jurisdictions where permitted. 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. The Company's solutions have been merged to align with its segments. 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,
	2023		%		2022		%		2023		%		2022		%
Fleet	$	365.5	38	%	$	395.2	44	%	$	1,120.8	40	%	$	1,124.2	44	%
Corporate Payments	258.8		27	%	196.9		22	%	733.0		26	%	570.4		22	%
Lodging	141.4		15	%	126.0		14	%	400.3		14	%	337.4		13	%
Brazil	134.2		14	%	108.6		12	%	382.0		14	%	322.9		13	%
Other	71.0		7	%	66.3		7	%	184.3		7	%	188.6		7	%
Consolidated revenues, net	$	970.9	100	%	$	893.0	100	%	$	2,820.4	100	%	$	2,543.5	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,
	2023		%		2022		%		2023		%		2022		%
United States	$	561.4	58	%	$	558.3	63	%	$	1,609.8	57	%	$	1,557.7	61	%
Brazil	134.2		14	%	108.6		12	%	382.0		14	%	322.9		13	%
United Kingdom	114.5		12	%	90.4		10	%	333.4		12	%	278.4		11	%
Other	160.8		17	%	135.8		15	%	495.2		18	%	384.5		15	%
Consolidated revenues, net	$	970.9	100	%	$	893.0	100	%	$	2,820.4	100	%	$	2,543.5	100	%


*Columns may not calculate due to rounding.

Contract Liabilities

Deferred revenue contract liabilities for customers subject to ASC 606 were $42.6 million and $57.7 million as of September 30, 2023 and December 31, 2022, respectively. We expect to recognize approximately $27.6 million of these amounts in revenues within 12 months and the remaining $15.0 million over the next five years as of September 30, 2023. Revenue recognized in the nine months ended September 30, 2023 that was included in the deferred revenue contract liability as of December 31, 2022 was approximately $31.9 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 our 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, 2023 and December 31, 2022 (in millions):


	September 30, 2023						December 31, 2022
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,824.6	$	(3,647.4)	$	177.2	$	2,409.8	$	(2,266.0)	$	143.8
Liabilities
Accounts Payable	$	3,736.9	$	(3,647.4)	$	89.5	$	2,332.5	$	(2,266.0)	$	66.5

Reclassifications and Adjustments

Certain disclosures for prior periods have been reclassified to conform with current year presentation, including the breakout of derivatives assets and liabilities, net within the Consolidated Statements of Cash Flows, and the presentation of disaggregated revenues by solution to align with our revenues by segment presentation.

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, 2023 $ / shares shares
Shares
Shares outstanding, beginning of period (in shares) \| shares	435
Granted (in shares) \| shares	441
Issued (in shares) \| shares	(307)
Cancelled (in shares) \| shares	(21)
Shares outstanding, end of period (in shares) \| shares	548
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in dollars per share) \| $ / shares	$ 237.68
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	213.36
Weighted average grant date fair value, issued (in dollars per share) \| $ / shares	235.55
Weighted average grant date fair value, cancelled (in dollars per share) \| $ / shares	232.16
Weighted average grant date fair value, end of period (in dollars per share) \| $ / shares	$ 219.52

Accounts and Other Receivables - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses beginning of period	$ 149,846	$ 98,719
Provision for credit losses	103,495	89,976
Write-offs	(92,406)	(58,284)
Recoveries	8,242	5,329
Impact of foreign currency	1,737	(1,713)
Allowance for credit losses end of period	$ 170,914	$ 134,027

Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - Spot Trade - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets:
Net	$ 177.2	$ 143.8
Liabilities:
Net	89.5	66.5
Accounts Receivable
Assets:
Gross	3,824.6	2,409.8
Offset on the Balance Sheet	(3,647.4)	(2,266.0)
Accounts Payable
Liabilities:
Gross	3,736.9	2,332.5
Offset on the Balance Sheet	$ (3,647.4)	$ (2,266.0)

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits recorded on stock based compensation	$ 28.6	$ 23.9
Aggregate intrinsic value of options exercisable	$ 298.9
Weighted average remaining contractual term of options exercisable (in years)	3 years 3 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 98,854
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 37,281
Weighted Average Period of Expense Recognition (in Years)	2 years 2 months 26 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 61,573
Weighted Average Period of Expense Recognition (in Years)	9 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,094,234	$ 1,435,163
Restricted cash	1,221,279	854,017
Accounts and other receivables (less allowance for credit losses of $170,914 at September 30, 2023 and $149,846 at December 31, 2022)	2,655,275	2,064,745
Securitized accounts receivable—restricted for securitization investors	1,396,000	1,287,000
Prepaid expenses and other current assets	493,470	465,227
Total current assets	6,860,258	6,106,152
Property and equipment, net	329,992	294,692
Goodwill	5,553,546	5,201,435
Other intangibles, net	2,164,999	2,130,974
Investments	67,964	74,281
Other assets	287,708	281,726
Total assets	15,264,467	14,089,260
Current liabilities:
Accounts payable	1,895,280	1,568,942
Accrued expenses	393,439	351,936
Customer deposits	1,783,311	1,505,004
Securitization Facility	1,396,000	1,287,000
Current portion of notes payable and lines of credit	949,803	1,027,056
Other current liabilities	320,386	303,517
Total current liabilities	6,738,219	6,043,455
Notes payable and other obligations, less current portion	4,637,211	4,722,838
Deferred income taxes	548,943	527,465
Other noncurrent liabilities	280,643	254,009
Total noncurrent liabilities	5,466,797	5,504,312
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 128,682,799 shares issued and 72,203,006 shares outstanding at September 30, 2023; and 127,802,590 shares issued and 73,356,709 shares outstanding at December 31, 2022	129	128
Additional paid-in capital	3,227,476	3,049,570
Retained earnings	7,936,802	7,210,769
Accumulated other comprehensive loss	(1,361,934)	(1,509,650)
Less treasury stock, 56,479,793 shares at September 30, 2023 and 54,445,881 shares at December 31, 2022	(6,743,022)	(6,209,324)
Total stockholders’ equity	3,059,451	2,541,493
Total liabilities and stockholders’ equity	$ 15,264,467	$ 14,089,260

Accounts and Other Receivables - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Securitization Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitized accounts receivable facility	$ 1,700,000

Accumulated Other Comprehensive Loss (AOCL)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss (AOCL)

The changes in the components of AOCL, net of tax, for the nine months ended September 30, 2023 and 2022 are as follows (in thousands):


	September 30, 2023
	Cumulative Foreign Currency Translation		Unrealized Gains (Losses) on Derivative Instruments		Total Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2022	$	(1,518,640)	$	8,990	$	(1,509,650)
Other comprehensive (loss) income before reclassifications	(16,387)		71,500		55,113
Amounts reclassified from AOCL	120,269		(24,603)		95,666
Tax effect	—		(3,063)		(3,063)
Other comprehensive income, net of tax	103,882		43,834		147,716
Balance at September 30, 2023	$	(1,414,758)	$	52,824	$	(1,361,934)


	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, net of tax	(228,666)		32,837		(195,829)
Balance at September 30, 2022	$	(1,670,171)	$	9,726	$	(1,660,445)

Amounts reclassified that relate to foreign currency translation during the nine months ended September 30, 2023 are related to the Company's Russia business disposed of during the quarter ended September 30, 2023. See Note 15 for additional information regarding the Company's disposition of its Russia business.

Segments - Narrative (Detail)	9 Months Ended
Segments - Narrative (Detail)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	4

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 271,496	$ 248,885	$ 726,033	$ 729,008
Other comprehensive (loss) income:
Foreign currency translation losses, net of tax	(157,043)	(252,719)	(16,387)	(228,666)
Reclassification of accumulated foreign currency translation losses to net income as a result of the sale of a foreign entity (see Note 15)	120,269	0	120,269	0
Net change in derivative contracts, net of tax	32,103	6,107	43,834	32,837
Total other comprehensive (loss) income	(4,671)	(246,612)	147,716	(195,829)
Total comprehensive income	$ 266,825	$ 2,273	$ 873,749	$ 533,179

- Definition

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

+ References

+ Details

Derivative Financial Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2023

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 the Company is 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".

The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of September 30, 2023 and December 31, 2022 (in millions) is presented in the following table:


	Notional
	September 30, 2023		December 31, 2022
Foreign exchange contracts:
Swaps	$	194.3	$	160.9
Futures and forwards	19,841.1		15,159.4
Written options	19,671.8		13,701.9
Purchased options	15,983.3		11,474.2
Total	$	55,690.5	$	40,496.4

The majority of customer foreign exchange contracts are written in currencies such as the U.S. dollar, Canadian dollar, British pound, euro and Australian dollar.

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 (in millions):


	September 30, 2023
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	607.7	$	557.6	$	317.1	$	267.0
Cash collateral	46.1		187.1		46.1		187.1
Total net of cash collateral	$	561.6	$	370.5	$	271.0	$	79.9


	December 31, 2022
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	582.2	$	540.0	$	266.9	$	224.7
Cash collateral	56.1		148.2		56.1		148.2
Total net of cash collateral	$	526.1	$	391.8	$	210.8	$	76.5

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 prepaid expenses and other current assets, other assets, other current liabilities and other noncurrent liabilities in the Consolidated Balance Sheets. The Company receives cash from customers as collateral for trade exposures, which is recorded within cash and cash equivalents, restricted cash and customer deposits liability 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. Cash flows from the Company's foreign currency derivatives are classified as operating activities within the Unaudited Consolidated Statements of Cash Flows. 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, 2023 and December 31, 2022 (in millions):


		September 30, 2023		December 31, 2022
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$	222.3	$	204.9
Derivative Assets	Other assets	$	94.8	$	62.0
Derivative Liabilities	Other current liabilities	$	188.8	$	184.1
Derivative Liabilities	Other noncurrent liabilities	$	78.2	$	40.6

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 other two contracts (with maturity dates of January 2023 and December 2023) each had a notional value of $500 million. The objective of these swap contracts was to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of unspecified 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."

During January 2023, the Company entered into five receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a cumulative notional U.S. dollar value of $1.5 billion as shown disaggregated in the table below.

On May 4, 2023, the Company amended the remaining LIBOR-based interest rate swap with a notional amount of $500 million from one-month term LIBOR of 2.55% to one-month term SOFR of 2.50%, without further changes to the terms of the swap. The Company applied certain expedients provided in ASU No. 2020-04, Reference Rate Reform (Topic 848), related to changes in critical terms of the hedging relationships due to reference rate reform, which allowed the change in critical terms without dedesignation of the hedging relationship.

In August 2023, the Company entered into eight additional receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a cumulative notional U.S. dollar value of $2.0 billion as shown disaggregated in the table below.

As of September 30, 2023, the Company had the following outstanding interest rate swap derivatives that qualify as hedging instruments within designated cash flow hedges of variable interest rate risk (in millions):


Notional Amount	Fixed Rates	Maturity Date
$500	2.50%	12/19/2023
$250	4.01%	7/31/2025
$250	4.02%	7/31/2025
$500	3.80%	1/31/2026
$250	3.71%	7/31/2026
$250	3.72%	7/31/2026
$100	4.35%	7/31/2026
$250	4.40%	7/31/2026
$250	4.40%	7/31/2026
$400	4.33%	7/31/2026
$250	4.29%	1/31/2027
$250	4.29%	1/31/2027
$250	4.19%	7/31/2027
$250	4.19%	7/31/2027

The purpose of these contracts is to reduce the variability of cash flows in interest payments associated with the Company's unspecified variable rate debt, the sole source of which is due to changes in the SOFR benchmark interest rate. The Company has designated these derivative instruments as cash flow hedging instruments, which are expected to be highly effective at offsetting changes in cash flows of the related underlying exposure. As a result, changes in fair value of the interest rate swaps

are recorded in accumulated other comprehensive loss. For each of these swap contracts, the Company pays a fixed monthly rate and receives one month SOFR. The Company reclassified $24.6 million from accumulated other comprehensive loss resulting in a benefit to interest expense, net for the nine months ended September 30, 2023 related to these interest rate swap contracts. Cash flows related to the Company's interest rate swap derivatives are classified as operating activities within the Unaudited Consolidated Statements of Cash Flows, as such cash flows relate to hedged interest payments recorded in operating activities.

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.

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, 2023 and December 31, 2022 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.


		September 30, 2023		December 31, 2022
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$	45.5	$	12.0
Swap contracts	Other assets	$	8.6	$	—

Swap contracts	Other noncurrent liabilities	$	(6.5)	$	—

As of September 30, 2023, the estimated net amount of the existing gains expected to be reclassified into earnings within the next 12 months is approximately $45.5 million.

Net Investment Hedge

In February 2023, the Company entered into a cross-currency interest rate swap that is designated as a net investment hedge of our investments in euro-denominated operations. This contract effectively converts $500 million of U.S. dollar equivalent to an obligation denominated in euro, and partially offsets the impact of changes in currency rates on our euro-denominated net investments. This contract also creates a positive interest differential on the U.S. dollar-denominated portion of the swap, resulting in a 1.96% interest rate savings on the USD notional.

Hedge effectiveness is tested based on changes in the fair value of the cross-currency swap due to changes in the USD/euro spot rate. The Company anticipates perfect effectiveness of the designated hedging relationship and records changes in the fair value of the cross-currency interest rate swap associated with changes in the spot rate through accumulated other comprehensive loss. Excluded components associated with the forward differential are recognized directly in earnings as interest expense, net. The Company recognized a benefit of $6.4 million in interest expense, net for the nine months ended September 30, 2023 related to these excluded components. The cross-currency interest rate swap designated as a net investment hedge is recorded in prepaid expenses and other current assets at a fair value of $6.9 million as of September 30, 2023. Upon settlement, cash flows attributable to derivatives designated as net investment hedges will be classified as investing activities in the Unaudited Consolidated Statements of Cash Flows.

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2023	Sep. 30, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	700,000	2,500,000
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	0

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, 2023	Dec. 31, 2022
Shares
Shares at beginning of period (in shares)	5,301
Granted (in shares)	186
Exercised (in shares)	(573)
Forfeited (in shares)	(78)
Shares at end of period (in shares)	4,836
Weighted Average Exercise Price
Weighted average exercise price, beginning of period (in dollars per share)	$ 188.12
Weighted average exercise price, granted (in dollars per share)	203.36
Weighted average exercise price, exercised (in dollars per share)	171.92
Weighted average exercise price, forfeited (in dollars per share)	241.63
Weighted average exercise price, end of period (in dollars per share)	$ 189.76
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expected to vest at end of period (in shares)	749
Weighted average exercise price, expected to vest (in dollars per share)	$ 222.31
Options exercisable (in shares)	3,237	3,512
Weighted average exercise price of exercisable options (in dollars per share)	$ 163.45	$ 159.46
Weighted average exercise price of granted options (in dollars per share)	$ 67.47
Aggregate Intrinsic Value	$ 324,687	$ 113,681
Aggregate intrinsic value, exercised	$ 33,922

Dispositions	9 Months Ended
Dispositions	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Russia Disposition	Russia Disposition During the second quarter of 2023, the Company signed definitive documents to sell its Russia business to a third party. At June 30, 2023, the Company concluded that the sale was not considered probable due to continued uncertainty regarding regulatory approvals and ongoing discussions regarding the nature and timing of deal completion. As such, the assets and liabilities associated with the Company's Russian business were not classified as held for sale prior to the completion of the transaction. During August 2023, the Company received the outstanding regulatory approvals, and the sale was completed on August 15, 2023. The sale includes the entirety of the Company's operations in Russia and results in a complete exit from the Russia market. The Russia business was historically reported within the Company's Fleet segment and did not meet the criteria to be presented as discontinued operations. The Company received total proceeds, net of cash disposed and net of a $5.6 million foreign exchange loss upon conversion of the ruble-denominated proceeds to U.S. dollars, of $197.0 million, which have been recorded within investing activities in the accompanying Unaudited Consolidated Statements of Cash Flows. In connection with the sale, the Company recorded a net gain on disposal of approximately $13.7 million during the third quarter of 2023, which represents the proceeds received less the derecognition of the related net assets, the reclassification of accumulated foreign currency translation losses, and the foreign exchange loss upon conversion of the ruble-denominated proceeds to U.S. dollars. The net gain is included within other (income) expense, net in the accompanying Unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2023. The business in Russia accounted for approximately $62.0 million and $59.1 million of the Company's consolidated income before income taxes for the nine months ended September 30, 2023 and 2022, respectively. The Company's assets in Russia were approximately 3.2% of consolidated assets at December 31, 2022.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Expense Related to Share-Based Payments


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock options	$	4,921	$	17,434	$	18,482	$	53,558
Restricted stock	24,152		16,747		71,435		47,270
Stock-based compensation	$	29,073	$	34,181	$	89,917	$	100,828

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, 2023 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	37,281	2.24
Restricted stock	61,573		0.75
Total	$	98,854

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, 2023 (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, 2022	5,301	$	188.12	3,512	$	159.46			$	113,681
Granted	186	203.36					$	67.47
Exercised	(573)	171.92							$	33,922
Forfeited	(78)	241.63
Outstanding at September 30, 2023	4,836	$	189.76	3,237	$	163.45			$	324,687
Expected to vest as of September 30, 2023	749	$	222.31

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 awards and restricted stock units for the nine months ended September 30, 2023 (shares in thousands):


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022	435	$	237.68
Granted	441	213.36
Issued	(307)	235.55
Cancelled	(21)	232.16
Outstanding at September 30, 2023	548	$	219.52

Russia Disposition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition of business			$ 13,712	$ 0
Income before income taxes	$ 370,094	$ 339,898	991,508	978,221
Income (Loss) Before Income Taxes \| Geographic Concentration Risk \| RUSSIAN FEDERATION
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes			62,000	$ 59,100
Assets, Total \| Geographic Concentration Risk \| RUSSIAN FEDERATION
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Concentration risk, percentage					3.20%
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Russia Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Foreign exchange loss	5,600		$ 5,600
Proceeds from disposal of a business, net of cash disposed	197,000
Gain on disposition of business	$ 13,700

Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Other obligations	$ 1,881	$ 2,950
Total notes payable and credit agreements	5,587,014	5,749,894
Securitization Facility	1,396,000	1,287,000
Total notes payable, credit agreements and Securitization Facility	6,983,014	7,036,894
Current portion	2,345,803	2,314,056
Long-term portion	4,637,211	4,722,838
Term Loan A
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	2,900,963	2,956,053
Term Loan B
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	1,844,159	1,855,891
Revolving line of credit facilities
Debt Instrument [Line Items]
Revolving line of credit facilities	$ 840,011	$ 935,000

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impact of foreign exchange rates on intangible assets	$ 5.7
Amortization expense of intangible assets	$ 169.5	$ 163.1

Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segments

The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. We manage and report our operating results through four reportable segments: Fleet, Corporate Payments, Lodging and Brazil. The remaining results are included within Other, which includes our Gift and Payroll Card businesses. These segments align with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information.

The Company’s segment results are as follows for the three and nine month periods ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	20231		2022		20231		2022
Revenues, net:
Fleet	$	365,502	$	395,203	$	1,120,823	$	1,124,157
Corporate Payments	258,800		196,941		732,958		570,408
Lodging	141,389		125,961		400,287		337,438
Brazil	134,172		108,583		381,998		322,945
Other2	71,029		66,312		184,333		188,571
	$	970,892	$	893,000	$	2,820,399	$	2,543,519
Operating income:
Fleet	$	186,614	$	192,598	$	547,637	$	547,233
Corporate Payments	102,143		69,669		265,100		193,735
Lodging	74,023		63,463		196,832		161,802
Brazil	61,054		44,646		168,673		123,591
Other2	21,143		18,794		54,580		51,010
	$	444,977	$	389,170	$	1,232,822	$	1,077,371
Depreciation and amortization:
Fleet	$	34,219	$	34,897	$	104,147	$	104,531
Corporate Payments	21,114		15,864		61,458		48,936
Lodging	12,189		10,474		35,247		31,329
Brazil	14,989		13,756		45,065		41,164
Other2	2,239		2,222		6,741		6,529
	$	84,750	$	77,213	$	252,658	$	232,489

2Other includes Gift and Payroll Card operating segments.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance	$ 3,263,436	$ 2,881,860	$ 2,541,493	$ 2,687,669	$ 2,904,416	$ 2,866,580	$ 2,541,493	$ 2,866,580
Other comprehensive (loss) income before reclassifications							55,113	(198,582)
Amounts reclassified from AOCL							95,666	13,582
Tax effect							(3,063)	(10,829)
Total other comprehensive (loss) income	(4,671)	76,753	75,634	(246,612)	(150,396)	201,179	147,716	(195,829)
Stockholders' Equity ending balance	3,059,451	3,263,436	2,881,860	2,227,052	2,687,669	2,904,416	3,059,451	2,227,052
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance	(1,357,263)	(1,434,016)	(1,509,650)	(1,413,833)	(1,263,437)	(1,464,616)	(1,509,650)	(1,464,616)
Total other comprehensive (loss) income	(4,671)	76,753	75,634	(246,612)	(150,396)	201,179
Stockholders' Equity ending balance	(1,361,934)	$ (1,357,263)	(1,434,016)	(1,660,445)	$ (1,413,833)	(1,263,437)	(1,361,934)	(1,660,445)
Cumulative Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance			(1,518,640)			(1,441,505)	(1,518,640)	(1,441,505)
Other comprehensive (loss) income before reclassifications							(16,387)	(228,666)
Amounts reclassified from AOCL							120,269	0
Tax effect							0	0
Total other comprehensive (loss) income							103,882	(228,666)
Stockholders' Equity ending balance	(1,414,758)			(1,670,171)			(1,414,758)	(1,670,171)
Unrealized Gains (Losses) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity beginning balance			$ 8,990			$ (23,111)	8,990	(23,111)
Other comprehensive (loss) income before reclassifications							71,500	30,084
Amounts reclassified from AOCL							(24,603)	13,582
Tax effect							(3,063)	(10,829)
Total other comprehensive (loss) income							43,834	32,837
Stockholders' Equity ending balance	$ 52,824			$ 9,726			$ 52,824	$ 9,726

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Accounts and Other Receivables (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Company's Accounts Receivable and Securitized Accounts Receivable

The Company's accounts and securitized accounts receivable include the following at September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Gross domestic accounts receivable	$	1,326,581	$	985,873
Gross domestic securitized accounts receivable	1,396,000		1,287,000
Gross foreign receivables	1,499,608		1,228,718


Total gross receivables	4,222,189		3,501,591
Less allowance for credit losses	(170,914)		(149,846)
Net accounts and securitized accounts receivables	$	4,051,275	$	3,351,745

Allowance for Doubtful Accounts Related to Accounts Receivable

A roll forward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30, 2023 and 2022 is as follows (in thousands):


	2023		2022
Allowance for credit losses beginning of period	$	149,846	$	98,719
Provision for credit losses	103,495		89,976
Write-offs	(92,406)		(58,284)
Recoveries	8,242		5,329
Impact of foreign currency	1,737		(1,713)

Allowance for credit losses end of period	$	170,914	$	134,027

Fair Value Measurements - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Carrying amount of investments without readily determinable fair value	$ 68.0

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and December 31, 2022 (in thousands):


	Fair Value		Level 1		Level 2		Level 3
September 30, 2023
Assets:
Repurchase agreements	$	207,458	$	—	$	207,458	$	—
Money market mutual funds	154,886		—		154,886		—
Certificates of deposit	226,541		—		226,541		—
Treasury bills	184,625		—		184,625		—
Interest rate swaps	54,125		—		54,125		—
Cross-currency interest rate swap	6,850		—		6,850		—
Foreign exchange contracts	317,084		—		317,084		—
Total assets	$	1,151,569	$	—	$	1,151,569	$	—
Cash collateral for foreign exchange contracts	$	46,100
Liabilities:
Interest rate swaps	$	6,526	$	—	6,526		—

Foreign exchange contracts	266,967		—		266,967		—
Total liabilities	$	273,493	$	—	$	273,493	$	—
Cash collateral obligation for foreign exchange contracts	$	187,100

December 31, 2022
Assets:
Repurchase agreements	$	444,216	$	—	$	444,216	$	—
Money market mutual funds	37,821		—		37,821		—
Certificates of deposit	181		—		181		—
Interest rate swaps	11,953		—		11,953		—
Foreign exchange contracts	266,917		—		266,917		—
Total assets	$	761,088	$	—	$	761,088	$	—
Cash collateral for foreign exchange contracts	$	56,103
Liabilities:

Foreign exchange contracts	224,725		—		224,725		—
Total liabilities	$	224,725	$	—	$	224,725	$	—
Cash collateral obligation for foreign exchange contracts	$	148,167

Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 5,553,546	$ 5,201,435
Global Reach, Mini Digital, and Business Gateway AG
Business Acquisition [Line Items]
Trade and other receivables	20,312
Prepaid expenses and other current assets	120,346
Other long term assets	10,506
Goodwill	372,479
Intangibles	211,117
Accounts payable and accrued expenses	(95,180)
Other current liabilities	(139,801)
Other noncurrent liabilities	(61,442)
Aggregate purchase price	$ 438,337
Levarti, Accrualify, Plugsurfing, and Roomex
Business Acquisition [Line Items]
Trade and other receivables		13,349
Prepaid expenses and other current assets		4,006
Other long term assets		463
Goodwill		164,123
Intangibles		50,145
Accounts payable and accrued expenses		(20,273)
Other current liabilities		(4,960)
Other noncurrent liabilities		(9,281)
Aggregate purchase price		$ 197,572

Accumulated Other Comprehensive Loss (AOCL) (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in the components of AOCL, net of tax, for the nine months ended September 30, 2023 and 2022 are as follows (in thousands):


	September 30, 2023
	Cumulative Foreign Currency Translation		Unrealized Gains (Losses) on Derivative Instruments		Total Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2022	$	(1,518,640)	$	8,990	$	(1,509,650)
Other comprehensive (loss) income before reclassifications	(16,387)		71,500		55,113
Amounts reclassified from AOCL	120,269		(24,603)		95,666
Tax effect	—		(3,063)		(3,063)
Other comprehensive income, net of tax	103,882		43,834		147,716
Balance at September 30, 2023	$	(1,414,758)	$	52,824	$	(1,361,934)


	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, net of tax	(228,666)		32,837		(195,829)
Balance at September 30, 2022	$	(1,670,171)	$	9,726	$	(1,660,445)

Income taxes - Narrative (Details)	3 Months Ended
Income taxes - Narrative (Details)	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	26.60%	26.80%

Acquisitions - Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Trade Name and Trademarks
Business Acquisition [Line Items]
Useful lives (in years)	1 year 10 months 24 days
Levarti, Accrualify, Plugsurfing, and Roomex
Business Acquisition [Line Items]
Intangibles		$ 50,145
Levarti, Accrualify, Plugsurfing, and Roomex \| Trade Name and Trademarks
Business Acquisition [Line Items]
Indefinite-lived intangible assets		$ 4,705
Levarti, Accrualify, Plugsurfing, and Roomex \| Trade Name and Trademarks \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)		2 years
Levarti, Accrualify, Plugsurfing, and Roomex \| Proprietary Technology
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 11,646
Levarti, Accrualify, Plugsurfing, and Roomex \| Proprietary Technology \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)		5 years
Levarti, Accrualify, Plugsurfing, and Roomex \| Proprietary Technology \| Maximum
Business Acquisition [Line Items]
Useful lives (in years)		10 years
Levarti, Accrualify, Plugsurfing, and Roomex \| Lodging
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 1,402
Levarti, Accrualify, Plugsurfing, and Roomex \| Lodging \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)		10 years
Levarti, Accrualify, Plugsurfing, and Roomex \| Lodging \| Maximum
Business Acquisition [Line Items]
Useful lives (in years)		20 years
Levarti, Accrualify, Plugsurfing, and Roomex \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 32,392
Levarti, Accrualify, Plugsurfing, and Roomex \| Customer Relationships \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)		5 years
Levarti, Accrualify, Plugsurfing, and Roomex \| Customer Relationships \| Maximum
Business Acquisition [Line Items]
Useful lives (in years)		20 years

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Total assets	$ 1,151,569	$ 761,088
Liabilities:
Total liabilities	273,493	224,725
Repurchase agreements
Assets:
Cash and cash equivalents	207,458	444,216
Money market mutual funds
Assets:
Cash and cash equivalents	154,886	37,821
Certificates of deposit
Assets:
Cash and cash equivalents	226,541	181
Treasury bills
Assets:
Cash and cash equivalents	184,625
Interest rate swaps
Assets:
Derivative asset	54,125	11,953
Liabilities:
Derivative Liabilities	6,526
Cross-currency interest rate swap
Assets:
Derivative asset	6,850
Foreign exchange contracts
Assets:
Derivative asset	317,084	266,917
Cash collateral for foreign exchange contracts	46,100	56,103
Liabilities:
Derivative Liabilities	266,967	224,725
Cash collateral obligation for foreign exchange contracts	187,100	148,167
Level 1
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 1 \| Repurchase agreements
Assets:
Cash and cash equivalents	0	0
Level 1 \| Money market mutual funds
Assets:
Cash and cash equivalents	0	0
Level 1 \| Certificates of deposit
Assets:
Cash and cash equivalents	0	0
Level 1 \| Treasury bills
Assets:
Cash and cash equivalents	0
Level 1 \| Interest rate swaps
Assets:
Derivative asset	0	0
Liabilities:
Derivative Liabilities	0
Level 1 \| Cross-currency interest rate swap
Assets:
Derivative asset	0
Level 1 \| Foreign exchange contracts
Assets:
Derivative asset	0	0
Liabilities:
Derivative Liabilities	0	0
Level 2
Assets:
Total assets	1,151,569	761,088
Liabilities:
Total liabilities	273,493	224,725
Level 2 \| Repurchase agreements
Assets:
Cash and cash equivalents	207,458	444,216
Level 2 \| Money market mutual funds
Assets:
Cash and cash equivalents	154,886	37,821
Level 2 \| Certificates of deposit
Assets:
Cash and cash equivalents	226,541	181
Level 2 \| Treasury bills
Assets:
Cash and cash equivalents	184,625
Level 2 \| Interest rate swaps
Assets:
Derivative asset	54,125	11,953
Liabilities:
Derivative Liabilities	6,526
Level 2 \| Cross-currency interest rate swap
Assets:
Derivative asset	6,850
Level 2 \| Foreign exchange contracts
Assets:
Derivative asset	317,084	266,917
Liabilities:
Derivative Liabilities	266,967	224,725
Level 3
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 3 \| Repurchase agreements
Assets:
Cash and cash equivalents	0	0
Level 3 \| Money market mutual funds
Assets:
Cash and cash equivalents	0	0
Level 3 \| Certificates of deposit
Assets:
Cash and cash equivalents	0	0
Level 3 \| Treasury bills
Assets:
Cash and cash equivalents	0
Level 3 \| Interest rate swaps
Assets:
Derivative asset	0	0
Liabilities:
Derivative Liabilities	0
Level 3 \| Cross-currency interest rate swap
Assets:
Derivative asset	0
Level 3 \| Foreign exchange contracts
Assets:
Derivative asset	0	0
Liabilities:
Derivative Liabilities	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity - Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended						92 Months Ended
	Sep. 26, 2023	Aug. 18, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Oct. 25, 2022	Oct. 24, 2022
Class of Stock [Line Items]
Shares repurchased			$ 534,937	$ 2,376	$ 9,597	$ 500,342	$ 372,566	$ 422,736
Accelerated share repurchases, (payment) receipt		$ (450,000)
Accelerated share repurchases, shares received at inception (in shares)		1,372,841
Accelerated share repurchases, initial price paid (in dollars per share)		$ 262.23
Accelerated share repurchases, additional shares received	293,588
Accelerated share repurchases, final price paid (in dollars per share)	$ 270.04
Program \| Common Stock
Class of Stock [Line Items]
Increase in authorized amount to be repurchased											$ 1,000,000
Stock repurchase program, approved amount										$ 7,100,000
Shares repurchased (in shares)									28,314,820
Shares repurchased									$ 6,400,000
Remaining authorized repurchase amount			$ 700,000						$ 700,000

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues, net	$ 970,892	$ 893,000	$ 2,820,399	$ 2,543,519
Expenses:
Processing	208,217	203,315	618,449	563,097
Selling	85,954	74,005	253,958	230,218
General and administrative	147,839	149,294	461,879	440,262
Depreciation and amortization	84,750	77,213	252,658	232,489
Other operating, net	(845)	3	633	82
Operating income	444,977	389,170	1,232,822	1,077,371
Other expenses:
Investment loss (gain)	30	174	(142)	519
Other (income) expense, net	(13,432)	3,688	(15,110)	6,187
Interest expense, net	88,285	45,410	256,566	90,510
Loss on extinguishment of debt	0	0	0	1,934
Total other expense	74,883	49,272	241,314	99,150
Income before income taxes	370,094	339,898	991,508	978,221
Provision for income taxes	98,598	91,013	265,475	249,213
Net income	$ 271,496	$ 248,885	$ 726,033	$ 729,008
Basic earnings per share (in dollars per share)	$ 3.71	$ 3.34	$ 9.87	$ 9.55
Diluted earnings per share (in dollars per share)	$ 3.64	$ 3.29	$ 9.72	$ 9.38
Weighted average shares outstanding:
Basic (in shares)	73,165	74,461	73,523	76,311
Diluted (in shares)	74,604	75,558	74,733	77,687

Accounts and Other Receivables - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 4,222,189	$ 3,501,591
Less allowance for credit losses	(170,914)	(149,846)	$ (134,027)	$ (98,719)
Net accounts and securitized accounts receivables	4,051,275	3,351,745
Gross domestic accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	1,326,581	985,873
Gross domestic securitized accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	1,396,000	1,287,000
Gross foreign receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 1,499,608	$ 1,228,718

Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2023

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, 2022		Acquisitions1		Dispositions2		Acquisition Accounting Adjustments		Foreign Currency		September 30, 2023







Goodwill	$	5,201,435	$	372,479	$	(40,857)	$	3,746	$	16,743	$	5,553,546

2 Reflects goodwill derecognized in connection with the disposition of the Company's operations in Russia. See Note 15 for additional information.

As of September 30, 2023 and December 31, 2022, other intangibles consisted of the following (in thousands):


		September 30, 2023						December 31, 2022
	Weighted- Avg Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount
Customer and vendor relationships	17.1	$	3,073,277	$	(1,438,677)	$	1,634,600	$	2,922,586	$	(1,332,542)	$	1,590,044
Trade names and trademarks—indefinite lived	N/A	423,340		—		423,340		419,270		—		419,270
Trade names and trademarks—other	1.9	50,447		(13,873)		36,574		47,939		(9,111)		38,828
Software	6.0	285,396		(231,227)		54,169		278,460		(216,858)		61,602
Non-compete agreements	4.2	83,822		(67,506)		16,316		80,098		(58,868)		21,230

Total other intangibles		$	3,916,282	$	(1,751,283)	$	2,164,999	$	3,748,353	$	(1,617,379)	$	2,130,974
N/A = Not Applicable

Changes in foreign exchange rates resulted in a $5.7 million increase to the net carrying values of other intangibles in the nine months ended September 30, 2023. Amortization expense related to intangible assets for the nine months ended September 30, 2023 and 2022 was $169.5 million and $163.1 million, respectively.

Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions


	Notional
	September 30, 2023		December 31, 2022
Foreign exchange contracts:
Swaps	$	194.3	$	160.9
Futures and forwards	19,841.1		15,159.4
Written options	19,671.8		13,701.9
Purchased options	15,983.3		11,474.2
Total	$	55,690.5	$	40,496.4


Notional Amount	Fixed Rates	Maturity Date
$500	2.50%	12/19/2023
$250	4.01%	7/31/2025
$250	4.02%	7/31/2025
$500	3.80%	1/31/2026
$250	3.71%	7/31/2026
$250	3.72%	7/31/2026
$100	4.35%	7/31/2026
$250	4.40%	7/31/2026
$250	4.40%	7/31/2026
$400	4.33%	7/31/2026
$250	4.29%	1/31/2027
$250	4.29%	1/31/2027
$250	4.19%	7/31/2027
$250	4.19%	7/31/2027

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, 2023 and December 31, 2022 (in millions):


	September 30, 2023
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	607.7	$	557.6	$	317.1	$	267.0
Cash collateral	46.1		187.1		46.1		187.1
Total net of cash collateral	$	561.6	$	370.5	$	271.0	$	79.9


	December 31, 2022
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	582.2	$	540.0	$	266.9	$	224.7
Cash collateral	56.1		148.2		56.1		148.2
Total net of cash collateral	$	526.1	$	391.8	$	210.8	$	76.5

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, 2023 and December 31, 2022 (in millions):


	September 30, 2023						December 31, 2022
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,824.6	$	(3,647.4)	$	177.2	$	2,409.8	$	(2,266.0)	$	143.8
Liabilities
Accounts Payable	$	3,736.9	$	(3,647.4)	$	89.5	$	2,332.5	$	(2,266.0)	$	66.5


		September 30, 2023		December 31, 2022
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$	222.3	$	204.9
Derivative Assets	Other assets	$	94.8	$	62.0
Derivative Liabilities	Other current liabilities	$	188.8	$	184.1
Derivative Liabilities	Other noncurrent liabilities	$	78.2	$	40.6

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, 2023 and December 31, 2022 (in millions):


	September 30, 2023						December 31, 2022
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,824.6	$	(3,647.4)	$	177.2	$	2,409.8	$	(2,266.0)	$	143.8
Liabilities
Accounts Payable	$	3,736.9	$	(3,647.4)	$	89.5	$	2,332.5	$	(2,266.0)	$	66.5


		September 30, 2023		December 31, 2022
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$	222.3	$	204.9
Derivative Assets	Other assets	$	94.8	$	62.0
Derivative Liabilities	Other current liabilities	$	188.8	$	184.1
Derivative Liabilities	Other noncurrent liabilities	$	78.2	$	40.6

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


		September 30, 2023		December 31, 2022
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$	45.5	$	12.0
Swap contracts	Other assets	$	8.6	$	—

Swap contracts	Other noncurrent liabilities	$	(6.5)	$	—

Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues, net	$ 970,892	$ 893,000	$ 2,820,399	$ 2,543,519
Other non-cash operating expense, net	444,977	389,170	1,232,822	1,077,371
Depreciation and amortization	84,750	77,213	252,658	232,489
Fleet
Segment Reporting Information [Line Items]
Revenues, net	365,502	395,203	1,120,823	1,124,157
Other non-cash operating expense, net	186,614	192,598	547,637	547,233
Depreciation and amortization	34,219	34,897	104,147	104,531
Corporate Payments
Segment Reporting Information [Line Items]
Revenues, net	258,800	196,941	732,958	570,408
Other non-cash operating expense, net	102,143	69,669	265,100	193,735
Depreciation and amortization	21,114	15,864	61,458	48,936
Lodging
Segment Reporting Information [Line Items]
Revenues, net	141,389	125,961	400,287	337,438
Other non-cash operating expense, net	74,023	63,463	196,832	161,802
Depreciation and amortization	12,189	10,474	35,247	31,329
Brazil
Segment Reporting Information [Line Items]
Revenues, net	134,172	108,583	381,998	322,945
Other non-cash operating expense, net	61,054	44,646	168,673	123,591
Depreciation and amortization	14,989	13,756	45,065	41,164
Other
Segment Reporting Information [Line Items]
Revenues, net	71,029	66,312	184,333	188,571
Other non-cash operating expense, net	21,143	18,794	54,580	51,010
Depreciation and amortization	$ 2,239	$ 2,222	$ 6,741	$ 6,529

- 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

+ Details

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, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative Asset, Fair Value, Gross	$ 317.1	$ 266.9
Cash collateral	46.1	56.1
Derivative Asset, Fair Value, Gross, Total net of cash collateral	561.6	526.1
Derivative Liabilities, Fair Value, Gross	267.0	224.7
Cash collateral	187.1	148.2
Derivative Liabilities, Fair Value, Gross, Total net of cash collateral	370.5	391.8
Derivative Assets	607.7	582.2
Derivative Assets, Total net of cash collateral	271.0	210.8
Derivative liability	557.6	540.0
Derivative Liabilities, Total net of cash collateral	$ 79.9	$ 76.5

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended						9 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jan. 31, 2023	Nov. 30, 2022	Sep. 30, 2022	Aug. 31, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022	Feb. 28, 2023
Acquired Company 1
Business Acquisition [Line Items]
Noncompete agreement								$ 1,100
Acquired Company 2
Business Acquisition [Line Items]
Noncompete agreement								1,200
Global Reach
Business Acquisition [Line Items]
Business acquisition, interest acquired		100.00%
Aggregate purchase price		$ 102,900
Business Gateway AG
Business Acquisition [Line Items]
Business acquisition, interest acquired									100.00%
PayByPhone
Business Acquisition [Line Items]
Business acquisition, interest acquired	100.00%						100.00%
Aggregate purchase price	$ 303,200
Intangibles	150,500						$ 150,500
Global Reach, Mini Digital, and Business Gateway AG
Business Acquisition [Line Items]
Aggregate purchase price							438,300
Cash acquired from acquisition							115,000
Intangibles	$ 211,117						211,117
Mina Digital Limited
Business Acquisition [Line Items]
Acquisitions, previously held equity-method investment							$ 8,500
Levarti
Business Acquisition [Line Items]
Aggregate purchase price						$ 23,700
Accrualify
Business Acquisition [Line Items]
Aggregate purchase price					$ 41,200
Plugsurfing
Business Acquisition [Line Items]
Aggregate purchase price				$ 75,800
Roomex
Business Acquisition [Line Items]
Aggregate purchase price			$ 56,800
Levarti, Accrualify, Plugsurfing, and Roomex
Business Acquisition [Line Items]
Aggregate purchase price								197,600
Intangibles								$ 50,145