0001628280-24-046515 | 10-Q | XBRL Viewer

Debt

9 Months Ended

Sep. 30, 2024

The Company is party to a $7.5 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"), which has been amended multiple times. 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, 2024		December 31, 2023
Term Loan A note payable, net of discounts	$	3,124,083	$	2,882,595
Term Loan B note payable, net of discounts	2,332,132		1,840,244
Revolving line of credit facilities	975,000		692,318
Other obligations	17,529		748



Total notes payable, credit agreements, and other obligations	6,448,744		5,415,905
Securitization Facility	1,314,000		1,307,000
Total debt	$	7,762,744	$	6,722,905
Current portion	$	2,491,148	$	2,126,749
Long-term portion	5,271,596		4,596,156
Total debt	$	7,762,744	$	6,722,905

On September 26, 2024, the Company entered into the fifteenth amendment to the Credit Agreement. The amendment a) increased the Term Loan B commitments by $500 million and b) removed the SOFR adjustment margin of 0.10% from the calculation of interest on Term Loan B borrowings. The Company used the Term Loan B proceeds to pay down existing borrowings under the revolving credit facility. The maturity dates and the interest rates for the revolving credit facility and Term Loan A commitments were unchanged by this amendment.

The Company was in compliance with all financial and non-financial covenants under the Credit Agreement and Securitization Facility at September 30, 2024.

The contractual maturities of the Company’s total notes payable, credit agreements and other obligations at September 30, 2024 were as follows (in thousands):


Remaining 2024	$	1,040,092
2025	190,250
2026	190,250
2027	2,779,313
2028	2,266,875
Thereafter	—
Total principal payments	6,466,780
Less: debt discounts and issuance costs included in debt	(18,036)
Total notes payable, credit agreements, and other obligations	$	6,448,744

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 5,927,838		$ 5,644,958
Zapay
Business Acquisition [Line Items]
Trade and other receivables		$ 12,632
Prepaid expenses and other current assets		1,330
Other long term assets		3,589
Goodwill		380,248
Intangibles		245,503
Accounts payable		(9,839)
Other current liabilities		(302,203)
Other noncurrent liabilities		(63,102)
Total fair value of net assets acquired		268,158
Less: Noncontrolling interest		(29,437)
Aggregate purchase price, net of cash acquired		$ 238,721
Global Reach, Mina Digital, and Business Gateway AG
Business Acquisition [Line Items]
Trade and other receivables			9,299
Prepaid expenses and other current assets			46,425
Other long term assets			13,302
Goodwill			383,851
Intangibles			158,689
Accounts payable			(25,238)
Other current liabilities			(132,132)
Other noncurrent liabilities			(18,923)
Total fair value of net assets acquired			$ 435,273

Debt - Narrative (Details) - Credit Agreement - USD ($) $ in Millions	Sep. 26, 2024	Sep. 30, 2024
Debt Instrument [Line Items]
Debt instrument, face amount		$ 7,500
Revolving line of credit facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, increase in maximum borrowing capacity	$ 500
Debt instrument, basis spread on variable rate	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

Unaudited Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Parent	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interest
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
Net income	726,033
Other comprehensive income (loss), net of tax	147,716
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
Net income	271,496				271,496
Other comprehensive income (loss), net of tax	(4,671)
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			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)
Stockholders' equity, beginning balance at Dec. 31, 2023	3,282,359	$ 3,282,359	129	3,266,185	8,192,659	(1,289,099)	(6,887,515)
Stockholders' equity, beginning balance at Dec. 31, 2023	3,282,359					(1,289,099)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	229,803	229,769			229,769			$ 34
Other comprehensive income (loss), net of tax	(51,990)	(51,748)				(51,748)		(242)
Acquisition of noncontrolling interest	28,057							28,057
Acquisition of common stock	(321,776)	(321,776)					(321,776)
Stock-based compensation	24,979	24,979		24,979
Issuance of common stock	90,838	90,838	1	90,837
Stockholders' equity, ending balance at Mar. 31, 2024	3,282,270	3,254,421	130	3,382,001	8,422,428	(1,340,847)	(7,209,291)	27,849
Stockholders' equity, beginning balance at Dec. 31, 2023	3,282,359	3,282,359	129	3,266,185	8,192,659	(1,289,099)	(6,887,515)
Stockholders' equity, beginning balance at Dec. 31, 2023	3,282,359					(1,289,099)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	757,728
Net income	757,791
Other comprehensive income (loss), net of tax	(175,394)
Other comprehensive income (loss), net of tax	(172,875)
Stockholders' equity, ending balance at Sep. 30, 2024	3,114,138	3,087,283	130	3,531,445	8,950,450	(1,461,974)	(7,932,768)	26,855
Stockholders' equity, ending balance at Sep. 30, 2024	3,087,283					(1,461,974)
Stockholders' equity, beginning balance at Mar. 31, 2024	3,282,270	3,254,421	130	3,382,001	8,422,428	(1,340,847)	(7,209,291)	27,849
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	251,663	251,625			251,625			38
Other comprehensive income (loss), net of tax	(161,137)	(158,138)				(158,138)		(2,999)
Acquisition of common stock	(633,714)	(633,714)					(633,714)
Stock-based compensation	27,108	27,108		27,108
Issuance of common stock	9,403	9,403		9,403
Stockholders' equity, ending balance at Jun. 30, 2024	2,775,593	2,750,705	130	3,418,512	8,674,053	(1,498,985)	(7,843,005)	24,888
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	276,262	276,397			276,397			(135)
Net income	276,397
Other comprehensive income (loss), net of tax	37,733	37,011				37,011		722
Acquisition of noncontrolling interest	1,380							1,380
Acquisition of common stock	(89,763)	(89,763)					(89,763)
Stock-based compensation	28,506	28,506		28,506
Issuance of common stock	84,427	84,427		84,427
Stockholders' equity, ending balance at Sep. 30, 2024	3,114,138	$ 3,087,283	$ 130	$ 3,531,445	$ 8,950,450	(1,461,974)	$ (7,932,768)	$ 26,855
Stockholders' equity, ending balance at Sep. 30, 2024	$ 3,087,283					$ (1,461,974)

Accumulated Other Comprehensive Loss (AOCL)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss (AOCL)

The changes in the components of AOCL, net of tax and noncontrolling interest, for the nine months ended September 30, 2024 and 2023 are as follows (in thousands):


	September 30, 2024
	Cumulative Foreign Currency Translation		Unrealized (Losses) Gains on Derivative Instruments		Total Accumulated Other Comprehensive Loss Attributable to Corpay
Balance at December 31, 2023	$	(1,258,282)	$	(30,817)	$	(1,289,099)
Other comprehensive (loss) income before reclassifications	(120,204)		(31,461)		(151,665)
Amounts reclassified from AOCL	—		(38,100)		(38,100)
Tax effect	—		16,890		16,890
Other comprehensive (loss) income, net of tax	(120,204)		(52,671)		(172,875)
Balance at September 30, 2024	$	(1,378,486)	$	(83,488)	$	(1,461,974)

Other comprehensive loss attributable to the Company's noncontrolling interest, which are not included in the table above, for the nine months ended September 30, 2024 consisted of foreign currency translation losses of $2.6 million.


	September 30, 2023
	Cumulative Foreign Currency Translation		Unrealized Gains (Losses) on Derivative Instruments		Total Accumulated Other Comprehensive (Loss) Income Attributable to Corpay
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)

Acquisitions - Summary of Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Trade names and trademarks—other
Business Acquisition [Line Items]
Useful lives (in years)	2 years 8 months 12 days
Customer and vendor relationships
Business Acquisition [Line Items]
Useful lives (in years)	16 years 4 months 24 days
Zapay
Business Acquisition [Line Items]
Intangibles		$ 245,503
Zapay \| Trade names and trademarks—other
Business Acquisition [Line Items]
Indefinite-lived intangible assets		$ 22,738
Zapay \| Trade names and trademarks—other \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)		7 years
Zapay \| Proprietary technology
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 18,385
Zapay \| Proprietary technology \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)		4 years
Zapay \| Proprietary technology \| Maximum
Business Acquisition [Line Items]
Useful lives (in years)		5 years
Zapay \| Customer and vendor relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 204,380
Zapay \| Customer and vendor relationships \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)		2 years
Zapay \| Customer and vendor relationships \| Maximum
Business Acquisition [Line Items]
Useful lives (in years)		20 years
Global Reach, Mina Digital, and Business Gateway AG
Business Acquisition [Line Items]
Intangibles			$ 158,689
Global Reach, Mina Digital, and Business Gateway AG \| Trade names and trademarks—other
Business Acquisition [Line Items]
Useful lives (in years)			2 years
Indefinite-lived intangible assets			$ 12,459
Global Reach, Mina Digital, and Business Gateway AG \| Proprietary technology \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)			5 years
Global Reach, Mina Digital, and Business Gateway AG \| Proprietary technology \| Maximum
Business Acquisition [Line Items]
Useful lives (in years)			7 years
Global Reach, Mina Digital, and Business Gateway AG \| Customer relationships \| Minimum
Business Acquisition [Line Items]
Useful lives (in years)			6 years
Global Reach, Mina Digital, and Business Gateway AG \| Customer relationships \| Maximum
Business Acquisition [Line Items]
Useful lives (in years)			20 years
Global Reach, Mina Digital, and Business Gateway AG \| Proprietary technology
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 11,885
Global Reach, Mina Digital, and Business Gateway AG \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 134,345

Segments (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	20241		20232		20241		20232
Revenues, net:
Vehicle Payments	$	506,803	$	500,632	$	1,511,142	$	1,505,752
Corporate Payments	321,850		257,842		875,725		730,026
Lodging Payments	134,023		141,389		367,695		400,287
Other	66,521		71,029		185,596		184,334
	$	1,029,197	$	970,892	$	2,940,158	$	2,820,399
Operating income:
Vehicle Payments	$	244,308	$	244,908	$	712,028	$	700,894
Corporate Payments	136,876		104,903		362,143		280,993
Lodging Payments	65,501		74,023		169,169		196,832
Other	21,447		21,143		55,469		54,103
	$	468,132	$	444,977	$	1,298,809	$	1,232,822
Depreciation and amortization:
Vehicle Payments	$	50,635	$	49,905	$	150,722	$	152,181
Corporate Payments	23,845		20,417		65,346		58,356
Lodging Payments	12,328		12,189		35,923		35,248
Other	2,738		2,239		6,657		6,873
	$	89,546	$	84,750	$	258,648	$	252,658

1 Results from Zapay acquired in the first quarter of 2024 are reported in the Vehicle Payments segment from the date of acquisition. Results from Paymerang acquired in the third quarter of 2024 are reported in the Corporate Payments segment from the date of acquisition.

2 Results of the Company's Russian business disposed of in August 2023 are included in the Vehicle Payments segment for all periods prior to disposition.

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

- 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

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, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to Corpay	$ 276,397	$ 271,496	$ 239,702	$ 214,835	$ 757,791	$ 726,033
Denominator for basic earnings per share (in shares)	69,518	73,165			70,460	73,523
Dilutive securities (in shares)	1,383	1,439			1,516	1,210
Denominator for diluted earnings per share (in shares)	70,901	74,604			71,976	74,733
Basic earnings per share attributable to Corpay (in dollars per share)	$ 3.98	$ 3.71			$ 10.75	$ 9.87
Diluted earnings per share attributable to Corpay (in dollars per share)	$ 3.90	$ 3.64			$ 10.53	$ 9.72

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Segments

9 Months Ended

Sep. 30, 2024

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 three reportable segments: Vehicle Payments, Corporate Payments and Lodging Payments. Our Gift and Payroll Card operating segments are included within Other. 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, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	20241		20232		20241		20232
Revenues, net:
Vehicle Payments	$	506,803	$	500,632	$	1,511,142	$	1,505,752
Corporate Payments	321,850		257,842		875,725		730,026
Lodging Payments	134,023		141,389		367,695		400,287
Other	66,521		71,029		185,596		184,334
	$	1,029,197	$	970,892	$	2,940,158	$	2,820,399
Operating income:
Vehicle Payments	$	244,308	$	244,908	$	712,028	$	700,894
Corporate Payments	136,876		104,903		362,143		280,993
Lodging Payments	65,501		74,023		169,169		196,832
Other	21,447		21,143		55,469		54,103
	$	468,132	$	444,977	$	1,298,809	$	1,232,822
Depreciation and amortization:
Vehicle Payments	$	50,635	$	49,905	$	150,722	$	152,181
Corporate Payments	23,845		20,417		65,346		58,356
Lodging Payments	12,328		12,189		35,923		35,248
Other	2,738		2,239		6,657		6,873
	$	89,546	$	84,750	$	258,648	$	252,658

2 Results of the Company's Russian business disposed of in August 2023 are included in the Vehicle Payments segment for all periods prior to disposition.

- 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.

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+ Details

Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Liabilities:
Net		$ 315,063
Spot Trade
Assets:
Gross	$ 3,630,200	2,499,900
Offset on the Balance Sheet	(3,424,700)	(2,373,800)
Net	205,500	126,100
Liabilities:
Gross	3,510,400	2,457,300
Offset on the Balance Sheet	(3,424,700)	(2,373,800)
Net	$ 85,700	$ 83,500

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+ Details

- Definition

Fair value of asset associated with 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.

+ References + Details

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2024	Sep. 30, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	200,000	700,000
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

Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2024

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, 2023		Acquisitions1		Transferred to Held for Sale2		Acquisition Accounting Adjustments		Foreign Currency		September 30, 2024





Goodwill	$	5,644,958	$	380,248	$	(58,220)	$	1,058	$	(40,206)	$	5,927,838

1 Reflects the recognition of preliminary goodwill related to the acquisitions completed by the Company during the nine months ended September 30, 2024. Of this amount, $73.2 million was assigned to the Vehicle Payments segment and $307.0 million was assigned to the Corporate Payments segment.

2 Reflects the reclassification of goodwill within the Vehicle Payments segment to held for sale during the second quarter of 2024. See Note 15.

As of September 30, 2024 and December 31, 2023, other intangibles consisted of the following (in thousands):


		September 30, 2024						December 31, 2023
	Weighted- Avg Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount
Customer and vendor relationships	16.4	$	3,236,866	$	(1,636,204)	$	1,600,662	$	3,044,522	$	(1,511,173)	$	1,533,349
Trade names and trademarks—indefinite lived	N/A	441,727		—		441,727		440,900		—		440,900
Trade names and trademarks—other	2.7	59,614		(19,185)		40,429		51,510		(15,334)		36,176
Software	5.7	313,885		(252,687)		61,198		299,780		(238,819)		60,961
Non-compete agreements	4.4	77,385		(68,802)		8,583		85,111		(70,834)		14,277

Total other intangibles		$	4,129,477	$	(1,976,878)	$	2,152,599	$	3,921,823	$	(1,836,160)	$	2,085,663
N/A = Not Applicable

Changes in foreign exchange rates resulted in $15.6 million decrease to the net carrying values of other intangibles in the nine months ended September 30, 2024. Amortization expense related to intangible assets for the nine months ended September 30, 2024 and 2023 was $169.6 million and $169.5 million, respectively.

The future estimated amortization of intangible assets at September 30, 2024 is as follows (in thousands):


Remaining 2024	$	58,514
2025	208,124
2026	190,086
2027	182,580
2028	177,954
Thereafter	893,614

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended					9 Months Ended		12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Feb. 28, 2023
Business Acquisition [Line Items]
Acquisitions, net of cash acquired						$ 245,719	$ 429,914
2024 Asset Acquisitions
Business Acquisition [Line Items]
Asset acquisition, consideration transferred						$ 6,700
Zapay
Business Acquisition [Line Items]
Business acquisition, interest acquired			70.00%
Acquisitions, net of cash acquired			$ 59,500
Period to acquire remaining percentage			4 years
Paymerang
Business Acquisition [Line Items]
Business acquisition, interest acquired	100.00%
Acquisitions, net of cash acquired	$ 179,200
Cash acquired from acquisition	$ 309,000
GPS Capital Markets, LLC
Business Acquisition [Line Items]
Business acquisition, interest acquired		100.00%
Aggregate purchase price		$ 725,000
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				$ 301,900
Global Reach, Mina Digital, and Business Gateway AG
Business Acquisition [Line Items]
Cash acquired from acquisition								$ 117,000
Aggregate purchase price								437,000
Mina Digital Limited
Business Acquisition [Line Items]
Acquisitions, previously held equity-method investment								$ 8,500

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Summary of Acquisition Accounting

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


Trade and other receivables	$	12,632
Prepaid expenses and other current assets	1,330
Other long term assets	3,589
Goodwill	380,248
Intangibles	245,503
Accounts payable	(9,839)
Other current liabilities	(302,203)
Other noncurrent liabilities	(63,102)
Total fair value of net assets acquired	$	268,158
Less: Noncontrolling interest	(29,437)
Aggregate purchase price, net of cash acquired	$	238,721

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


Trade and other receivables	$	9,299
Prepaid expenses and other current assets	46,425
Other long term assets	13,302
Goodwill	383,851
Intangibles	158,689
Accounts payable	(25,238)
Other current liabilities	(132,132)
Other noncurrent liabilities	(18,923)
Aggregate purchase price, net of cash acquired	$	435,273

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

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


	Useful Lives (in Years)	Value
Trade names and trademarks	7 to Indefinite	$	22,738
Proprietary technology	4 to 5	18,385
Customer and vendor relationships	2 to 20	204,380
		$	245,503

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


	Useful Lives (in Years)	Value
Trade names and trademarks	2 to Indefinite	$	12,459
Proprietary technology	5 to 7	11,885

Customer relationships	6 to 20	134,345

		$	158,689

Accounts and Other Receivables (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Company's Accounts Receivable and Securitized Accounts Receivable

The Company's accounts and securitized accounts receivable include the following at September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Gross domestic accounts receivable	$	1,257,556	$	921,206
Gross domestic securitized accounts receivable	1,314,000		1,307,000
Gross foreign receivables	1,523,965		1,420,543


Total gross receivables	4,095,521		3,648,749
Less allowance for credit losses	(142,048)		(180,163)
Net accounts and securitized accounts receivables	$	3,953,473	$	3,468,586

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, 2024 and 2023 is as follows (in thousands):


	2024		2023
Allowance for credit losses beginning of period	$	180,163	$	149,846
Provision for credit losses	81,561		103,495
Write-offs	(115,856)		(92,406)
Recoveries	8,272		8,242
Impact of foreign currency	(12,092)		1,737

Allowance for credit losses end of period	$	142,048	$	170,914

Accounts and Other Receivables

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Accounts and Other Receivables

The Company's accounts and securitized accounts receivable include the following at September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Gross domestic accounts receivable	$	1,257,556	$	921,206
Gross domestic securitized accounts receivable	1,314,000		1,307,000
Gross foreign receivables	1,523,965		1,420,543


Total gross receivables	4,095,521		3,648,749
Less allowance for credit losses	(142,048)		(180,163)
Net accounts and securitized accounts receivables	$	3,953,473	$	3,468,586

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 primarily from charge card activity and other customer receivables 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 consolidated subsidiary. In turn, Funding transfers in the form of a legal sale, without recourse, on a revolving basis, an undivided 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. As the Company maintains certain continuing involvement in the transferred/sold receivables, it does not derecognize the receivables from its Consolidated Balance Sheets. Instead, the Company records cash proceeds and any residual interest received as a Securitization Facility liability.

The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities. The maturity date for the Company's Securitization Facility is August 18, 2025.

A roll forward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30, 2024 and 2023 is as follows (in thousands):


	2024		2023
Allowance for credit losses beginning of period	$	180,163	$	149,846
Provision for credit losses	81,561		103,495
Write-offs	(115,856)		(92,406)
Recoveries	8,272		8,242
Impact of foreign currency	(12,092)		1,737

Allowance for credit losses end of period	$	142,048	$	170,914

The provision for credit losses decreased during the nine months ended September 30, 2024 versus the comparable prior period primarily due to improved customer loss rates in the Company's U.S. Vehicle Payments business. Write-offs include fully reserved receivables against the allowance.

Accounts and Other Receivables - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses beginning of period	$ 180,163	$ 149,846
Provision for credit losses	81,561	103,495
Write-offs	(115,856)	(92,406)
Recoveries	8,272	8,242
Impact of foreign currency	(12,092)	1,737
Allowance for credit losses end of period	$ 142,048	$ 170,914

Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Other obligations	$ 17,529	$ 748
Total notes payable, credit agreements, and other obligations	6,448,744	5,415,905
Securitization Facility	1,314,000	1,307,000
Total debt	7,762,744	6,722,905
Current portion	2,491,148	2,126,749
Long-term portion	5,271,596	4,596,156
Term Loan A
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	3,124,083	2,882,595
Term Loan B
Debt Instrument [Line Items]
Term note payable—domestic, net of discounts	2,332,132	1,840,244
Revolving line of credit facilities
Debt Instrument [Line Items]
Revolving line of credit facilities	$ 975,000	$ 692,318

Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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, 2024 and December 31, 2023 (in millions):


	September 30, 2024
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	841.6	$	753.1	$	475.4	$	386.9


	December 31, 2023
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	594.9	$	519.4	$	320.2	$	244.7

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, 2024 and December 31, 2023 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.


		September 30, 2024		December 31, 2023
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$	3.6	$	23.5

Swap contracts	Other current liabilities	$	10.9	$	—
Swap contracts	Other noncurrent liabilities	$	42.4	$	55.8

The following table presents the fair value of the Company’s cross-currency interest rate swaps designated as net investment hedges, as well as their classification on the accompanying Consolidated Balance Sheets, as of September 30, 2024 and December 31, 2023 (in millions).


		September 30, 2024		December 31, 2023
	Balance Sheet Classification	Fair Value
Cross-currency interest rate swaps designated as net investment hedges:
Net investment hedge	Prepaid expenses and other current assets	$	14.8	$	—

Net investment hedge	Other current liabilities	$	—	$	14.5
Net investment hedge	Other noncurrent liabilities	$	80.1	$	—

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2024 and December 31, 2023 (in millions):


	September 30, 2024						December 31, 2023
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,630.2	$	(3,424.7)	$	205.5	$	2,499.9	$	(2,373.8)	$	126.1
Liabilities
Accounts Payable	$	3,510.4	$	(3,424.7)	$	85.7	$	2,457.3	$	(2,373.8)	$	83.5

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, 2024 and December 31, 2023 (in millions):


		September 30, 2024		December 31, 2023
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$	343.3	$	254.2
Derivative Assets	Other assets	$	132.2	$	66.0
Derivative Liabilities	Other current liabilities	$	261.5	$	190.4
Derivative Liabilities	Other noncurrent liabilities	$	125.4	$	54.3

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, 2024 and December 31, 2023 (in millions):


	September 30, 2024						December 31, 2023
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,630.2	$	(3,424.7)	$	205.5	$	2,499.9	$	(2,373.8)	$	126.1
Liabilities
Accounts Payable	$	3,510.4	$	(3,424.7)	$	85.7	$	2,457.3	$	(2,373.8)	$	83.5


		September 30, 2024		December 31, 2023
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$	343.3	$	254.2
Derivative Assets	Other assets	$	132.2	$	66.0
Derivative Liabilities	Other current liabilities	$	261.5	$	190.4
Derivative Liabilities	Other noncurrent liabilities	$	125.4	$	54.3

Schedule of Notional Amounts of Outstanding Derivative Positions

As of September 30, 2024, 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	Weighted Average Fixed Rate	Maturity Date
$500	4.02%	7/31/2025
$500	3.80%	1/31/2026
$1,500	4.15%	7/31/2026
$750	4.14%	1/31/2027
$500	4.19%	7/31/2027
$250	4.00%	1/31/2028
$500	3.19%	7/31/2028

At September 30, 2024, the Company had the following cross-currency interest rate swaps designated as net investment hedges of our investments in foreign-denominated operations:


	U.S. dollar equivalent notional (in millions)	Fixed Rates	Maturity Date
Euro (EUR)	$500	1.85%	4/15/2027
Canadian Dollar (CAD)	$500	0.602%	5/7/2027
British Pound (GBP)	$750	0.317%	5/8/2028

Accounts and Other Receivables - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 4,095,521	$ 3,648,749
Less allowance for credit losses	(142,048)	(180,163)	$ (170,914)	$ (149,846)
Net accounts and securitized accounts receivables	3,953,473	3,468,586
Gross domestic accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	1,257,556	921,206
Gross domestic securitized accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	1,314,000	1,307,000
Gross foreign receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross receivables	$ 1,523,965	$ 1,420,543

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023 (in thousands):


	Fair Value		Level 1		Level 2		Level 3
September 30, 2024
Assets:
Overnight deposits	$	163,274	$	—	$	163,274	$	—
Money market	165,056		—		165,056		—
Certificates of deposit	415,338		—		415,338		—
Treasury bills	526,789		—		526,789		—
Interest rate swaps	3,632		—		3,632		—
Cross-currency interest rate swaps	14,841		—		14,841		—
Foreign exchange contracts	475,447		—		475,447		—
Total assets	$	1,764,377	$	—	$	1,764,377	$	—
Cash collateral for foreign exchange contracts	$	49,423
Liabilities:
Interest rate swaps	$	53,267	$	—	53,267		—
Cross-currency interest rate swaps	80,147		—		80,147		—
Foreign exchange contracts	386,900		—		386,900		—
Total liabilities	$	520,314	$	—	$	520,314	$	—
Cash collateral obligation for foreign exchange contracts	$	499,200

December 31, 2023
Assets:
Overnight deposits	$	256,466	$	—	$	256,466	$	—
Money market	376,465		—		376,465		—
Certificates of deposit	266,316		—		266,316		—
Treasury bills	236,505		—		236,505		—
Interest rate swaps	23,485		—		23,485		—
Foreign exchange contracts	320,216		—		320,216		—
Total assets	$	1,479,453	$	—	$	1,479,453	$	—
Cash collateral for foreign exchange contracts	$	39,219
Liabilities:
Interest rate swaps	$	55,796	$	—	$	55,796	$	—
Cross-currency interest rate swap	14,522		—		14,522		—
Foreign exchange contracts	244,745		—		244,745		—
Total liabilities	$	315,063	$	—	$	315,063	$	—
Cash collateral obligation for foreign exchange contracts	$	180,168

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

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 compensation for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options	$	4,696	$	4,921	$	15,938	$	18,482
Restricted stock	23,810		24,152		64,655		71,435
Stock-based compensation	$	28,506	$	29,073	$	80,593	$	89,917

The tax benefits recorded on stock-based compensation and upon the exercises of options were $33.1 million and $28.6 million for the nine months ended September 30, 2024 and 2023, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to outstanding stock awards as of September 30, 2024 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition Remaining (in Years)
Stock options	$	37,540	2.02
Restricted stock	60,325		0.83
Total	$	97,865

Stock Options

The following summarizes the changes in the number of shares of stock options outstanding for the nine months ended September 30, 2024 (shares 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, 2023	4,983	$	192.18	3,182	$	163.54			$	451,039
Granted	142	273.01					$	95.98
Exercised	(1,129)	163.37							$	142,959
Forfeited	(88)	229.38
Outstanding at September 30, 2024	3,908	$	202.60	2,333	$	170.91			$	430,713
Expected to vest as of September 30, 2024	726	$	235.75

The aggregate intrinsic value of stock options exercisable at September 30, 2024 was $331.0 million. The weighted average remaining contractual term of options exercisable at September 30, 2024 was 3.1 years.

Restricted Stock

The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units outstanding for the nine months ended September 30, 2024 (shares in thousands):


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	542	$	219.61
Granted	460	276.44
Issued	(392)	225.09
Cancelled	(144)	257.04
Outstanding at September 30, 2024	466	$	259.55

Goodwill and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2024

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, 2023		Acquisitions1		Transferred to Held for Sale2		Acquisition Accounting Adjustments		Foreign Currency		September 30, 2024





Goodwill	$	5,644,958	$	380,248	$	(58,220)	$	1,058	$	(40,206)	$	5,927,838

2 Reflects the reclassification of goodwill within the Vehicle Payments segment to held for sale during the second quarter of 2024. See Note 15.

Schedule of Other Intangible Assets

As of September 30, 2024 and December 31, 2023, other intangibles consisted of the following (in thousands):


		September 30, 2024						December 31, 2023
	Weighted- Avg Useful Lives (Years)	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amount
Customer and vendor relationships	16.4	$	3,236,866	$	(1,636,204)	$	1,600,662	$	3,044,522	$	(1,511,173)	$	1,533,349
Trade names and trademarks—indefinite lived	N/A	441,727		—		441,727		440,900		—		440,900
Trade names and trademarks—other	2.7	59,614		(19,185)		40,429		51,510		(15,334)		36,176
Software	5.7	313,885		(252,687)		61,198		299,780		(238,819)		60,961
Non-compete agreements	4.4	77,385		(68,802)		8,583		85,111		(70,834)		14,277

Total other intangibles		$	4,129,477	$	(1,976,878)	$	2,152,599	$	3,921,823	$	(1,836,160)	$	2,085,663
N/A = Not Applicable

Schedule of Future Estimated Amortization of Intangible Assets

The future estimated amortization of intangible assets at September 30, 2024 is as follows (in thousands):


Remaining 2024	$	58,514
2025	208,124
2026	190,086
2027	182,580
2028	177,954
Thereafter	893,614

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 80,593	$ 89,917
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 28,506	$ 29,073	80,593	89,917
Stock options \| General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	4,696	4,921	15,938	18,482
Restricted stock \| General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 23,810	$ 24,152	$ 64,655	$ 71,435

- 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

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+ Details

Goodwill and Other Intangibles - Schedule of Expected Amortization of Intangible Assets (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2024	$ 58,514
2025	208,124
2026	190,086
2027	182,580
2028	177,954
Thereafter	$ 893,614

Assets Held for Sale	9 Months Ended
Assets Held for Sale	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale In May 2024, the Company signed a definitive agreement to sell certain non-core assets within the U.S. division of its Vehicle Payments segment (the "disposal group") to a third-party. The Company anticipates the transaction will close during the fourth quarter of 2024, subject to certain customary closing conditions. The Company determined that the disposal group met all of the required criteria to be classified as held for sale during the second quarter of 2024. The disposal group's fair value, based upon the estimated sales price less anticipated costs to sell, exceeds its carrying value. As such, the related assets and liabilities were recorded at their carrying value. In determining the carrying value of the disposal group, which represents a portion of one of the Company's reporting units, goodwill of approximately $58.2 million was allocated to the disposal group based on a relative fair value analysis. At September 30, 2024, the carrying value of the assets held for sale consists of current assets of approximately $8.0 million and goodwill of $58.2 million. The Company is in the process of estimating the impact of this transaction on its financial results, but expects to recognize a pre-tax gain on disposal.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 142,048	$ 180,163
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)	130,280,028	128,759,639
Common stock, shares outstanding (in shares)	69,676,923	71,715,804
Treasury stock, shares (in shares)	60,603,105	57,043,835

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, 2024	Dec. 31, 2023
Shares
Shares at beginning of period (in shares)	4,983
Granted (in shares)	142
Exercised (in shares)	(1,129)
Forfeited (in shares)	(88)
Shares at end of period (in shares)	3,908
Expected to vest at end of period (in shares)	726
Weighted Average Exercise Price
Weighted average exercise price, beginning of period (in dollars per share)	$ 192.18
Weighted average exercise price, granted (in dollars per share)	273.01
Weighted average exercise price, exercised (in dollars per share)	163.37
Weighted average exercise price, forfeited (in dollars per share)	229.38
Weighted average exercise price, end of period (in dollars per share)	202.60
Weighted average exercise price, expected to vest (in dollars per share)	$ 235.75
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercisable (in shares)	2,333	3,182
Weighted average exercise price of exercisable options (in dollars per share)	$ 170.91	$ 163.54
Weighted average exercise price of granted options (in dollars per share)	$ 95.98
Aggregate Intrinsic Value	$ 430,713	$ 451,039
Aggregate intrinsic value, exercised	$ 142,959

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues, net	$ 1,029,197	$ 970,892	$ 2,940,158	$ 2,820,399
Expenses:
Processing	223,695	208,217	640,305	618,449
Selling	94,160	85,954	283,392	253,958
General and administrative	153,659	147,839	458,698	461,879
Depreciation and amortization	89,546	84,750	258,648	252,658
Other operating, net	5	(845)	306	633
Operating income	468,132	444,977	1,298,809	1,232,822
Other expenses:
Investment loss (gain)	469	30	266	(142)
Other (income) expense, net	(101)	(13,432)	7,522	(15,110)
Interest expense, net	104,441	88,285	288,206	256,566
Loss on extinguishment of debt	5,040	0	5,040	0
Total other expenses	109,849	74,883	301,034	241,314
Income before income taxes	358,283	370,094	997,775	991,508
Provision for income taxes	82,021	98,598	240,047	265,475
Net income	276,262	271,496	757,728	726,033
Less: Net income attributable to noncontrolling interest	(135)	0	(63)	0
Net income attributable to Corpay	$ 276,397	$ 271,496	$ 757,791	$ 726,033
Earnings per share:
Basic earnings per share attributable to Corpay (in dollars per share)	$ 3.98	$ 3.71	$ 10.75	$ 9.87
Diluted earnings per share attributable to Corpay (in dollars per share)	$ 3.90	$ 3.64	$ 10.53	$ 9.72
Weighted average shares outstanding:
Basic (in shares)	69,518	73,165	70,460	73,523
Diluted (in shares)	70,901	74,604	71,976	74,733

Stockholders' Equity - Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended	104 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2024	Nov. 05, 2024	Nov. 04, 2024	Jan. 25, 2024	Jan. 24, 2024
Class of Stock [Line Items]
Shares repurchased	$ 89,763	$ 633,714	$ 321,776	$ 534,937	$ 2,376	$ 9,597
Program \| Common Stock
Class of Stock [Line Items]
Increase in authorized amount to be repurchased												$ 1,000,000
Stock repurchase program, approved amount											$ 8,100,000
Shares repurchased (in shares)							3,559,270	32,438,132
Shares repurchased							$ 1,000,000	$ 7,600,000
Remaining authorized repurchase amount	$ 1,500,000						$ 1,500,000	$ 1,500,000
Program \| Common Stock \| Subsequent Event
Class of Stock [Line Items]
Increase in authorized amount to be repurchased										$ 1,000,000
Stock repurchase program, approved amount									$ 9,100,000

- 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

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+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Term Loan A note payable, net of discounts	$	3,124,083	$	2,882,595
Term Loan B note payable, net of discounts	2,332,132		1,840,244
Revolving line of credit facilities	975,000		692,318
Other obligations	17,529		748



Total notes payable, credit agreements, and other obligations	6,448,744		5,415,905
Securitization Facility	1,314,000		1,307,000
Total debt	$	7,762,744	$	6,722,905
Current portion	$	2,491,148	$	2,126,749
Long-term portion	5,271,596		4,596,156
Total debt	$	7,762,744	$	6,722,905

Schedule of Contractual Maturities of Notes Payable and Other Obligations

The contractual maturities of the Company’s total notes payable, credit agreements and other obligations at September 30, 2024 were as follows (in thousands):


Remaining 2024	$	1,040,092
2025	190,250
2026	190,250
2027	2,779,313
2028	2,266,875
Thereafter	—
Total principal payments	6,466,780
Less: debt discounts and issuance costs included in debt	(18,036)
Total notes payable, credit agreements, and other obligations	$	6,448,744

Income taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	22.90%	26.60%	24.10%	26.80%
Excess tax expense (benefit) related to stock-based compensation	$ (15.0)
Effective tax rate adjustment, amount			$ 31.0

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Foreign exchange losses (gains)	$ (1.2)	$ 6.4	$ 5.8	$ 6.2
Foreign currency losses (gains) on long-term intra-entity transactions	$ 67.4	$ (31.0)	$ 148.2	$ (43.4)

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value by Balance Sheet Location (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative liability		$ 315,063
Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Fair Value, Gross	$ 841,600	594,900
Derivative Liabilities, Fair Value, Gross	753,100	519,400
Derivative Assets	475,400	320,200
Derivative liability	$ 386,900	$ 244,700

Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance		$ 3,263,436	$ 2,881,860	$ 2,541,493	$ 3,282,359	$ 2,541,493
Other comprehensive (loss) income before reclassifications					(151,665)	55,113
Amounts reclassified from AOCL					(38,100)	95,666
Tax effect					16,890	(3,063)
Other comprehensive (loss) income, net of tax		(4,671)	76,753	75,634	(172,875)	147,716
Stockholders' equity, ending balance	$ 3,087,283	3,059,451	3,263,436	2,881,860	3,087,283	3,059,451
Comprehensive (income) loss attributable to noncontrolling interest	(587)	0			2,582	0
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance		(1,357,263)	(1,434,016)	(1,509,650)	(1,289,099)	(1,509,650)
Other comprehensive (loss) income, net of tax		(4,671)	76,753	75,634
Stockholders' equity, ending balance	(1,461,974)	(1,361,934)	$ (1,357,263)	(1,434,016)	(1,461,974)	(1,361,934)
Cumulative Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance				(1,518,640)	(1,258,282)	(1,518,640)
Other comprehensive (loss) income before reclassifications					(120,204)	(16,387)
Amounts reclassified from AOCL					0	120,269
Tax effect					0	0
Other comprehensive (loss) income, net of tax					(120,204)	103,882
Stockholders' equity, ending balance	(1,378,486)	(1,414,758)			(1,378,486)	(1,414,758)
Unrealized (Losses) Gains on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance				$ 8,990	(30,817)	8,990
Other comprehensive (loss) income before reclassifications					(31,461)	71,500
Amounts reclassified from AOCL					(38,100)	(24,603)
Tax effect					16,890	(3,063)
Other comprehensive (loss) income, net of tax					(52,671)	43,834
Stockholders' equity, ending balance	$ (83,488)	$ 52,824			$ (83,488)	$ 52,824

Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 97,865
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 37,540
Weighted Average Period of Expense Recognition Remaining (in Years)	2 years 7 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 60,325
Weighted Average Period of Expense Recognition Remaining (in Years)	9 months 29 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

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35004
Entity Registrant Name	Corpay, 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	CPAY
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		69,710,982
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001175454
Current Fiscal Year End Date	--12-31

Derivative Financial Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2024

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 was $78.0 billion and $56.6 billion as of September 30, 2024 and December 31, 2023. 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, 2024 and December 31, 2023 (in millions):


	September 30, 2024
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	841.6	$	753.1	$	475.4	$	386.9


	December 31, 2023
	Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$	594.9	$	519.4	$	320.2	$	244.7

The fair values of derivative assets and liabilities associated with contracts, which include netting terms that the Company believes to be enforceable, have been recorded net within 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. At September 30, 2024 and December 31, 2023, the Company had received collateral of $49.4 million and $39.2 million, respectively. The customer has the right to recall their collateral in the event exposures move in their favor or below the collateral posting thresholds, 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. At September 30, 2024 and December 31, 2023, the Company had posted collateral of $499.2 million and $180.2 million, respectively, which was not offset against the fair value of its derivatives. 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, 2024 and December 31, 2023 (in millions):


		September 30, 2024		December 31, 2023
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$	343.3	$	254.2
Derivative Assets	Other assets	$	132.2	$	66.0
Derivative Liabilities	Other current liabilities	$	261.5	$	190.4
Derivative Liabilities	Other noncurrent liabilities	$	125.4	$	54.3

Cash Flow Hedges

During September 2024, the Company entered into four additional receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a total notional U.S. dollar value of $500 million as shown disaggregated in the table below. As of September 30, 2024, 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	Weighted Average Fixed Rate	Maturity Date
$500	4.02%	7/31/2025
$500	3.80%	1/31/2026
$1,500	4.15%	7/31/2026
$750	4.14%	1/31/2027
$500	4.19%	7/31/2027
$250	4.00%	1/31/2028
$500	3.19%	7/31/2028

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 $38.1 million and $24.6 million from accumulated other comprehensive loss resulting in a benefit to interest expense, net for the nine months ended September 30, 2024 and 2023, respectively, 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 highly effective at offsetting changes in cash flows of the related underlying exposures.


		September 30, 2024		December 31, 2023
	Balance Sheet Classification	Fair Value
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$	3.6	$	23.5

Swap contracts	Other current liabilities	$	10.9	$	—
Swap contracts	Other noncurrent liabilities	$	42.4	$	55.8

As of September 30, 2024, the estimated amount of net losses recognized in accumulated other comprehensive loss that are expected to be reclassified into earnings within the next 12 months is approximately $7.1 million.

Net Investment Hedges

The Company enters into cross-currency interest rate swaps that are designated as net investment hedges of our investments in foreign-denominated operations. Such contracts effectively convert the U.S. dollar equivalent notional amounts to obligations denominated in the respective foreign currency, and partially offset the impact of changes in currency rates on such foreign-denominated net investments. These contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swaps, resulting in interest rate savings on the USD notional.

At September 30, 2024, the Company had the following cross-currency interest rate swaps designated as net investment hedges of our investments in foreign-denominated operations:


	U.S. dollar equivalent notional (in millions)	Fixed Rates	Maturity Date
Euro (EUR)	$500	1.85%	4/15/2027
Canadian Dollar (CAD)	$500	0.602%	5/7/2027
British Pound (GBP)	$750	0.317%	5/8/2028

Hedge effectiveness is tested based on changes in the fair value of the cross-currency swaps due to changes in the USD/foreign currency spot rates. The Company anticipates perfect effectiveness of the designated hedging relationships and records changes in the fair value of the cross-currency interest rate swaps 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 $8.9 million and $6.4 million in interest expense, net for the nine months ended September 30, 2024 and 2023, respectively, related to these excluded components. Upon settlement, cash flows attributable to derivatives designated as net investment hedges are classified as investing activities in the Unaudited Consolidated Statements of Cash Flows.


		September 30, 2024		December 31, 2023
	Balance Sheet Classification	Fair Value
Cross-currency interest rate swaps designated as net investment hedges:
Net investment hedge	Prepaid expenses and other current assets	$	14.8	$	—

Net investment hedge	Other current liabilities	$	—	$	14.5
Net investment hedge	Other noncurrent liabilities	$	80.1	$	—

In October 2024, the Company terminated its existing CAD cross-currency interest rate swaps designated as net investment hedges and subsequently entered into five new cross-currency interest rate swaps designated as net investment hedges of its investments in CAD-denominated operations. These contracts effectively convert an aggregate $800 million of U.S. dollar equivalent to an obligation denominated in CAD, and partially offset the impact of changes in currency rates on our CAD-denominated net investments. These contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swap, resulting in a weighted average interest rate savings of 0.971% on the USD notional.

Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative liability		$ 315,063
Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Assets	$ 343,300	254,200
Other assets
Derivative [Line Items]
Derivative Assets	132,200	66,000
Other current liabilities
Derivative [Line Items]
Derivative liability	261,500	190,400
Other noncurrent liabilities
Derivative [Line Items]
Derivative liability	$ 125,400	$ 54,300

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was 22.9% and 26.6% for the three months ended September 30, 2024 and 2023, 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, 2024 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. For the three months ended September 30, 2024, the effective tax rate decreased compared to the three months ended September 30, 2023 due to discrete items of $15.0 million mainly attributable to excess tax benefit on stock option exercises. The Company's effective tax rate was 24.1% and 26.8% for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, the effective tax rate decreased compared to the prior period due to discrete items of approximately $31 million primarily due to incremental excess tax benefit on stock option exercises and decreases in state taxes due to adjustments of state tax apportionment percentages for prior years.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 276,397	$ 271,496	$ 239,702	$ 214,835	$ 757,791	$ 726,033

- Definition

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

+ References

+ Details

Goodwill and Other Intangibles - Summary of Changes in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 5,644,958
Acquisitions	380,248
Transferred to held for sale	(58,220)
Acquisition Accounting Adjustments	1,058
Foreign Currency	(40,206)
Goodwill, ending balance	5,927,838
Vehicle Payments
Goodwill [Roll Forward]
Acquisitions	73,200
Corporate Payments
Goodwill [Roll Forward]
Acquisitions	$ 307,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Segments - Narrative (Detail)	9 Months Ended
Segments - Narrative (Detail)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 757,728	$ 726,033
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	88,902	82,028
Stock-based compensation	80,593	89,917
Provision for credit losses on accounts and other receivables	81,561	103,495
Amortization of deferred financing costs and discounts	5,876	5,417
Amortization of intangible assets and premium on receivables	169,746	170,630
Loss on extinguishment of debt	5,040	0
Deferred income taxes	(18,985)	(18,911)
Gain on disposition of business, net	0	(13,712)
Other non-cash operating expense, net	572	491
Changes in operating assets and liabilities (net of acquisitions/disposition):
Accounts and other receivables	(584,649)	(732,813)
Prepaid expenses and other current assets	(52,944)	114,237
Derivative assets and liabilities, net	(13,077)	(7,939)
Other assets	(17,374)	33,090
Accounts payable, accrued expenses and customer deposits	788,904	832,667
Net cash provided by operating activities	1,291,893	1,384,630
Investing activities
Acquisitions, net of cash acquired	(245,719)	(429,914)
Purchases of property and equipment	(131,067)	(117,158)
Proceeds from disposal of a business, net of cash disposed	0	197,025
Other	(1,453)	4,401
Net cash used in investing activities	(378,239)	(345,646)
Financing activities
Proceeds from issuance of common stock	184,668	101,202
Repurchase of common stock	(1,039,248)	(546,910)
Borrowings on securitization facility, net	7,000	109,000
Deferred financing costs	(8,493)	(238)
Proceeds from notes payable	825,000	0
Principal payments on notes payable	(92,625)	(70,500)
Borrowings from revolver	7,167,000	6,495,000
Payments on revolver	(6,743,000)	(6,770,000)
(Payments on) borrowings from swing line of credit, net	(140,713)	180,723
Other	16,647	264
Net cash provided by (used in) financing activities	176,236	(501,459)
Effect of foreign currency exchange rates on cash	(76,414)	(30,431)
Net increase in cash and cash equivalents and restricted cash	1,013,476	507,094
Cash and cash equivalents and restricted cash, beginning of period	3,141,535	2,289,180
Cash and cash equivalents and restricted cash, end of period	4,155,011	2,796,274
Supplemental cash flow information
Cash paid for interest	369,804	327,099
Cash paid for income taxes	$ 264,559	$ 319,764

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Tax benefits recorded on stock based compensation	$ 33.1	$ 28.6
Aggregate intrinsic value of options exercisable	$ 331.0
Weighted average remaining contractual term of options exercisable (in years)	3 years 1 month 6 days

Goodwill and Other Intangibles - Schedule of Other Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 4,129,477	$ 3,921,823
Accumulated Amortization	(1,976,878)	(1,836,160)
Net Carrying Amount	2,152,599	2,085,663
Trade names and trademarks—indefinite lived
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amounts	441,727	440,900
Net Carrying Amount	$ 441,727	440,900
Customer and vendor relationships
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	16 years 4 months 24 days
Gross Carrying Amounts	$ 3,236,866	3,044,522
Accumulated Amortization	(1,636,204)	(1,511,173)
Net Carrying Amount	$ 1,600,662	1,533,349
Trade names and trademarks—other
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	2 years 8 months 12 days
Gross Carrying Amounts	$ 59,614	51,510
Accumulated Amortization	(19,185)	(15,334)
Net Carrying Amount	$ 40,429	36,176
Software
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	5 years 8 months 12 days
Gross Carrying Amounts	$ 313,885	299,780
Accumulated Amortization	(252,687)	(238,819)
Net Carrying Amount	$ 61,198	60,961
Non-compete agreements
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted- Avg Useful Lives (Years)	4 years 4 months 24 days
Gross Carrying Amounts	$ 77,385	85,111
Accumulated Amortization	(68,802)	(70,834)
Net Carrying Amount	$ 8,583	$ 14,277

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Total assets	$ 1,764,377	$ 1,479,453
Liabilities:
Derivative liability		315,063
Total liabilities	520,314
Overnight deposits
Assets:
Cash and cash equivalents	163,274	256,466
Money market
Assets:
Cash and cash equivalents	165,056	376,465
Certificates of deposit
Assets:
Cash and cash equivalents	415,338	266,316
Treasury bills
Assets:
Cash and cash equivalents	526,789	236,505
Interest rate swaps
Assets:
Derivative assets	3,632	23,485
Liabilities:
Derivative liability	53,267	55,796
Cross-currency interest rate swaps
Assets:
Derivative assets	14,841
Liabilities:
Derivative liability	80,147	14,522
Foreign exchange contracts
Assets:
Derivative assets	475,447	320,216
Cash collateral for foreign exchange contracts	49,423	39,219
Liabilities:
Derivative liability	386,900	244,745
Cash collateral obligation for foreign exchange contracts	499,200	180,168
Level 1
Assets:
Total assets	0	0
Liabilities:
Derivative liability		0
Total liabilities	0
Level 1 \| Overnight deposits
Assets:
Cash and cash equivalents	0	0
Level 1 \| Money market
Assets:
Cash and cash equivalents	0	0
Level 1 \| Certificates of deposit
Assets:
Cash and cash equivalents	0	0
Level 1 \| Treasury bills
Assets:
Cash and cash equivalents	0	0
Level 1 \| Interest rate swaps
Assets:
Derivative assets	0	0
Liabilities:
Derivative liability	0	0
Level 1 \| Cross-currency interest rate swaps
Assets:
Derivative assets	0
Liabilities:
Derivative liability	0	0
Level 1 \| Foreign exchange contracts
Assets:
Derivative assets	0	0
Liabilities:
Derivative liability	0	0
Level 2
Assets:
Total assets	1,764,377	1,479,453
Liabilities:
Derivative liability		315,063
Total liabilities	520,314
Level 2 \| Overnight deposits
Assets:
Cash and cash equivalents	163,274	256,466
Level 2 \| Money market
Assets:
Cash and cash equivalents	165,056	376,465
Level 2 \| Certificates of deposit
Assets:
Cash and cash equivalents	415,338	266,316
Level 2 \| Treasury bills
Assets:
Cash and cash equivalents	526,789	236,505
Level 2 \| Interest rate swaps
Assets:
Derivative assets	3,632	23,485
Liabilities:
Derivative liability	53,267	55,796
Level 2 \| Cross-currency interest rate swaps
Assets:
Derivative assets	14,841
Liabilities:
Derivative liability	80,147	14,522
Level 2 \| Foreign exchange contracts
Assets:
Derivative assets	475,447	320,216
Liabilities:
Derivative liability	386,900	244,745
Level 3
Assets:
Total assets	0	0
Liabilities:
Derivative liability		0
Total liabilities	0
Level 3 \| Overnight deposits
Assets:
Cash and cash equivalents	0	0
Level 3 \| Money market
Assets:
Cash and cash equivalents	0	0
Level 3 \| Certificates of deposit
Assets:
Cash and cash equivalents	0	0
Level 3 \| Treasury bills
Assets:
Cash and cash equivalents	0	0
Level 3 \| Interest rate swaps
Assets:
Derivative assets	0	0
Liabilities:
Derivative liability	0	0
Level 3 \| Cross-currency interest rate swaps
Assets:
Derivative assets	0
Liabilities:
Derivative liability	0	0
Level 3 \| Foreign exchange contracts
Assets:
Derivative assets	0	0
Liabilities:
Derivative liability	$ 0	$ 0

Accumulated Other Comprehensive Loss (AOCL) (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in the components of AOCL, net of tax and noncontrolling interest, for the nine months ended September 30, 2024 and 2023 are as follows (in thousands):


	September 30, 2024
	Cumulative Foreign Currency Translation		Unrealized (Losses) Gains on Derivative Instruments		Total Accumulated Other Comprehensive Loss Attributable to Corpay
Balance at December 31, 2023	$	(1,258,282)	$	(30,817)	$	(1,289,099)
Other comprehensive (loss) income before reclassifications	(120,204)		(31,461)		(151,665)
Amounts reclassified from AOCL	—		(38,100)		(38,100)
Tax effect	—		16,890		16,890
Other comprehensive (loss) income, net of tax	(120,204)		(52,671)		(172,875)
Balance at September 30, 2024	$	(1,378,486)	$	(83,488)	$	(1,461,974)


	September 30, 2023
	Cumulative Foreign Currency Translation		Unrealized Gains (Losses) on Derivative Instruments		Total Accumulated Other Comprehensive (Loss) Income Attributable to Corpay
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)

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

The calculation and reconciliation of basic and diluted earnings per share attributable to Corpay for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income attributable to Corpay	$	276,397	$	271,496	$	757,791	$	726,033
Denominator for basic earnings per share	69,518		73,165		70,460		73,523
Dilutive securities	1,383		1,439		1,516		1,210
Denominator for diluted earnings per share	70,901		74,604		71,976		74,733
Basic earnings per share attributable to Corpay	$	3.98	$	3.71	$	10.75	$	9.87
Diluted earnings per share attributable to Corpay	$	3.90	$	3.64	$	10.53	$	9.72

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,303,464	$ 1,389,648
Restricted cash	2,851,547	1,751,887
Accounts and other receivables (less allowance for credit losses of $142,048 at September 30, 2024 and $180,163 at December 31, 2023)	2,639,473	2,161,586
Securitized accounts receivable—restricted for securitization investors	1,314,000	1,307,000
Assets held for sale	66,265	0
Prepaid expenses and other current assets	606,199	474,144
Total current assets	8,780,948	7,084,265
Property and equipment, net	378,424	343,154
Goodwill	5,927,838	5,644,958
Other intangibles, net	2,152,599	2,085,663
Investments	64,606	69,521
Other assets	333,996	248,691
Total assets	17,638,411	15,476,252
Current liabilities:
Accounts payable	1,825,725	1,624,995
Accrued expenses	434,571	356,118
Customer deposits	3,204,612	2,397,279
Securitization Facility	1,314,000	1,307,000
Current portion of notes payable and lines of credit	1,177,148	819,749
Liabilities held for sale	8,034	0
Other current liabilities	385,582	320,612
Total current liabilities	8,349,672	6,825,753
Notes payable and other obligations, less current portion	5,271,596	4,596,156
Deferred income taxes	462,418	470,232
Other noncurrent liabilities	440,587	301,752
Total noncurrent liabilities	6,174,601	5,368,140
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 130,280,028 shares issued and 69,676,923 shares outstanding at September 30, 2024; and 128,759,639 shares issued and 71,715,804 shares outstanding at December 31, 2023	130	129
Additional paid-in capital	3,531,445	3,266,185
Retained earnings	8,950,450	8,192,659
Accumulated other comprehensive loss	(1,461,974)	(1,289,099)
Less treasury stock, 60,603,105 shares at September 30, 2024 and 57,043,835 shares at December 31, 2023	(7,932,768)	(6,887,515)
Total Corpay stockholders’ equity	3,087,283	3,282,359
Noncontrolling interest	26,855	0
Total equity	3,114,138	3,282,359
Total liabilities and equity	$ 17,638,411	$ 15,476,252

Accounts and Other Receivables - Narrative (Details) $ in Billions	Sep. 30, 2024 USD ($)
Securitization Facility \| Second Amendment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitized accounts receivable facility	$ 1.7

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,303,464	$ 1,389,648	$ 1,094,234	$ 1,435,163
Restricted cash	2,851,547	1,751,887	1,702,040	854,017
Total cash and cash equivalents and restricted cash	$ 4,155,011	$ 3,141,535	$ 2,796,274	$ 2,289,180

Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues, net	$ 1,029,197	$ 970,892	$ 2,940,158	$ 2,820,399
Other non-cash operating expense, net	468,132	444,977	1,298,809	1,232,822
Depreciation and amortization	89,546	84,750	258,648	252,658
Operating Segments
Segment Reporting Information [Line Items]
Revenues, net	1,029,197	970,892	2,940,158	2,820,399
Other non-cash operating expense, net	468,132	444,977	1,298,809	1,232,822
Depreciation and amortization	89,546	84,750	258,648	252,658
Vehicle Payments \| Operating Segments
Segment Reporting Information [Line Items]
Revenues, net	506,803	500,632
Other non-cash operating expense, net	244,308	244,908	712,028	700,894
Depreciation and amortization	50,635	49,905	150,722	152,181
Corporate Payments \| Operating Segments
Segment Reporting Information [Line Items]
Revenues, net	321,850	257,842
Other non-cash operating expense, net	136,876	104,903	362,143	280,993
Depreciation and amortization	23,845	20,417	65,346	58,356
Lodging Payments \| Operating Segments
Segment Reporting Information [Line Items]
Revenues, net	134,023	141,389
Other non-cash operating expense, net	65,501	74,023	169,169	196,832
Depreciation and amortization	12,328	12,189	35,923	35,248
Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues, net	66,521	71,029
Other non-cash operating expense, net	21,447	21,143	55,469	54,103
Depreciation and amortization	$ 2,738	$ 2,239	$ 6,657	$ 6,873

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Carrying amount of investments without readily determinable fair value	$ 64.6	$ 69.5

Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

2024 Acquisitions

In March 2024, the Company acquired 70% of Zapay, a Brazil-based digital consumer mobility solution for paying vehicle-related taxes and compliance fees, for approximately $59.5 million, net of cash. As part of the agreement, the Company has the right to acquire the remainder of Zapay in four years from the acquisition date. The majority investment in Zapay further scales the Company's Vehicle Payments business in Brazil.

In July 2024, the Company acquired 100% of Paymerang, a U.S.-based leader in accounts payables automation solutions, for approximately $179.2 million, net of cash and cash equivalents and restricted cash acquired of $309 million. The acquisition expands Corpay's presence in several markets, including education, healthcare, hospitality and manufacturing.

Results from these acquisitions have been included in the Company's consolidated results from the respective date of each acquisition. Results from the Zapay acquisition have been included in the Company's Vehicle Payments segment and the results of Paymerang have been included in the Company's Corporate Payments segment.

Acquisition accounting is preliminary for the 2024 acquisitions as the Company is still completing the valuation for intangible assets, income taxes, working capital, contingencies and the non-controlling interest (for Zapay). The provisional estimated fair value of the Zapay noncontrolling interest was based on the price the Company paid for its 70% controlling interest. Noncompete agreements signed in conjunction with these acquisitions were accounted for separately from the business acquisition.

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


Trade and other receivables	$	12,632
Prepaid expenses and other current assets	1,330
Other long term assets	3,589
Goodwill	380,248
Intangibles	245,503
Accounts payable	(9,839)
Other current liabilities	(302,203)
Other noncurrent liabilities	(63,102)
Total fair value of net assets acquired	$	268,158
Less: Noncontrolling interest	(29,437)
Aggregate purchase price, net of cash acquired	$	238,721

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


	Useful Lives (in Years)	Value
Trade names and trademarks	7 to Indefinite	$	22,738
Proprietary technology	4 to 5	18,385
Customer and vendor relationships	2 to 20	204,380
		$	245,503

During the nine months ended September 30, 2024, the Company also completed asset acquisitions for approximately $6.7 million.

In June 2024, the Company signed a definitive agreement to acquire 100% of GPS Capital Markets, LLC ("GPS") for approximately $725 million. GPS provides business-to-business cross-border and treasury management solutions to upper middle market companies, primarily in the U.S. The transaction is expected to close in early 2025, subject to regulatory approval and standard closing conditions and will be reflected in the Company's Corporate Payments segment.

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 its investment in 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 $301.9 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. 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 Vehicle Payments segment.

The aggregate purchase price of these acquisitions was approximately $437.0 million (inclusive of the $8.5 million previously-held equity method investment in Mina), net of cash of $117 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 for the 2023 acquisitions was finalized during the first quarter of 2024 (for Global Reach, Mina and Business Gateway AG) and during the third quarter of 2024 (for PaybyPhone) as the measurement periods closed. There were no material measurement period adjustments recorded during the three and nine months ended September 30, 2024.

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


Trade and other receivables	$	9,299
Prepaid expenses and other current assets	46,425
Other long term assets	13,302
Goodwill	383,851
Intangibles	158,689
Accounts payable	(25,238)
Other current liabilities	(132,132)
Other noncurrent liabilities	(18,923)
Aggregate purchase price, net of cash acquired	$	435,273

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


	Useful Lives (in Years)	Value
Trade names and trademarks	2 to Indefinite	$	12,459
Proprietary technology	5 to 7	11,885

Customer relationships	6 to 20	134,345

		$	158,689

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, 2024 $ / shares shares
Shares
Shares outstanding, beginning of period (in shares) \| shares	542
Granted (in shares) \| shares	460
Issued (in shares) \| shares	(392)
Cancelled (in shares) \| shares	(144)
Shares outstanding, end of period (in shares) \| shares	466
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in dollars per share) \| $ / shares	$ 219.61
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	276.44
Weighted average grant date fair value, issued (in dollars per share) \| $ / shares	225.09
Weighted average grant date fair value, cancelled (in dollars per share) \| $ / shares	257.04
Weighted average grant date fair value, end of period (in dollars per share) \| $ / shares	$ 259.55

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Increase (decrease) in intangible assets due to foreign exchange rates	$ (15.6)
Amortization expense of intangible assets	$ 169.6	$ 169.5

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

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

The Company recognized foreign exchange losses (gains), which are recorded within Other (income) expense, net in the Unaudited Consolidated Statements of Income, for the three and nine months ended September 30, 2024 and 2023 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign exchange losses (gains)	$	(1.2)	$	6.4	$	5.8	$	6.2

The Company recorded foreign currency losses and gains on long-term intra-entity transactions included as a component of foreign currency translation gains (losses), net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign currency losses (gains) on long-term intra-entity transactions	$	67.4	$	(31.0)	$	148.2	$	(43.4)

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to amounts within the Unaudited Consolidated Statements of Cash Flows (in millions).


	September 30, 2024		December 31, 2023		September 30, 2023		December 31, 2022
Cash and cash equivalents	$	1,303,464	$	1,389,648	$	1,094,234	$	1,435,163
Restricted cash	2,851,547		1,751,887		1,702,040		854,017
Total cash and cash equivalents and restricted cash	$	4,155,011	$	3,141,535	$	2,796,274	$	2,289,180

Restrictions on Cash and Cash Equivalents


	September 30, 2024		December 31, 2023		September 30, 2023		December 31, 2022
Cash and cash equivalents	$	1,303,464	$	1,389,648	$	1,094,234	$	1,435,163
Restricted cash	2,851,547		1,751,887		1,702,040		854,017
Total cash and cash equivalents and restricted cash	$	4,155,011	$	3,141,535	$	2,796,274	$	2,289,180

Disaggregation of Revenue

Revenues, net by segment for the three and nine months ended September 30, 2024 and 2023 was as follows (in millions, except percentages):


Revenues, net by Segment*	Three Months Ended September 30,								Nine Months Ended September 30,
	2024		%		2023		%		2024		%		2023		%
Vehicle Payments	$	506.8	49	%	$	500.6	52	%	$	1,511.1	51	%	$	1,505.8	53	%
Corporate Payments	321.9		31	%	257.8		27	%	875.7		30	%	730.0		26	%
Lodging Payments	134.0		13	%	141.4		15	%	367.7		13	%	400.3		14	%
Other	66.5		6	%	71.0		7	%	185.6		6	%	184.3		7	%
Consolidated revenues, net	$	1,029.2	100	%	$	970.9	100	%	$	2,940.2	100	%	$	2,820.4	100	%

*Columns may not calculate due to rounding.

Revenue by geography for the three and nine months ended September 30, 2024 and 2023 was as follows (in millions, except percentages):


Revenues, net by Geography*	Three Months Ended September 30,								Nine Months Ended September 30,
	2024		%		2023		%		2024		%		2023		%
United States	$	572.5	56	%	$	561.4	58	%	$	1,605.7	55	%	$	1,609.8	57	%
Brazil	144.9		14	%	134.2		14	%	442.4		15	%	382.0		14	%
United Kingdom	131.3		13	%	114.5		12	%	377.2		13	%	333.4		12	%
Other	180.5		18	%	160.8		17	%	514.9		18	%	495.2		18	%
Consolidated revenues, net	$	1,029.2	100	%	$	970.9	100	%	$	2,940.2	100	%	$	2,820.4	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, 2024 and December 31, 2023 (in millions):


	September 30, 2024						December 31, 2023
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,630.2	$	(3,424.7)	$	205.5	$	2,499.9	$	(2,373.8)	$	126.1
Liabilities
Accounts Payable	$	3,510.4	$	(3,424.7)	$	85.7	$	2,457.3	$	(2,373.8)	$	83.5


		September 30, 2024		December 31, 2023
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$	343.3	$	254.2
Derivative Assets	Other assets	$	132.2	$	66.0
Derivative Liabilities	Other current liabilities	$	261.5	$	190.4
Derivative Liabilities	Other noncurrent liabilities	$	125.4	$	54.3

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, 2024 and December 31, 2023 (in millions):


	September 30, 2024						December 31, 2023
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,630.2	$	(3,424.7)	$	205.5	$	2,499.9	$	(2,373.8)	$	126.1
Liabilities
Accounts Payable	$	3,510.4	$	(3,424.7)	$	85.7	$	2,457.3	$	(2,373.8)	$	83.5


		September 30, 2024		December 31, 2023
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$	343.3	$	254.2
Derivative Assets	Other assets	$	132.2	$	66.0
Derivative Liabilities	Other current liabilities	$	261.5	$	190.4
Derivative Liabilities	Other noncurrent liabilities	$	125.4	$	54.3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue contract liabilities	$ 43.4		$ 43.4		$ 45.7
Deferred revenue recognized			26.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Revenues to be recognized	$ 32.3		$ 32.3
Revenues to be recognized, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disaggregation of Revenue [Line Items]
Revenues to be recognized	$ 11.1		$ 11.1
Revenues to be recognized, period	5 years		5 years
Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues, net (percent)	100.00%	100.00%	100.00%	100.00%
Contracts with customers \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues, net (percent)			85.00%	85.00%
Late Fees and Finance Charges \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues, net (percent)			4.00%	5.00%
Derivatives, Cross-Border Payments Business \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues, net (percent)			8.00%	8.00%
Float Revenue Earned On Invested Funds \| Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues, net (percent)			3.00%	2.00%

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues, net	$ 1,029,197	$ 970,892	$ 2,940,158	$ 2,820,399
United States
Disaggregation of Revenue [Line Items]
Revenues, net	572,500	561,400	1,605,700	1,609,800
Brazil
Disaggregation of Revenue [Line Items]
Revenues, net	144,900	134,200	442,400	382,000
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues, net	131,300	114,500	377,200	333,400
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 180,500	$ 160,800	$ 514,900	$ 495,200
Sales Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues, net (percent)	100.00%	100.00%	100.00%	100.00%
Sales Revenue \| Product Concentration Risk \| Vehicle Payments
Disaggregation of Revenue [Line Items]
Revenues, net	$ 506,800	$ 500,600	$ 1,511,142	$ 1,505,752
Revenues, net (percent)	49.00%	52.00%	51.00%	53.00%
Sales Revenue \| Product Concentration Risk \| Corporate Payments
Disaggregation of Revenue [Line Items]
Revenues, net	$ 321,900	$ 257,800	$ 875,725	$ 730,026
Revenues, net (percent)	31.00%	27.00%	30.00%	26.00%
Sales Revenue \| Product Concentration Risk \| Lodging Payments
Disaggregation of Revenue [Line Items]
Revenues, net	$ 134,000	$ 141,400	$ 367,695	$ 400,287
Revenues, net (percent)	13.00%	15.00%	13.00%	14.00%
Sales Revenue \| Product Concentration Risk \| Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 66,500	$ 71,000	$ 185,596	$ 184,334
Revenues, net (percent)	6.00%	7.00%	6.00%	7.00%
Sales Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Revenues, net (percent)	100.00%	100.00%	100.00%	100.00%
Sales Revenue \| Geographic Concentration Risk \| United States
Disaggregation of Revenue [Line Items]
Revenues, net (percent)	56.00%	58.00%	55.00%	57.00%
Sales Revenue \| Geographic Concentration Risk \| Brazil
Disaggregation of Revenue [Line Items]
Revenues, net (percent)	14.00%	14.00%	15.00%	14.00%
Sales Revenue \| Geographic Concentration Risk \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues, net (percent)	13.00%	12.00%	13.00%	12.00%
Sales Revenue \| Geographic Concentration Risk \| Other
Disaggregation of Revenue [Line Items]
Revenues, net (percent)	18.00%	17.00%	18.00%	18.00%

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

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 Corpay, Inc. and its subsidiaries. Effective March 25, 2024, FLEETCOR Technologies, Inc. ("FLEETCOR") changed its corporate name to Corpay, Inc. At that time, the Company ceased trading under the ticker symbol "FLT" and began trading under our new ticker symbol, "CPAY," on the New York Stock Exchange ("NYSE") effective March 25, 2024.

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 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, 2023.

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, 2024 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.

Foreign Currency Translation

Assets and liabilities of foreign subsidiaries as well as intra-entity balances denominated in foreign currency and designated for long-term investment 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 losses (gains), which are recorded within Other (income) expense, net in the Unaudited Consolidated Statements of Income, for the three and nine months ended September 30, 2024 and 2023 as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign exchange losses (gains)	$	(1.2)	$	6.4	$	5.8	$	6.2


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign currency losses (gains) on long-term intra-entity transactions	$	67.4	$	(31.0)	$	148.2	$	(43.4)

Cash and Cash Equivalents and Restricted Cash


	September 30, 2024		December 31, 2023		September 30, 2023		December 31, 2022
Cash and cash equivalents	$	1,303,464	$	1,389,648	$	1,094,234	$	1,435,163
Restricted cash	2,851,547		1,751,887		1,702,040		854,017
Total cash and cash equivalents and restricted cash	$	4,155,011	$	3,141,535	$	2,796,274	$	2,289,180

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. The Company's provision for credit losses is recorded within processing expenses in the Unaudited Consolidated Statements of Income.

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 Vehicle Payments, Corporate Payments, Lodging Payments and Other. 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.

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". Revenues from contracts with customers, within the scope of ASC 606, "Revenue Recognition", represent approximately 85% of total consolidated revenues, net, for the nine months ended September 30, 2024 and 2023. In its cross-border payments business, the Company enters into foreign currency forwards, option derivative contracts and swaps 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 8% of total consolidated revenues for the nine months ended September 30, 2024 and 2023. Additionally, the Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S., Canada and Brazil, 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 nine months ended September 30, 2024 and 2023, respectively. The Company's remaining revenue represents float revenue earned on invested customer funds in jurisdictions where permitted. Such revenue represented approximately 3% and 2% of consolidated revenues, net for the nine months ended September 30, 2024 and 2023, respectively.

Disaggregation of Revenues

Revenues, net by segment for the three and nine months ended September 30, 2024 and 2023 was as follows (in millions, except percentages):


Revenues, net by Segment*	Three Months Ended September 30,								Nine Months Ended September 30,
	2024		%		2023		%		2024		%		2023		%
Vehicle Payments	$	506.8	49	%	$	500.6	52	%	$	1,511.1	51	%	$	1,505.8	53	%
Corporate Payments	321.9		31	%	257.8		27	%	875.7		30	%	730.0		26	%
Lodging Payments	134.0		13	%	141.4		15	%	367.7		13	%	400.3		14	%
Other	66.5		6	%	71.0		7	%	185.6		6	%	184.3		7	%
Consolidated revenues, net	$	1,029.2	100	%	$	970.9	100	%	$	2,940.2	100	%	$	2,820.4	100	%

*Columns may not calculate due to rounding.

Revenue by geography for the three and nine months ended September 30, 2024 and 2023 was as follows (in millions, except percentages):


Revenues, net by Geography*	Three Months Ended September 30,								Nine Months Ended September 30,
	2024		%		2023		%		2024		%		2023		%
United States	$	572.5	56	%	$	561.4	58	%	$	1,605.7	55	%	$	1,609.8	57	%
Brazil	144.9		14	%	134.2		14	%	442.4		15	%	382.0		14	%
United Kingdom	131.3		13	%	114.5		12	%	377.2		13	%	333.4		12	%
Other	180.5		18	%	160.8		17	%	514.9		18	%	495.2		18	%
Consolidated revenues, net	$	1,029.2	100	%	$	970.9	100	%	$	2,940.2	100	%	$	2,820.4	100	%


*Columns may not calculate due to rounding.

Contract Liabilities

Deferred revenue contract liabilities for customers subject to ASC 606 were $43.4 million and $45.7 million as of September 30, 2024 and December 31, 2023, respectively. We expect to recognize approximately $32.3 million of these amounts in revenues within 12 months and the remaining $11.1 million over the next five years as of September 30, 2024. Revenue recognized in the nine months ended September 30, 2024 that was included in the deferred revenue contract liability as of December 31, 2023 was approximately $26.4 million.

Spot Trade Offsetting

The Company uses spot trades to facilitate cross-currency corporate payments. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements with the same counterparty, 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 counterparty 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, 2024 and December 31, 2023 (in millions):


	September 30, 2024						December 31, 2023
	Gross		Offset on the Balance Sheet		Net		Gross		Offset on the Balance Sheet		Net
Assets
Accounts Receivable	$	3,630.2	$	(3,424.7)	$	205.5	$	2,499.9	$	(2,373.8)	$	126.1
Liabilities
Accounts Payable	$	3,510.4	$	(3,424.7)	$	85.7	$	2,457.3	$	(2,373.8)	$	83.5

Reclassifications

Segment disclosures for the prior period have been reclassified to conform with current segment presentation.

Recent Accounting Pronouncements Not Yet Adopted

Segment Reporting

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The ASU enhances disclosures about significant reportable segment expenses. The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the impact this guidance will have on the disclosures within our consolidated financial statements.

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). The amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early

adoption permitted. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our consolidated financial statements.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses". The ASU, among other items, requires additional financial statement disclosures in tabular format disaggregating information about prescribed categories (including employee compensation, depreciation and amortization) underlying any relevant income statement expense captions. The ASU is effective on a prospective basis for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption and retrospective application permitted. We are currently evaluating the impact this guidance will have on the disclosures within our consolidated financial statements.

Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Notional Amounts (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 78,000	$ 56,600
Designated as Hedging Instrument \| Net Investment Hedging \| Interest Rate Swap, Euro, Maturing April 15, 2027
Derivative [Line Items]
Notional Amount	$ 500
Weighted Average Fixed Rate	1.85%
Designated as Hedging Instrument \| Net Investment Hedging \| Interest Rate Swap, Canadian Dollar, Maturing May 7th, 2027
Derivative [Line Items]
Notional Amount	$ 500
Weighted Average Fixed Rate	0.602%
Designated as Hedging Instrument \| Net Investment Hedging \| Interest Rate Swap, British Pound, Maturing May 8th, 2028
Derivative [Line Items]
Notional Amount	$ 750
Weighted Average Fixed Rate	0.317%
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap, Maturing July 2025
Derivative [Line Items]
Notional Amount	$ 500
Weighted Average Fixed Rate	4.02%
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap, Maturing January 2026
Derivative [Line Items]
Notional Amount	$ 500
Weighted Average Fixed Rate	3.80%
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap, Maturing July 2026
Derivative [Line Items]
Notional Amount	$ 1,500
Weighted Average Fixed Rate	4.15%
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap, Maturing January 2027
Derivative [Line Items]
Notional Amount	$ 750
Weighted Average Fixed Rate	4.14%
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap, Maturing July 2027
Derivative [Line Items]
Notional Amount	$ 500
Weighted Average Fixed Rate	4.19%
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap, Maturing January 2028
Derivative [Line Items]
Notional Amount	$ 250
Weighted Average Fixed Rate	4.00%
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap, Maturing July 2028
Derivative [Line Items]
Notional Amount	$ 500
Weighted Average Fixed Rate	3.19%

Debt - Summary of Contractual Maturities of Notes Payable and Other Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal payments	$ 7,762,744	$ 6,722,905
Long-Term Debt Excluding Securitization Facility
Debt Instrument [Line Items]
Remaining 2024	1,040,092
2025	190,250
2026	190,250
2027	2,779,313
2028	2,266,875
Thereafter	0
Total principal payments	6,466,780
Less: debt discounts and issuance costs included in debt	(18,036)
Total notes payable, credit agreements, and other obligations	$ 6,448,744

Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 66,265	$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Vehicle Payments Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill held for sale	58,200
Assets held for sale	$ 8,000

Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2024 USD ($) derivative_instrument	Sep. 30, 2024 USD ($) derivative_instrument	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Number of cash flow hedges entered into (in derivative instruments) \| derivative_instrument		4
Notional Amount		$ 78,000.0		$ 56,600.0
Gains to be reclassified during next 12 months		(7.1)
Foreign exchange contracts
Derivative [Line Items]
Cash collateral for foreign exchange contracts		49.4		39.2
Cash collateral obligation for foreign exchange contracts		499.2		$ 180.2
Interest rate swaps
Derivative [Line Items]
Derivative reclassified from AOCI		(38.1)	$ (24.6)
Interest rate swaps \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount		500.0
Cross-currency interest rate swaps \| Net Investment Hedging
Derivative [Line Items]
Derivatives, benefit recorded in interest expense		$ 8.9	$ 6.4
Cross-currency interest rate swaps \| Net Investment Hedging \| Designated as Hedging Instrument \| Subsequent Event
Derivative [Line Items]
Notional Amount	$ 800.0
Number of net investment hedges entered into \| derivative_instrument	5
Derivative, interest rate savings, percentage	0.971%

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
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 Corpay, Inc. and its subsidiaries. Effective March 25, 2024, FLEETCOR Technologies, Inc. ("FLEETCOR") changed its corporate name to Corpay, Inc. At that time, the Company ceased trading under the ticker symbol "FLT" and began trading under our new ticker symbol, "CPAY," on the New York Stock Exchange ("NYSE") effective March 25, 2024. 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 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, 2023.
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, 2024 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.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of foreign subsidiaries as well as intra-entity balances denominated in foreign currency and designated for long-term investment 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.
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. The Company's provision for credit losses is recorded within processing expenses in the Unaudited Consolidated Statements of Income.
Revenue	Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend or geographically-defined categories, including Vehicle Payments, Corporate Payments, Lodging Payments and Other. 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. 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". Revenues from contracts with customers, within the scope of ASC 606, "Revenue Recognition", represent approximately 85% of total consolidated revenues, net, for the nine months ended September 30, 2024 and 2023. In its cross-border payments business, the Company enters into foreign currency forwards, option derivative contracts and swaps 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 8% of total consolidated revenues for the nine months ended September 30, 2024 and 2023. Additionally, the Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S., Canada and Brazil, 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 nine months ended September 30, 2024 and 2023, respectively. The Company's remaining revenue represents float revenue earned on invested customer funds in jurisdictions where permitted. Such revenue represented approximately 3% and 2% of consolidated revenues, net for the nine months ended September 30, 2024 and 2023, respectively.
Spot Trade Offsetting	Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements with the same counterparty, 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 counterparty level, in its Consolidated Balance Sheets at their fair value.
Reclassifications	Reclassifications Segment disclosures for the prior period have been reclassified to conform with current segment presentation.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The ASU enhances disclosures about significant reportable segment expenses. The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the impact this guidance will have on the disclosures within our consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). The amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our consolidated financial statements. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses". The ASU, among other items, requires additional financial statement disclosures in tabular format disaggregating information about prescribed categories (including employee compensation, depreciation and amortization) underlying any relevant income statement expense captions. The ASU is effective on a prospective basis for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption and retrospective application permitted. We are currently evaluating the impact this guidance will have on the disclosures within our consolidated financial statements.

- 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
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.M.2.Q4)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 14
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
-Paragraph 8A
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479106/326-30-50-3A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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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
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-17

+ Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative liability		$ 315,063
Prepaid expenses and other current assets
Derivative [Line Items]
Derivative assets	$ 343,300	254,200
Other assets
Derivative [Line Items]
Derivative assets	132,200	66,000
Other current liabilities
Derivative [Line Items]
Derivative liability	261,500	190,400
Other noncurrent liabilities
Derivative [Line Items]
Derivative liability	125,400	54,300
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative assets	3,600	23,500
Designated as Hedging Instrument \| Interest rate swaps \| Other current liabilities
Derivative [Line Items]
Derivative liability	10,900	0
Designated as Hedging Instrument \| Interest rate swaps \| Other noncurrent liabilities
Derivative [Line Items]
Derivative liability	42,400	55,800
Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Net Investment Hedging
Derivative [Line Items]
Derivative assets	14,800	0
Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Other current liabilities \| Net Investment Hedging
Derivative [Line Items]
Derivative liability	0	14,500
Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Other noncurrent liabilities \| Net Investment Hedging
Derivative [Line Items]
Derivative liability	$ 80,100	$ 0

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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. On May 1, 2024, both pending derivative cases were transferred to the Fulton County Metro Atlanta Business Case Division and consolidated as In re Corpay, Inc. Shareholder Derivative Litigation, CAFN 2023CV383303 (consolidated with CAFN 2023CV381421). On July 10, 2024, the defendants filed a motion to dismiss the consolidated lawsuit. The defendants dispute the allegations in the consolidated derivative action and intend to vigorously defend against the claims. FTC Matter 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 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.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Expense Related to Share-Based Payments


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options	$	4,696	$	4,921	$	15,938	$	18,482
Restricted stock	23,810		24,152		64,655		71,435
Stock-based compensation	$	28,506	$	29,073	$	80,593	$	89,917

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

The following table summarizes the Company’s total unrecognized compensation cost related to outstanding stock awards as of September 30, 2024 (cost in thousands):


	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition Remaining (in Years)
Stock options	$	37,540	2.02
Restricted stock	60,325		0.83
Total	$	97,865

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

The following summarizes the changes in the number of shares of stock options outstanding for the nine months ended September 30, 2024 (shares 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, 2023	4,983	$	192.18	3,182	$	163.54			$	451,039
Granted	142	273.01					$	95.98
Exercised	(1,129)	163.37							$	142,959
Forfeited	(88)	229.38
Outstanding at September 30, 2024	3,908	$	202.60	2,333	$	170.91			$	430,713
Expected to vest as of September 30, 2024	726	$	235.75

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


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	542	$	219.61
Granted	460	276.44
Issued	(392)	225.09
Cancelled	(144)	257.04
Outstanding at September 30, 2024	466	$	259.55

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 276,262	$ 271,496	$ 757,728	$ 726,033
Other comprehensive income (loss):
Foreign currency translation gains (losses), net of tax	135,223	(157,043)	(122,723)	(16,387)
Reclassification of accumulated foreign currency translation losses to net income as a result of the sale of a foreign entity	0	120,269	0	120,269
Net change in derivative contracts, net of tax	(97,490)	32,103	(52,671)	43,834
Total other comprehensive income (loss), net of tax	37,733	(4,671)	(175,394)	147,716
Total comprehensive income	313,995	266,825	582,334	873,749
Comprehensive (income) loss attributable to noncontrolling interest	(587)	0	2,582	0
Comprehensive income attributable to Corpay	$ 313,408	$ 266,825	$ 584,916	$ 873,749

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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, 2024 and December 31, 2023 (in thousands):


	Fair Value		Level 1		Level 2		Level 3
September 30, 2024
Assets:
Overnight deposits	$	163,274	$	—	$	163,274	$	—
Money market	165,056		—		165,056		—
Certificates of deposit	415,338		—		415,338		—
Treasury bills	526,789		—		526,789		—
Interest rate swaps	3,632		—		3,632		—
Cross-currency interest rate swaps	14,841		—		14,841		—
Foreign exchange contracts	475,447		—		475,447		—
Total assets	$	1,764,377	$	—	$	1,764,377	$	—
Cash collateral for foreign exchange contracts	$	49,423
Liabilities:
Interest rate swaps	$	53,267	$	—	53,267		—
Cross-currency interest rate swaps	80,147		—		80,147		—
Foreign exchange contracts	386,900		—		386,900		—
Total liabilities	$	520,314	$	—	$	520,314	$	—
Cash collateral obligation for foreign exchange contracts	$	499,200

December 31, 2023
Assets:
Overnight deposits	$	256,466	$	—	$	256,466	$	—
Money market	376,465		—		376,465		—
Certificates of deposit	266,316		—		266,316		—
Treasury bills	236,505		—		236,505		—
Interest rate swaps	23,485		—		23,485		—
Foreign exchange contracts	320,216		—		320,216		—
Total assets	$	1,479,453	$	—	$	1,479,453	$	—
Cash collateral for foreign exchange contracts	$	39,219
Liabilities:
Interest rate swaps	$	55,796	$	—	$	55,796	$	—
Cross-currency interest rate swap	14,522		—		14,522		—
Foreign exchange contracts	244,745		—		244,745		—
Total liabilities	$	315,063	$	—	$	315,063	$	—
Cash collateral obligation for foreign exchange contracts	$	180,168

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, 2024 and December 31, 2023.

The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values was $64.6 million and $69.5 million at September 30, 2024 and December 31, 2023, respectively.

- 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.

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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

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 attributable to Corpay for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income attributable to Corpay	$	276,397	$	271,496	$	757,791	$	726,033
Denominator for basic earnings per share	69,518		73,165		70,460		73,523
Dilutive securities	1,383		1,439		1,516		1,210
Denominator for diluted earnings per share	70,901		74,604		71,976		74,733
Basic earnings per share attributable to Corpay	$	3.98	$	3.71	$	10.75	$	9.87
Diluted earnings per share attributable to Corpay	$	3.90	$	3.64	$	10.53	$	9.72

Diluted earnings per share attributable to Corpay for the three months ended September 30, 2024 and 2023 excludes the effect of 0.2 million and 0.7 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 attributable to Corpay 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, 2024 and 2023.

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company's Board of Directors (the "Board") has approved a stock repurchase program (as updated from time to time, the "Program") authorizing the Company to repurchase its common stock from time to time until February 4, 2025. On January 25, 2024, the Board authorized an increase to the aggregate size of the Program by $1.0 billion to $8.1 billion. On November 5, 2024, the Board authorized an increase to the aggregate size of the Program by $1.0 billion to $9.1 billion. During the nine months ended September 30, 2024, the Company repurchased 3,559,270 shares for an aggregate purchase price of $1.0 billion. Since the beginning of the Program through September 30, 2024, 32,438,132 shares have been repurchased for an aggregate purchase price of $7.6 billion, leaving the Company up to $1.5 billion of remaining authorization available under the Program for future repurchases of shares of its common stock following the November 5, 2024 Board authorization.

- Definition

The entire disclosure for equity.

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