View Filing Data

Property and equipment, net

163,802

187,820

Total current assets

3,907,065

3,549,701

184,031

180,057

4,744,292

4,715,823

Other intangibles, net

2,682,516

2,724,957

Investments

32,859

Current portion of notes payable and lines of credit

141,702

114,962

Total assets

11,692,465

11,318,359

Current liabilities:

Accounts payable

1,609,240

1,437,314

Accrued expenses

261,309

238,472

Customer deposits

746,332

732,171

Securitization facility

829,000

811,000

792,913

805,512

Other current liabilities

68,882

71,033

Total current liabilities

4,307,676

4,095,502

Notes payable and other obligations, less current portion

2,867,532

2,902,104

Other noncurrent liabilities

505,150

518,912

124,055

125,319

Total noncurrent liabilities

3,496,737

3,546,335

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.001 par value; 475,000,000 shares authorized; 122,359,407 shares issued and 89,637,705 shares outstanding at March 31, 2018; and 122,083,059 shares issued and 89,803,982 shares outstanding at December 31, 2017

123

122

Additional paid-in capital

2,248,602

2,214,224

Accumulated other comprehensive loss

3,181,110

2,958,921

(508,603)

(551,857)

Less treasury stock (32,721,702 shares at March 31, 2018 and 32,279,077 shares at December 31, 2017)

(1,033,180)

(944,888)

Total stockholders’ equity

3,888,052

3,676,522

Total liabilities and stockholders’ equity

$ 11,692,465

$ 11,318,359

[1]

Reflects January 1, 2018 adoption of Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" and related cost capitalization guidance using the modified retrospective transition method. The adoption of Topic 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effective of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its annual report on Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect the impact of Topic 606. See footnote 1.

[2]

Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the consolidated statement of cash flows.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 48,989	$ 46,031
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)	122,359,407	122,083,059
Common stock, shares outstanding (in shares)	89,637,705	89,803,982
Treasury stock, shares (in shares)	32,721,702	32,279,077

Unaudited Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2018

^[1]

Mar. 31, 2017

Income Statement [Abstract]

$ 585,500

$ 520,433

Expenses:

24,384

116,485

101,824

47,111

38,837

90,315

95,454

71,502

64,866

Other (income) expense, net

260,087

195,068

Investment loss

^[2]

2,377

(297)

2,196

Interest expense, net

31,065

23,127

30,768

27,700

229,319

167,368

54,382

43,675

$ 174,937

^[2]

$ 123,693

Earnings per share:

$ 1.95

$ 1.34

Weighted average shares outstanding:

$ 1.88

$ 1.31

Basic weighted average shares outstanding (in shares)

89,765

92,108

Diluted weighted average shares outstanding (in shares)

93,250

94,560

[1]

Reflects the January 1, 2018 adoption of Accounting Standards Update 2014-09, "Revenue from Contracts with Customers (Topic 606)" using the modified retrospective transition method. As a result of the application of the modified retrospective transition method, the Company's prior period results within its annual report on Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect the impact of Topic 606. See footnote 1.

[2]

Unaudited Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Statement of Comprehensive Income [Abstract]

Foreign currency translation gains, net of tax

$ 174,937

^[1],[2]

$ 123,693

Other comprehensive income:

43,254

93,614

Total other comprehensive income

43,254

93,614

Total comprehensive income

$ 218,191

$ 217,307

[1]

[2]

Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

Operating activities

Adjustments to reconcile net income to net cash provided by operating activities:

$ 174,937

^[1],[2]

$ 123,693

Depreciation

12,397

^[2]

10,667

Stock-based compensation

14,403

^[2]

23,093

Provision for losses on accounts receivable

11,997

^[2]

12,988

Amortization of deferred financing costs and discounts

1,339

^[2]

1,914

Amortization of intangible assets

57,836

^[2]

52,654

Amortization of premium on receivables

1,269

^[2]

1,544

(4,829)

^[2]

(3,453)

Investment loss

^[1],[2]

2,377

Changes in operating assets and liabilities (net of acquisitions):

(57)

^[2]

Accounts and other receivables

(288,152)

^[2]

(236,564)

32,074

^[2]

(16,453)

Accounts payable, accrued expenses and customer deposits

(7,101)

^[2]

(2,673)

194,589

^[2]

103,711

Net cash provided by operating activities

200,702

^[2]

73,498

Investing activities

Acquisitions, net of cash acquired

(3,875)

^[2]

Purchases of property and equipment

(15,214)

^[2]

(14,796)

Net cash used in investing activities

(3,642)

^[2]

(6,327)

$ (39,000)

(22,731)

^[2]

(21,123)

Financing activities

Proceeds from issuance of common stock

19,975

^[2]

15,230

Repurchase of common stock

(88,292)

^[2]

Borrowings on securitization facility, net

18,000

^[2]

85,000

Principal payments on notes payable

(34,500)

^[2]

(33,363)

Borrowings from revolver

420,258

^[2]

90,000

Payments on revolver

(439,351)

^[2]

(159,949)

Borrowings on swing line of credit, net

5,009

^[2]

21,639

Net cash (used in) provided by financing activities

(92)

^[2]

537

(98,993)

^[2]

19,094

Effect of foreign currency exchange rates on cash

12,653

^[2]

19,754

Net increase in cash and cash equivalents and restricted cash

91,631

^[2]

91,223

Cash and cash equivalents and restricted cash, beginning of period

1,130,870

643,770

Cash and cash equivalents and restricted cash, end of period

1,222,501

^[2]

734,993

$ 1,130,870

Supplemental cash flow information

Cash paid for interest

35,634

^[2]

33,190

Cash paid for income taxes

$ 16,830

^[2]

$ 88,503

[1]

[2]

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

Throughout this report, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited 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, 2017.

Foreign Currency Translation

Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are made directly to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the period. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange gains of $0.5 million and foreign exchange losses of $1.5 million in the three months ended March 31, 2018 and 2017, respectively, which are recorded within other (income) expense, net in the Unaudited Consolidated Statements of Income.

Derivatives

The Company, through its Cambridge Global Payments ("Cambridge") subsidiary, facilitates cross-currency corporate payments by writing derivatives to customers, which are not designated as hedging instruments. The majority of this business' revenue is from exchanges of currency at spot rates, which enable customers to make cross-currency payments. In addition, the Company also writes foreign currency forward and option contracts for its customers to facilitate future payments. The duration of these derivative contracts at inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer contracts, including forwards, options and spot exchanges of currency, and hedges (economic hedge) the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties. The changes in fair value related to these contracts are recorded in the Unaudited Consolidated Statements of Income.

The Company recognizes all derivatives in "prepaid expenses and other current assets" and "other current liabilities" in the accompanying Unaudited Consolidated Balance Sheets at their fair value. All cash flows associated with derivatives are included in cash flows from operating activities in the Unaudited Consolidated Statements of Cash Flows.

Adoption of New Accounting Standards

Impact of Adoption of Topic 606

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)", which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. ASU 2014-09, as amended by ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date", is effective for years beginning after December 15, 2017, including interim periods, with early adoption permitted for years beginning after December 15, 2016. Since the issuance of ASU 2014-09, the FASB has issued additional interpretive guidance, including new accounting standard updates, which clarifies certain points of the standard and modifies certain requirements.

Effective January 1, 2018, we adopted Topic 606 using the modified retrospective method, for contracts that were not completed as of the date of initial application, resulting in a cumulative effect adjustment to retained earnings on January 1, 2018. For contracts that were modified before January 1, 2018, the Company has not retrospectively restated contracts for those modifications but instead reflected the aggregate effect of these modifications when identifying the satisfied and unsatisfied performance obligations, as allowed within the transition practical expedients. The cumulative impact to our retained earnings at January 1, 2018 was $30.9 million, due to the capitalization of costs to acquire contracts under the new standard, with a corresponding increase to prepaid expense and other current assets of $10.2 million, other assets of $30.3 million and deferred income taxes (liabilities) of $9.6 million. Additionally, under the new standard certain costs (e.g., merchant commissions and fees paid to credit card associations) will be presented net in revenues as the amounts represent payments to our customers that are not considered in exchange for a distinct good or service that the customer transfers to the Company.

The impact to our fiscal quarter ended March 31, 2018, revenue, operating expenses, income from continuing operations after taxes, net income and basic and diluted earnings per share (EPS) was as follows:



	Three Months Ended March 31,
	2018 As Reported		Impact of Topic 606			2018 Prior to Adoption
Revenues, net	$	585,500	$	24,218		$	609,718
Expenses:
Merchant commissions	—		26,903			26,903
Processing	116,485		(2,071		)	114,414
Selling	47,111		2,120			49,231
General and administrative	90,315		—			90,315
Depreciation and amortization	71,502		—			71,502
Operating income	260,087		(2,734		)	257,353
Total other expense	30,768		—			30,768
Income before income taxes	229,319		(2,734		)	226,585
Provision for income taxes	54,382		(757		)	53,625
Net income	$	174,937	$	(1,977	)	$	172,960
Basic earnings per share	$	1.95	$	(0.02	)	$	1.93
Diluted earnings per share	$	1.88	$	(0.02	)	$	1.86

The adoption of Topic 606 did not impact our accounting for revenues derived from late fees, finance charges, and certain other charge card fees or certain of our foreign currency contracts, which continue to be accounted for under existing authoritative guidance, as discussed further below.

Accounting for Leases

In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. This ASU also requires disclosures to provide additional information about the amounts recorded in the financial statements. This ASU is effective for the Company for annual periods beginning after December 15, 2018 and interim periods therein. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance for leases that exist or are entered into after the beginning of the earliest comparative period presented. The Company is currently evaluating the impact of ASU 2016-02 on our consolidated financial statements; however, the Company expects to recognize right of use assets and liabilities for its operating leases in the consolidated balance sheet upon adoption.

Accounting for Breakage

In March 2016, the FASB issued ASU 2016-04, “Liabilities-Extinguishments of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products”, which requires entities that sell prepaid stored value products redeemable for goods, services or cash at third-party merchants to derecognize liabilities related to those products for breakage. This ASU is effective for the Company for reporting periods beginning after December 15, 2017. The ASU must be adopted using either a modified retrospective approach with a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption or a full retrospective approach. The Company’s adoption of this ASU had no impact on the results of operations, financial condition, or cash flows.

Intra-Entity Transfers

In October 2016, the FASB issued ASU 2016-16 “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” The new guidance requires the recognition of the income tax consequences of an intercompany asset transfer, other than transfers of inventory, when the transfer occurs. For intercompany transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The Company adopted this ASU on January 1, 2018 which resulted in an increase of approximately $17.1 million to retained earnings and deferred tax assets net of valuation allowances.

Cash Flow Classification

In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments", which amends the guidance in ASC 230, Statement of Cash Flows. This amended guidance reduces the diversity in practice that has resulted from the lack of consistent principles related to the classification of certain cash receipts and payments in the statement of cash flows. This ASU is effective for the Company for reporting periods beginning after December 15, 2017. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The Company adopted this new guidance on January 1, 2018. The adoption of this new guidance did not have a material impact on the results of operations, financial condition, or cash flows.

In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash", which amends the guidance in ASC 230, Statement of Cash Flows, on the classification and presentation of restricted cash in the statement of cash flows. This ASU is effective for the Company for reporting periods beginning after December 15, 2017 and changes due to adoption are applied using a retrospective transition method to each period presented. The Company adopted this new guidance on January 1, 2018, and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash.

Intangibles - Goodwill and Other Impairment

In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment", which eliminates the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of the goodwill impairment test) to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on Step 1). The standard has tiered effective dates, starting in 2020 for calendar-year public business entities that meet the definition of an SEC filer. Early adoption is permitted for interim and annual goodwill impairment testing dates after January 1, 2017. The Company’s adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows, unless a goodwill impairment is identified.

Definition of a Business

In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business", which amends the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The guidance is effective for the Company for reporting periods beginning after December 15, 2017, and interim periods within those years. The Company adopted this new guidance on January 1, 2018. The adoption of this new guidance did not have a material impact on the results of operations, financial condition, or cash flows.

Accounting for Modifications to Stock-Based Compensation

In May 2017, the FASB issued ASU 2017-09, "Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting", which amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions and classification of the awards are the same immediately before and after the modification. The guidance is effective for the Company for reporting periods beginning after December 15, 2017, and interim periods within those years. The Company adopted this new guidance on January 1, 2018. The adoption of this new guidance did not have a material impact on the results of operations, financial condition, or cash flows.

Accounting for Derivative Financial Instruments

In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which amends the hedge accounting recognition and presentation requirements in ASC 815. The FASB issued accounting guidance to better align hedge accounting with a company’s risk management activities, simplify the application of hedge accounting and improve the disclosures of hedging arrangements. The guidance is effective for the Company for reporting periods beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted. The Company's adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows.

Comprehensive Income Classification

In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", that gives entities the option to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (the "Tax Act"). An entity that elects to reclassify these amounts must reclassify stranded tax effects related to the Tax Act’s change in U.S. federal tax rate for all items accounted for in other comprehensive income. These entities can also elect to reclassify other stranded effects that relate to the Tax Act but do not directly relate to the change in the federal rate. For all entities, the guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted for periods for which financial statements have not yet been issues or made available for issuance. Entities can choose whether to apply the amendments retrospectively to each period in which the effect of the Tax Act is recognized or to apply the amendments in the period of adoption. The Company's adoption of this ASU is not expected to have a material impact on the results of operations, financial condition, or cash flows.

Revenue Recognition

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including fuel, lodging, tolls, and general corporate payments, as well as gift card solutions (stored value cards). The Company provides products that assist businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services.

Payment Services

The Company’s primary performance obligation for the majority of its payment solution products (fuel, lodging, tolls, corporate payments, among others) is to stand-ready to provide authorization and processing services (Payment Services) for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use (e.g., number of transactions submitted and processed) of the related payment service. Accordingly, the total transaction price is variable. The Payment Services is a series of distinct daily services that are substantially the same, with the same pattern of transfer to the customer. As a result, the Company allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer.

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

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

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

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

Gift Card Products and Services

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

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

Other

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

The Company also writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies, and recognizes revenue in accordance with authoritative fair value and derivative accounting (ASC 815, " Derivatives").

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

Disaggregation of Revenues

The Company provides its services to customers across different payment solutions and geographies. Revenue by product (in millions) for the three months ended March 31, 2018 was as follows:



Revenue, net by Product Category	Three Months Ended March 31,
	2018		%
Fuel Cards	$	259	44	%
Corporate Payments	95		16	%
Tolls	91		16	%
Lodging	39		7	%
Gift	49		8	%
Other	53		9	%
Consolidated Revenues, net	$	586	100	%

Revenue by geography (in millions) for the three months ended March 31, 2018 was as follows:



Revenue, net by Geography	Three Months Ended March 31,
	2018		%
United States	$	344	59	%
Brazil	107		18	%
United Kingdom	64		11	%
Other	71		12	%
Consolidated Revenues, net	$	586	100	%

Contract Liabilities

Deferred revenue contract liabilities for customers subject to Topic 606 were $23.0 million and $24.7 million as of March 31, 2018 and January 1, 2018, respectively. We expect to recognize these amounts in revenues within approximately 6 months. Revenue recognized in the three months ended March 31, 2018, that was included in the deferred revenue contract liability as of January 1, 2018 was approximately $21 million.

Costs to Obtain or Fulfill a Contract

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

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


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


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


c.	The costs are expected to be recovered.

In order to determine the appropriate amortization period for contract costs, the Company considered a combination of factors, including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the Company to provide products and services to its customers, whether further contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the straight-line method over the expected period of benefit (ranging from five to ten years). Costs to obtain a contract with an expected period of benefit of one year or less are recognized as an expense when incurred. The amortization of contract acquisition costs associated with sales commissions that qualify for capitalization will be recorded as selling expense in the Company’s Unaudited Consolidated Statements of Income. The amortization of contract acquisition costs associated with cash payments for client incentives are included as a reduction of revenues in the Company’s Unaudited Consolidated Statements of Income. During the three months ended March 31, 2018, amortization of capitalized contract costs recorded in selling expense was $3.3 million.

Costs to obtain or fulfill a contract are classified as contract cost assets within "prepaid expenses and other current assets" and "other assets" in the Company’s Unaudited Consolidated Balance Sheets. At March 31, 2018, the Company had capitalized costs to obtain a contract of $11.2 million within prepaid expenses and $32.2 million within "other assets" in the Company’s Unaudited Consolidated Balance Sheets, respectively.

Practical Expedients

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

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

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

As a practical expedient, the Company is not required to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised service or product to a customer and when the customer pays for the service or product will be one year or less. As of March 31, 2018, the Company’s contracts with customers did not contain a significant financing component.

The Company adopted Topic 606 as of January 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. For contracts that were modified before the effective date, the Company utilized a practical expedient to consider the aggregate effect of all modifications when identifying performance obligations and allocating transaction price.

Accounts Receivable

3 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Accounts Receivable

The Company maintains a $950 million revolving trade accounts receivable Securitization Facility. Accounts receivable collateralized within our Securitization Facility relate to our U.S. trade receivables resulting from charge card activity. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding) a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers, on a revolving basis, up to $950 million of undivided ownership interests in this pool of accounts receivable to a multi-seller, asset-backed commercial paper conduit (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold to the Conduit. Purchases by the Conduit are financed with the sale of highly-rated commercial paper.

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

The Company’s Unaudited 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 Company’s accounts receivable and securitized accounts receivable include the following at March 31, 2018 and December 31, 2017 (in thousands):



	March 31, 2018			December 31, 2017
Gross domestic accounts receivable	$	829,905		$	661,677
Gross domestic securitized accounts receivable	829,000			811,000
Gross foreign receivables	910,846			804,365
Total gross receivables	2,569,751			2,277,042
Less allowance for doubtful accounts	(48,989		)	(46,031		)
Net accounts and securitized accounts receivable	$	2,520,762		$	2,231,011

A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for the three month period ended March 31 is as follows (in thousands):



	2018			2017
Allowance for doubtful accounts beginning of period	$	46,031		$	32,506
Provision for bad debts	11,997			12,988
Write-offs	(9,039		)	(4,509		)
Allowance for doubtful accounts end of period	$	48,989		$	40,985

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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


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

•

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


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

The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis at March 31, 2018 and December 31, 2017, (in thousands).



	Fair Value		Level 1		Level 2		Level 3
March 31, 2018
Assets:
Repurchase agreements	$	498,216	$	—	$	498,216	$	—
Money market	50,462		—		50,462		—
Certificates of deposit	5,621		—		5,621		—
Foreign exchange contracts	37,849		—		37,849
Total cash equivalents	$	592,148	$	—	$	592,148	$	—
Cash collateral for foreign exchange contracts	$	11,046	$	—	$	—	$	—
Liabilities:
Foreign exchange contracts	$	23,903	$	—	$	23,903	—
Total liabilities	$	23,903	$	—	$	23,903	$	—
Cash collateral obligation for foreign exchange contracts	$	10,586	$	—	$	—	$	—

December 31, 2017
Assets:
Repurchase agreements	$	420,838	$	—	$	420,838	$	—
Money market	50,423		—		50,423		—
Certificates of deposit	7,417		—		7,417		—
Foreign exchange contracts	39,045		10		39,035		—
Total cash equivalents	$	517,723	$	10	$	517,713	$	—
Cash collateral for foreign exchange contracts	$	12,540	$	—	$	—	$	—
Liabilities:
Foreign exchange contracts	$	26,888	$	67	$	26,821	$	—
Total liabilities	$	26,888	$	67	$	26,821	$	—
Cash collateral obligation for foreign exchange contracts	$	10,882	$	—	$	—	$	—

The Company has highly-liquid investments classified as cash equivalents, with original maturities of 90 days or less, included in our Unaudited Consolidated Balance Sheets. The Company utilizes Level 2 fair value determinations derived from directly or indirectly observable (market based) information to determine the fair value of these highly liquid investments. The Company has certain cash and cash equivalents that are invested on an overnight basis in repurchase agreements, money markets and certificates of deposit. The value of overnight repurchase agreements is determined based upon the quoted market prices for the treasury securities associated with the repurchase agreements. The value of money market instruments is the financial institutions' month-end statement, as these instruments are not tradeable and must be settled directly by us with the respective financial institution. Certificates of deposit are valued at cost, plus interest accrued. Given the short-term nature of these instruments, the carrying value approximates fair value. Foreign exchange derivative contracts are carried at fair value, with changes in fair value recognized in the Unaudited Consolidated Statements of Income. The fair value of the Company's derivatives is derived with reference to a valuation from a derivatives dealer operating in an active market, which the Company accepts as the fair value of these instruments. The fair value represents what would be received and or paid by the Company if the contracts were terminated as of the reporting date. Cash collateral received for foreign exchange derivatives is recorded within customer deposits in the Company's Unaudited Consolidated Balance Sheet at March 31, 2018. Cash collateral paid for foreign exchange derivatives is recorded within restricted cash in the Company's Unaudited Consolidated Balance Sheet at March 31, 2018.

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 2018 and 2017.

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

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

- Definition

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

+ References + Details

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity On February 4, 2016, the Company's Board of Directors approved a stock repurchase program (the "Program") under which the Company may purchase up to an aggregate of $500 million of its common stock over the following 18 month period. On July 27, 2017, the Company's Board of Directors authorized an increase in the size of the Program by an additional $250 million and an extension of the Program by an additional 18 months. On November 1, 2017, the Company announced that its Board of Directors had authorized an increase in the size of the Program by an additional $350 million, resulting in total aggregate repurchases authorized under the Program of $1.1 billion. With the increase and giving effect to the Company's $678.4 million of previous repurchases, the Company may repurchase up to $421.6 million in shares of its common stock at any time prior to February 1, 2019. Any stock repurchases may be made at times and in such amounts as deemed appropriate. The timing and amount of stock repurchases, if any, will depend on a variety of factors including the stock price, market conditions, corporate and regulatory requirements, and any additional constraints related to material inside information the Company may possess. Any repurchases have been and are expected to be funded by a combination of available cash flow from the business, working capital and debt. Since the beginning of the Program, 4,556,729 shares for an aggregate purchase price of $678.4 million have been repurchased. There were 442,625 shares totaling $88.3 million repurchased under the Program during the three months ended March 31, 2018.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

The Company has Stock Incentive Plans (the Plans) pursuant to which the Company’s board of directors may grant stock options or restricted stock to employees.

On February 7, 2018, the stockholders of the Company approved the FleetCor Technologies, Inc. Amended and Restated 2010 Equity Incentive Plan (the "Amended Plan"). The Amended Plan was authorized and approved by the Company's Board of Directors on December 20, 2017, and Company's stockholders at a meeting held on February 7, 2018. The Amended Plan amends the Registrant’s existing 2010 Equity Incentive Plan (as amended, the "Prior Plan") to, among other things, increase the number of shares of common stock available for issuance from 13,250,000 to 16,750,000 and make certain other amendments to the Prior Plan.

The table below summarizes the expense recognized related to share-based payments recognized for the three month period ended March 31 (in thousands):



	Three Months Ended March 31,
	2018		2017
Stock options	$	10,699	$	12,089
Restricted stock	3,704		11,004
Stock-based compensation	$	14,403	$	23,093

The tax benefits recorded on stock based compensation were $8.1 million and $15.0 million for the three month period ended March 31, 2018 and 2017, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of March 31, 2018 (cost in thousands):

Stock Options

Stock options are granted with an exercise price estimated to be equal to the fair market value on the date of grant as authorized by the Company’s board of directors. Options granted have vesting provisions ranging from one to five years and vesting of the options is generally based on the passage of time or performance. Stock option grants are subject to forfeiture if employment terminates prior to vesting.

The following summarizes the changes in the number of shares of common stock under option for the three month period ended March 31, 2018 (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, 2017	8,031		$	109.78	4,029	$	75.80			$	663,815
Granted	181		200.16					$	49.69
Exercised	(230	)	87.81							26,357
Forfeited	(16	)	146.27
Outstanding at March 31, 2018	7,966		$	112.39	4,444	$	81.95			$	717,856
Expected to vest as of March 31, 2018	7,966		$	112.39

The aggregate intrinsic value of stock options exercisable at March 31, 2018 was $535.7 million. The weighted average remaining contractual term of options exercisable at March 31, 2018 was 5.2 years.

The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the three month period ended March 31, 2018 and 2017:



	March 31,
	2018		2017
Risk-free interest rate	2.46	%	1.83	%
Dividend yield	—		—
Expected volatility	27.11	%	27.31	%
Expected life (in years)	3.9		4.2

Restricted Stock

Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, performance or market conditions, or a combination of these. Shares vesting based on the passage of time have vesting provisions of one to three years.

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the three months ended March 31, 2018 (shares in thousands):



	Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2017	365		$	155.58
Granted	49		199.75
Vested	(47	)	158.54
Canceled or forfeited	(26	)	154.46
Outstanding at March 31, 2018	341		$	163.95

Acquisitions

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Goodwill and Intangible Assets Disclosure [Abstract]

2017 Acquisitions

During 2017, the Company completed acquisitions with an aggregate purchase price of $725.2 million, net of cash acquired of $96.3 million and inclusive of notes payable of $29.3 million. During 2017, the Company made investments in other businesses of $39 million.

Cambridge Global Payments

On August 9, 2017, the Company acquired Cambridge, a business to business (B2B) international payments provider, for approximately $616.1 million in cash, net of cash acquired of $94.5 million and inclusive of a note payable of $23.8 million. Cambridge processes B2B cross-border payments, assisting business clients in making international payments. The purpose of this acquisition is to further expand the Company's corporate payments footprint. The Company financed the acquisition using a combination of existing cash and borrowings under its existing credit facility. The results from Cambridge are reported in its North America segment. The following table summarizes the preliminary acquisition accounting for Cambridge (in thousands):



Restricted cash	$	37,666
Trade and other receivables	61,801
Prepaid expenses and other	15,190
Property and equipment	7,106
Other long term assets	10,025
Goodwill	500,391
Customer relationships and other identifiable intangible assets	271,793
Liabilities assumed	(194,552		)
Deferred tax liabilities	(93,364		)
Aggregate purchase price	$	616,056

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
Banking relationships	20	$	705
Trade name and trademarks	Indefinite	35,110
Technology	5	16,039
Customer relationships - excluding Accounts Payable Solutions	7-18	178,190
Customer relationships - Accounts Payable Solutions	20	41,749
		$	271,793

Along with the Company's acquisition of Cambridge, the Company signed noncompete agreements with certain parties with an estimated fair value of $5.8 million. Acquisition accounting for Cambridge is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, certain acquired contingencies, derivatives and the working capital adjustment period remains open. Goodwill recorded is comprised primarily of expected synergies from combining the operations of the Company and Cambridge, as well as assembled workforce.

Other

During 2017, the Company acquired Creative Lodging Solutions ("CLS"), a lodging business, and a fuel card provider in Russia for approximately $109.1 million, net of cash acquired of $1.8 million and inclusive of a note payable of $5.5 million. The Company financed the acquisitions using a combination of existing cash and borrowings under its existing credit facility. The accounting for these acquisitions is preliminary as the Company is still completing the valuation of goodwill, intangible assets, income taxes and evaluation of acquired contingencies. The following table summarizes the preliminary acquisition accounting for the acquisitions (in thousands):



Trade and other receivables	$	38,038
Prepaid expenses and other	1,426
Property and equipment	5,745
Goodwill	59,946
Other intangible assets	53,459
Liabilities assumed	(32,274		)
Deferred tax liabilities	(17,217		)
Aggregate purchase prices	$	109,123

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



	Useful Lives (in Years)	Value
Trade name and trademarks	1	$	180
Technology	4	1,750
Customer relationships	8	51,529
		$	53,459

Along with the Company's acquisition of CLS, the Company signed noncompete agreements with certain parties with an estimated fair value of $3.9 million.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2018

Goodwill and Other Intangible Assets

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



	December 31, 2017		Acquisitions		Acquisition Accounting Adjustments		Foreign Currency			March 31, 2018
Segment
North America	$	3,084,123	$	—	$	4,215	$	(2,587	)	$	3,085,751
International	1,631,700		—		20		26,821			1,658,541
	$	4,715,823	$	—	$	4,235	$	24,234		$	4,744,292

As of March 31, 2018 and December 31, 2017, other intangible assets consisted of the following (in thousands):



		March 31, 2018							December 31, 2017
	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	16.9	$	2,707,354	$	(650,237	)	$	2,057,117	$	2,698,428	$	(605,347	)	$	2,093,081
Trade names and trademarks—indefinite lived	N/A	505,295		—			505,295		499,587		—			499,587
Trade names and trademarks—other	13.7	3,008		(2,291		)	717		2,986		(2,207		)	779
Software	6.0	219,717		(126,968		)	92,749		219,019		(116,654		)	102,365
Non-compete agreements	4.5	48,260		(21,622		)	26,638		48,221		(19,076		)	29,145
Total other intangibles		$	3,483,634	$	(801,118	)	$	2,682,516	$	3,468,241	$	(743,284	)	$	2,724,957

Changes in foreign exchange rates resulted in a $12.1 million increase to the carrying values of other intangible assets in the three months ended March 31, 2018. Amortization expense related to intangible assets for the three months ended March 31, 2018 and 2017 was $57.8 million and $52.7 million, respectively.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt

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



	March 31, 2018		December 31, 2017
Term notes payable—domestic(a), net of discounts	$	2,959,854	$	2,993,667
Revolving line of credit A Facility—domestic(a)	365,000		635,000
Revolving line of credit B Facility—foreign(a)	280,258		28,334
Revolving line of credit B Facility—swing line(a)	12,324		6,879
Other debt(c)	43,009		43,736
Total notes payable and other obligations	3,660,445		3,707,616
Securitization Facility(b)	829,000		811,000
Total notes payable, credit agreements and Securitization Facility	$	4,489,445	$	4,518,616
Current portion	$	1,621,913	$	1,616,512
Long-term portion	2,867,532		2,902,104
Total notes payable, credit agreements and Securitization Facility	$	4,489,445	$	4,518,616

______________________

(a)

The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities consisting of a revolving A credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $2.69 billion and a term loan B facility in the amount of $350 million as of March 31, 2018. The revolving credit facility consists of (a) a revolving A credit facility in the amount of $800 million, with sublimits for letters of credit and swing line loans, (b) a revolving B facility in the amount of $450 million for swing line loans and multi-currency borrowings and, (c) a revolving C facility in the amount of $35 million for multi-currency borrowings in Australian Dollars or New Zealand Dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term A, term B or revolver A debt. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. The maturity dates are August 2, 2022 for term A loan, revolving loans, and letters of credit under the Credit Agreement and August 2, 2024 for the term B loan.

Interest on amounts outstanding under the Credit Agreement (other than the term B loan) accrues based on the British Bankers Association LIBOR Rate (the Eurocurrency Rate), plus a margin based on a leverage ratio, or our option, the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) the Eurocurrency Rate plus 1.00%) plus a margin based on a leverage ratio. Interest on the term B loan facility accrues based on the Eurocurrency Rate plus 2.00% for Eurocurrency Loans and at 1.00% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.20% to 0.40% of the daily unused portion of the credit facility. The Company has unamortized debt discounts of $5.6 million related to the term A facility, and $0.7 million related to the term B facility and deferred financings costs of $4.8 million at March 31, 2018.

At March 31, 2018, the interest rate on the term A loan and the domestic revolving A facility was 3.38%, the interest rate on the foreign revolving B facility was 2.00%, the interest rate on the revolving B facility foreign swing line of credit was 1.97% and the interest rate on the term B loan was 3.88%. The unused credit facility was 0.30% for all revolving facilities at March 31, 2018.

(b)

The Company is party to a $950 million receivables purchase agreement (Securitization Facility) that was amended and restated on November 14, 2017. There is a program fee equal to one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80%. The program fee was 1.91% plus 0.86% as of March 31, 2018 and 1.55% plus 0.86% as of December 31, 2017. The unused facility fee is payable at a rate of 0.40% per annum as of March 31, 2018 and December 31, 2017.


(c)	Other debt includes the long-term portion of deferred payments associated with business acquisitions.

The Company was in compliance with all financial and non-financial covenants at March 31, 2018.

Income Taxes

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Our tax provision or benefit from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. Our quarterly tax provision and our quarterly estimate of our annual effective tax rate, are subject to significant variation due to several factors, including variability in accurately predicting our pre-tax and taxable income and loss and the mix of jurisdictions to which they relate. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income or loss. For example, the impact of discrete items and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower.

On December 22, 2017, the U.S. government enacted tax legislation referred to as the Tax Act. The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) requiring companies to pay a one-time Deemed Repatriation Transition Tax (“Transition Tax”) on certain unrepatriated earnings of foreign subsidiaries that can be paid over eight years; (3) a new provision designed to tax global intangible low-taxed income (GILTI), which allows for the possibility of using foreign tax credits (FTCs) and a deduction of up to 50 percent to offset the income tax liability (subject to some limitations); (4) the repeal of the domestic production activity deduction beginning January 1, 2018; (5) limitations on the deductibility of certain executive compensation; and (6) a new limitation on deductible interest expense beginning January 1, 2018.

The Company has not completed its accounting for the tax effects of enactment of the Tax Act. However, the Company has made a reasonable estimate of the effects on its existing deferred tax balances and the one-time Transition Tax. In other cases, the Company has not been able to make a reasonable estimate and continues to account for those items based on its existing accounting under ASC 740 ("Income Taxes"), and the provisions of the tax laws that were in effect immediately prior to enactment.

The SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act ("SAB 118"), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act.

For those items for which it was able to determine a reasonable estimate, the Company recognized a provisional net tax benefit of $128.2 million during 2017. This net benefit primarily consists of a net benefit for the corporate rate reduction on the deferred tax assets and liabilities of $210 million and a net expense for the Transition Tax of $81.8 million.

While the Company was able to make a reasonable estimate of the impact of the reduction in corporate rate on its net deferred tax liabilities, the impact may be affected by other analysis related to the Tax Act, including, but not limited to, the Company’s calculation of deemed repatriation of deferred foreign income. The Company was also not able to make a reasonable estimate of the impact of state taxes on adjustments made to federal temporary differences as a result of the Tax Act, or the impact of the new limitations on the deductibility of certain executive compensation. As a result, the Company continues to account for the impact of state taxes on adjustments made to federal temporary differences and the deductibility of certain executive compensation based on its existing accounting under ASC 740 and the provisions of the tax laws that were in effect immediately prior to enactment.

In all cases, the Company will continue to make and refine its calculations as additional analysis is completed. We did not make any adjustments to these provisional amounts during the three months ended March 31, 2018. We are continuing to gather additional information to complete our accounting for these items and expect to complete our accounting within the measurement period.

The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2018 and 35% for 2017 to income before income taxes for the three months ended March 31, 2018 and 2017 due to the following (in thousands):



	2018					2017
Computed tax expense at the U.S. federal tax rate	$	48,157		21.0	%	$	58,579		35.0	%
Changes resulting from:
Foreign income tax differential	2,016			0.9	%	(5,843		)	(3.5	)%
Excess tax benefits related to stock-based compensation	(4,624		)	(2.0	)%	(8,721		)	(5.2	)%
State taxes net of federal benefits	3,373			1.5	%	1,607			1.0	%
Foreign-sourced nontaxable income	(6,588		)	(2.9	)%	(3,372		)	(2.0	)%
Foreign withholding taxes	5,471			2.4	%	2,045			1.2	%
GILTI Tax, net of foreign tax credits	4,921			2.1	%	—			—	%
Other	1,656			0.7	%	(620		)	(0.4	)%
Provision for income taxes	$	54,382		23.7	%	$	43,675		26.1	%

Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three month period ended March 31 follows (in thousands, except per share data):



	Three Months Ended March 31,
	2018		2017
Net income	$	174,937	$	123,693
Denominator for basic earnings per share	89,765		92,108
Dilutive securities	3,485		2,452
Denominator for diluted earnings per share	93,250		94,560
Basic earnings per share	$	1.95	$	1.34
Diluted earnings per share	$	1.88	$	1.31

There were 0.8 million anti-dilutive shares during the three months ended 2017. Diluted earnings per share also excludes the effect of 0.2 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for both the three month periods ended March 31, 2018 and 2017, respectively.

Segments

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segments

The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. The Company’s reportable segments represent components of the business for which separate financial information is evaluated regularly by the chief operating decision maker in determining how to allocate resources and in assessing performance. The Company operates in two reportable segments, North America and International. There were no inter-segment sales.

The Company’s segment results are as follows for the three month periods ended March 31 (in thousands):



	Three Months Ended March 31,
	2018		2017
Revenues, net:
North America	$	364,270	$	329,948
International	221,230		190,485
	$	585,500	$	520,433
Operating income:
North America	$	155,950	$	120,972
International	104,137		74,096
	$	260,087	$	195,068
Depreciation and amortization:
North America	$	38,675	$	33,177
International	32,827		31,689
	$	71,502	$	64,866
Capital expenditures:
North America	$	8,411	$	9,632
International	6,803		5,164
	$	15,214	$	14,796

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
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. Shareholder Class Action and Derivative Lawsuits On June 14, 2017, a shareholder filed a class action complaint in the United States District Court for the Northern District of Georgia against the Company and certain of its officers and directors on behalf of all persons who purchased or otherwise acquired the Company’s stock between February 5, 2016 and May 2, 2017. On October 13, 2017, the shareholder filed an amended complaint asserting claims on behalf of a putative class of all persons who purchased or otherwise acquired the Company's common stock between February 4, 2016 and May 3, 2017. The complaint alleges that the defendants made false or misleading statements regarding fee charges and the reasons for its earnings and growth in certain press releases and other public statements in violation of the federal securities laws. Plaintiff seeks class certification, unspecified monetary damages, costs, and attorneys’ fees. The Company disputes the allegations in the complaint and intends to vigorously defend against the claims. 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 seeking recovery on behalf of the Company. The derivative complaint alleges that the defendants issued a false and misleading proxy statement in violation of the federal securities laws; that defendants breached their fiduciary duties by causing or permitting the Company to make allegedly false and misleading public statements concerning the Company’s fee charges, and financial and business prospects; and that certain defendants breached their fiduciary duties through allegedly improper sales of stock. The complaint seeks unspecified monetary damages on behalf of the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, restitution, costs, and attorneys’ and experts’ fees. On August 18, 2017, the court entered an order deferring the case pending a ruling on the defendants' motion to dismiss the putative shareholder class action, or until otherwise agreed to by the parties. The defendants dispute the allegations in the complaint and intend to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an extensive degree of judgment, particularly where 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.

Asset Dispositions	3 Months Ended
Asset Dispositions	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Asset Dispositions	Asset Dispositions Telematics Businesses As part of the Company's plan to exit the telematics business, on July 27, 2017, the Company sold NexTraq, a U.S. fleet telematics business, to Michelin Group for $316 million. The Company recorded a pre-tax gain on the disposal of NexTraq of $175.0 million during the third quarter of 2017, which was net of transaction closing costs. The Company recorded tax on the gain of disposal of $65.8 million. NexTraq was historically included in the Company's North America segment. On September 30, 2017, the Company entered into an amended Masternaut investment agreement that resulted in the loss of significant influence, and the Company began accounting for the Masternaut investment by applying the cost method.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

As a result of the Cambridge acquisition during 2017, 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 include:


•	Forward contracts, which are commitments to buy or sell at a future date a currency at a contract price and will be settled in cash.


•	Option contracts, which gives the purchaser, the right, but not the obligation to buy or sell within a specified time a currency at a contracted price that may be settled in cash.


•	Swap contracts, which are commitments to settlement in cash at a future date or dates, usually on an overnight basis.

The credit risk inherent in derivative agreements represents the possibility that a loss may occur from the nonperformance of a counterparty to the agreements. 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, the possible termination of the related contracts. The Company does not designate any of its foreign exchange derivatives as hedging instruments in accordance with ASC 815.

The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of March 31, 2018 and December 31, 2017 (in millions) is presented in the table below. Notional amounts do not reflect the netting of offsetting trades, although these offsetting positions may result in minimal overall market risk. Aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on market conditions, levels of customer activity and other factors.



	Notional
	March 31, 2018		December 31, 2017
Foreign exchange contracts:
Swaps	$	855.3	$	515.4
Futures, forwards and spot	3,144.4		3,274.5
Written options	3,559.6		2,934.2
Purchased options	2,711.5		2,314.1
Total	$	10,270.9	$	9,038.1

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 Unaudited Consolidated Balance Sheet as of March 31, 2018 and December 31, 2017 (in millions):



	March 31, 2018								December 31, 2017
	Fair Value, Gross				Fair Value, Net				Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Over the counter	$	103.8	$	89.9	$	37.8	$	23.9	$	80.4	$	68.2	$	39.0	$	26.8
Exchange traded	—		—		—		—		—		0.1		—		0.1
Foreign exchange contracts	103.8		89.9		37.8		23.9		80.4		68.3		39.0		26.9
Cash collateral	11.0		10.6		11.0		10.6		12.5		10.9		12.5		10.9
Total net derivative assets and liabilities	$	92.8	$	79.3	$	26.8	$	13.3	$	67.9	$	57.4	$	26.5	$	16.0

The fair values of derivative assets and liabilities associated with contracts which include netting language that the Company believes to be enforceable have been netted to present the Company's net exposure with these counterparties. The Company recognizes all derivative assets, net in prepaid expense and other current assets and all derivative liabilities, net in other current liabilities, after netting at the customer level, as right of offset exists, in its Unaudited Consolidated Balance Sheets at their fair value. The gain or loss on the fair value is recognized immediately within revenues, net in the Unaudited Consolidated Statements of Income. The Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral. The derivative assets and derivative liabilities in the preceding table were recorded in "other current assets" and "other current liabilities" at each balance sheet date, respectively, in the Unaudited Consolidated Balance Sheet. The Company receives cash from customers as collateral for trade exposures, which is recorded within "cash and cash equivalents: and "customer deposits" in the Unaudited Consolidated Balance Sheet. The customer has the right to recall their collateral in the event exposures move in their favor, they unwind all outstanding trades or they cease to do business with the Company.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 26, 2018, Company personnel identified suspicious activity primarily on systems involving the Company’s Stored Value Solutions gift card business. The Company took immediate action to stop the activity and limit the improper use of accessed private label gift card information (these gift cards do not contain personally identifiable information such as consumer names, Social Security numbers, driver’s license numbers and other sensitive personal data). The Company through counsel has retained three information technology forensic firms, which have been examining the Company’s systems in detail over the approximately two week period since the incident was discovered. The Company also contacted federal law enforcement and merchants known to be affected. As of the date hereof, the Company does not believe that the unauthorized access incident will have a material adverse effect on its business and results of operations, though the Company’s investigation is ongoing. Based upon information known as of the date hereof, the Company believes that a significant number of gift card and PIN numbers issued by six Stored Value Solutions customers were accessed. Following discovery, the Company has been working with merchant customers to limit the impact of the unauthorized access. We believe the mitigation steps discussed with merchants, if fully implemented, will severely restrict or eliminate the ability of the bad actors to use the information, while preserving the ability of legitimate holders of the gift cards to use them. The Company has no evidence of access affecting its systems involving fleet cards and other payment products, or the proprietary and third-party payment networks used to deliver the Company’s payment solutions. Subsequent to March 31, 2018, the Company has incurred, and expects to continue to incur, legal and other professional expenses related to the unauthorized access incident in future periods. The Company will recognize these expenses as services are received. The Company maintains insurance coverage to limit its exposure to losses such as those related to the unauthorized access incident. The Company has not recorded a receivable for costs the Company has incurred to date as we have not yet concluded that the costs are reimbursable and probable of recovery under our insurance coverage.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Foreign Currency Translation

Derivatives

Adoption of New Accounting Standards

Impact of Adoption of Topic 606



	Three Months Ended March 31,
	2018 As Reported		Impact of Topic 606			2018 Prior to Adoption
Revenues, net	$	585,500	$	24,218		$	609,718
Expenses:
Merchant commissions	—		26,903			26,903
Processing	116,485		(2,071		)	114,414
Selling	47,111		2,120			49,231
General and administrative	90,315		—			90,315
Depreciation and amortization	71,502		—			71,502
Operating income	260,087		(2,734		)	257,353
Total other expense	30,768		—			30,768
Income before income taxes	229,319		(2,734		)	226,585
Provision for income taxes	54,382		(757		)	53,625
Net income	$	174,937	$	(1,977	)	$	172,960
Basic earnings per share	$	1.95	$	(0.02	)	$	1.93
Diluted earnings per share	$	1.88	$	(0.02	)	$	1.86

Accounting for Leases

Accounting for Breakage

Intra-Entity Transfers

Cash Flow Classification

Intangibles - Goodwill and Other Impairment

Definition of a Business

Accounting for Modifications to Stock-Based Compensation

Accounting for Derivative Financial Instruments

Comprehensive Income Classification

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative impact to our retained earnings at January 1, 2018 was $30.9 million, due to the capitalization of costs to acquire contracts under the new standard, with a corresponding increase to prepaid expense and other current assets of $10.2 million, other assets of $30.3 million and deferred income taxes (liabilities) of $9.6 million. Additionally, under the new standard certain costs (e.g., merchant commissions and fees paid to credit card associations) will be presented net in revenues as the amounts represent payments to our customers that are not considered in exchange for a distinct good or service that the customer transfers to the Company.



	Three Months Ended March 31,
	2018 As Reported		Impact of Topic 606			2018 Prior to Adoption
Revenues, net	$	585,500	$	24,218		$	609,718
Expenses:
Merchant commissions	—		26,903			26,903
Processing	116,485		(2,071		)	114,414
Selling	47,111		2,120			49,231
General and administrative	90,315		—			90,315
Depreciation and amortization	71,502		—			71,502
Operating income	260,087		(2,734		)	257,353
Total other expense	30,768		—			30,768
Income before income taxes	229,319		(2,734		)	226,585
Provision for income taxes	54,382		(757		)	53,625
Net income	$	174,937	$	(1,977	)	$	172,960
Basic earnings per share	$	1.95	$	(0.02	)	$	1.93
Diluted earnings per share	$	1.88	$	(0.02	)	$	1.86

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenue by geography (in millions) for the three months ended March 31, 2018 was as follows:



Revenue, net by Geography	Three Months Ended March 31,
	2018		%
United States	$	344	59	%
Brazil	107		18	%
United Kingdom	64		11	%
Other	71		12	%
Consolidated Revenues, net	$	586	100	%

The Company provides its services to customers across different payment solutions and geographies. Revenue by product (in millions) for the three months ended March 31, 2018 was as follows:



Revenue, net by Product Category	Three Months Ended March 31,
	2018		%
Fuel Cards	$	259	44	%
Corporate Payments	95		16	%
Tolls	91		16	%
Lodging	39		7	%
Gift	49		8	%
Other	53		9	%
Consolidated Revenues, net	$	586	100	%

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Company's Accounts Receivable and Securitized Accounts Receivable

The Company’s accounts receivable and securitized accounts receivable include the following at March 31, 2018 and December 31, 2017 (in thousands):



	March 31, 2018			December 31, 2017
Gross domestic accounts receivable	$	829,905		$	661,677
Gross domestic securitized accounts receivable	829,000			811,000
Gross foreign receivables	910,846			804,365
Total gross receivables	2,569,751			2,277,042
Less allowance for doubtful accounts	(48,989		)	(46,031		)
Net accounts and securitized accounts receivable	$	2,520,762		$	2,231,011

Allowance for Doubtful Accounts Related to Accounts Receivable

A rollforward of the Company’s allowance for doubtful accounts related to accounts receivable for the three month period ended March 31 is as follows (in thousands):



	2018			2017
Allowance for doubtful accounts beginning of period	$	46,031		$	32,506
Provision for bad debts	11,997			12,988
Write-offs	(9,039		)	(4,509		)
Allowance for doubtful accounts end of period	$	48,989		$	40,985

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value

The following table presents the Company’s financial assets and liabilities which are measured at fair values on a recurring basis at March 31, 2018 and December 31, 2017, (in thousands).



	Fair Value		Level 1		Level 2		Level 3
March 31, 2018
Assets:
Repurchase agreements	$	498,216	$	—	$	498,216	$	—
Money market	50,462		—		50,462		—
Certificates of deposit	5,621		—		5,621		—
Foreign exchange contracts	37,849		—		37,849
Total cash equivalents	$	592,148	$	—	$	592,148	$	—
Cash collateral for foreign exchange contracts	$	11,046	$	—	$	—	$	—
Liabilities:
Foreign exchange contracts	$	23,903	$	—	$	23,903	—
Total liabilities	$	23,903	$	—	$	23,903	$	—
Cash collateral obligation for foreign exchange contracts	$	10,586	$	—	$	—	$	—

December 31, 2017
Assets:
Repurchase agreements	$	420,838	$	—	$	420,838	$	—
Money market	50,423		—		50,423		—
Certificates of deposit	7,417		—		7,417		—
Foreign exchange contracts	39,045		10		39,035		—
Total cash equivalents	$	517,723	$	10	$	517,713	$	—
Cash collateral for foreign exchange contracts	$	12,540	$	—	$	—	$	—
Liabilities:
Foreign exchange contracts	$	26,888	$	67	$	26,821	$	—
Total liabilities	$	26,888	$	67	$	26,821	$	—
Cash collateral obligation for foreign exchange contracts	$	10,882	$	—	$	—	$	—

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Expense Related to Share-Based Payments

The table below summarizes the expense recognized related to share-based payments recognized for the three month period ended March 31 (in thousands):



	Three Months Ended March 31,
	2018		2017
Stock options	$	10,699	$	12,089
Restricted stock	3,704		11,004
Stock-based compensation	$	14,403	$	23,093

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

The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of March 31, 2018 (cost in thousands):

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

The following summarizes the changes in the number of shares of common stock under option for the three month period ended March 31, 2018 (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, 2017	8,031		$	109.78	4,029	$	75.80			$	663,815
Granted	181		200.16					$	49.69
Exercised	(230	)	87.81							26,357
Forfeited	(16	)	146.27
Outstanding at March 31, 2018	7,966		$	112.39	4,444	$	81.95			$	717,856
Expected to vest as of March 31, 2018	7,966		$	112.39

Schedule of Weighted-Average Assumptions



	March 31,
	2018		2017
Risk-free interest rate	2.46	%	1.83	%
Dividend yield	—		—
Expected volatility	27.11	%	27.31	%
Expected life (in years)	3.9		4.2

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

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the three months ended March 31, 2018 (shares in thousands):



	Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2017	365		$	155.58
Granted	49		199.75
Vested	(47	)	158.54
Canceled or forfeited	(26	)	154.46
Outstanding at March 31, 2018	341		$	163.95

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Summary of Acquisition Accounting

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



Restricted cash	$	37,666
Trade and other receivables	61,801
Prepaid expenses and other	15,190
Property and equipment	7,106
Other long term assets	10,025
Goodwill	500,391
Customer relationships and other identifiable intangible assets	271,793
Liabilities assumed	(194,552		)
Deferred tax liabilities	(93,364		)
Aggregate purchase price	$	616,056

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



Trade and other receivables	$	38,038
Prepaid expenses and other	1,426
Property and equipment	5,745
Goodwill	59,946
Other intangible assets	53,459
Liabilities assumed	(32,274		)
Deferred tax liabilities	(17,217		)
Aggregate purchase prices	$	109,123

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

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



	Useful Lives (in Years)	Value
Trade name and trademarks	1	$	180
Technology	4	1,750
Customer relationships	8	51,529
		$	53,459

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
Banking relationships	20	$	705
Trade name and trademarks	Indefinite	35,110
Technology	5	16,039
Customer relationships - excluding Accounts Payable Solutions	7-18	178,190
Customer relationships - Accounts Payable Solutions	20	41,749
		$	271,793

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill by Reportable Business Segment

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



	December 31, 2017		Acquisitions		Acquisition Accounting Adjustments		Foreign Currency			March 31, 2018
Segment
North America	$	3,084,123	$	—	$	4,215	$	(2,587	)	$	3,085,751
International	1,631,700		—		20		26,821			1,658,541
	$	4,715,823	$	—	$	4,235	$	24,234		$	4,744,292

Schedule of Other Intangible Assets

As of March 31, 2018 and December 31, 2017, other intangible assets consisted of the following (in thousands):



		March 31, 2018							December 31, 2017
	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	16.9	$	2,707,354	$	(650,237	)	$	2,057,117	$	2,698,428	$	(605,347	)	$	2,093,081
Trade names and trademarks—indefinite lived	N/A	505,295		—			505,295		499,587		—			499,587
Trade names and trademarks—other	13.7	3,008		(2,291		)	717		2,986		(2,207		)	779
Software	6.0	219,717		(126,968		)	92,749		219,019		(116,654		)	102,365
Non-compete agreements	4.5	48,260		(21,622		)	26,638		48,221		(19,076		)	29,145
Total other intangibles		$	3,483,634	$	(801,118	)	$	2,682,516	$	3,468,241	$	(743,284	)	$	2,724,957

Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Summary of Debt Instruments

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



	March 31, 2018		December 31, 2017
Term notes payable—domestic(a), net of discounts	$	2,959,854	$	2,993,667
Revolving line of credit A Facility—domestic(a)	365,000		635,000
Revolving line of credit B Facility—foreign(a)	280,258		28,334
Revolving line of credit B Facility—swing line(a)	12,324		6,879
Other debt(c)	43,009		43,736
Total notes payable and other obligations	3,660,445		3,707,616
Securitization Facility(b)	829,000		811,000
Total notes payable, credit agreements and Securitization Facility	$	4,489,445	$	4,518,616
Current portion	$	1,621,913	$	1,616,512
Long-term portion	2,867,532		2,902,104
Total notes payable, credit agreements and Securitization Facility	$	4,489,445	$	4,518,616

______________________

(a)

(b)


(c)	Other debt includes the long-term portion of deferred payments associated with business acquisitions.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

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



	2018					2017
Computed tax expense at the U.S. federal tax rate	$	48,157		21.0	%	$	58,579		35.0	%
Changes resulting from:
Foreign income tax differential	2,016			0.9	%	(5,843		)	(3.5	)%
Excess tax benefits related to stock-based compensation	(4,624		)	(2.0	)%	(8,721		)	(5.2	)%
State taxes net of federal benefits	3,373			1.5	%	1,607			1.0	%
Foreign-sourced nontaxable income	(6,588		)	(2.9	)%	(3,372		)	(2.0	)%
Foreign withholding taxes	5,471			2.4	%	2,045			1.2	%
GILTI Tax, net of foreign tax credits	4,921			2.1	%	—			—	%
Other	1,656			0.7	%	(620		)	(0.4	)%
Provision for income taxes	$	54,382		23.7	%	$	43,675		26.1	%

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

The calculation and reconciliation of basic and diluted earnings per share for the three month period ended March 31 follows (in thousands, except per share data):



	Three Months Ended March 31,
	2018		2017
Net income	$	174,937	$	123,693
Denominator for basic earnings per share	89,765		92,108
Dilutive securities	3,485		2,452
Denominator for diluted earnings per share	93,250		94,560
Basic earnings per share	$	1.95	$	1.34
Diluted earnings per share	$	1.88	$	1.31

Segments (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Schedule of Company's Segment Results

The Company’s segment results are as follows for the three month periods ended March 31 (in thousands):



	Three Months Ended March 31,
	2018		2017
Revenues, net:
North America	$	364,270	$	329,948
International	221,230		190,485
	$	585,500	$	520,433
Operating income:
North America	$	155,950	$	120,972
International	104,137		74,096
	$	260,087	$	195,068
Depreciation and amortization:
North America	$	38,675	$	33,177
International	32,827		31,689
	$	71,502	$	64,866
Capital expenditures:
North America	$	8,411	$	9,632
International	6,803		5,164
	$	15,214	$	14,796

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions



	Notional
	March 31, 2018		December 31, 2017
Foreign exchange contracts:
Swaps	$	855.3	$	515.4
Futures, forwards and spot	3,144.4		3,274.5
Written options	3,559.6		2,934.2
Purchased options	2,711.5		2,314.1
Total	$	10,270.9	$	9,038.1

Schedule of Derivative Assets at Fair Value

The following table summarizes the fair value of derivatives reported in the Unaudited Consolidated Balance Sheet as of March 31, 2018 and December 31, 2017 (in millions):



	March 31, 2018								December 31, 2017
	Fair Value, Gross				Fair Value, Net				Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Over the counter	$	103.8	$	89.9	$	37.8	$	23.9	$	80.4	$	68.2	$	39.0	$	26.8
Exchange traded	—		—		—		—		—		0.1		—		0.1
Foreign exchange contracts	103.8		89.9		37.8		23.9		80.4		68.3		39.0		26.9
Cash collateral	11.0		10.6		11.0		10.6		12.5		10.9		12.5		10.9
Total net derivative assets and liabilities	$	92.8	$	79.3	$	26.8	$	13.3	$	67.9	$	57.4	$	26.5	$	16.0

Schedule of Derivative Liabilities at Fair Value

The following table summarizes the fair value of derivatives reported in the Unaudited Consolidated Balance Sheet as of March 31, 2018 and December 31, 2017 (in millions):



	March 31, 2018								December 31, 2017
	Fair Value, Gross				Fair Value, Net				Fair Value, Gross				Fair Value, Net
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives - undesignated:
Over the counter	$	103.8	$	89.9	$	37.8	$	23.9	$	80.4	$	68.2	$	39.0	$	26.8
Exchange traded	—		—		—		—		—		0.1		—		0.1
Foreign exchange contracts	103.8		89.9		37.8		23.9		80.4		68.3		39.0		26.9
Cash collateral	11.0		10.6		11.0		10.6		12.5		10.9		12.5		10.9
Total net derivative assets and liabilities	$	92.8	$	79.3	$	26.8	$	13.3	$	67.9	$	57.4	$	26.5	$	16.0

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Jan. 01, 2018

Dec. 31, 2017

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Foreign exchange gains (losses)

$ 500

$ (1,500)

3,181,110

^[1]

$ 2,958,921

163,802

^[1]

187,820

141,702

^[1]

114,962

Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606

$ 505,150

^[1]

518,912

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ 30,900

10,200

30,300

Accounting Standards Update 2016-15

$ 9,600

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

17,100

Deferred tax assets

$ 19,500

[1]

Summary of Significant Accounting Policies - Effect of Topic 606 on Financial Statements (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

$ 585,500

^[1]

$ 520,433

Expenses:

^[1]

24,384

116,485

^[1]

101,824

47,111

^[1]

38,837

90,315

^[1]

95,454

71,502

^[1]

64,866

260,087

^[1]

195,068

30,768

^[1]

27,700

229,319

^[1]

167,368

54,382

^[1]

43,675

$ 174,937

^[1],[2]

$ 123,693

$ 1.95

^[1]

$ 1.34

Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09

$ 1.88

^[1]

$ 1.31

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ 24,218

Expenses:

26,903

(2,071)

2,120

(2,734)

(2,734)

(757)

$ (1,977)

$ (0.02)

Calculated under Revenue Guidance in Effect before Topic 606

$ (0.02)

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ 609,718

Expenses:

26,903

114,414

49,231

90,315

71,502

257,353

30,768

226,585

53,625

$ 172,960

$ 1.93

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ 1.86

[1]

[2]

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ 585,500

^[1]

$ 520,433

Fuel Cards

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

259,000

Corporate Payments

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

95,000

Tolls

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

91,000

Lodging

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

39,000

Gift

49,000

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

53,000

United States

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

344,000

Brazil

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

107,000

United Kingdom

64,000

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

$ 71,000

Sales Revenue

Sales Revenue | Fuel Cards

100.00%

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Sales Revenue | Corporate Payments

44.00%

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

16.00%

Sales Revenue | Tolls

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

16.00%

Sales Revenue | Lodging

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

7.00%

Sales Revenue | Gift

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

8.00%

Sales Revenue | Other

Sales Revenue | United States

9.00%

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

59.00%

Sales Revenue | Brazil

Sales Revenue | United Kingdom

18.00%

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

11.00%

Sales Revenue | Other

Accounts, Notes, Loans and Financing Receivable [Line Items]

12.00%

[1]

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue contract liability	$ 23.0	$ 24.7
Contract acquisition cost amortization period	6 months
Deferred revenue recognized	$ 21.0
Capitalized contract cost amortization	$ 3.3
Minimum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Threshold period past due Company ceases billing and accruing late fees	30 days
Capitalized contract cost amortization period	5 years
Maximum
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Threshold period past due Company ceases billing and accruing late fees	40 days
Capitalized contract cost amortization period	10 years
Prepaid Expenses
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract with customer asset	$ 11.2
Other Assets
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract with customer asset	$ 32.2

Accounts Receivable - Additional Information (Details)	3 Months Ended
Accounts Receivable - Additional Information (Details)	Mar. 31, 2018 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum undivided ownership interest pooled accounts receivable amount sold	$ 950,000,000
Securitization Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitized accounts receivable facility	$ 950,000,000

Accounts Receivable - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($)
$ in Thousands

Mar. 31, 2018

Dec. 31, 2017

Mar. 31, 2017

Dec. 31, 2016

Accounts receivable, gross

$ 2,569,751

$ 2,277,042

Gross domestic securitized accounts receivable

829,000

^[1]

811,000

Less allowance for doubtful accounts

(48,989)

(46,031)

$ (40,985)

$ (32,506)

Net accounts and securitized accounts receivable

2,520,762

2,231,011

Gross domestic accounts receivable

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts receivable, gross

829,905

661,677

Gross foreign receivables

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts receivable, gross

$ 910,846

$ 804,365

[1]

Accounts Receivable - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Allowance for Doubtful Accounts Receivable [Roll Forward]

Allowance for doubtful accounts beginning of period

$ 46,031

$ 32,506

Provision for bad debts

11,997

^[1]

12,988

Write-offs

(9,039)

(4,509)

Allowance for doubtful accounts end of period

$ 48,989

$ 40,985

[1]

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Foreign exchange contracts	$ 37,800	$ 39,000
Total cash equivalents	592,148	517,723
Cash collateral for foreign exchange contracts	11,000	12,500
Liabilities:
Foreign exchange contracts	23,900	26,900
Total liabilities	23,903	26,888
Cash collateral obligation for foreign exchange contracts	10,600	10,900
Foreign exchange contracts
Assets:
Foreign exchange contracts	37,849	39,045
Cash collateral for foreign exchange contracts	11,046	12,540
Liabilities:
Foreign exchange contracts	23,903	26,888
Cash collateral obligation for foreign exchange contracts	10,586	10,882
Repurchase agreements
Assets:
Total cash equivalents	498,216	420,838
Money market
Assets:
Total cash equivalents	50,462	50,423
Certificates of deposit
Assets:
Total cash equivalents	5,621	7,417
Level 1
Assets:
Total cash equivalents	0	10
Liabilities:
Total liabilities	0	67
Level 1 \| Foreign exchange contracts
Assets:
Foreign exchange contracts	0	10
Liabilities:
Foreign exchange contracts	0	67
Level 2
Assets:
Total cash equivalents	592,148	517,713
Liabilities:
Total liabilities	23,903	26,821
Level 2 \| Foreign exchange contracts
Assets:
Foreign exchange contracts	37,849	39,035
Liabilities:
Foreign exchange contracts	23,903	26,821
Level 2 \| Repurchase agreements
Assets:
Total cash equivalents	498,216	420,838
Level 2 \| Money market
Assets:
Total cash equivalents	50,462	50,423
Level 2 \| Certificates of deposit
Assets:
Total cash equivalents	$ 5,621	$ 7,417

Stockholders' Equity - Repurchase Program (Details) - USD ($)

3 Months Ended

26 Months Ended

Jul. 27, 2017

Feb. 04, 2016

Mar. 31, 2018

Mar. 31, 2017

Mar. 31, 2018

Nov. 01, 2017

Class of Stock [Line Items]

Shares repurchased (in shares)

442,625

4,556,729

Repurchase of common stock

$ 88,292,000

^[1]

$ 0

Common Stock

Class of Stock [Line Items]

Stock repurchase program, approved amount

$ 500,000,000

$ 1,100,000,000.0

Stock repurchase program, authorized time period

18 months

Increase in authorized amount to be repurchased

$ 250,000,000

$ 350,000,000

Period in force, extension of original period

18 months

Remaining authorized repurchase amount

421,600,000

$ 421,600,000

Repurchase agreements

Class of Stock [Line Items]

Shares repurchased

$ 678,400,000

Repurchase of common stock

$ 88,300,000

[1]

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Feb. 07, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits recorded on stock based compensation	$ 8.1	$ 15.0
Aggregate intrinsic value of options exercisable	$ 535.7
Weighted average remaining contractual term of options exercisable (in years)	5 years 2 months 12 days
Minimum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	1 year
Minimum \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	1 year
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	5 years
Maximum \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting provisions (in years)	3 years
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			16,750,000	13,250,000

Stock-Based Compensation - Summary of Expense Related to Share-Based Payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 14,403	$ 23,093
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	10,699	12,089
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 3,704	$ 11,004

Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 102,441
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 80,807
Weighted Average Period of Expense Recognition (in Years)	1 year 7 months 17 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 21,634
Weighted Average Period of Expense Recognition (in Years)	9 months 29 days

Stock-Based Compensation - Summary of Changes in Number of Shares of Common Stock Under Option (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares at beginning of period (in shares)	8,031
Granted (in shares)	181
Exercised (in shares)	(230)
Forfeited (in shares)	(16)
Shares at end of period (in shares)	7,966
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, beginning of period (in dollars per share)	$ 109.78
Weighted average exercise price, granted (in dollars per share)	200.16
Weighted average exercise price, exercised (in dollars per share)	87.81
Weighted average exercise price, forfeitures (in dollars per share)	146.27
Weighted average exercise price, end of period (in dollars per share)	$ 112.39
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expected to vest (in shares)	7,966
Weighted average exercise price, expected to vest (in dollars per share)	$ 112.39
Options exercisable at beginning of period (in shares)	4,444	4,029
Weighted average exercise price of exercisable options, beginning of period (in dollars per share)	$ 81.95	$ 75.80
Weighted average exercise price of granted options (in dollars per share)	$ 49.69
Aggregate intrinsic value	$ 717,856	$ 663,815
Aggregate intrinsic value, exercised	$ 26,357

Stock-Based Compensation - Schedule of Weighted-Average Assumptions (Details) - Stock options	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.46%	1.83%
Dividend yield	0.00%	0.00%
Expected volatility	27.11%	27.31%
Expected life (in years)	3 years 10 months 24 days	4 years 2 months 12 days

Stock-Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2018 $ / shares shares
Shares
Shares outstanding, beginning of period (in shares) \| shares	365
Granted (in shares) \| shares	49
Vested (in shares) \| shares	(47)
Canceled (in shares) \| shares	(26)
Shares outstanding, end of period (in shares) \| shares	341
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in dollars per share) \| $ / shares	$ 155.58
Weighted average grant date fair value, granted (in dollars per share) \| $ / shares	199.75
Weighted average grant date fair value, vested (in dollars per share) \| $ / shares	158.54
Weighted average grant date fair value, canceled (in dollars per share) \| $ / shares	154.46
Weighted average grant date fair value, end of period (in dollars per share) \| $ / shares	$ 163.95

Acquisition - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Aug. 09, 2017

Mar. 31, 2018

^[1]

Mar. 31, 2017

Dec. 31, 2017

Investments in other businesses

$ 3,642

$ 6,327

$ 39,000

2017 Acquisitions

Cash acquired from acquisition

725,200

96,300

Note payable incurred

29,300

Cambridge

Cash acquired from acquisition

$ 616,100

94,500

Note payable incurred

23,800

Creative Lodging Solutions

Cash acquired from acquisition

109,100

1,800

Note payable incurred

5,500

Non-compete agreements | Cambridge

Non-compete agreements | Creative Lodging Solutions

Noncompete agreements

$ 5,800

Noncompete agreements

$ 3,900

[1]

Acquisition - Summary of Purchase Price Allocation (Details) - USD ($)
$ in Thousands

Mar. 31, 2018

^[1]

Dec. 31, 2017

Sep. 26, 2017

Aug. 09, 2017

$ 4,744,292

$ 4,715,823

Cambridge

Trade and other receivables

Restricted cash

$ 37,666

61,801

Prepaid expenses and other

15,190

Property and equipment

7,106

Other long term assets

10,025

500,391

Other intangible assets

271,793

Liabilities assumed

(194,552)

Deferred tax liabilities

(93,364)

Creative Lodging Solutions

$ 616,056

Trade and other receivables

$ 38,038

Prepaid expenses and other

1,426

Property and equipment

5,745

Other long term assets

53,459

59,946

Liabilities assumed

(32,274)

Deferred tax liabilities

(17,217)

Goodwill, beginning balance

$ 109,123

[1]

Acquisition - Summary of Preliminary Estimated Fair Value of Intangible Assets Acquired and the Related Estimated Useful Lives (Details) - USD ($) $ in Thousands			3 Months Ended
	Sep. 26, 2017	Aug. 09, 2017	Mar. 31, 2018
Trade names and trademarks—other
Business Acquisition [Line Items]
Useful Lives (in Years)			13 years 8 months 12 days
Cambridge
Business Acquisition [Line Items]
Other intangible assets		$ 271,793
Cambridge \| Banking Relationship
Business Acquisition [Line Items]
Useful Lives (in Years)		20 years
Finite-lived intangible assets		$ 705
Cambridge \| Customer relationships and other identifiable intangible assets
Business Acquisition [Line Items]
Useful Lives (in Years)		20 years
Other intangible assets		$ 41,749
Cambridge \| Technology
Business Acquisition [Line Items]
Useful Lives (in Years)		5 years
Other intangible assets		$ 16,039
Cambridge \| Customer Relationships
Business Acquisition [Line Items]
Other intangible assets		$ 178,190
Cambridge \| Customer Relationships \| Minimum
Business Acquisition [Line Items]
Useful Lives (in Years)		7 years
Cambridge \| Customer Relationships \| Maximum
Business Acquisition [Line Items]
Useful Lives (in Years)		18 years
Creative Lodging Solutions \| Trade names and trademarks—other
Business Acquisition [Line Items]
Useful Lives (in Years)	1 year
Finite-lived intangible assets	$ 180
Creative Lodging Solutions \| Customer relationships and other identifiable intangible assets
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 53,459
Creative Lodging Solutions \| Technology
Business Acquisition [Line Items]
Useful Lives (in Years)	4 years
Finite-lived intangible assets	$ 1,750
Creative Lodging Solutions \| Customer Relationships
Business Acquisition [Line Items]
Useful Lives (in Years)	8 years
Finite-lived intangible assets	$ 51,529
Trade names and trademarks—indefinite lived \| Cambridge
Business Acquisition [Line Items]
Customer relationships—Accounts Payable Solutions		$ 35,110

Goodwill and Other Intangible Assets - Summary of Changes in Goodwill by Reportable Business Segment (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2018

USD ($)

Goodwill [Roll Forward]

$ 4,715,823

Acquisition Accounting Adjustments

4,235

Foreign Currency

24,234

Goodwill, ending balance

4,744,292

^[1]

North America

Goodwill [Roll Forward]

Goodwill, beginning balance

3,084,123

Acquisition Accounting Adjustments

4,215

Foreign Currency

(2,587)

Goodwill, ending balance

3,085,751

International

Goodwill [Roll Forward]

Goodwill, beginning balance

1,631,700

Acquisition Accounting Adjustments

Foreign Currency

26,821

Goodwill, ending balance

$ 1,658,541

[1]

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Dec. 31, 2017

Finite And Indefinite Lived Intangible Assets [Line Items]

$ 3,483,634

$ 3,468,241

(801,118)

(743,284)

Trade names and trademarks—indefinite lived

2,682,516

^[1]

2,724,957

Finite And Indefinite Lived Intangible Assets [Line Items]

505,295

499,587

Customer and vendor relationships

$ 505,295

499,587

Finite And Indefinite Lived Intangible Assets [Line Items]

16 years 10 months 24 days

$ 2,707,354

2,698,428

(650,237)

(605,347)

Trade names and trademarks—other

$ 2,057,117

2,093,081

Finite And Indefinite Lived Intangible Assets [Line Items]

13 years 8 months 12 days

$ 3,008

2,986

(2,291)

(2,207)

Finite And Indefinite Lived Intangible Assets [Line Items]

$ 717

779

Software

6 years

$ 219,717

219,019

(126,968)

(116,654)

Finite And Indefinite Lived Intangible Assets [Line Items]

$ 92,749

102,365

Non-compete agreements

4 years 6 months

$ 48,260

48,221

(21,622)

(19,076)

Goodwill and Intangible Assets Disclosure [Abstract]

$ 26,638

$ 29,145

[1]

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Impact of foreign exchange rates on intangible assets

$ 12,100

Amortization expense of intangible assets

$ 57,836

^[1]

$ 52,654

[1]

Debt - Summary of Debt Instruments (Details) - USD ($)
$ in Thousands

Mar. 31, 2018

Dec. 31, 2017

Term note payable—domestic, net of discounts

$ 2,959,854

$ 2,993,667

Other debt

43,009

43,736

Total notes payable and other obligations

3,660,445

3,707,616

Securitization facility

829,000

^[1]

811,000

Total notes payable, credit agreements and Securitization Facility

4,489,445

4,518,616

Current portion

1,621,913

1,616,512

Long-term portion

2,867,532

^[1]

2,902,104

Revolving line of credit A Facility—domestic

Revolving line of credit B Facility—foreign

Revolving line of credit

365,000

635,000

Revolving line of credit B Facility—swing line

Revolving line of credit

280,258

28,334

Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract]

Revolving line of credit

$ 12,324

$ 6,879

[1]

Debt - Summary of Debt Instruments Narrative (Details) - USD ($)			3 Months Ended	12 Months Ended
	Jan. 20, 2017	Oct. 24, 2014	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unused facility fee, as percentage of unused portion			0.30%
Deferred finance costs			$ 4,800,000
Securitization Facility
Debt Instrument [Line Items]
Amended securitization facility			$ 950,000,000
Unused facility fee, as percentage of unused portion			0.40%	0.40%
Program fee			one month LIBOR
Revolving line of credit A Facility—domestic
Debt Instrument [Line Items]
Effective interest rate			3.38%
Revolving line of credit B Facility—foreign
Debt Instrument [Line Items]
Effective interest rate			2.00%
Revolving line of credit B Facility—swing line
Debt Instrument [Line Items]
Effective interest rate			1.97%
Term Loan A
Debt Instrument [Line Items]
Line of credit facility initial borrowing, unamortized debt discount			$ 5,600,000
Term Loan B
Debt Instrument [Line Items]
Line of credit facility initial borrowing, unamortized debt discount			$ 700,000
Effective interest rate			3.88%
Commercial Paper \| Securitization Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.80%		0.86%
Program fee rate			1.9139%		1.55%
Secured Debt
Debt Instrument [Line Items]
Additional borrowing capacity		$ 750,000,000
Secured Debt \| Term A Loan Facility
Debt Instrument [Line Items]
Amended securitization facility			$ 1,285,000,000.000
Secured Debt \| Term Loan A
Debt Instrument [Line Items]
Amended securitization facility			2,690,000,000.00
Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Amended securitization facility			350,000,000.0
Secured Debt \| Revolving A Facility
Debt Instrument [Line Items]
Amended securitization facility			800,000,000
Secured Debt \| Revolving B Facility
Debt Instrument [Line Items]
Amended securitization facility			450,000,000
Secured Debt \| Revolving C Facility
Debt Instrument [Line Items]
Amended securitization facility			$ 35,000,000
London Interbank Offered Rate (LIBOR) \| Commercial Paper \| Securitization Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.90%
Eurodollar \| Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Base Rate \| Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Blended Rate Of LIBOR And Commercial Paper Rates Based On Weighted Average Advance \| Commercial Paper \| Securitization Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.86%
Minimum \| Secured Debt
Debt Instrument [Line Items]
Unused facility fee, as percentage of unused portion			0.20%
Minimum \| Federal Funds Rate Plus \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Maximum \| Secured Debt
Debt Instrument [Line Items]
Unused facility fee, as percentage of unused portion			0.40%
Maximum \| Eurodollar \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%

Income taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Tax Cuts and Jobs Act of 2017 provisional income tax expense (benefit)			$ (128.2)
Change in tax rate effect on deferred tax liabilities			210.0
Transition tax			$ 81.8
Income tax expense at federal statutory rate, rate	21.00%	35.00%

Income Taxes - Summary of Provision for Income Taxes and U.S. Federal Tax Rate (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Computed tax expense at the U.S. federal tax rate

$ 48,157

$ 58,579

Foreign income tax differential

2,016

(5,843)

Excess tax benefits related to stock-based compensation

(4,624)

(8,721)

State taxes net of federal benefits

3,373

1,607

Foreign-sourced nontaxable income

(6,588)

(3,372)

Foreign withholding taxes

5,471

2,045

GILTI Tax, net of foreign tax credits

4,921

1,656

(620)

Effective Income Tax Rate Reconciliation, Percent [Abstract]

$ 54,382

^[1]

$ 43,675

Computed tax expense at the U.S. federal tax rate

21.00%

35.00%

Foreign income tax differential

0.90%

(3.50%)

Excess tax benefits related to stock-based compensation

(2.00%)

(5.20%)

State taxes net of federal benefits

1.50%

1.00%

Foreign-sourced nontaxable income

(2.90%)

(2.00%)

Foreign withholding taxes

2.40%

1.20%

GILTI Tax, net of foreign tax credits

2.10%

0.00%

0.70%

(0.40%)

23.70%

26.10%

[1]

Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Earnings Per Share [Abstract]

Denominator for basic earnings per share (in shares)

$ 174,937

^[1],[2]

$ 123,693

89,765

^[1]

92,108

Dilutive securities (in shares)

3,485

2,452

Denominator for diluted earnings per share (in shares)

93,250

^[1]

94,560

$ 1.95

^[1]

$ 1.34

Segment Reporting Information [Line Items]

$ 1.88

^[1]

$ 1.31

[1]

[2]

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)		0.8
Performance Based Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	0.2	0.2

Segments - Additional Information (Detail)	3 Months Ended
Segments - Additional Information (Detail)	Mar. 31, 2018 USD ($) segment	Mar. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Revenues, net	$ 585,500,000	$ 520,433,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues, net	$ 0

Segments - Schedule of Company's Segment Results (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

$ 585,500

$ 520,433

260,087

^[1]

195,068

Segment Reporting Information [Line Items]

71,502

^[1]

64,866

Capital expenditures

15,214

^[2]

14,796

North America

364,270

329,948

155,950

120,972

Segment Reporting Information [Line Items]

38,675

33,177

Capital expenditures

8,411

9,632

International

221,230

190,485

104,137

74,096