QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Class | Outstanding at August 1, 2021 | |||||||
Common Stock, $0.001 par value |
Page | ||||||||
PART I—FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II—OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Accounts and other receivables (less allowance for credit losses of $ | ||||||||||||||
Securitized accounts receivable—restricted for securitization investors | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Other intangibles, net | ||||||||||||||
Investments | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued expenses | ||||||||||||||
Customer deposits | ||||||||||||||
Securitization facility | ||||||||||||||
Current portion of notes payable and lines of credit | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Notes payable and other obligations, less current portion | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other noncurrent liabilities | ||||||||||||||
Total noncurrent liabilities | ||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Less treasury stock, | ( | ( | ||||||||||||
Total stockholders’ equity | ||||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
See accompanying notes to unaudited consolidated financial statements. | ||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenues, net | $ | $ | $ | $ | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Processing | ||||||||||||||||||||||||||
Selling | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Other operating, net | ( | ( | ||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Investment gain | ( | ( | ( | |||||||||||||||||||||||
Other expense (income), net | ( | |||||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||||
Total other expense | ||||||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic shares | ||||||||||||||||||||||||||
Diluted shares |
See accompanying notes to unaudited consolidated financial statements. | ||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Foreign currency translation gains (losses), net of tax | ( | |||||||||||||||||||||||||
Net change in derivative contracts, net of tax | ( | |||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Total comprehensive income (loss) | $ | $ | $ | $ | ( |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | ( | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | ( | ( | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Operating activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | ||||||||||||||
Stock-based compensation | ||||||||||||||
Provision for credit losses on accounts and other receivables | ||||||||||||||
Amortization of deferred financing costs and discounts | ||||||||||||||
Amortization of intangible assets and premium on receivables | ||||||||||||||
Loss on extinguishment of debt | ||||||||||||||
Deferred income taxes | ( | |||||||||||||
Investment gain | ( | ( | ||||||||||||
Other | ( | |||||||||||||
Changes in operating assets and liabilities (net of acquisitions/dispositions): | ||||||||||||||
Accounts and other receivables | ( | |||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Other assets | ||||||||||||||
Accounts payable, accrued expenses and customer deposits | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing activities | ||||||||||||||
Acquisitions, net of cash acquired | ( | ( | ||||||||||||
Purchases of property and equipment | ( | ( | ||||||||||||
Other | ( | |||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Proceeds from issuance of common stock | ||||||||||||||
Repurchase of common stock | ( | ( | ||||||||||||
Borrowings (payments) on securitization facility, net | ( | |||||||||||||
Deferred financing costs and debt discount | ( | ( | ||||||||||||
Proceeds from notes payable | ||||||||||||||
Principal payments on notes payable | ( | ( | ||||||||||||
Borrowings from revolver | ||||||||||||||
Payments on revolver | ( | ( | ||||||||||||
Payments on swing line of credit, net | ( | ( | ||||||||||||
Other | ( | ( | ||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Effect of foreign currency exchange rates on cash | ( | |||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | ( | |||||||||||||
Cash and cash equivalents and restricted cash, beginning of period | ||||||||||||||
Cash and cash equivalents and restricted cash, end of period | $ | $ | ||||||||||||
Supplemental cash flow information | ||||||||||||||
Cash paid for interest | $ | $ | ||||||||||||
Cash paid for income taxes | $ | $ |
See accompanying notes to unaudited consolidated financial statements. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Foreign exchange (losses) | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Foreign currency gains on long-term intra-entity transactions | $ | $ | $ | $ |
Revenues, net by Solution Category* | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | % | 2020 | % | 2021 | % | 2020 | % | ||||||||||||||||||||||||||||||||||||||||
Fuel | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Corporate Payments | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Tolls | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Lodging | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Gift | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Other | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues, net | % | % | $ | % | $ | % |
*Columns may not calculate due to rounding. |
Revenues, net by Geography* | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | % | 2020 | % | 2021 | % | 2020 | % | ||||||||||||||||||||||||||||||||||||||||
United States | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Brazil | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
United Kingdom | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Other | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues, net | $ | % | $ | % | $ | % | $ | % |
*Columns may not calculate due to rounding. |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross | Offset on the Balance Sheet | Net | Gross | Offset on the Balance Sheet | Net | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Accounts Payable | $ | $ | ( | $ | $ | $ | ( | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||
Gross domestic accounts receivable | $ | $ | ||||||||||||
Gross domestic securitized accounts receivable | ||||||||||||||
Gross foreign receivables | ||||||||||||||
Total gross receivables | ||||||||||||||
Less allowance for credit losses | ( | ( | ||||||||||||
Net accounts and securitized accounts receivable | $ | $ |
2021 | 2020 | |||||||||||||
Allowance for credit losses beginning of period | $ | $ | ||||||||||||
Provision for credit losses | ||||||||||||||
Write-offs | ( | ( | ||||||||||||
Recoveries1 | ||||||||||||||
Impact of foreign currency1 | ( | |||||||||||||
Allowance for credit losses end of period | $ | $ |
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Repurchase agreements | $ | $ | $ | $ | ||||||||||||||||||||||
Money market | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Cash collateral for foreign exchange contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | |||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Cash collateral obligation for foreign exchange contracts | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Repurchase agreements | $ | $ | $ | $ | ||||||||||||||||||||||
Money market | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Cash collateral for foreign exchange contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | ||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Cash collateral obligation for foreign exchange contracts | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Stock options | $ | $ | $ | $ | ||||||||||||||||||||||
Restricted stock | ||||||||||||||||||||||||||
Stock-based compensation | $ | $ | $ | $ |
Unrecognized Compensation Cost | Weighted Average Period of Expense Recognition (in Years) | |||||||||||||
Stock options | $ | |||||||||||||
Restricted stock | ||||||||||||||
Total | $ |
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, 2020 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Granted | $ | |||||||||||||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2021 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Expected to vest as of June 30, 2021 | $ |
June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Risk-free interest rate | % | % | ||||||||||||
Dividend yield | ||||||||||||||
Expected volatility | % | % | ||||||||||||
Expected life (in years) |
Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Outstanding at December 31, 2020 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Canceled or forfeited | ( | |||||||||||||
Outstanding at June 30, 2021 | $ |
Current assets | $ | ||||
Long term assets | |||||
Goodwill | |||||
Intangibles | |||||
Current liabilities | ( | ||||
Noncurrent liabilities | ( | ||||
Aggregate purchase price | $ |
Accounts and other receivables | $ | ||||
Prepaid expenses and other current assets | |||||
Other assets | |||||
Goodwill | |||||
Other intangibles | |||||
Current liabilities | ( | ||||
Deferred income taxes | ( | ||||
Aggregate purchase price | $ |
Useful Lives (in Years) | Value | ||||||||||
Proprietary Technology | $ | ||||||||||
Customer Relationships | |||||||||||
$ |
Accounts and other receivables | $ | ||||
Prepaid expenses and other current assets | |||||
Property and equipment | |||||
Other assets | |||||
Goodwill | |||||
Other intangibles | |||||
Current liabilities | ( | ||||
Deferred income taxes | ( | ||||
Aggregate purchase price | $ |
Useful Lives (in Years) | Value | ||||||||||
Trade Name and Trademarks | $ | ||||||||||
Licensed Software and Technology | |||||||||||
Proprietary Technology | |||||||||||
Supplier Network | |||||||||||
Customer Relationships | |||||||||||
$ |
December 31, 2020 | Acquisitions | Acquisition Accounting Adjustments | Foreign Currency | June 30, 2021 | ||||||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||||||||||
North America | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||||||||
International | ( | |||||||||||||||||||||||||||||||
$ | $ | $ | ( | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Trade names and trademarks—indefinite lived | N/A | — | — | |||||||||||||||||||||||||||||||||||||||||
Trade names and trademarks—other | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Software | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Non-compete agreements | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total other intangibles | $ | $ | ( | $ | $ | $ | ( | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||
Term Loan A note payable (a), net of discounts | $ | $ | ||||||||||||
Term Loan B note payable (a), net of discounts | ||||||||||||||
Revolving line of credit A Facility (a) | ||||||||||||||
Revolving line of credit B Facility (a) | ||||||||||||||
Revolving line of credit B Facility —foreign swing line (a) | ||||||||||||||
Other obligations (c) | ||||||||||||||
Total notes payable and other obligations | $ | $ | ||||||||||||
Securitization Facility (b) | ||||||||||||||
Total notes payable, credit agreements and Securitization Facility | $ | $ | ||||||||||||
Current portion | $ | $ | ||||||||||||
Long-term portion | ||||||||||||||
Total notes payable, credit agreements and Securitization Facility | $ | $ |
2021 | 2020 | |||||||||||||||||||||||||
Computed “expected” tax expense | $ | % | $ | % | ||||||||||||||||||||||
Changes resulting from: | ||||||||||||||||||||||||||
Foreign income tax differential | ( | ( | % | ( | ( | % | ||||||||||||||||||||
Excess tax benefit related to stock-based compensation | ( | ( | % | ( | ( | % | ||||||||||||||||||||
State taxes net of federal benefits | % | % | ||||||||||||||||||||||||
Change in UK statutory rate | % | % | ||||||||||||||||||||||||
Foreign withholding | ( | ( | % | % | ||||||||||||||||||||||
GILTI, net of foreign tax credits | % | % | ||||||||||||||||||||||||
Foreign sourced non taxable income | % | % | ||||||||||||||||||||||||
Change in taxes for federal uncertain tax positions | % | % | ||||||||||||||||||||||||
Other | % | % | ||||||||||||||||||||||||
Provision for income taxes | $ | % | $ | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Denominator for basic earnings per share | ||||||||||||||||||||||||||
Dilutive securities | ||||||||||||||||||||||||||
Denominator for diluted earnings per share | ||||||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
20211 | 2020 | 20211 | 2020 | |||||||||||||||||||||||
Revenues, net: | ||||||||||||||||||||||||||
North America | $ | $ | $ | $ | ||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Operating income: | ||||||||||||||||||||||||||
North America | $ | $ | $ | $ | ||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||||
North America | $ | $ | $ | $ | ||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Capital expenditures: | ||||||||||||||||||||||||||
North America | $ | $ | $ | $ | ||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Notional | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Foreign exchange contracts: | |||||||||||
Swaps | $ | $ | |||||||||
Futures, forwards and spot | |||||||||||
Written options | |||||||||||
Purchased options | |||||||||||
Total | $ | $ |
June 30, 2021 | |||||||||||||||||||||||
Fair Value, Gross | Fair Value, Net | ||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||
Derivatives - undesignated: | |||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | |||||||||||||||||||
Cash collateral | |||||||||||||||||||||||
Total net of cash collateral | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||
Fair Value, Gross | Fair Value, Net | ||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||
Derivatives - undesignated: | |||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | |||||||||||||||||||
Cash collateral | |||||||||||||||||||||||
Total net of cash collateral | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||
Balance Sheet Classification | Fair Value | |||||||||||||||||||
Derivative Asset | Other current assets | $ | $ | |||||||||||||||||
Derivative Asset | Other noncurrent assets | $ | $ | |||||||||||||||||
Derivative Liability | Other current liabilities | $ | $ | |||||||||||||||||
Derivative Liability | Other noncurrent liabilities | $ | $ |
Notional Amount | Fixed Rates | Maturity Date | ||||||||||||||||||
Interest Rate Derivative: | ||||||||||||||||||||
Interest Rate Swap | $ | 1/31/2022 | ||||||||||||||||||
Interest Rate Swap | 1/31/2023 | |||||||||||||||||||
Interest Rate Swap | 12/19/2023 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||
Balance Sheet Classification | Fair Value | ||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Swap contracts | Other current liabilities | $ | $ | ||||||||||||||
Swap contracts | Other noncurrent liabilities | $ | $ |
Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Interest Rate Swaps: | ||||||||||||||
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives, net of tax of $( | $ | $ | ( | |||||||||||
Amount of loss reclassified from accumulated other comprehensive loss into interest expense |
June 30, 2021 | ||||||||||||||||||||
Cumulative Foreign Currency Translation | Unrealized (Losses) Gains on Derivative Instruments | Total Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||
Balance at January 1, 2021 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Other comprehensive income before reclassifications | ||||||||||||||||||||
Amounts reclassified from AOCI | ||||||||||||||||||||
Tax effect | ( | ( | ||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||
Balance at June 30, 2021 | $ | ( | $ | ( | $ | ( | ||||||||||||||
June 30, 2020 | ||||||||||||||||||||
Cumulative Foreign Currency Translation | Unrealized (Losses) Gains on Derivative Instruments | Total Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||
Balance at January 1, 2020 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | |||||||||||||||||
Amounts reclassified from AOCI | ||||||||||||||||||||
Tax effect | ||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | |||||||||||||||||
Balance at June 30, 2020 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Revenues, net | $ | 667.4 | $ | 525.1 | $ | 1,276.0 | $ | 1,186.2 | ||||||||||||||||||
Net income | $ | 196.2 | $ | 158.5 | $ | 380.5 | $ | 305.5 | ||||||||||||||||||
Net income per diluted share | $ | 2.30 | $ | 1.83 | $ | 4.45 | $ | 3.50 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Adjusted net income | $ | 268.4 | $ | 197.4 | $ | 510.6 | $ | 461.9 | ||||||||||||||||||
Adjusted net income per diluted share | $ | 3.15 | $ | 2.28 | $ | 5.97 | $ | 5.29 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited)* | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | ||||||||||||||||||||||||||||||||||||||||||
North America | $ | 443.4 | 66.4 | % | $ | 357.4 | 68.1 | % | $ | 845.6 | 66.3 | % | $ | 792.1 | 66.8 | % | ||||||||||||||||||||||||||||||||||
Brazil | 85.7 | 12.8 | % | 75.1 | 14.3 | % | 167.6 | 13.1 | % | 174.1 | 14.7 | % | ||||||||||||||||||||||||||||||||||||||
International | 138.3 | 20.7 | % | $ | 92.6 | 17.6 | % | 262.8 | 20.6 | % | 220.0 | 18.5 | % | |||||||||||||||||||||||||||||||||||||
$ | 667.4 | 100 | % | $ | 525.1 | 100 | % | $ | 1,276.0 | 100.0 | % | $ | 1,186.2 | 100.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net by Geography* | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | ||||||||||||||||||||||||||||||||||||||||||
United States | $ | 412.7 | 62 | % | $ | 334.9 | 64 | % | $ | 783.3 | 61 | % | $ | 732.8 | 62 | % | ||||||||||||||||||||||||||||||||||
Brazil | $ | 85.7 | 13 | % | $ | 75.1 | 14 | % | $ | 167.6 | 13 | % | $ | 174.1 | 15 | % | ||||||||||||||||||||||||||||||||||
United Kingdom | $ | 83.6 | 13 | % | $ | 49.0 | 9 | % | $ | 159.2 | 12 | % | $ | 122.6 | 10 | % | ||||||||||||||||||||||||||||||||||
Other | $ | 85.4 | 13 | % | $ | 66.1 | 13 | % | $ | 166.0 | 13 | % | $ | 156.7 | 13 | % | ||||||||||||||||||||||||||||||||||
Consolidated revenues, net | $ | 667.4 | 100 | % | $ | 525.1 | 100 | % | $ | 1,276.0 | 100 | % | $ | 1,186.2 | 100 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, net by Solution Category* | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | Revenues, net | % of Total Revenues, net | ||||||||||||||||||||||||||||||||||||||||||
Fuel | $ | 295.1 | 44 | % | $ | 249.8 | 48 | % | $ | 557.0 | 44 | % | $ | 541.9 | 46 | % | ||||||||||||||||||||||||||||||||||
Corporate Payments | 140.4 | 21 | % | 92.6 | 18 | % | 256.8 | 20 | % | 212.5 | 18 | % | ||||||||||||||||||||||||||||||||||||||
Tolls | 71.3 | 11 | % | 64.8 | 12 | % | 140.3 | 11 | % | 147.8 | 12 | % | ||||||||||||||||||||||||||||||||||||||
Lodging | 62.2 | 9 | % | 40.6 | 8 | % | 121.3 | 10 | % | 97.6 | 8 | % | ||||||||||||||||||||||||||||||||||||||
Gift | 32.3 | 5 | % | 26.5 | 5 | % | 75.7 | 6 | % | 68.9 | 6 | % | ||||||||||||||||||||||||||||||||||||||
Other | 66.0 | 10 | % | 50.8 | 10 | % | 124.9 | 10 | % | 117.5 | 10 | % | ||||||||||||||||||||||||||||||||||||||
Consolidated revenues, net | 667.4 | 100 | % | 525.1 | 100 | % | $ | 1,276.0 | 100 | % | $ | 1,186.2 | 100 | % |
*Columns may not calculate due to rounding. |
As Reported | Pro Forma and Macro Adjusted2 | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | Change | % Change | 2021 | 2020 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
FUEL | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $ | 295.1 | $ | 249.8 | $ | 45.3 | 18 | % | $ | 298.1 | $ | 250.1 | $ | 48.0 | 19 | % | |||||||||||||||||||||||||||||||
'- Transactions | 118.3 | 99.7 | 18.6 | 19 | % | 118.3 | 99.8 | 18.4 | 18 | % | |||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $ | 2.50 | $ | 2.51 | $ | (0.01) | — | % | $ | 2.52 | $ | 2.51 | $ | 0.02 | 1 | % | |||||||||||||||||||||||||||||||
CORPORATE PAYMENTS | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $ | 140.4 | $ | 92.6 | $ | 47.8 | 52 | % | $ | 135.8 | $ | 102.7 | $ | 33.1 | 32 | % | |||||||||||||||||||||||||||||||
'- Spend volume | $ | 22,862 | $ | 13,672 | $ | 9,190 | 67 | % | $ | 22,859 | $ | 17,583 | $ | 5,276 | 30 | % | |||||||||||||||||||||||||||||||
'- Revenue, net per spend $ | 0.61 | % | 0.68 | % | (0.06) | % | (9) | % | 0.59 | % | 0.58 | % | 0.01 | % | 2 | % | |||||||||||||||||||||||||||||||
TOLLS | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $ | 71.3 | $ | 64.8 | $ | 6.5 | 10 | % | $ | 70.5 | $ | 64.8 | $ | 5.6 | 9 | % | |||||||||||||||||||||||||||||||
'- Tags (average monthly) | 5.8 | 5.3 | 0.5 | 10 | % | 5.8 | 5.3 | 0.5 | 10 | % | |||||||||||||||||||||||||||||||||||||
'- Revenues, net per tag | $ | 12.21 | $ | 12.19 | $ | 0.02 | — | % | $ | 12.06 | $ | 12.19 | $ | (0.13) | (1) | % | |||||||||||||||||||||||||||||||
LODGING | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $ | 62.2 | $ | 40.6 | $ | 21.6 | 53 | % | $ | 62.2 | $ | 44.8 | $ | 17.4 | 39 | % | |||||||||||||||||||||||||||||||
'- Room nights | 6.6 | 4.6 | 2.0 | 44 | % | 6.6 | 5.0 | 1.6 | 32 | % | |||||||||||||||||||||||||||||||||||||
'- Revenues, net per room night | $ | 9.41 | $ | 8.82 | $ | 0.58 | 7 | % | $ | 9.40 | $ | 8.96 | $ | 0.44 | 5 | % | |||||||||||||||||||||||||||||||
GIFT | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $ | 32.3 | $ | 26.5 | $ | 5.8 | 22 | % | $ | 32.3 | $ | 26.5 | $ | 5.8 | 22 | % | |||||||||||||||||||||||||||||||
'- Transactions | 259.4 | 188.2 | 71.1 | 38 | % | 259.4 | 188.2 | 71.1 | 38 | % | |||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $ | 0.12 | $ | 0.14 | $ | (0.02) | (12) | % | $ | 0.12 | $ | 0.14 | $ | (0.02) | (12) | % | |||||||||||||||||||||||||||||||
OTHER1 | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $ | 66.0 | $ | 50.8 | $ | 15.2 | 30 | % | $ | 63.5 | $ | 50.8 | $ | 12.7 | 25 | % | |||||||||||||||||||||||||||||||
'- Transactions | 9.3 | 9.0 | 0.3 | 3 | % | 9.3 | 9.0 | 0.3 | 3 | % | |||||||||||||||||||||||||||||||||||||
'- Revenues, net per transaction | $ | 7.13 | $ | 5.65 | $ | 1.48 | 26 | % | $ | 6.86 | $ | 5.65 | $ | 1.21 | 21 | % | |||||||||||||||||||||||||||||||
FLEETCOR CONSOLIDATED REVENUES, NET | |||||||||||||||||||||||||||||||||||||||||||||||
'- Revenues, net | $ | 667.4 | $ | 525.1 | $ | 142.2 | 27 | % | $ | 662.3 | $ | 539.8 | $ | 122.5 | 23 | % |
1 Other includes telematics, maintenance, food, transportation and payroll card related businesses. | ||
2 See heading entitled "Managements' Use of Non-GAAP Financial Measures" for a reconciliation of pro forma and macro adjusted revenue by solution and metric non-GAAP measures to the comparable financial measure calculated in accordance with GAAP. | ||
* Columns may not calculate due to rounding. |
(Unaudited) | Three Months Ended June 30, 2021 | % of Total Revenues, net | Three Months Ended June 30, 2020 | % of Total Revenues, net | Increase (decrease) | % Change | ||||||||||||||||||||||||||||||||
Revenues, net: | ||||||||||||||||||||||||||||||||||||||
North America | $ | 443.4 | 66.4 | % | $ | 357.4 | 68.1 | % | $ | 86.0 | 24.1 | % | ||||||||||||||||||||||||||
Brazil | 85.7 | 12.8 | % | 75.1 | 14.3 | % | 10.5 | 14.0 | % | |||||||||||||||||||||||||||||
International | 138.3 | 20.7 | % | 92.6 | 17.6 | % | 45.7 | 49.4 | % | |||||||||||||||||||||||||||||
Total revenues, net | 667.4 | 100.0 | % | 525.1 | 100.0 | % | 142.2 | 27.1 | % | |||||||||||||||||||||||||||||
Consolidated operating expenses: | ||||||||||||||||||||||||||||||||||||||
Processing | 122.3 | 18.3 | % | 121.3 | 23.1 | % | 1.0 | 0.8 | % | |||||||||||||||||||||||||||||
Selling | 63.2 | 9.5 | % | 42.4 | 8.1 | % | 20.9 | 49.2 | % | |||||||||||||||||||||||||||||
General and administrative | 115.0 | 17.2 | % | 86.7 | 16.5 | % | 28.3 | 32.6 | % | |||||||||||||||||||||||||||||
Depreciation and amortization | 69.2 | 10.4 | % | 62.2 | 11.8 | % | 7.1 | 11.4 | % | |||||||||||||||||||||||||||||
Other operating, net | — | — | % | (0.2) | — | % | (0.3) | NM | ||||||||||||||||||||||||||||||
Operating income | 297.6 | 44.6 | % | 212.8 | 40.5 | % | 84.8 | 39.8 | % | |||||||||||||||||||||||||||||
Investment gain | — | — | % | (33.7) | (6.4) | % | 33.7 | NM | ||||||||||||||||||||||||||||||
Other expense, net | 0.4 | 0.1 | % | 2.5 | 0.5 | % | (2.1) | (83.5) | % | |||||||||||||||||||||||||||||
Interest expense, net | 34.7 | 5.2 | % | 32.4 | 6.2 | % | 2.3 | 7.0 | % | |||||||||||||||||||||||||||||
Provision for income taxes | 66.3 | 9.9 | % | 53.1 | 10.1 | % | 13.1 | 24.7 | % | |||||||||||||||||||||||||||||
Net income | $ | 196.2 | 29.4 | % | $ | 158.5 | 30.2 | % | $ | 37.8 | 23.8 | % | ||||||||||||||||||||||||||
Operating income for segments: | ||||||||||||||||||||||||||||||||||||||
North America | $ | 178.7 | $ | 133.2 | $ | 45.5 | 34.2 | % | ||||||||||||||||||||||||||||||
Brazil | 33.3 | 29.4 | 3.9 | 13.3 | % | |||||||||||||||||||||||||||||||||
International | 85.6 | 50.2 | 35.4 | 70.4 | % | |||||||||||||||||||||||||||||||||
Operating income | $ | 297.6 | $ | 212.8 | $ | 84.8 | 39.8 | % | ||||||||||||||||||||||||||||||
Operating margin for segments: | ||||||||||||||||||||||||||||||||||||||
North America | 40.3 | % | 37.3 | % | 3.0 | % | ||||||||||||||||||||||||||||||||
Brazil | 38.9 | % | 39.1 | % | (0.2) | % | ||||||||||||||||||||||||||||||||
International | 61.9 | % | 54.3 | % | 7.6 | % | ||||||||||||||||||||||||||||||||
Consolidated | 44.6 | % | 40.5 | % | 4.1 | % |
Three Months Ended June 30, | ||||||||||||||
(Unaudited) | 2021 | 2020 | ||||||||||||
Term loan A | 1.60 | % | 2.01 | % | ||||||||||
Term loan B | 1.85 | % | 2.26 | % | ||||||||||
Revolving line of credit A, B & C USD Borrowings | 1.61 | % | 2.06 | % | ||||||||||
Revolving line of credit B GBP Borrowings | — | % | 1.69 | % | ||||||||||
Foreign swing line | 1.54 | % | 1.56 | % |
(Unaudited) | Six Months Ended June 30, 2021 | % of Total Revenues, net | Six Months Ended June 30, 2020 | % of Total Revenues, net | Increase (decrease) | % Change | ||||||||||||||||||||||||||||||||
Revenues, net: | ||||||||||||||||||||||||||||||||||||||
North America | $ | 845.6 | 66.3 | % | $ | 792.1 | 66.8 | % | $ | 53.5 | 6.8 | % | ||||||||||||||||||||||||||
Brazil | 167.6 | 13.1 | % | 174.1 | 14.7 | % | (6.5) | (3.8) | % | |||||||||||||||||||||||||||||
International | 262.8 | 20.6 | % | 220.0 | 18.5 | % | 42.8 | 19.4 | % | |||||||||||||||||||||||||||||
Total revenues, net | 1,276.0 | 100.0 | % | 1,186.2 | 100.0 | % | 89.8 | 7.6 | % | |||||||||||||||||||||||||||||
Consolidated operating expenses: | ||||||||||||||||||||||||||||||||||||||
Processing | 238.7 | 18.7 | % | 355.0 | 29.9 | % | (116.3) | (32.8) | % | |||||||||||||||||||||||||||||
Selling | 115.3 | 9.0 | % | 98.2 | 8.3 | % | 17.1 | 17.4 | % | |||||||||||||||||||||||||||||
General and administrative | 223.4 | 17.5 | % | 192.8 | 16.3 | % | 30.5 | 15.8 | % | |||||||||||||||||||||||||||||
Depreciation and amortization | 134.9 | 10.6 | % | 126.6 | 10.7 | % | 8.3 | 6.6 | % | |||||||||||||||||||||||||||||
Other operating, net | 81 | — | % | (0.3) | — | % | (0.3) | NM | ||||||||||||||||||||||||||||||
Operating income | 563.6 | 44.2 | % | 413.8 | 34.9 | % | 149.8 | 36.2 | % | |||||||||||||||||||||||||||||
Investment gain | — | — | % | (31.3) | (2.6) | % | 31.3 | (100.0) | % | |||||||||||||||||||||||||||||
Other expense (income), net | 2.2 | 0.2 | % | (6.9) | (0.6) | % | 9.0 | NM | ||||||||||||||||||||||||||||||
Interest expense, net | 63.2 | 5.0 | % | 68.1 | 5.7 | % | (4.9) | (7.1) | % | |||||||||||||||||||||||||||||
Provision for income taxes | 117.7 | 9.2 | % | 78.4 | 6.6 | % | 39.3 | 50.2 | % | |||||||||||||||||||||||||||||
Net income | $ | 380.5 | 29.8 | % | $ | 305.5 | 25.8 | % | $ | 74.9 | 24.5 | % | ||||||||||||||||||||||||||
Operating income for segments: | ||||||||||||||||||||||||||||||||||||||
North America | $ | 341.2 | $ | 218.9 | $ | 122.3 | 55.9 | % | ||||||||||||||||||||||||||||||
Brazil | 65.6 | 68.9 | (3.3) | (4.8) | % | |||||||||||||||||||||||||||||||||
International | 156.8 | 126.0 | 30.8 | 24.4 | % | |||||||||||||||||||||||||||||||||
Operating income | $ | 563.6 | $ | 413.8 | $ | 149.8 | 36.2 | % | ||||||||||||||||||||||||||||||
Operating margin for segments: | ||||||||||||||||||||||||||||||||||||||
North America | 40.4 | % | 27.6 | % | 12.7 | % | ||||||||||||||||||||||||||||||||
Brazil | 39.1 | % | 39.5 | % | (0.4) | % | ||||||||||||||||||||||||||||||||
International | 59.7 | % | 57.3 | % | 2.4 | % | ||||||||||||||||||||||||||||||||
Consolidated | 44.2 | % | 34.9 | % | 9.3 | % |
Six Months Ended June 30, | ||||||||||||||
(Unaudited) | 2021 | 2020 | ||||||||||||
Term loan A | 1.62 | % | 2.51 | % | ||||||||||
Term loan B | 1.86 | % | 2.84 | % | ||||||||||
Revolving line of credit A, B & C USD Borrowings | 1.62 | % | 2.60 | % | ||||||||||
Revolving line of credit B GBP Borrowings | 1.52 | % | 1.86 | % | ||||||||||
Foreign swing line | 1.54 | % | 1.83 | % |
Six Months Ended June 30, | ||||||||||||||
(Unaudited) | 2021 | 2020 | ||||||||||||
Net cash provided by operating activities | $ | 356.4 | $ | 802.2 | ||||||||||
Net cash used in investing activities | (163.0) | (37.4) | ||||||||||||
Net cash provided by (used in) financing activities | 358.7 | (1,032.4) |
Revenues, net | Key Performance Metric | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||
(Unaudited) | 2021* | 2020* | 2021* | 2020* | |||||||||||||||||||||||||
FUEL - TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 298.1 | $ | 250.1 | 118.3 | 99.8 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (0.3) | — | (0.2) | |||||||||||||||||||||||||
Impact of fuel prices/spread | (13.9) | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 10.9 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 295.1 | $ | 249.8 | 118.3 | 99.7 | |||||||||||||||||||||||
CORPORATE PAYMENTS - SPEND | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 135.8 | $ | 102.7 | 22,859 | 17,583 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (10.2) | — | (3,912) | |||||||||||||||||||||||||
Impact of fuel prices/spread | 0.2 | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 4.4 | — | 4 | — | |||||||||||||||||||||||||
As reported | $ | 140.4 | $ | 92.6 | 22,862 | 13,672 | |||||||||||||||||||||||
TOLLS - TAGS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 70.5 | $ | 64.8 | 5.8 | 5.3 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 0.9 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 71.3 | $ | 64.8 | 5.8 | 5.3 | |||||||||||||||||||||||
LODGING - ROOM NIGHTS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 62.2 | $ | 44.8 | 6.6 | 5.0 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (4.2) | — | (0.4) | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | — | — | — | — | |||||||||||||||||||||||||
As reported | $ | 62.2 | $ | 40.6 | 6.6 | 4.6 | |||||||||||||||||||||||
GIFT - TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 32.3 | $ | 26.5 | 259.4 | 188.2 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | — | — | — | — | |||||||||||||||||||||||||
As reported | $ | 32.3 | $ | 26.5 | 259.4 | 188.2 | |||||||||||||||||||||||
OTHER1- TRANSACTIONS | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 63.5 | $ | 50.8 | 9.3 | 9.0 | |||||||||||||||||||||||
Impact of acquisitions/dispositions | — | — | — | — | |||||||||||||||||||||||||
Impact of fuel prices/spread | — | — | — | — | |||||||||||||||||||||||||
Impact of foreign exchange rates | 2.5 | — | — | — | |||||||||||||||||||||||||
As reported | $ | 66.0 | $ | 50.8 | 9.3 | 9.0 | |||||||||||||||||||||||
FLEETCOR CONSOLIDATED REVENUES | |||||||||||||||||||||||||||||
Pro forma and macro adjusted | $ | 662.3 | $ | 539.8 | Intentionally Left Blank | ||||||||||||||||||||||||
Impact of acquisitions/dispositions | — | (14.6) | |||||||||||||||||||||||||||
Impact of fuel prices/spread2 | (13.7) | — | |||||||||||||||||||||||||||
Impact of foreign exchange rates | 18.7 | — | |||||||||||||||||||||||||||
As reported | $ | 667.4 | $ | 525.1 | |||||||||||||||||||||||||
* Columns may not calculate due to rounding. | |||||||||||||||||||||||||||||
1 Other includes telematics, maintenance, food, transportation and payroll card related businesses. | |||||||||||||||||||||||||||||
2 Revenues reflect an estimated $14 million net negative impact of fuel prices and fuel price spreads, with $16 million positive impact from fuel prices and $30 million negative impact from fuel spread. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net income | $ | 196,247 | $ | 158,488 | $ | 380,486 | $ | 305,548 | ||||||||||||||||||
Net income per diluted share | $ | 2.30 | $ | 1.83 | $ | 4.45 | $ | 3.50 | ||||||||||||||||||
Stock based compensation | 17,885 | 8,989 | 35,632 | 23,164 | ||||||||||||||||||||||
Amortization1 | 52,525 | 47,875 | 102,101 | 97,917 | ||||||||||||||||||||||
Investment gain | — | (33,709) | (9) | (31,338) | ||||||||||||||||||||||
Loss on extinguishment of debt | 6,230 | — | 6,230 | — | ||||||||||||||||||||||
Integration and deal related costs | 7,823 | 5,902 | 11,493 | 9,267 | ||||||||||||||||||||||
Restructuring and related (subsidies) costs | (777) | 4,727 | (1,354) | 4,727 | ||||||||||||||||||||||
Legal settlements/litigation | 1,388 | 944 | 5,058 | (5,037) | ||||||||||||||||||||||
Write-off of customer receivable2 | — | — | — | 90,058 | ||||||||||||||||||||||
Total pre-tax adjustments | 85,074 | 34,727 | 159,151 | 188,758 | ||||||||||||||||||||||
Income taxes3 | (12,910) | 4,211 | (29,079) | (32,385) | ||||||||||||||||||||||
Adjusted net income | $ | 268,411 | $ | 197,425 | $ | 510,559 | $ | 461,922 | ||||||||||||||||||
Adjusted net income per diluted share | $ | 3.15 | $ | 2.28 | $ | 5.97 | $ | 5.29 | ||||||||||||||||||
Diluted shares | 85,295 | 86,570 | 85,528 | 87,380 |
1 Includes amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts. | ||
2 Represents a loss in the first quarter of 2020 from a large client in our cross-border payments business entering voluntary bankruptcy due to the impact of the COVID-19 pandemic. | ||
3 Represents provision for income taxes of pre-tax adjustments. 2021 includes measurement of deferreds due to the increase in UK corporate tax rate from 19% to 25% of $6.5 million. 2020 includes a tax reserve adjustment related to prior year tax positions of $9.8 million. | ||
*Columns may not calculate due to rounding. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of the Publicly Announced Plan | Maximum Value that May Yet be Purchased Under the Publicly Announced Plan (in thousands) | ||||||||||||||||||||||
April 1, 2021 through April 30, 2021 | 10,550 | $ | 287.39 | 15,268,225 | $ | 833,222,564 | ||||||||||||||||||||
May 1, 2021 through May 31, 2021 | — | $ | — | 15,268,225 | $ | 833,222,564 | ||||||||||||||||||||
June 1, 2021 through June 30, 2021 | 915,870 | $ | 265.51 | 16,184,095 | $ | 590,050,450 | ||||||||||||||||||||
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Exhibit No. | ||||||||
Amended and Restated Certificate of Incorporation of FLEETCOR Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K, File No. 001-35004, filed with the SEC on March 25, 2011) | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of FLEETCOR Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, File No. 001-35004, file with the SEC on June 8, 2018) | ||||||||
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of FLEETCOR Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, File No. 001-35004, filed with the SEC on June 14, 2019) | ||||||||
Amended and Restated Bylaws of FLEETCOR Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, File No. 001-35004, filed with the SEC on October 28, 2020) | ||||||||
Eighth Amendment to the Fifth Amended and Restated Receivables Purchase Agreement, dated March 29, 2021 by and among FleetCor Funding LLC, FleetCor Technologies Operating Company, LLC, PNC Bank, National Association as administrator for a group of purchasers and purchaser agents, and certain other parties thereto (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q, File No. 001-35004, filed with the SEC on May 10, 2021) | ||||||||
Ninth Amendment to Credit Agreement, dated as of April 30, 2021 among FLEETCOR Technologies Operating Company, LLC, as the Company, FLEETCOR Technologies, Inc., as the Parent, the designated borrowers party hereto, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the other borrowers hereto (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q, File No. 001-35004, filed with the SEC on May 10, 2021) | ||||||||
31.1* | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and rule 15d-14(a) of the Securities Exchange Act, as amended | |||||||
31.2* | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and rule 15d-14(a) of the Securities Exchange Act, as amended | |||||||
32.1* | Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2001 | |||||||
32.2* | Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2001 | |||||||
101* | The following financial information for the Registrant formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income; (iv) the Unaudited Consolidated Statements of Cash Flows and (v) the Notes to Unaudited Consolidated Financial Statements | |||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
FLEETCOR Technologies, Inc. | ||||||||||||||
(Registrant) | ||||||||||||||
Signature | Title | |||||||||||||
/s/ Ronald F. Clarke | President, Chief Executive Officer and Chairman of the Board of Directors (Duly Authorized Officer and Principal Executive Officer) | |||||||||||||
Ronald F. Clarke | ||||||||||||||
/s/ Charles R. Freund | Chief Financial Officer (Principal Financial Officer) | |||||||||||||
Charles R. Freund |
/s/ Ronald F. Clarke | ||
Ronald F. Clarke | ||
Chief Executive Officer |
/s/ Charles R. Freund | ||
Charles R. Freund | ||
Chief Financial Officer |
/s/ Ronald F. Clarke | ||
Ronald F. Clarke | ||
Chief Executive Officer |
/s/ Charles R. Freund | ||
Charles R. Freund | ||
Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 92,100 | $ 86,886 |
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) | 126,944,155 | 126,448,078 |
Common stock, shares outstanding (in shares) | 82,595,087 | 83,666,163 |
Treasury stock, shares (in shares) | 44,349,068 | 42,781,915 |
Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Statement [Abstract] | ||||
Revenues, net | $ 667,381 | $ 525,146 | $ 1,276,004 | $ 1,186,239 |
Expenses: | ||||
Processing | 122,294 | 121,290 | 238,722 | 354,993 |
Selling | 63,225 | 42,374 | 115,307 | 98,233 |
General and administrative | 115,008 | 86,739 | 223,370 | 192,849 |
Depreciation and amortization | 69,218 | 62,162 | 134,947 | 126,638 |
Other operating, net | 24 | (230) | 81 | (268) |
Operating income | 297,612 | 212,811 | 563,577 | 413,794 |
Investment gain | 0 | (33,709) | (9) | (31,338) |
Other expense (income), net | 408 | 2,480 | 2,151 | (6,886) |
Interest expense, net | 34,685 | 32,412 | 63,236 | 68,091 |
Total other expense | 35,093 | 1,183 | 65,378 | 29,867 |
Income before income taxes | 262,519 | 211,628 | 498,199 | 383,927 |
Provision for income taxes | 66,272 | 53,140 | 117,713 | 78,379 |
Net income | $ 196,247 | $ 158,488 | $ 380,486 | $ 305,548 |
Earnings per share: | ||||
Basic earnings per share (in dollars per share) | $ 2.36 | $ 1.89 | $ 4.57 | $ 3.62 |
Diluted earnings per share (in dollars per share) | $ 2.30 | $ 1.83 | $ 4.45 | $ 3.50 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 83,141 | 83,895 | 83,307 | 84,399 |
Diluted (in shares) | 85,295 | 86,570 | 85,528 | 87,380 |
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 196,247 | $ 158,488 | $ 380,486 | $ 305,548 |
Other comprehensive income (loss): | ||||
Foreign currency translation gains (losses), net of tax | 206,805 | 8,257 | 77,648 | (566,861) |
Net change in derivative contracts, net of tax | 9,037 | 1,892 | 20,333 | (42,649) |
Total other comprehensive income (loss) | 215,842 | 10,149 | 97,981 | (609,510) |
Total comprehensive income (loss) | $ 412,089 | $ 168,637 | $ 478,467 | $ (303,962) |
Summary of Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Throughout this Current Report on Form 10-Q, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of June 30, 2021 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the magnitude and duration of the COVID-19 pandemic, as well as other factors. Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange gains (losses), which are recorded within other expense (income), net in the Unaudited Consolidated Statements of Income for the three and six months ended June 30 as follows (in millions):
The Company recorded foreign currency gains on long-term intra-entity transactions included as a component of foreign currency translation losses, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30 as follows (in millions):
Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates and to facilitate cross-currency corporate payments by writing derivatives to customers. The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company hedges a portion of its variable rate debt utilizing derivatives designated as cash flow hedges. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded to the derivative assets/liabilities and offset against accumulated other comprehensive income (loss), net of tax. Derivative fair value changes that are recorded in accumulated other comprehensive income (loss) are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is effective in offsetting the change in cash flows attributable to the hedged risk. The portions of the change in fair value that are either considered ineffective or are excluded from the measure of effectiveness are recognized immediately within earnings. In the Company's cross-border payments business, the majority of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. In addition, the Company 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, as necessary, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The changes in fair value of these derivatives are recorded in revenues, net in the Unaudited Consolidated Statements of Income. The Company recognizes current cross-border payments derivatives in prepaid expense and other current assets and other current liabilities and derivatives greater than one year in other assets and other noncurrent liabilities in the accompanying 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. Refer to Note 13. Cash, Cash Equivalents, and Restricted Cash Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, as well as collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits, as well as secure and settle cross-currency transactions. Financial Instruments - Credit Losses The Company accounts for financial assets' expected credit losses in accordance with ASC 326. The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors. Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Corporate Payments, Fuel, Lodging, Tolls, as well as Gift (stored value cards and e-cards). The Company provides solutions that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment solutions. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, represent approximately 75% of total consolidated revenues, net, for both the three and six months ended June 30, 2021. The Company accounts for revenues comprised of 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 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 derivatives accounting (ASC 815, "Derivatives"). Disaggregation of Revenues The Company provides its services to customers across different payment solutions and geographies. Revenue by solution (in millions) for the three and six months ended June 30 was as follows:
Revenue by geography (in millions) for the three and six months ended June 30 was as follows:
Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $66.3 million and $73.0 million as of June 30, 2021 and December 31, 2020, respectively. We expect to recognize approximately $41.4 million of these amounts in revenues within 12 months and the remaining $24.9 million over the next five years as of June 30, 2021. Revenue recognized in the six months ended June 30, 2021 that was included in the deferred revenue contract liability as of December 31, 2020 was approximately $27.7 million. Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. In accordance with ASC Subtopic 210-20, "Offsetting," the Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value. The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2021 and December 31, 2020 (in millions):
Adoption of New Accounting Standards Income Taxes On December 18, 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which removes certain exceptions to the general principles of ASC 740 and simplifies other areas. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this guidance on January 1, 2021, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. Pending Adoption of Recently Issued Accounting Standard Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is evaluating the effect of ASU 2020-04 on interest rate swap contracts. Cross currency derivatives are not impacted by this ASU.
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Accounts and Other Receivables |
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Accounts and Other Receivables | Accounts and Other Receivables The Company's accounts and securitized accounts receivable include the following at June 30, 2021 and December 31, 2020 (in thousands):
The Company maintains a $1 billion revolving trade accounts receivable securitization facility (the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to multi-seller banks and asset-backed commercial paper conduits (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold. Purchases by the Conduit are financed with the sale of highly-rated commercial paper. The Company utilizes proceeds from the transferred assets as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the transferred asset as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount. The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities. On March 29, 2021, the Company entered into the eighth amendment to the Securitization Facility. The amendment included a new year maturity date, reduced the LIBOR floor to 0 bps, improved margins, and increased the swing line from $100 million to $250 million. The maturity date for the Company's Securitization Facility is March 29, 2024. The Company recorded a $90.1 million provision for credit losses and write-off related to a customer receivable in our foreign currency trading business during the first quarter of 2020. The Company's estimated expected credit losses as of June 30, 2021 included estimated adjustments for economic conditions related to COVID-19. A rollforward of the Company’s allowance for credit losses related to accounts receivable for the six months ended June 30 is as follows (in thousands):
1Comparable disclosure provided to conform with 2021 presentation. Activity previously included within write-offs.
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Fair Value Measurements |
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Fair Value Measurements | 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. 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. 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 following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020, (in thousands):
The Company has highly-liquid investments classified as cash equivalents, with original maturities of 90 days or less, included in our Consolidated Balance Sheets. The Company utilizes Level 2 fair value determinations derived from directly or indirectly observable (market based) information to determine the fair value of these highly liquid investments. The Company has certain cash and cash equivalents that are invested 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 determined based upon the financial institutions' month-end statement, as these instruments are not tradable and must be settled directly by us with the respective financial institution. Certificates of deposit are valued at cost, plus interest accrued. Given the short-term nature of these instruments, the carrying value approximates fair value. Foreign exchange derivative contracts are carried at fair value, with changes in fair value recognized in the Consolidated Statements of Income. The fair value of the Company's derivatives is derived with reference to a valuation from a derivatives dealer operating in an active market, which approximates the fair value of these instruments. The fair value represents the net settlement if the contracts were terminated as of the reporting date. Cash collateral received for foreign exchange derivatives is recorded within customer deposits in our Unaudited Consolidated Balance Sheet at June 30, 2021. Cash collateral deposited for foreign exchange derivatives is recorded within restricted cash in our Unaudited Consolidated Balance Sheet at June 30, 2021. The level within the fair value hierarchy and the measurement technique are reviewed quarterly. Transfers between levels are deemed to have occurred at the end of the quarter. There were no transfers between fair value levels during the periods presented for June 30, 2021 and December 31, 2020. The Company’s assets that are measured at fair value on a nonrecurring basis or are evaluated with periodic testing for impairment include property, plant and equipment, investments, goodwill and other intangible assets. Estimates of the fair value of assets acquired and liabilities assumed in business combinations are generally developed using key inputs such as management’s projections of cash flows on a held-and-used basis (if applicable), discounted as appropriate, management’s projections of cash flows upon disposition and discount rates. Accordingly, these fair value measurements are in Level 3 of the fair value hierarchy. The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company's derivatives are over-the-counter instruments with liquid markets. The Company regularly evaluates the carrying value of its investments. The carrying amount of investments without readily determinable fair values is $11.9 million at June 30, 2021. The fair value of the Company’s 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.
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Stockholders' Equity |
6 Months Ended |
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Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' EquityThe Company's Board of Directors (the "Board") has approved a stock repurchase program (as updated from time to time, the "Program") authorizing the Company to repurchase its common stock from time to time until February 1, 2023. On July 27, 2021, the Board increased the aggregate size of the Program by $1 billion, to $5.1 billion, leaving the Company up to $1.6 billion available under the Program for future repurchases in shares of its common stock. Since the beginning of the Program through June 30, 2021, 16,184,095 shares have been repurchased for an aggregate purchase price of $3.5 billion. 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. |
Stock-Based Compensation |
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Stock-Based Compensation | Stock-Based Compensation The Company has a Stock Incentive Plan (the "Plan") which permits the Company’s Board of Directors to grant share based payment awards to employees and directors. The table below summarizes the expense related to share-based payments recognized in the three and six months ended June 30 (in thousands):
The tax benefits recorded on stock based compensation were $24.5 million and $37.4 million for the six months ended June 30, 2021 and 2020, respectively. The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of June 30, 2021 (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 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 six months ended June 30, 2021 (shares/options and aggregate intrinsic value in thousands):
The aggregate intrinsic value of stock options exercisable at June 30, 2021 was $434.9 million. The weighted average remaining contractual term of options exercisable at June 30, 2021 was 4.7 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 six months ended June 30, 2021 and 2020:
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 to four years. The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the six months ended June 30, 2021 (shares in thousands):
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Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions 2021 Acquisitions AFEX On June 1, 2021, the Company completed the acquisition of Associated Foreign Exchange (AFEX), a U.S. based, cross-border payment solutions provider for $418.7 million. This includes $210.3 million of cash and cash equivalents and $178.7 million of restricted cash, resulting in a net purchase price of $29.7 million. The purpose of this acquisition is to further expand the Company's cross border payment solutions. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business for which the Company is still completing the valuation. These noncompete agreements were accounted for separately from the business acquisition. Acquisition accounting for AFEX is preliminary as the Company is still completing the valuation for goodwill, intangible assets, derivatives, income taxes, working capital, and evaluation of acquired contingencies. The following table summarizes the preliminary acquisition accounting for AFEX (in thousands):
Roger On January 13, 2021, the Company completed the acquisition of Roger, rebranded CorpayOne, a global accounts payable (AP) cloud software platform for small businesses, for $39.0 million, net of cash acquired. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. Acquisition accounting for Roger is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and evaluation of acquired contingencies. The following table summarizes the preliminary acquisition accounting for Roger (in thousands):
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
Other During 2021, the Company made investments in other businesses of $4.4 million. The Company financed the investments using a combination of available cash and borrowings under its existing credit facility. On July 28, 2021, the Company signed a definitive agreement to acquire ALE Solutions, Inc. (ALE), a U.S. based leader in lodging solutions to the insurance industry, for approximately $400 million. The transaction is expected to close during the third quarter of 2021, subject to regulatory approval and closing conditions. 2020 Acquisitions On August 10, 2020, the Company completed the acquisition of a business in the lodging space in the U.S. The results from the acquisition are reported in the North America segment. On November 30, 2020, the Company completed the acquisition of a fuel card provider in New Zealand. The results from the acquisition are reported in the International segment. The aggregate purchase price of these acquisitions was approximately $78.4 million, net of cash acquired. The Company financed these acquisitions using a combination of available cash and borrowings under its existing credit facility. The Company signed noncompete agreements with certain parties affiliated with the lodging business with an estimated fair value of $3.8 million. These noncompete agreements were accounted for separately from the business acquisitions. The following table summarizes the preliminary acquisition accounting (in thousands):
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
The accounting for these acquisitions is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments.
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Goodwill and Other Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles | Goodwill and Other Intangibles A summary of changes in the Company’s goodwill by reportable business segment is as follows (in thousands):
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The Company’s debt instruments consist primarily of term loans, revolving lines of credit and a Securitization Facility as follows (in thousands):
______________________ (a)The Company has a Credit Agreement that provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $1.150 billion as of June 30, 2021. 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 with borrowings in U.S. dollars, euros, British pounds, Japanese yen or other currency as agreed in advance, and a sublimit for swing line loans, and (c) a revolving C facility in the amount of $35 million for borrowings in U.S. dollars, Australian dollars or New Zealand dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolving A or revolving B facility debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. The maturity date for the term loan A and revolving facilities is December 19, 2023. On April 30, 2021, the Company entered into the ninth amendment to the Credit Agreement. The amendment provided for a new seven-year $1.15 billion term loan B. The existing term loan B was paid off with proceeds from the new term loan B. The new term loan B has a maturity date of April 30, 2028, and interest rates remain unchanged. Interest on amounts outstanding under the Credit Agreement (other than the term loan B) accrues based on the British Bankers Association LIBOR Rate (the "Eurocurrency Rate"), plus a margin based on a leverage ratio, or at 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 loan B facility accrues based on the Eurocurrency Rate plus 1.75% for Eurocurrency Loans or the Base Rate plus 0.75% for Base Rate Loans. The Eurocurrency rate has a 0% floor. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the Credit Facility. At June 30, 2021, the interest rate on the term loan A was 1.60%, the interest rate on the term loan B was 1.85%, and the interest rate on the revolving A facility was 1.60%. The unused credit facility fee was 0.30% at June 30, 2021. (b)The Company is party to a $1.0 billion Securitization Facility. On April 24, 2020, the Company reduced the Securitization Facility commitment from $1.2 billion to $1.0 billion. There is a program fee equal to one month LIBOR plus 1.00% or the Commercial Paper Rate plus 0.90% as of June 30, 2021, and one month LIBOR plus 1.25% or the Commercial Paper Rate plus 1.15% as of December 31, 2020. There is a LIBOR floor of 0% as of June 30, 2021 and a LIBOR floor of 0.38% as of December 31, 2020. The program fee was 0.98% plus 0.11% as of June 30, 2021 and 1.23% plus 0.34% as of December 31, 2020. The unused facility fee is payable at a rate of 0.40% per annum as of June 30, 2021 and December 31, 2020. We have unamortized debt issuance costs of $2.6 million and $1.4 million related to the Securitization Facility as of June 30, 2021 and December 31, 2020, respectively, recorded within other assets in the Unaudited Consolidated Balance Sheets. On March 29, 2021, the Company entered into the eighth amendment to the Securitization Facility. The amendment included a new year maturity date, reduced the LIBOR floor to 0 bps, improved margins, and increased the swing line from $100 million to $250 million. The maturity date for the Company's Securitization Facility is March 29, 2024. (c)Other obligations includes the long-term portion of deferred payments associated with business acquisitions and deferred revenue. The Company was in compliance with all financial and non-financial covenants at June 30, 2021. The Company has entered into interest rate swap cash flow contracts with U.S. dollar notional amounts in order to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt. Refer to Note 13 for further details.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company's 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 the Company updates the estimate of the annual effective tax rate, and if our estimated tax rate changes, makes a cumulative adjustment. The Company's quarterly tax provision and quarterly estimate of the annual effective tax rate are subject to significant variation due to several factors, including variability in accurately predicting the pre-tax and taxable income and loss and the mix of jurisdictions to which they relate. Additionally, the Company's 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. The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2021 and 2020 to income before income taxes for the three months ended June 30, 2021 and 2020 due to the following (in thousands):
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 is as follows (in thousands, except per share data):
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Segments |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | Segments The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. We manage and report our operating results through three operating and reportable segments defined by geographic regions: North America, Brazil and International, which aligns with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information. The Company’s segment results are as follows for the three and six month periods ended June 30, 2021 and 2020 (in thousands):
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, the Company is involved in various pending or threatened legal actions, arbitration proceedings, claims, subpoenas, and matters relating to compliance with laws and regulations (collectively, "legal proceedings"). Based on our current knowledge, management presently does not believe that the liabilities arising from these legal proceedings will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal proceedings could have a material adverse effect on our results of operations and financial condition for any particular period. Derivative Lawsuits On July 10, 2017, a shareholder derivative complaint was filed against the Company and certain of the Company’s directors and officers in the United States District Court for the Northern District of Georgia (“Federal Derivative Action”) seeking recovery on behalf of the Company. The Federal Derivative Action alleges that the defendants issued a false and misleading proxy statement in violation of the federal securities laws; that defendants breached their fiduciary duties by causing or permitting the Company to make allegedly false and misleading public statements concerning the Company’s fee charges, and financial and business prospects; and that certain defendants breached their fiduciary duties through allegedly improper sales of stock. The complaint seeks unspecified monetary damages on behalf of the Company, corporate governance reforms, disgorgement of profits, benefits and compensation by the defendants, restitution, costs, and attorneys’ and experts’ fees. On September 20, 2018, the court entered an order deferring the Federal Derivative Action pending a ruling on motions for summary judgment in the shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed to by the parties. After preliminary approval of the proposed settlement of the shareholder class action was granted, the stay on the Federal Derivative Action was lifted. Plaintiffs amended their complaint on February 22, 2020. FLEETCOR filed a motion to dismiss the amended complaint in the Federal Derivative Action on April 17, 2020, which the court granted without leave to amend on October 21, 2020. Plaintiffs filed a notice of appeal to the United States Court of Appeals for the Eleventh Circuit on November 18, 2020. The appeal is pending. On January 9, 2019, a similar shareholder derivative complaint was filed in the Superior Court of Gwinnett County, Georgia (“State Derivative Action”), which was stayed pending a ruling on motions for summary judgment in the shareholder class action, notice a settlement has been reached in the shareholder class action, or until otherwise agreed by the parties. On the parties’ joint motion, the court has continued the stay of the State Derivative Action “pending further developments in the first-filed Federal Derivative Action.” The defendants dispute the allegations in the derivative complaints and intend to vigorously defend against the claims. FTC Investigation In October 2017, the Federal Trade Commission (“FTC”) issued a Notice of Civil Investigative Demand to the Company for the production of documentation and a request for responses to written interrogatories. After discussions with the Company, the FTC proposed in October 2019 to resolve potential claims relating to the Company’s advertising and marketing practices, principally in its U.S. direct fuel card business within its North American Fuel Card business. The parties reached impasse primarily related to what the Company believes are unreasonable demands for redress made by the FTC. On December 20, 2019, the FTC filed a lawsuit in the Northern District of Georgia against the Company and Ron Clarke. See FTC v. FLEETCOR and Ronald F. Clarke, No. 19-cv-05727 (N.D. Ga.). The complaint alleges the Company and Clarke violated the FTC Act’s prohibitions on unfair and deceptive acts and practices. The complaint seeks among other things injunctive relief, consumer redress, and costs of suit. The Company continues to believe that the FTC’s claims are without merit. On April 17, 2021, the FTC filed a motion for summary judgment. On April 22, 2021, the United States Supreme Court held unanimously in AMG Capital Management v. FTC that the FTC does not have authority under current law to seek monetary redress by means of Section 13(b) of the FTC Act, which is the means by which the FTC has sought such redress in this case. FLEETCOR cross-moved for summary judgment regarding the FTC’s ability to seek monetary or injunctive relief on May 17, 2021; the briefing on both parties’ summary judgment motions was completed on July 12, 2021. The Company has incurred and continues to incur legal and other fees related to this complaint. Any settlement of this matter, or defense against the lawsuit, could involve costs to the Company, including legal fees, redress, penalties, and remediation expenses. At this time, in view of the complexity and ongoing nature of the matter, we are unable to estimate a reasonably possible loss or range of loss that we may incur to settle this matter or defend against the lawsuit brought by the FTC.
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Derivative Financial Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities Foreign Currency Derivatives The Company uses derivatives to facilitate cross-currency corporate payments by writing derivatives within its cross-border solution. The Company writes derivatives, primarily foreign currency forward contracts, and option contracts, mostly with small and medium size enterprises that are customers, and derives a currency spread from this activity. Derivative transactions associated with the Company's cross-border solution include: •Forward contracts, which are commitments to buy or sell at a future date a currency at a contract price and will be settled in cash. •Option contracts, which 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. Concentrations of credit and performance risk may exist with counterparties, which includes customers and banking partners, as we are engaged in similar activities with similar economic characteristics related to fluctuations in foreign currency rates. The Company performs a review of the credit risk of these counterparties at the inception of the contract and on an ongoing basis. The Company also monitors the concentration of its contracts with any individual counterparty against limits at the individual counterparty level. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements, but takes action when doubt arises about the counterparties' ability to perform. These actions may include requiring customers to post or increase collateral, and for all counterparties, if the counterparty does not perform under the term of the contract, the contract may be terminated. The Company does not designate any of its foreign exchange derivatives as hedging instruments in accordance with ASC 815. For derivatives accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. The Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in cash flows of the related underlying exposures. Any ineffective portion of a financial instrument's change in fair value is immediately recognized in earnings. The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of June 30, 2021 and December 31, 2020 (in millions) is presented in the table below.
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 foreign currency derivatives reported in the Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 (in millions):
The fair values of derivative assets and liabilities associated with contracts, which include netting terms that the Company believes to be enforceable, have been recorded net within the Consolidated Balance Sheets. The Company receives cash from customers as collateral for trade exposures, which is recorded within cash and cash equivalents and customer deposits in the Consolidated Balance Sheets. The customer has the right to recall their collateral in the event exposures move in their favor, they perform on all outstanding contracts and have no outstanding amounts due to the Company, or they cease to do business with the Company. The Company has trading lines with several banks, most of which require collateral to be posted if certain MTM thresholds are exceeded. Cash collateral posted with banks is recorded within restricted cash and can be recalled in the event that exposures move in the Company’s favor or move below the collateral posting thresholds. The Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral. The table below presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2021 and December 31, 2020 (in millions).
Cash Flow Hedges On January 22, 2019, the Company entered into three interest rate swap cash flow contracts (the "swap contracts"). The objective of these swap contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with $2.0 billion of variable rate debt, the sole source of which is due to changes in the LIBOR benchmark interest rate. As of June 30, 2021, the Company had the following outstanding interest rate derivatives that qualify as hedging instruments and are designated as cash flow hedges of interest rate risk (in millions):
For each of these swap contracts, the Company pays a fixed monthly rate and receives one month LIBOR. The table below presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2021 and December 31, 2020 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.
The table below displays the effect of the Company’s derivative financial instruments in the Unaudited Consolidated Statements of Income and Other Comprehensive Income (Loss) for the six months ended June 30, 2021 and 2020 (in millions):
The estimated net amount of the existing losses expected to be reclassified into earnings within the next 12 months is approximately $39.1 million at June 30, 2021.
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Accumulated Other Comprehensive Loss (AOCL) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss (AOCL) | Accumulated Other Comprehensive Loss (AOCL) The changes in the components of AOCL for the six months ended June 30, 2021 and 2020 are as follows (in thousands):
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Throughout this Current Report on Form 10-Q, the terms “our,” “we,” “us,” and the “Company” refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States (“GAAP”). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available as of June 30, 2021 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the magnitude and duration of the COVID-19 pandemic, as well as other factors.
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Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive income. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. |
Derivatives | Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates and to facilitate cross-currency corporate payments by writing derivatives to customers. The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company hedges a portion of its variable rate debt utilizing derivatives designated as cash flow hedges. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded to the derivative assets/liabilities and offset against accumulated other comprehensive income (loss), net of tax. Derivative fair value changes that are recorded in accumulated other comprehensive income (loss) are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is effective in offsetting the change in cash flows attributable to the hedged risk. The portions of the change in fair value that are either considered ineffective or are excluded from the measure of effectiveness are recognized immediately within earnings. In the Company's cross-border payments business, the majority of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. In addition, the Company 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, as necessary, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The changes in fair value of these derivatives are recorded in revenues, net in the Unaudited Consolidated Statements of Income. The Company recognizes current cross-border payments derivatives in prepaid expense and other current assets and other current liabilities and derivatives greater than one year in other assets and other noncurrent liabilities in the accompanying 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.
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Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted CashCash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, as well as collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits, as well as secure and settle cross-currency transactions. |
Financial Instruments-Credit Losses | Financial Instruments - Credit Losses The Company accounts for financial assets' expected credit losses in accordance with ASC 326. The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors.
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Revenue | Revenue The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Corporate Payments, Fuel, Lodging, Tolls, as well as Gift (stored value cards and e-cards). The Company provides solutions that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment solutions. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, represent approximately 75% of total consolidated revenues, net, for both the three and six months ended June 30, 2021. The Company accounts for revenues comprised of 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 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 derivatives accounting (ASC 815, "Derivatives").
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Spot Trade Offsetting | Spot Trade OffsettingThe Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. In accordance with ASC Subtopic 210-20, "Offsetting," the Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value. |
Adoption of New Accounting Standards and Pending Adoption of Recently Issued Accounting Standard | Adoption of New Accounting Standards Income Taxes On December 18, 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which removes certain exceptions to the general principles of ASC 740 and simplifies other areas. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this guidance on January 1, 2021, which did not have a material impact on the Company's results of operations, financial condition, or cash flows. Pending Adoption of Recently Issued Accounting Standard Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is evaluating the effect of ASU 2020-04 on interest rate swap contracts. Cross currency derivatives are not impacted by this ASU.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Foreign Exchange Gains/Losses on Long-Term Intra-Equity Transactions | The Company recognized foreign exchange gains (losses), which are recorded within other expense (income), net in the Unaudited Consolidated Statements of Income for the three and six months ended June 30 as follows (in millions):
The Company recorded foreign currency gains on long-term intra-entity transactions included as a component of foreign currency translation losses, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30 as follows (in millions):
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Disaggregation of Revenue | Revenue by solution (in millions) for the three and six months ended June 30 was as follows:
Revenue by geography (in millions) for the three and six months ended June 30 was as follows:
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Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2021 and December 31, 2020 (in millions):
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Schedule of Derivative Liabilities at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2021 and December 31, 2020 (in millions):
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Accounts and Other Receivables (Tables) |
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Company's Accounts Receivable and Securitized Accounts Receivable | The Company's accounts and securitized accounts receivable include the following at June 30, 2021 and December 31, 2020 (in thousands):
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Allowance for Doubtful Accounts Related to Accounts Receivable | A rollforward of the Company’s allowance for credit losses related to accounts receivable for the six months ended June 30 is as follows (in thousands):
1Comparable disclosure provided to conform with 2021 presentation. Activity previously included within write-offs.
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Fair Value Measurements (Tables) |
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value | The following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020, (in thousands):
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Expense Related to Share-Based Payments | The table below summarizes the expense related to share-based payments recognized in the three and six months ended June 30 (in thousands):
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Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation | The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of June 30, 2021 (cost in thousands):
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Summary of Changes in Number of Shares of Common Stock Under Option | The following summarizes the changes in the number of shares of common stock under option for the six months ended June 30, 2021 (shares/options and aggregate intrinsic value in thousands):
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Schedule of Weighted-Average Assumptions | 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 six months ended June 30, 2021 and 2020:
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Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units | The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the six months ended June 30, 2021 (shares in thousands):
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Acquisitions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Acquisition Accounting | The following table summarizes the preliminary acquisition accounting for AFEX (in thousands):
The following table summarizes the preliminary acquisition accounting for Roger (in thousands):
The following table summarizes the preliminary acquisition accounting (in thousands):
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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):
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
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Goodwill and Other Intangibles (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Schedule of Other Intangible Assets | As of June 30, 2021 and December 31, 2020, other intangibles consisted of the following (in thousands):
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt Instruments | The Company’s debt instruments consist primarily of term loans, revolving lines of credit and a Securitization Facility as follows (in thousands):
______________________ (a)The Company has a Credit Agreement that provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $1.150 billion as of June 30, 2021. 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 with borrowings in U.S. dollars, euros, British pounds, Japanese yen or other currency as agreed in advance, and a sublimit for swing line loans, and (c) a revolving C facility in the amount of $35 million for borrowings in U.S. dollars, Australian dollars or New Zealand dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolving A or revolving B facility debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. The maturity date for the term loan A and revolving facilities is December 19, 2023. On April 30, 2021, the Company entered into the ninth amendment to the Credit Agreement. The amendment provided for a new seven-year $1.15 billion term loan B. The existing term loan B was paid off with proceeds from the new term loan B. The new term loan B has a maturity date of April 30, 2028, and interest rates remain unchanged. Interest on amounts outstanding under the Credit Agreement (other than the term loan B) accrues based on the British Bankers Association LIBOR Rate (the "Eurocurrency Rate"), plus a margin based on a leverage ratio, or at 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 loan B facility accrues based on the Eurocurrency Rate plus 1.75% for Eurocurrency Loans or the Base Rate plus 0.75% for Base Rate Loans. The Eurocurrency rate has a 0% floor. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the Credit Facility. At June 30, 2021, the interest rate on the term loan A was 1.60%, the interest rate on the term loan B was 1.85%, and the interest rate on the revolving A facility was 1.60%. The unused credit facility fee was 0.30% at June 30, 2021. (b)The Company is party to a $1.0 billion Securitization Facility. On April 24, 2020, the Company reduced the Securitization Facility commitment from $1.2 billion to $1.0 billion. There is a program fee equal to one month LIBOR plus 1.00% or the Commercial Paper Rate plus 0.90% as of June 30, 2021, and one month LIBOR plus 1.25% or the Commercial Paper Rate plus 1.15% as of December 31, 2020. There is a LIBOR floor of 0% as of June 30, 2021 and a LIBOR floor of 0.38% as of December 31, 2020. The program fee was 0.98% plus 0.11% as of June 30, 2021 and 1.23% plus 0.34% as of December 31, 2020. The unused facility fee is payable at a rate of 0.40% per annum as of June 30, 2021 and December 31, 2020. We have unamortized debt issuance costs of $2.6 million and $1.4 million related to the Securitization Facility as of June 30, 2021 and December 31, 2020, respectively, recorded within other assets in the Unaudited Consolidated Balance Sheets. On March 29, 2021, the Company entered into the eighth amendment to the Securitization Facility. The amendment included a new year maturity date, reduced the LIBOR floor to 0 bps, improved margins, and increased the swing line from $100 million to $250 million. The maturity date for the Company's Securitization Facility is March 29, 2024. (c)Other obligations includes the long-term portion of deferred payments associated with business acquisitions and deferred revenue.
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Provision for Income Taxes and U.S. Federal Tax Rate | The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2021 and 2020 to income before income taxes for the three months ended June 30, 2021 and 2020 due to the following (in thousands):
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Earnings Per Share, Basic and Diluted | The calculation and reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 is as follows (in thousands, except per share data):
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Segments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Company's Segment Results | The Company’s segment results are as follows for the three and six month periods ended June 30, 2021 and 2020 (in thousands):
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Derivative Financial Instruments and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | The aggregate equivalent U.S. dollar notional amount of foreign exchange derivative customer contracts held by the Company as of June 30, 2021 and December 31, 2020 (in millions) is presented in the table below.
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Schedule of Derivative Assets at Fair Value | The following table summarizes the fair value of foreign currency derivatives reported in the Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 (in millions):
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Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2021 and December 31, 2020 (in millions):
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Schedule of Derivative Liabilities at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2021 and December 31, 2020 (in millions):
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The table below presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2021 and December 31, 2020 (in millions). See Note 3 for additional information on the fair value of the Company’s swap contracts.
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Derivative Instruments, Gain (Loss) | The table below displays the effect of the Company’s derivative financial instruments in the Unaudited Consolidated Statements of Income and Other Comprehensive Income (Loss) for the six months ended June 30, 2021 and 2020 (in millions):
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Accumulated Other Comprehensive Loss (AOCL) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCL for the six months ended June 30, 2021 and 2020 are as follows (in thousands):
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Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Related Party Transaction [Line Items] | ||||
Foreign currency gains (losses) | $ (0.6) | $ (2.4) | $ (1.7) | $ (0.5) |
Foreign currency gains on long-term intra-entity transactions | ||||
Related Party Transaction [Line Items] | ||||
Foreign currency gains (losses) | $ 92.2 | $ 21.4 | $ 25.8 | $ 185.5 |
Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - Spot Trade - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts Receivable | ||
Assets: | ||
Gross | $ 2,330.2 | $ 521.5 |
Offset on the Balance Sheet | (2,239.7) | (478.2) |
Net Assets | 90.5 | 43.3 |
Accounts Payable | ||
Liabilities: | ||
Gross Liabilities | 2,285.0 | 527.5 |
Offset on the Balance Sheet | (2,239.7) | (478.2) |
Net Liabilities | $ 45.3 | $ 49.3 |
Accounts and Other Receivables - Company's Accounts Receivable and Securitized Accounts Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | $ 2,879,255 | $ 2,153,661 | ||
Less allowance for credit losses | (92,100) | (86,886) | $ (88,364) | $ (70,890) |
Net accounts and securitized accounts receivable | 2,787,155 | 2,066,775 | ||
Gross domestic accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | 912,289 | 719,675 | ||
Gross domestic securitized accounts receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | 1,000,000 | 700,000 | ||
Gross foreign receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross receivables | $ 966,966 | $ 733,986 |
Accounts and Other Receivables - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses beginning of period | $ 86,886 | $ 70,890 |
Provision for credit losses | 8,521 | 139,000 |
Write-offs | (14,878) | (119,210) |
Recoveries | 9,956 | 5,443 |
Impact of foreign currency | 1,615 | (7,759) |
Allowance for credit losses end of period | $ 92,100 | $ 88,364 |
Stockholders' Equity - Repurchase Program (Details) - USD ($) $ in Thousands |
3 Months Ended | 65 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jul. 27, 2021 |
|
Class of Stock [Line Items] | ||||||
Shares repurchased | $ 246,203 | $ 170,382 | $ 32,230 | $ 530,237 | ||
Program | ||||||
Class of Stock [Line Items] | ||||||
Shares repurchased (in shares) | 16,184,095 | |||||
Shares repurchased | $ 3,500,000 | |||||
Program | Common Stock | Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Increase in authorized amount to be repurchased | $ 1,000,000 | |||||
Stock repurchase program, approved amount | 5,100,000 | |||||
Remaining authorized repurchase amount | $ 1,600,000 |
Stock-Based Compensation - Summary of Expense Related to Share-Based Payments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 17,885 | $ 8,990 | $ 35,632 | $ 23,164 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 5,012 | 5,755 | 9,602 | 12,774 |
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 12,873 | $ 3,235 | $ 26,030 | $ 10,390 |
Stock-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 93,780 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 39,904 |
Weighted Average Period of Expense Recognition (in Years) | 2 years 6 months 7 days |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 53,876 |
Weighted Average Period of Expense Recognition (in Years) | 2 years 2 months 4 days |
Stock-Based Compensation - Schedule of Weighted-Average Assumptions (Details) - Stock options |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.34% | 0.38% |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 35.08% | 30.88% |
Expected life (in years) | 3 years 9 months 18 days | 3 years 10 months 24 days |
Stock-Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Details) shares in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
$ / shares
shares
| |
Shares | |
Shares outstanding, beginning of period (in shares) | shares | 174 |
Granted (in shares) | shares | 210 |
Vested (in shares) | shares | (64) |
Canceled or forfeited (in shares) | shares | (26) |
Shares outstanding, end of period (in shares) | shares | 294 |
Weighted Average Grant Date Fair Value | |
Weighted average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 265.29 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 272.99 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 258.39 |
Weighted average grant date fair value, canceled or forfeited (in dollars per share) | $ / shares | 285.05 |
Weighted average grant date fair value, end of period (in dollars per share) | $ / shares | $ 270.48 |
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 01, 2021 |
Jan. 13, 2021 |
Aug. 10, 2020 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Business Acquisition [Line Items] | ||||||
Acquisitions, net of cash acquired | $ 114,994 | $ 492 | ||||
Associated Foreign Exchange | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 418,700 | |||||
Cash acquired from acquisition | 210,300 | |||||
Restricted cash | 178,700 | |||||
Acquisitions, net of cash acquired | $ 29,700 | |||||
Roger | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 39,000 | |||||
Business in the Lodging Space | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 78,400 | |||||
Finite-lived intangible assets | $ 3,800 | |||||
Other Businesses | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 4,400 | |||||
ALE Solutions, Inc. | Forecast | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 400,000 |
Goodwill and Other Intangibles - Summary of Changes in Goodwill by Reportable Business Segment (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 4,719,181 |
Acquisitions | 300,098 |
Acquisition Accounting Adjustments | (1,064) |
Foreign Currency | 39,959 |
Goodwill, ending balance | 5,058,174 |
North America | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 3,400,772 |
Acquisitions | 300,098 |
Acquisition Accounting Adjustments | 230 |
Foreign Currency | 11,003 |
Goodwill, ending balance | 3,712,103 |
Brazil | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 585,861 |
Acquisitions | 0 |
Acquisition Accounting Adjustments | 0 |
Foreign Currency | 26,203 |
Goodwill, ending balance | 612,064 |
International | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 732,548 |
Acquisitions | 0 |
Acquisition Accounting Adjustments | (1,294) |
Foreign Currency | 2,753 |
Goodwill, ending balance | $ 734,007 |
Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impact of foreign exchange rates on intangible assets | $ 10.7 | |
Amortization expense of intangible assets | $ 97.3 | $ 92.8 |
Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Other obligations | $ 24,880 | $ 29,556 |
Total notes payable and other obligations | 4,078,781 | 3,632,623 |
Securitization facility | 1,000,000 | 700,000 |
Total notes payable, credit agreements and Securitization Facility | 5,078,781 | 4,332,623 |
Current portion | 1,346,080 | 1,205,697 |
Long-term portion | 3,732,701 | 3,126,926 |
Term Loan A | ||
Debt Instrument [Line Items] | ||
Term note payable—domestic, net of discounts | 2,842,618 | 2,922,042 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Term note payable—domestic, net of discounts | 1,136,283 | 337,347 |
Revolving line of credit A Facility | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 75,000 | 280,000 |
Revolving line of credit B Facility | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 0 | 13,650 |
Revolving line of credit B Facility - domestic swing line | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | $ 0 | $ 50,028 |
Earnings Per Share - Summary of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||||
Net income | $ 196,247 | $ 184,239 | $ 158,488 | $ 147,060 | $ 380,486 | $ 305,548 |
Denominator for basic earnings per share (in shares) | 83,141 | 83,895 | 83,307 | 84,399 | ||
Dilutive securities (in shares) | 2,154 | 2,675 | 2,221 | 2,981 | ||
Denominator for diluted earnings per share (in shares) | 85,295 | 86,570 | 85,528 | 87,380 | ||
Basic earnings per share (in dollars per share) | $ 2.36 | $ 1.89 | $ 4.57 | $ 3.62 | ||
Diluted earnings per share (in dollars per share) | $ 2.30 | $ 1.83 | $ 4.45 | $ 3.50 |
Earnings Per Share - Additional Information (Detail) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 0.1 | 0.3 |
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) |
6 Months Ended |
---|---|
Jun. 30, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of operating segments | 3 |
Segments - Schedule of Company's Segment Results (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Revenues, net | $ 667,381 | $ 525,146 | $ 1,276,004 | $ 1,186,239 |
Operating income | 297,612 | 212,811 | 563,577 | 413,794 |
Depreciation and amortization | 69,218 | 62,162 | 134,947 | 126,638 |
Capital expenditures | 26,238 | 18,613 | 45,765 | 36,870 |
North America | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 443,426 | 357,430 | 845,632 | 792,122 |
Operating income | 178,652 | 133,151 | 341,228 | 218,891 |
Depreciation and amortization | 43,882 | 38,548 | 84,415 | 76,524 |
Capital expenditures | 15,325 | 12,279 | 26,855 | 23,543 |
Brazil | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 85,670 | 75,148 | 167,593 | 174,126 |
Operating income | 33,331 | 29,420 | 65,556 | 68,862 |
Depreciation and amortization | 12,894 | 12,169 | 25,181 | 26,758 |
Capital expenditures | 5,775 | 3,477 | 9,126 | 6,808 |
International | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 138,285 | 92,568 | 262,779 | 219,991 |
Operating income | 85,629 | 50,240 | 156,793 | 126,041 |
Depreciation and amortization | 12,442 | 11,445 | 25,351 | 23,356 |
Capital expenditures | $ 5,138 | $ 2,857 | $ 9,784 | $ 6,519 |
Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amounts (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative [Line Items] | ||
Notional amount | $ 26,369.8 | $ 16,925.4 |
Swaps | ||
Derivative [Line Items] | ||
Notional amount | 1,660.3 | 684.5 |
Futures, forwards and spot | ||
Derivative [Line Items] | ||
Notional amount | 7,355.5 | 5,467.8 |
Written options | ||
Derivative [Line Items] | ||
Notional amount | 8,954.8 | 5,578.1 |
Purchased options | ||
Derivative [Line Items] | ||
Notional amount | $ 8,399.2 | $ 5,195.0 |
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value by Balance Sheet Location (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross | $ 319.1 | $ 326.1 |
Cash collateral | 39.5 | 18.2 |
Derivative Asset, Fair Value, Gross, Total net of cash collateral | 279.6 | 307.9 |
Derivative Liabilities, Fair Value, Gross | 268.7 | 310.5 |
Cash collateral | 49.7 | 38.6 |
Derivative Liabilities, Fair Value, Gross, Total net of cash collateral | 219.0 | 271.9 |
Derivative Asset | 165.8 | 155.8 |
Derivative Assets, Total net of cash collateral | 126.3 | 137.6 |
Derivative Liabilities, Fair Value, Net | 115.4 | 140.3 |
Derivative Liabilities, Total net of cash collateral | $ 65.7 | $ 101.7 |
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other current assets | ||
Derivative [Line Items] | ||
Derivative Asset | $ 133.4 | $ 139.3 |
Other noncurrent assets | ||
Derivative [Line Items] | ||
Derivative Asset | 32.4 | 16.6 |
Other current liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | 84.2 | 127.7 |
Other noncurrent liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | $ 31.2 | $ 12.5 |
Derivative Financial Instruments and Hedging Activities - Additional Information (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
Jan. 22, 2019
USD ($)
derivative
|
---|---|---|
Derivative [Line Items] | ||
Number of cash flow hedges entered into | derivative | 3 | |
Loss to be reclassified during next 12 months | $ 39.1 | |
Variable Rate Debt | ||
Derivative [Line Items] | ||
Long-term debt | $ 2,000.0 | $ 2,000.0 |
Derivative Financial Instruments and Hedging Activities - Schedule of Cash Flow Hedge Notional Amounts (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative [Line Items] | ||
Notional amount | $ 26,369.8 | $ 16,925.4 |
Designated as Hedging Instrument | Interest Rate Swap 1 | ||
Derivative [Line Items] | ||
Notional amount | $ 1,000.0 | |
Fixed Rates | 2.56% | |
Designated as Hedging Instrument | Interest Rate Swap 2 | ||
Derivative [Line Items] | ||
Notional amount | $ 500.0 | |
Fixed Rates | 2.56% | |
Designated as Hedging Instrument | Interest Rate Swap 3 | ||
Derivative [Line Items] | ||
Notional amount | $ 500.0 | |
Fixed Rates | 2.55% |
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value and Balance Sheet Location (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability | $ 60,987 | $ 87,873 |
Other current liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | 84,200 | 127,700 |
Other current liabilities | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability | 39,000 | 49,300 |
Other noncurrent liabilities | ||
Derivative [Line Items] | ||
Derivative Liability | 31,200 | 12,500 |
Other noncurrent liabilities | Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liability | $ 22,000 | $ 38,600 |
Derivative Financial Instruments and Hedging Activities - Schedule of Gain (Loss) (Details) - Designated as Hedging Instrument - Interest rate swaps - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derivative [Line Items] | ||
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives, net of tax of $(6.6) million and $28.2 million for 2021 and 2020, respectively | $ 20.3 | $ (42.6) |
Tax on income (loss) recognized in other comprehensive income on derivatives | (6.6) | 28.2 |
Amount of loss reclassified from accumulated other comprehensive loss into interest expense | $ 24.5 | $ 14.7 |
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