Common Stock

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Common Stock

4. Common Stock

On November 14, 2014, the Company acquired all of Comdata’s outstanding shares for a total payment of $3.4 billion, net of cash acquired, which included cash consideration of $2.4 billion and the issuance of 7,625,380 shares of the Company’s common stock from treasury shares to the former shareholders of Comdata.

On February 4, 2016, the Company’s Board of Directors approved a stock repurchase program under which the Company may begin purchasing up to $500 million of its common stock over the next 18 months. Any stock repurchases may be made at times and in such amounts as management deems appropriate. The timing and amount of stock repurchase, 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. The repurchases are expected to be funded by available cash flow from the business and working capital.