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Acquisitions | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Acquisitions | Acquisitions 2021 Acquisitions 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 $38.6 million. 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 with an estimated fair value of $770 thousand. These noncompete agreements were accounted for separately from the business acquisition. 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):
Accounts and other receivables | $ | 110 |
Prepaid expenses and other current assets | 37 |
Other assets | 28 |
Goodwill | 34,188 |
Other intangibles | 6,900 |
Current liabilities | (925) |
Deferred income taxes | (1,691) |
Aggregate purchase price | $ | 38,647 |
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
| Useful Lives (in Years) | Value
Proprietary Technology | 10 | $ | 5,600 |
Customer Relationships | 9 | 1,300 |
|  | $ | 6,900 |
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 $77.9 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):
Accounts and other receivables | $ | 5,487 |
Prepaid expenses and other current assets | 930 |
Property and equipment | 3,178 |
Other assets | 1,049 |
Goodwill | 27,059 |
Other intangibles | 42,144 |
Current liabilities | (1,147) |
Deferred income taxes | (782) |
Aggregate purchase price | $ | 77,918 |
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
| Useful Lives (in Years) | Value
Trade Name and Trademarks | 5 | $ | 2,161 |
Licensed Software and Technology | 10 | 4,400 |
Proprietary Technology | 5 | 8,400 |
Supplier Network | 10 | 783 |
Customer Relationships | 16 | 26,400 |
|  | $ | 42,144 |
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. Other On September 17, 2020, the Company signed a definitive agreement to acquire Associated Foreign Exchange (AFEX), a U.S. based, cross-border payment solutions provider, for approximately $450 million. The transaction is expected to close late in the second quarter of 2021, subject to regulatory approval and closing conditions.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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Period Type: | duration