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Acquisitions | 9 Months Ended
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Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Acquisitions 2021 Acquisitions ALE On September 1, 2021, the Company completed the acquisition of ALE Solutions, Inc. (ALE), a leader in lodging solutions to the insurance industry, for a net purchase price of $426.5 million. The purpose of this acquisition is to expand the Company's lodging business into the insurance vertical. 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 ALE is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies. The following table summarizes the preliminary acquisition accounting for ALE (in thousands):
Current assets | $ | 144,584 |
Long term assets | 9,582 |
Goodwill | 142,848 |
Intangibles | 174,592 |
Current liabilities | (36,657) |
Noncurrent liabilities | (8,479) |
Aggregate purchase price | $ | 426,470 |
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 $459.0 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 $69.9 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 with an estimated fair value of $4.1 million. 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 of certain goodwill, intangible assets, income taxes and working capital adjustments. The following table summarizes the preliminary acquisition accounting for AFEX (in thousands):
Trade and other receivables | $ | 8,159 |
Prepaid expenses and other current assets | 108,402 |
Property, plant and equipment | 1,723 |
Other long term assets | 50,912 |
Goodwill | 254,664 |
Intangibles | 242,100 |
Accounts payable and accrued expenses | (39,272) |
Other current liabilities | (81,430) |
Customer deposits | (375,049) |
Other noncurrent liabilities | (100,265) |
Aggregate purchase price | $ | 69,944 |
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 | 2 |  | $ | 5,400 |
Licensed Software and Technology | 20 |  | 2,600 |
Proprietary Technology | 4 |  | 11,800 |
Supplier Network | 20 |  | 1,800 |
Customer Relationships | 10 |  | 220,500 |
|  |  | $ | 242,100 |
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):
Accounts and other receivables | $ | 110 |
Prepaid expenses and other current assets | 37 |
Other assets | 28 |
Goodwill | 35,676 |
Other intangibles | 5,400 |
Current liabilities | (925) |
Deferred income taxes | (1,323) |
Aggregate purchase price | $ | 39,003 |
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 |  | $ | 4,800 |
Customer Relationships | 9 |  | 600 |
|  |  | $ | 5,400 |
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. 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 $77.6 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 acquisition accounting (in thousands):
Accounts and other receivables | $ | 4,975 |
Prepaid expenses and other current assets | 145 |
Property and equipment | 3,178 |
Other assets | 1,049 |
Goodwill | 28,038 |
Other intangibles | 42,144 |
Current liabilities | (1,147) |
Deferred income taxes | (782) |
Aggregate purchase price | $ | 77,600 |
The 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 the acquisition of a fuel card provider in New Zealand acquisition is preliminary and subject to working capital adjustments.

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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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