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Acquisitions | 12 Months Ended
--- | ---
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Acquisitions Subsequent to 2021 In February 2022, the Company made two investments in an electric vehicle charging payments business and an electric vehicle data analytics business. In March 2022, the Company acquired a software business that streamlines disruption events for airline passengers. These acquisitions are not expected to be material to the financial results of the Company. The Company financed these acquisitions using a combination of available cash and borrowings under its existing Credit Facility. 2021 Acquisitions ALE On September 1, 2021, the Company completed the acquisition of ALE Solutions, Inc. (ALE), a U.S. based provider of lodging solutions to the insurance industry, for a net purchase price of $421.8 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 with an estimated fair value of $18.3 million. These noncompete agreements were accounted for separately from the business acquisition. Accounting for the preliminary fair values of the ALE customer relationship intangible asset was subjective due to the uncertainty in estimating customer attrition rates, which had a significant impact on the estimated fair values. The customer attrition rates are forward-looking and could be affected by future economic and market conditions. Specific assumptions that are still being evaluated include customer attrition rates, expected useful lives of definite lived intangible assets, and the measurement of uncertain tax positions. The following table summarizes the preliminary acquisition accounting for ALE (in thousands):
Current assets | $ | 180,951 |
Long term assets | 10,121 |
Goodwill | 131,771 |
Intangibles | 180,500 |
Current liabilities | (73,031) |
Noncurrent liabilities | (8,479) |
Aggregate purchase price | $ | 421,833 |
The estimated preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
| Useful Lives (in Years) |  | Value
Trade Names and Trademarks | Indefinite |  | $ | 18,800 |
Proprietary Technology | 4 |  | 14,400 |
Lodging Network | 20 |  | 700 |
Customer Relationships | 15 |  | 146,600 |
|  |  | $ | 180,500 |
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 $459.8 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 $70.7 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 with an estimated fair value of $4.1 million. These noncompete agreements were accounted for separately from the business acquisition. Accounting for the preliminary fair values of the AFEX customer relationship intangible asset was subjective due to the uncertainty in estimating customer attrition rates, which had a significant impact on the estimated fair values. The customer attrition rates are forward-looking and could be affected by future economic and market conditions. Specific assumptions that are still being evaluated include customer attrition rates, expected useful lives of definite lived intangible assets, and the measurement of uncertain tax positions. 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 | 51,074 |
Goodwill | 254,399 |
Intangibles | 242,300 |
Accounts payable and accrued expenses | (39,234) |
Other current liabilities | (81,430) |
Customer deposits | (375,049) |
Other noncurrent liabilities | (99,614) |
Aggregate purchase price | $ | 70,730 |
The estimated preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
| Useful Lives (in Years) |  | Value
Trade Names and Trademarks | 2 |  | $ | 5,400 |
Proprietary Technology | 4 |  | 11,800 |
Banking Relationships | 20 |  | 1,800 |
Licenses | 20 |  | 2,600 |
Customer Relationships | 10 |  | 220,700 |
|  |  | $ | 242,300 |
Roger On January 13, 2021, the Company completed the acquisition of Roger, rebranded Corpay One, 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. The following table summarizes the final acquisition accounting for Roger (in thousands):
Accounts and other receivables | $ | 110 |
Prepaid expenses and other current assets | 37 |
Other assets | 28 |
Goodwill | 34,359 |
Other intangibles | 5,400 |
Current liabilities | (925) |
Deferred income taxes | (6) |
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 On December 15, 2021, the Company acquired a mobile fuel payments solution in Russia for a net purchase price of $5.0 million. The results from the acquisition are reported in the International segment. During 2021, the Company made an investment of $37.8 million in a joint venture in Brazil with CAIXA. The Company made investments in other businesses of $6.8 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. T he 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 final acquisition accounting for these combined acquisitions (in thousands):
Trade and other receivables |  | $ | 4,975 |
Prepaid expenses and other current assets |  | 145 |
Property, plant and equipment |  | 3,178 |
Other long term assets |  | 1,049 |
Goodwill |  | 28,038 |
Intangibles |  | 42,144 |
Liabilities |  | (1,147) |
Other noncurrent liabilities |  | (782) |
Aggregate purchase price |  | $ | 77,600 |
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 - Indefinite |  | $ | 2,161 |
Licensed Software and Technology |  | 10 |  | 4,400 |
Proprietary Technology |  | 5 |  | 8,400 |
Supplier Network |  | 10 |  | 783 |
Customer Relationships |  | 9 - 16 |  | 26,400 |
|  |  |  | $ | 42,144 |

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- References No definition available. + Details
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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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