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Acquisitions | 6 Months Ended
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Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Acquisitions 2022 Acquisitions Levarti On March 1, 2022, the Company completed the acquisition of Levarti, an airline software platform company for a net purchase price of $23.7 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 Lodging segment. Acquisition accounting for Levarti 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 (in thousands):
Current assets | $ | 754 |
Long term assets | 286 |
Goodwill | 14,505 |
Intangibles | 11,800 |
Current liabilities | (675) |
Noncurrent liabilities | (2,926) |
Aggregate purchase price | $ | 23,744 |
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 Name and Trademarks | 2 |  | $ | 100 |
Proprietary Technology | 10 |  | 3,500 |
Customer Relationships | 16 |  | 8,200 |
|  |  | $ | 11,800 |
Other In August 2022, the Company acquired an accounts payable (AP) automation software provider. This acquisition is not expected to be material to the financial results of the Company. The Company financed this acquisition using a combination of available cash and borrowings under its existing Credit Facility. In February 2022, the Company also made investments of $7.8 million in an electric vehicle charging payments business and $5.0 million in an electric vehicle data analytics business. 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 $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 Lodging 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. Acquisition accounting for ALE 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 ALE (in thousands):
Trade and other receivables | $ | 178,396 |
Prepaid expenses and other current assets | 2,555 |
Other long term assets | 10,120 |
Goodwill | 136,471 |
Intangibles | 175,800 |
Accounts payable and accrued expenses | (31,048) |
Other current liabilities | (38,866) |
Other noncurrent liabilities | (11,596) |
Aggregate purchase price | $ | 421,832 |
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 |  | $ | 14,500 |
Proprietary Technology | 4 |  | 14,400 |
Lodging Network | 20 |  | 800 |
Customer Relationships | 15 |  | 146,100 |
|  |  | $ | 175,800 |
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 $459.1 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 $70.1 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 Corporate Payments 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. The following table summarizes the final 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 | 257,332 |
Intangibles | 237,900 |
Accounts payable and accrued expenses | (40,164) |
Other current liabilities | (81,430) |
Customer deposits | (375,049) |
Other noncurrent liabilities | (97,855) |
Aggregate purchase price | $ | 70,092 |
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 Names and Trademarks | 2 |  | $ | 5,400 |
Proprietary Technology | 4 |  | 11,800 |
Banking Relationships | 20 |  | 1,800 |
Licenses | 20 |  | 2,600 |
Customer Relationships | 10 |  | 216,300 |
|  |  | $ | 237,900 |
Roger On January 13, 2021, the Company completed the acquisition of Roger, rebranded Corpay One, a global 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 Corporate Payments 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 | 13 |  | 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. Acquisition accounting for this acquisition is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments. The results from the acquisition are reported in the Fleet segment. During 2021, the Company made an investment of $37.8 million in a joint venture in Brazil with CAIXA. The Company also made investments in other businesses of $6.8 million. The Company financed all of these investments and acquisitions using a combination of available cash and borrowings under its existing credit facility.

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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 https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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