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Accounts and Other Receivables | 9 Months Ended
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Sep. 30, 2022
Receivables [Abstract] |
Accounts and Other Receivables | Accounts and Other Receivables The Company's accounts and securitized accounts receivable include the following at September 30, 2022 and December 31, 2021 (in thousands):
|  | September 30, 2022 |  | December 31, 2021
Gross domestic accounts receivable |  | $ | 1,004,713 |  |  | $ | 994,063 |
Gross domestic securitized accounts receivable |  | 1,482,000 |  |  | 1,118,000 |
Gross foreign receivables |  | 1,313,943 |  |  | 897,930 |
Total gross receivables |  | 3,800,656 |  |  | 3,009,993 |
Less allowance for credit losses |  | (134,027) |  |  | (98,719) |
Net accounts and securitized accounts receivable |  | $ | 3,666,629 |  |  | $ | 2,911,274 |
The Company maint ains a $1.7 billion rev olving trade accounts receivable securitization facility (as amended from time to time, the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to multi-seller banks and asset-backed commercial paper conduits (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold. Purchases by the Conduit are financed with the sale of highly-rated commercial paper. The Company utilizes proceeds from the securitized assets as an alternative to other forms of financing to reduce its overall borrowing costs. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the transferred asset as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount. The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities. On August 18, 2022, the Company entered into the eleventh amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.6 billion to $1.7 billion, reduced the program fee margin and extended the maturity of the Securitization Facility to August 18, 2025. A rollforward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30, 2022 and 2021 is as follows (in thousands):
|  | 2022 |  | 2021
Allowance for credit losses beginning of period |  | $ | 98,719 |  |  | $ | 86,886 |
Provision for credit losses |  | 89,976 |  |  | 19,419 |
Write-offs |  | (58,284) |  |  | (24,563) |
Recoveries |  | 5,329 |  |  | 11,519 |
Impact of foreign currency |  | (1,713) |  |  | (2,537) |
Allowance for credit losses end of period |  | $ | 134,027 |  |  | $ | 90,724 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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