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Acquisitions | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Acquisitions 2023 Acquisitions During the three mo nths ended March 31, 2023, the Company acquired Global Reach Group, a UK-based global cross-border provider, Mina Digital Limited, a cloud-based electric vehicle charging software platform, and Business Gateway AG, a service, maintenance and repair technology provider. The aggregate purchase price of these acquisitions was approximately $135.1 million (inclusive of $8.5 million previously-held equity method investment in Mina), net of cash of $104 million. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. Any noncompete agreements signed in conjunction with these acquisitions were accounted for separately from the business acquisition. Acq uisition accounting 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 aggregate, for the business acquisitions noted above (in thousands):
Trade and other receivables | $ | 683,901 |
Prepaid expenses and other current assets | 1,544 |
Other long term assets | 5,084 |
Goodwill | 132,774 |
Intangibles | 109,298 |
Accounts payable and accrued expenses | (739,803) |
Other current liabilities | (37,249) |
Other noncurrent liabilities | (20,413) |
Aggregate purchase price | $ | 135,136 |
2022 Acquisitions During 2022, the Company acquired Levarti, an airline software platform company reported in the Lodging segment; Accrualify, an accounts payable (AP) automation software company reported in the Corporate Payments segment; Plugsurfing, a European EV software and network provider reported in the Fleet segment; and Roomex, a European workforce lodging provider reported in the Lodging segment. The aggregate purchase price of these acquisitions was approximately $197.6 million, net of cash. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. In connection with one of these acquisitions, the Company signed noncompete agreements of $1.1 million 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 is preliminary (with the exception of Levarti) 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 aggregate, for the business acquisitions noted above (in thousands):
Trade and other receivables | $ | 13,725 |
Prepaid expenses and other current assets | 4,007 |
Other long term assets | 1,192 |
Goodwill | 161,343 |
Intangibles | 50,145 |
Accounts payable and accrued expenses | (18,598) |
Other current liabilities | (4,960) |
Other noncurrent liabilities | (9,282) |
Aggregate purchase price | $ | 197,572 |
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 - Indefinite |  | $ | 4,705 |
Proprietary Technology | 5 - 10 |  | 11,646 |
Lodging / Supplier Network | 10 - 20 |  | 1,402 |
Customer Relationships | 5 - 20 |  | 32,392 |
|  |  | $ | 50,145 |

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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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