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v3.23.2

Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2023
Accounting Policies [Abstract] |
Schedule of Foreign Exchange Gains/Losses on Long-Term Intra-Equity Transactions | The Company recognized foreign exchange gains and losses, which are recorded within other expense, net in the Unaudited Consolidated Statements of Income, for the three and six months ended June 30, 2023 and 2022 as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Foreign exchange gains (losses) | $ | 0.9 |  |  | $ | (1.8) |  |  | $ | 0.2 |  |  | $ | (2.2) |
The Company recorded foreign currency gains on long-term intra-entity transactions included as a component of foreign currency translation gains, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2023 and 2022 as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Foreign currency gains on long-term intra-entity transactions | $ | 7.4 |  |  | $ | 10.3 |  |  | $ | 12.3 |  |  | $ | 156.3 |
Disaggregation of Revenue | Revenue by solution (in millions) for the three and six months ended June 30, was as follows:
Revenues, net by Solution* | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | % |  | 2022 |  | % |  | 2023 |  | % |  | 2022 |  | %
Fleet | $ | 382.6 |  |  | 40 | % |  | $ | 377.4 |  |  | 44 | % |  | $ | 755.3 |  |  | 41 | % |  | $ | 729.0 |  |  | 44 | %
Corporate Payments | 247.0 |  |  | 26 | % |  | 189.7 |  |  | 22 | % |  | 474.2 |  |  | 26 | % |  | 373.5 |  |  | 23 | %
Lodging | 136.6 |  |  | 14 | % |  | 116.9 |  |  | 14 | % |  | 258.9 |  |  | 14 | % |  | 211.5 |  |  | 13 | %
Brazil | 126.1 |  |  | 13 | % |  | 111.8 |  |  | 13 | % |  | 247.8 |  |  | 13 | % |  | 214.4 |  |  | 13 | %
Other | 56.0 |  |  | 6 | % |  | 65.5 |  |  | 8 | % |  | 113.3 |  |  | 6 | % |  | 122.3 |  |  | 7 | %
Consolidated revenues, net | $ | 948.2 |  |  | 100 | % |  | $ | 861.3 |  |  | 100 | % |  | $ | 1,849.5 |  |  | 100 | % |  | $ | 1,650.5 |  |  | 100 | %
*Columns may not calculate due to rounding. Revenue by geography (in millions) for the three and six months ended June 30, was as follows:
Revenues, net by Geography* | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | % |  | 2022 |  | % |  | 2023 |  | % |  | 2022 |  | %
United States | $ | 534.7 |  |  | 56 | % |  | $ | 527.7 |  |  | 61 | % |  | $ | 1,048.4 |  |  | 57 | % |  | $ | 999.5 |  |  | 61 | %
Brazil | 126.1 |  |  | 13 | % |  | 111.8 |  |  | 13 | % |  | 247.8 |  |  | 13 | % |  | 214.4 |  |  | 13 | %
United Kingdom | 111.2 |  |  | 12 | % |  | 93.4 |  |  | 11 | % |  | 218.9 |  |  | 12 | % |  | 188.0 |  |  | 11 | %
Other | 176.2 |  |  | 19 | % |  | 128.4 |  |  | 15 | % |  | 334.4 |  |  | 18 | % |  | 248.7 |  |  | 15 | %
Consolidated revenues, net | $ | 948.2 |  |  | 100 | % |  | $ | 861.3 |  |  | 100 | % |  | $ | 1,849.5 |  |  | 100 | % |  | $ | 1,650.5 |  |  | 100 | %
*Columns may not calculate due to rounding.
Schedule of Derivative Assets at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2023 and December 31, 2022 (in millions):
| June 30, 2023 |  | December 31, 2022
| Gross |  | Offset on the Balance Sheet |  | Net |  | Gross |  | Offset on the Balance Sheet |  | Net
Assets |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | $ | 3,200.8 |  |  | $ | (3,022.6) |  |  | $ | 178.2 |  |  | $ | 2,409.8 |  |  | $ | (2,266.0) |  |  | $ | 143.8 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 3,093.4 |  |  | $ | (3,022.6) |  |  | $ | 70.8 |  |  | $ | 2,332.5 |  |  | $ | (2,266.0) |  |  | $ | 66.5 |
The following table presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2023 and December 31, 2022 (in millions):
|  |  | June 30, 2023 |  | December 31, 2022
| Balance Sheet Classification |  | Fair Value
Derivative Assets | Prepaid expenses and other current assets |  | $ | 182.5 |  |  | $ | 204.9 |
Derivative Assets | Other assets |  | $ | 77.1 |  |  | $ | 62.0 |
Derivative Liabilities | Other current liabilities |  | $ | 144.9 |  |  | $ | 184.1 |
Derivative Liabilities | Other noncurrent liabilities |  | $ | 58.0 |  |  | $ | 40.6 |
Schedule of Derivative Liabilities at Fair Value | The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2023 and December 31, 2022 (in millions):
| June 30, 2023 |  | December 31, 2022
| Gross |  | Offset on the Balance Sheet |  | Net |  | Gross |  | Offset on the Balance Sheet |  | Net
Assets |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | $ | 3,200.8 |  |  | $ | (3,022.6) |  |  | $ | 178.2 |  |  | $ | 2,409.8 |  |  | $ | (2,266.0) |  |  | $ | 143.8 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 3,093.4 |  |  | $ | (3,022.6) |  |  | $ | 70.8 |  |  | $ | 2,332.5 |  |  | $ | (2,266.0) |  |  | $ | 66.5 |
The following table presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2023 and December 31, 2022 (in millions):
|  |  | June 30, 2023 |  | December 31, 2022
| Balance Sheet Classification |  | Fair Value
Derivative Assets | Prepaid expenses and other current assets |  | $ | 182.5 |  |  | $ | 204.9 |
Derivative Assets | Other assets |  | $ | 77.1 |  |  | $ | 62.0 |
Derivative Liabilities | Other current liabilities |  | $ | 144.9 |  |  | $ | 184.1 |
Derivative Liabilities | Other noncurrent liabilities |  | $ | 58.0 |  |  | $ | 40.6 |

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