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Subsequent Events | 12 Months Ended
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Dec. 31, 2024
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Acquisition I n February 2025, the Company announced a definitive agreement to acquire 100% of Gringo, a leading Brazil-based vehicle registration and compliance payment company, for approximately $147 million, net of cash of approximately $22 million. Gringo's digital app and national network help drivers in Brazil pay for vehicle taxes, registration and fines. The transaction is expected to close in the first quarter of 2025, subject to regulatory approval and standard closing conditions and will be reflected in the Company's Vehicle Payments segment. Net Investment Hedges In January 2025, the Company terminated its existing CAD cross-currency interest rate swaps designated as net investment hedges and subsequently entered into four new cross-currency interest rate swaps designated as net investment hedges of its investments in CAD-denominated operations. These contracts effectively convert an aggregate $800 million of U.S. dollar equivalent to an obligation denominated in CAD and partially offset the impact of changes in currency rates on the Company's CAD-denominated net investments. These contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swap, resulting in a weighted average interest rate savings of 1.35% on the USD notional. Debt Arrangements On January 24, 2025, the Company entered into an omnibus amendment to its Securitization Facility. The amendment increased the Securitization Facility commitment from $1.7 billion to $1.8 billion and extended the maturity of the Securitization Facility to January 24, 2028. The omnibus amendment also reduced the program fee by 5 bps to SOFR plus 0.10% adjustment plus 0.90% or the Commercial Paper Rate plus 0.80% and decreased the unused facility fee by 5 for two of the purchasers. On February 20, 2025, the Company entered into the sixteenth amendment to the Credit Agreement. The amendment increased the Term Loan B commitments by an incremental $750 million. The Company used the Term Loan B proceeds to pay down existing borrowings under the revolving credit facility and other general corporate purposes. The maturity dates and the interest rates for the Company's Credit Agreement were unchanged by this amendment.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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