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Dispositions
12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions Dispositions
Comdata Merchant Solutions Disposition
In May 2024, the Company signed a definitive agreement to sell its merchant solutions business, a business within the U.S.
division of its Vehicle Payments segment (the "disposal group") to a third party. The transaction was completed during
December 2024. The Company determined that the disposal group met all of the required criteria to be classified as held for
sale during the second quarter of 2024.
The disposal group's fair value, based upon the estimated sales price less anticipated costs to sell, exceeded its carrying value.
As such, the related assets and liabilities were recorded at their carrying value and classified as held for sale prior to the
completion of the transaction. In determining the carrying value of the disposal group, which represents a portion of one of the
Company's reporting units, goodwill of approximately $58.2 million was allocated to the disposal group based on a relative fair
value analysis. The Company received total proceeds of $185.5 million, which have been recorded within investing activities in
the accompanying Consolidated Statements of Cash Flows. In connection with the sale, the Company recorded a pre-tax net
gain on disposal of $121.3 million during the year ended December 31, 2024, which primarily represents the proceeds received
less the derecognition of the related net assets. The pre-tax net gain is included within the gain on disposition of business
financial statement line in the accompanying Consolidated Statements of Income.
Russia Disposition
During the second quarter of 2023, the Company signed definitive documents to sell its Russia business to a third party. At June
30, 2023, the Company concluded that the sale was not considered probable due to continued uncertainty regarding regulatory
approvals and ongoing discussions regarding the nature and timing of deal completion. As such, the assets and liabilities
associated with the Company's Russian business were not classified as held for sale prior to the completion of the transaction.
The Russia business was historically reported within the Company's Vehicle Payments segment and did not meet the criteria to
be presented as discontinued operations. The Company completed the sale of its Russia business on August 15, 2023.
The sale included the entirety of the Company's operations in Russia and resulted in a complete exit from the Russia market.
The Company received total proceeds, net of cash disposed and net of a $5.6 million foreign exchange loss upon conversion of
the ruble-denominated proceeds to U.S. dollars, of $197.0 million, which have been recorded within investing activities in the
accompanying Consolidated Statements of Cash Flows. In connection with the sale, the Company recorded a net gain on
disposal of $13.7 million during the year ended December 31, 2023, which represents the proceeds received less the
derecognition of the related net assets, the reclassification of accumulated foreign currency translation losses and the foreign
exchange loss upon conversion of the ruble-denominated proceeds to U.S. dollars. The net gain is included within other
expense (income), net in the accompanying Consolidated Statements of Income.
Exclusive of the impact of disposition, the business in Russia accounted for approximately $62.0 million of the Company's
consolidated income before income taxes for the year ended December 31, 2023.