XML 62 R44.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Before The Provision for Income Taxes

Income before the provision for income taxes is attributable to the following jurisdictions for years ended December 31 (in

thousands):

		2024		2023		2022
United States		$278,330		$322,856		$506,214
Foreign		1,106,783		1,002,149		769,446
Total		$1,385,113		$1,325,005		$1,275,660

Components of Income Taxes

The provision for income taxes for the years ended December 31 consists of the following (in thousands):

 

		2024		2023		2022
Current:
Federal		$168,982		$155,647		$166,172
State		7,528		25,614		34,947
Foreign		269,588		208,532		153,388
Total current		446,098		389,793		354,507
Deferred:
Federal		(62,190)		(46,676)		(36,613)
State		(19,080)		(8,088)		(6,066)
Foreign		16,553		8,086		9,505
Total deferred		(64,717)		(46,678)		(33,174)
Total provision		$381,381		$343,115		$321,333

Summary of Provision for Income Taxes and U.S. Federal Tax Rate

The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2024, 2023 and

2022, respectively, to income before income taxes for the years ended December 31, 2024, 2023 and 2022 due to the following

(in thousands, except percentages):

 

		2024				2023				2022
Computed “expected” tax expense		$290,877		21.0%		$278,251		21.0%		$267,889		21.0%
Changes resulting from:
Change in valuation allowance		(64,289)	1	(4.6)		22,447		1.7		22,399		1.8
Foreign tax credits		1,309	1	0.1		(98,641)		(7.4)		(73,974)		(5.8)
Foreign income tax differential		31,743		2.3		14,949		1.1		566		—
State taxes net of federal benefits		(9,047)		(0.7)		13,857		1.0		12,745		1.0
Increase in tax expense due to uncertain tax positions		38,395		2.8		14,146		1.1		8,257		0.6
Foreign withholding tax		30,785		2.2		24,331		1.8		13,547		1.1
Stock-based compensation		(29,582)		(2.1)		7,980		0.6		(1,881)		(0.1)
Sub-part F Income/GILTI		87,252		6.3		94,594		7.1		79,420		6.2
Brazil tourism tax benefit		—		—		(16,311)		(1.2)		(13,810)		(1.1)
Interest on net equity deduction		(20,757)		(1.5)		(15,051)		(1.1)		—		—
Impairment of goodwill		18,900		1.4		—		—		—		—
Other		5,795		0.4		2,563		0.2		6,175		0.5
Provision for income taxes		$381,381		27.5%		$343,115		25.9%		$321,333		25.2%
1 The valuation allowance decrease was primarily due to the release of a deferred tax asset of $84.5 million and a corresponding valuation allowance reduction of $84.5 million related to income tax credits in a non-U.S. jurisdiction.

Summary of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at

December 31 are as follows (in thousands):

		2024		2023
Deferred tax assets:
Accounts receivable, principally due to the allowance for credit losses		$16,756		$20,110
Accrued expenses not currently deductible for tax		13,263		12,922
Lease deferral		15,423		15,767
Interest rate swap		—		11,994
Stock-based compensation		29,425		47,537
Income tax credits		—		84,505
Net operating loss carry forwards		159,603		134,911
Accrued escheat		3,897		3,456
Other		110,804		55,466
Deferred tax assets before valuation allowance		349,171		386,668
Valuation allowance		(113,223)		(165,982)
Deferred tax assets, net		235,948		220,686
Deferred tax liabilities:
Intangibles—including goodwill		(548,802)		(536,561)
Basis difference in investment in subsidiaries		(42,206)		(43,821)
Interest rate swap		(8,695)		—
Lease deferral		(13,536)		(13,589)
Accrued expense liability		(722)		(718)
Prepaid expenses		(1,172)		(1,805)
Withholding taxes		(18,472)		(26,407)
Property and equipment and other		(38,646)		(66,617)
Deferred tax liabilities		(672,251)		(689,518)
Net deferred tax liabilities		$(436,303)		$(468,832)

Deferred Tax Balance Classification in Balance Sheet

The Company’s deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands):

 

		2024		2023
Long term deferred tax assets and liabilities:
Long term deferred tax assets		$2,873		$1,400
Long term deferred tax liabilities		(439,176)		(470,232)
Net deferred tax liabilities		$(436,303)		$(468,832)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits excluding interest

and penalties for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):

Unrecognized tax benefits at December 31, 2021		$47,021
Additions based on tax positions related to the current year		7,752
Additions based on tax positions related to the prior year		200
Deductions based on settlement of prior year tax positions		(1,550)
Addition for cumulative federal benefit of state tax deductions		7,281
Change due to OCI		(35)
Unrecognized tax benefits at December 31, 2022		60,669
Additions based on tax provisions related to the current year		8,821
Deductions based on tax positions related to the prior year		(1,913)
Deductions based on settlements of prior year tax positions		(104)
Deductions based on expiration of prior year tax positions		(4,235)
Change due to OCI		(132)
Unrecognized tax benefits at December 31, 2023		63,106
Additions based on tax provisions related to the current year		21,689
Additions and deductions based on tax positions related to the prior year		14,206
Deductions based on settlements of prior year tax positions		(178)
Deductions based on expiration of prior year tax positions		(3,362)
Change due to OCI		(1)
Unrecognized tax benefits at December 31, 2024		$95,460

X

- Definition

Tabular disclosure of the net deferred tax asset or liability recognized in an entity's statement of financial position by current or noncurrent.

+ References

No definition available.

+ Details

Name:	flt_DeferredTaxAssetsAndLiabilitiesNetClassificationTableTableTextBlock
Namespace Prefix:	flt_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration