Accounts and Other Receivables

6 Months Ended

Jun. 30, 2026

The Company's accounts and other receivables and securitized accounts receivable include the following at June 30, 2026 and December 31, 2025 (value in thousands):


	June 30, 2026		December 31, 2025
Gross domestic accounts receivable	$	781,500	$	661,167
Gross domestic securitized accounts receivable	2,300,000		1,823,000
Gross foreign receivables	2,050,780		1,655,469


Total gross receivables	5,132,280		4,139,636
Less allowance for credit losses	(176,244)		(170,957)
Net accounts and securitized accounts receivables	$	4,956,036	$	3,968,679

The Company, through Corpay Technologies Operating Company, LLC ("CTOC") and certain of its other subsidiaries, maintains a $2.3 billion revolving trade accounts receivable securitization facility (as amended from time to time, the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility relate to trade accounts receivable resulting primarily from charge card activity and other customer receivables in the U.S. and the U.K. Pursuant to the terms of the Securitization Facility, certain U.S.-based and U.K.-based originators transfer in the form of a sale certain of their domestic receivables, on a revolving basis, to FLEETCOR Funding LLC ("Funding") and Corpay Funding (UK) Limited, each a wholly-owned bankruptcy remote consolidated subsidiary. In turn, Funding transfers in the form of a sale, on a revolving basis, a proportionate undivided ownership interest in the U.S.-based pool of accounts receivable to unrelated transferees (i.e., multi-seller banks and asset-backed commercial paper conduits). Funding retains a residual, subordinated interest in cash flow distribution from the transferred receivables and provides to the transferees an incremental pledge of both U.S. and U.K. unsold receivables as a form of over-collateralization to enhance the credit of the transferred receivables. Purchases by the banks and conduits may be financed with the sale of highly-rated commercial paper.

The Company utilizes proceeds from the securitized assets as an alternative to other forms of financing to reduce its overall borrowing costs. CTOC has agreed to continue servicing the sold receivables for the transferees at market rates, which approximates CTOC’s cost of servicing. Funding determines the level of funding achieved by the sale of accounts receivable, subject to a maximum amount. As the Company maintains certain continuing involvement in the transferred/sold receivables, it does not derecognize the receivables from its Consolidated Balance Sheets. Instead, the Company records cash proceeds and any residual interest received as a Securitization Facility liability.

The Company’s Unaudited Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities. The maturity date for the Company's Securitization Facility is the earlier of November 3, 2028 or the first maturity date of any loan under the Company's Credit Agreement, which is May 21, 2031.

A roll forward of the Company’s allowance for credit losses related to accounts receivable for the six months ended June 30, 2026 and 2025 is as follows (in thousands):


	2026		2025
Allowance for credit losses beginning of period	$	170,957	$	133,757
Provision for credit losses	90,650		62,162
Write-offs	(93,662)		(55,724)
Recoveries	5,259		3,927
Impact of foreign currency	3,040		11,725

Allowance for credit losses end of period	$	176,244	$	155,847

The provision for credit losses and write-offs increased during the six months ended June 30, 2026 versus the comparable prior period primarily due to the growth of the business, as credit loss expense as a percentage of spend was consistent with the comparable prior period. Write-offs include receivables for which a full allowance was previously provided.