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Subsequent Events | 9 Months Ended
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Sep. 30, 2018
Subsequent Events [Abstract] |
Subsequent Events |
18. | Subsequent Events
Business Acquisition During October 2018, the Company entered into a definitive agreement to acquire Noventis, an electronic payments network focused on optimizing payment delivery for bills and invoices to commercial entities, for approximately $310 million. This acquisition will expand our reach as a corporate payments supplier and provide more channels to billing aggregators and financial institutions. The transaction is expected to close in the first half of 2019 following customary regulatory approvals and customary closing conditions. Asset Acquisition In December 2016, the Company entered into a contract with Chevron to issue and operate branded commercial fleet cards commencing in 2018 with an initial term ending on December 2028. During October 2018, the Company entered into a definitive asset purchase agreement to acquire Chevron’s existing trade accounts receivable portfolio. As part of this agreement, we paid approximately $200 million, which includes a $160 million premium in excess of the receivables’ estimated carrying value. The acquired portfolio is expected to be converted onto the Company’s payment processing platform starting in the fourth quarter of 2018. Concurrently with entering into the asset purchase agreement, we modified a number of contract terms, including extending the term of Chevron’s customer relationship to 13 years from the date of the final conversion.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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