XML 124 R105.htm IDEA: XBRL DOCUMENT v3.20.4
Financing and Other Debt - Narrative (Details)
1 Months Ended 12 Months Ended
Jul. 01, 2020
USD ($)
trading_day
$ / shares
shares
Jun. 30, 2020
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Debt Instrument [Line Items]          
Principal     $ 3,132,090,000 $ 2,972,674,000  
Prepayment percentage     25.00%    
Proceeds from issuance of convertible notes     $ 299,150,000 0 $ 0
Sale of stock, consideration received on transaction $ 90,000,000        
Consent fees amount     2,900,000    
Loss on debt extinguishment       1,300,000 1,100,000
General and administrative expenses incurred       10,600,000 3,800,000
Debt issuance costs capitalized       3,400,000 $ 5,800,000
Debt discount       11,000,000.0  
Borrowed federal funds     $ 50,000,000.0 $ 50,000,000.0  
Average interest rate on borrowed federal funds     1.01% 2.36%  
Pledged receivables held as collateral     $ 249,800,000    
Common Stock Issued | Private Placement          
Debt Instrument [Line Items]          
Sale of stock, number of shares Issued in transaction (in shares) | shares 577,254        
Sale of stock, consideration received on transaction $ 90,000,000.0        
Sale of stock, price per share (in dollars per share) | $ / shares $ 155.91        
Minimum          
Debt Instrument [Line Items]          
Prepayment percentage     0.00%    
Maximum          
Debt Instrument [Line Items]          
Prepayment percentage     50.00%    
Revolving line-of-credit facility under 2016 Credit Agreement          
Debt Instrument [Line Items]          
Line of credit facility, Increase (decrease)     $ 50,000,000.0    
Revolving line-of-credit facility under 2016 Credit Agreement | Federal Reserve Bank          
Debt Instrument [Line Items]          
Current borrowing capacity     188,400,000    
Letters of credit     0 $ 0  
Loan Participations and Assignments          
Debt Instrument [Line Items]          
Principal     0 $ 50,000,000  
Initial carrying value     $ 60,000,000    
Weighted average effective interest rate (as a percent)       4.17%  
Tranche A term loan          
Debt Instrument [Line Items]          
Interest coverage ratio (no less than)     2.75    
Tranche A term loan | March 31, 2021          
Debt Instrument [Line Items]          
Interest coverage ratio (no less than)     3.00    
Consolidated leverage ratio     7.50    
Tranche A term loan | June 30, 2021          
Debt Instrument [Line Items]          
Consolidated leverage ratio     7.00    
Tranche A term loan | September 30, 2021          
Debt Instrument [Line Items]          
Consolidated leverage ratio     6.50    
Tranche A term loan | December 31, 2021          
Debt Instrument [Line Items]          
Consolidated leverage ratio     6.00    
Tranche A term loan | September 30, 2022 and thereafter          
Debt Instrument [Line Items]          
Consolidated leverage ratio     5.00    
Tranche A term loan | Credit Facility and Term Loans          
Debt Instrument [Line Items]          
Mandatory quarterly payments     $ 12,500,000    
Tranche B term loan | Credit Facility and Term Loans          
Debt Instrument [Line Items]          
Mandatory quarterly payments     $ 3,700,000    
2016 Credit Agreement          
Debt Instrument [Line Items]          
Weighted average effective interest rate (as a percent)     2.30% 4.00%  
Commitment fee percentage     0.40%    
2016 Credit Agreement | Minimum          
Debt Instrument [Line Items]          
Commitment fee percentage     0.30%    
2016 Credit Agreement | Maximum          
Debt Instrument [Line Items]          
Commitment fee percentage     0.50%    
2016 Credit Agreement | Revolving line-of-credit facility under 2016 Credit Agreement          
Debt Instrument [Line Items]          
Remaining borrowing capacity on revolving credit facility       $ 870,000,000.0  
Letters of credit outstanding, amount     $ 51,628,000    
Capitalized debt issuance costs     $ 4,300,000    
Securitization Facility          
Debt Instrument [Line Items]          
Securitization facility, percentage of receivables used as collateral     85.00%    
Interest rate during period, percent     0.97% 1.80%  
Securitization facility     $ 62,600,000 $ 78,600,000  
European Securitization Facility          
Debt Instrument [Line Items]          
Debt instrument, term     5 years    
Interest rate during period, percent     0.98% 0.63%  
Securitized debt     $ 23,400,000 $ 25,700,000  
WEX Latin America debt          
Debt Instrument [Line Items]          
Principal     $ 0 2,660,000  
Interest rate during period, percent     35.04%    
Letter of Credit | 2016 Credit Agreement | Revolving line-of-credit facility under 2016 Credit Agreement          
Debt Instrument [Line Items]          
Remaining borrowing capacity on revolving credit facility       250,000,000.0  
Swingline Loans | 2016 Credit Agreement | Revolving line-of-credit facility under 2016 Credit Agreement          
Debt Instrument [Line Items]          
Remaining borrowing capacity on revolving credit facility       20,000,000.0  
Senior Notes | 4.75 percent senior notes          
Debt Instrument [Line Items]          
Long-term deposits     $ 400,000,000.0    
Interest rate, stated percentage     4.75%    
Line of Credit          
Debt Instrument [Line Items]          
Remaining borrowing capacity on revolving credit facility     $ 376,000,000.0 355,000,000.0  
Borrowed federal funds     20,000,000.0 35,000,000.0  
Convertible Debt          
Debt Instrument [Line Items]          
Principal       0  
Proceeds from issuance of convertible notes $ 389,200,000        
Convertible Debt | Convertible Senior Notes Due 2027          
Debt Instrument [Line Items]          
Aggregate amount 310,000,000.0        
Principal     310,000,000    
Initial carrying value $ 237,500,000   $ 240,887,000    
Interest rate, stated percentage 6.50%   0.065%    
Proceeds from issuance of convertible notes $ 299,200,000        
Debt instrument, term 7 years        
Conversion price (in dollars per share) | $ / shares $ 200.00        
Threshold percentage 200.00%        
Number trading days | trading_day 20        
Number of consecutive trading days | trading_day 30        
Proceeds from private placement and issuance of convertible debt $ 389,200,000        
Convertible debt, fair value, equity component 94,000,000.0        
Convertible debt, fair value, liability component 295,200,000        
Capitalized debt issuance costs 4,000,000.0        
Debt issuance costs gross liability component 2,500,000        
Debt issuance costs gross equity component $ 1,500,000        
Effective percentage 11.20%        
Equity component $ 54,700,000   $ 54,689,000    
If-converted value in excess of principal     5,500,000    
Debt issuance costs capitalized     2,358,000    
Redemption price as percentage of principal amount 105.00%        
Convertible Debt | Convertible Senior Notes Due 2027 | Minimum          
Debt Instrument [Line Items]          
Number trading days | trading_day 5        
Secured debt          
Debt Instrument [Line Items]          
Principal     85,945,000 104,261,000  
Secured debt | Tranche A term loan | Line of Credit          
Debt Instrument [Line Items]          
Aggregate amount       1,030,000,000.0  
Principal     873,777,000 923,707,000  
Secured debt | Tranche B term loan | Line of Credit          
Debt Instrument [Line Items]          
Aggregate amount       1,485,000,000.0  
Principal     1,442,368,000 1,457,048,000  
Secured debt | 2016 Credit Agreement | Line of Credit          
Debt Instrument [Line Items]          
Principal     $ 2,316,145,000 $ 2,380,755,000  
Base Rate | Tranche B term loan | Credit Facility and Term Loans          
Debt Instrument [Line Items]          
Margin on variable rate, percent     1.25%    
Eurocurrency Rate | Revolving line-of-credit facility under 2016 Credit Agreement          
Debt Instrument [Line Items]          
Margin on variable rate, percent     1.00%    
Eurocurrency Rate | Tranche B term loan | Credit Facility and Term Loans          
Debt Instrument [Line Items]          
Margin on variable rate, percent     2.25%    
London Interbank Offered Rate (LIBOR) | Revolving line-of-credit facility under 2016 Credit Agreement          
Debt Instrument [Line Items]          
Margin on variable rate, percent   0.75%      
London Interbank Offered Rate (LIBOR) | Loan Participations and Assignments          
Debt Instrument [Line Items]          
Margin on variable rate, percent     2.25%    
Fed Funds Effective Rate Overnight Index Swap Rate | Revolving line-of-credit facility under 2016 Credit Agreement          
Debt Instrument [Line Items]          
Margin on variable rate, percent     0.50%