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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

A summary of the Company’s interest rate swap contracts with a collective notional amount of $2.3 billion outstanding as of September 30, 2021 is as follows:

						Contract End Date						Fixed Interest Rates1						Notional Amount at inception (in thousands)
						December 2021						0.743%						$	485,000
						December 2022						2.204%						$	300,000
						March 2023						1.954% - 2.413%						$	450,000
						December 2023						1.862%						$	200,000
						May 2024						0.435% - 0.440%						$	300,000
						May 2025						0.678%						$	300,000
						May 2026						0.909% - 0.910%						$	300,000

1 Fixed interest rates payable by WEX. Counterparties pay floating rate equal to the one-month USD LIBOR.

Schedule of Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income

The following table presents information on the location and amounts of gains and losses from interest rate swap contract derivatives:

(In thousands)												Three Months Ended September 30,												Nine Months Ended September 30,
Derivatives Not Designated as Hedging Instruments						Location of Gain (Loss) Recognized in the Statement of Operations						2021						2020						2021						2020
Interest rate swap contracts – unrealized portion						Net unrealized gain (loss) on financial instruments						$	6,527					$	3,774					$	20,008					$	(32,722)
Interest rate swap contracts – realized portion						Financing interest expense						$	(7,037)					$	(5,438)					$	(18,575)					$	(10,336)

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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-Name Accounting Standards Codification
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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