v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Foreign Exchange Losses The Company recognized foreign exchange gains and losses, which are recorded within Other expense, net in the Unaudited Consolidated Statements of Income, for the three and six months ended June 30, 2025 and 2024 as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Foreign exchange (gains) losses
$(1.0)$3.9 $2.7 $7.0 
Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions
The Company recorded foreign currency losses and gains on long-term intra-entity transactions included as a component of foreign currency translation gains (losses), net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024 as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Foreign currency losses on long-term intra-entity transactions
$83.3 $68.4 $111.0 $80.8 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to amounts within the Unaudited Consolidated Statements of Cash Flows (in thousands):
June 30, 2025December 31, 2024June 30, 2024December 31, 2023
Cash and cash equivalents$2,192,849 $1,553,642 $1,357,567 $1,389,648 
Restricted cash3,338,509 2,902,703 2,189,729 1,751,887 
Total cash and cash equivalents and restricted cash$5,531,358 $4,456,345 $3,547,296 $3,141,535 
Restrictions on Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to amounts within the Unaudited Consolidated Statements of Cash Flows (in thousands):
June 30, 2025December 31, 2024June 30, 2024December 31, 2023
Cash and cash equivalents$2,192,849 $1,553,642 $1,357,567 $1,389,648 
Restricted cash3,338,509 2,902,703 2,189,729 1,751,887 
Total cash and cash equivalents and restricted cash$5,531,358 $4,456,345 $3,547,296 $3,141,535 
Disaggregation of Revenue
Revenues, net by segment for the three and six months ended June 30, 2025 and 2024 was as follows (in millions, except percentages):
Revenues, net by Segment*
Three Months Ended June 30,Six Months Ended June 30,
2025%2024%2025%2024%
Vehicle Payments
$525.5 48 %$510.3 52 %$1,012.6 48 %$1,004.3 53 %
Corporate Payments391.9 36 %288.5 30 %744.6 35 %553.9 29 %
Lodging Payments
119.8 11 %122.4 13 %230.0 11 %233.7 12 %
Other64.8 6 %54.6 6 %120.5 6 %119.1 6 %
Consolidated revenues, net$1,102.0 100 %$975.7 100 %$2,107.7 100 %$1,911.0 100 %
*Columns may not calculate due to rounding.
Revenue from External Customers by Geographic Areas
Revenue by geography for the three and six months ended June 30, 2025 and 2024 was as follows (in millions, except percentages):
Revenues, net by Geography*Three Months Ended June 30,Six Months Ended June 30,
2025%2024%2025%2024%
United States$541.4 49 %$507.0 52 %$1,048.7 50 %$988.6 52 %
Brazil170.3 15 %149.6 15 %332.8 16 %298.4 16 %
United Kingdom148.2 13 %133.1 14 %294.2 14 %262.1 14 %
Other242.2 22 %186.0 19 %432.0 20 %361.9 19 %
Consolidated revenues, net$1,102.0 100 %$975.7 100 %$2,107.7 100 %$1,911.0 100%
*Columns may not calculate due to rounding. Disclosure has been conformed in all periods to align with current presentation, which is based on the geographic location of the legal entity.
Schedule of Derivative Assets at Fair Value The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2025 and December 31, 2024 (in millions):
June 30, 2025December 31, 2024
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$7,998.3 $(7,795.7)$202.6 $2,305.6 $(2,131.8)$173.8 
Liabilities
Accounts Payable$8,042.0 $(7,795.7)$246.3 $2,218.3 $(2,131.8)$86.5 
The following table presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2025 and December 31, 2024 (in millions): 
June 30, 2025December 31, 2024
  Balance Sheet ClassificationFair Value
   
Derivative AssetsPrepaid expenses and other current assets$730.9 $630.2 
Derivative AssetsOther assets$237.9 $203.5 
Derivative LiabilitiesOther current liabilities$609.3 $538.6 
Derivative LiabilitiesOther noncurrent liabilities$206.2 $185.7