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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________________________________________
FORM 10-Q
 _________________________________________________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-35004
 __________________________________________________________
FLEETCOR Technologies, Inc.
(Exact name of registrant as specified in its charter)
 __________________________________________________________
Delaware 72-1074903
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
3280 Peachtree Road, Suite 2400
AtlantaGeorgia30305
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (770449-0479
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockFLTNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at November 2, 2022
Common Stock, $0.001 par value 73,752,362


FLEETCOR TECHNOLOGIES, INC. AND SUBSIDIARIES
FORM 10-Q
For the Three and Nine Months Ended September 30, 2022
INDEX
 
  Page
PART I—FINANCIAL INFORMATION
Item 1.
Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021
Item 2.
Item 3.
Item 4.
PART II—OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

i

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
FLEETCOR Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share and Par Value Amounts)
September 30, 2022December 31, 2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$1,317,544 $1,520,027 
Restricted cash983,336 730,668 
Accounts and other receivables (less allowance for credit losses of $134,027 at September 30, 2022 and $98,719 at December 31, 2021)
2,184,629 1,793,274 
Securitized accounts receivable—restricted for securitization investors1,482,000 1,118,000 
Prepaid expenses and other current assets618,559 326,079 
Total current assets6,586,068 5,488,048 
Property and equipment, net272,589 236,294 
Goodwill5,068,954 5,078,978 
Other intangibles, net2,169,232 2,335,385 
Investments74,349 52,016 
Other assets314,832 213,932 
Total assets$14,486,024 $13,404,653 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$1,693,988 $1,406,350 
Accrued expenses389,953 369,054 
Customer deposits1,599,853 1,788,705 
Securitization facility1,482,000 1,118,000 
Current portion of notes payable and lines of credit994,088 399,628 
Other current liabilities478,283 208,614 
Total current liabilities6,638,165 5,290,351 
Notes payable and other obligations, less current portion4,745,122 4,460,039 
Deferred income taxes571,448 566,291 
Other noncurrent liabilities304,237 221,392 
Total noncurrent liabilities5,620,807 5,247,722 
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 127,591,768 shares issued and 73,727,244 shares outstanding at September 30, 2022; and 127,113,023 shares issued and 78,879,551 shares outstanding at December 31, 2021
128 127 
Additional paid-in capital3,001,687 2,878,751 
Retained earnings6,985,450 6,256,442 
Accumulated other comprehensive loss(1,660,445)(1,464,616)
Less treasury stock, 53,864,524 shares at September 30, 2022 and 48,233,471 shares at December 31, 2021
(6,099,768)(4,804,124)
Total stockholders’ equity2,227,052 2,866,580 
Total liabilities and stockholders’ equity$14,486,024 $13,404,653 
See accompanying notes to unaudited consolidated financial statements.

1


FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(In Thousands, Except Per Share Amounts)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Revenues, net$893,000 $755,477 $2,543,519 $2,031,481 
Expenses:
Processing203,315 149,564 563,097 388,286 
Selling74,005 71,204 230,218 186,511 
General and administrative149,294 121,785 440,262 345,155 
Depreciation and amortization77,213 74,237 232,489 209,184 
Other operating, net3  82 81 
Operating income389,170 338,687 1,077,371 902,264 
Other expenses:
Investment loss (gain)174  519 (9)
Other expense (income), net3,688 1,532 6,187 (2,547)
Interest expense, net45,410 29,033 90,510 92,269 
Loss on extinguishment of debt  1,934 6,230 
Total other expense 49,272 30,565 99,150 95,943 
Income before income taxes339,898 308,122 978,221 806,321 
Provision for income taxes91,013 74,115 249,213 191,828 
Net income$248,885 $234,007 $729,008 $614,493 
Basic earnings per share$3.34 $2.86 $9.55 $7.42 
Diluted earnings per share$3.29 $2.80 $9.38 $7.24 
Weighted average shares outstanding:
Basic shares74,461 81,836 76,311 82,811 
Diluted shares75,558 83,716 77,687 84,917 

See accompanying notes to unaudited consolidated financial statements.



2

FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Comprehensive Income
(In Thousands)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net income$248,885 $234,007 $729,008 $614,493 
Other comprehensive loss:
Foreign currency translation losses, net of tax(252,719)(179,839)(228,666)(102,191)
Net change in derivative contracts, net of tax6,107 8,972 32,837 29,305 
Total other comprehensive loss(246,612)(170,867)(195,829)(72,886)
Total comprehensive income $2,273 $63,140 $533,179 $541,607 
See accompanying notes to unaudited consolidated financial statements.

3


FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Stockholders’ Equity
(In Thousands)
 

Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Balance at December 31, 2021$127 $2,878,751 $6,256,442 $(1,464,616)$(4,804,124)$2,866,580 
Net income— — 217,952 — — 217,952 
Other comprehensive income, net of tax— — — 201,179 — 201,179 
Acquisition of common stock— — — — (422,736)(422,736)
Share-based compensation — 32,631 — — — 32,631 
Issuance of common stock— 8,810 — — — 8,810 
Balance at March 31, 2022127 2,920,192 6,474,394 (1,263,437)(5,226,860)2,904,416 
Net income— — 262,171 — — 262,171 
Other comprehensive loss, net of tax— — — (150,396)— (150,396)
Acquisition of common stock— — — — (372,566)(372,566)
Share-based compensation— 34,017 — — — 34,017 
Issuance of common stock1 10,026 — — — 10,027 
Balance at June 30, 2022128 2,964,235 6,736,565 (1,413,833)(5,599,426)2,687,669 
Net income— — 248,885 — — 248,885 
Other comprehensive loss, net of tax— — — (246,612)— (246,612)
Acquisition of common stock— — — — (500,342)(500,342)
Share-based compensation— 34,180 — — — 34,180 
Issuance of common stock— 3,272 — — — 3,272 
Balance at September 30, 2022$128 $3,001,687 $6,985,450 $(1,660,445)$(6,099,768)$2,227,052 
4

Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Balance at December 31, 2020$126 $2,749,900 $5,416,945 $(1,363,158)$(3,448,402)$3,355,411 
Net income— — 184,239 — — 184,239 
Other comprehensive loss, net of tax— — — (117,861)— (117,861)
Acquisition of common stock— — — — (170,382)(170,382)
Share-based compensation— 17,747 — — — 17,747 
Issuance of common stock1 27,344 — — — 27,345 
Balance at March 31, 2021127 2,794,991 5,601,184 (1,481,019)(3,618,784)3,296,499 
Net income— — 196,247 — — 196,247 
Other comprehensive income, net of tax— — — 215,842 — 215,842 
Acquisition of common stock— — — — (246,203)(246,203)
Share-based compensation— 17,885 — — — 17,885 
Issuance of common stock— 8,577 — — — 8,577 
Balance at June 30, 2021127 2,821,453 5,797,431 (1,265,177)(3,864,987)3,488,847 
Net income— — 234,007 — — 234,007 
Other comprehensive loss, net of tax — — — (170,867)— (170,867)
Acquisition of common stock— — — — (405,692)(405,692)
Share-based compensation — 16,453 — — — 16,453 
Issuance of common stock— 12,237 — — — 12,237 
Balance at September 30, 2021$127 $2,850,143 $6,031,438 $(1,436,044)$(4,270,679)$3,174,985 

See accompanying notes to unaudited consolidated financial statements.

5


FLEETCOR Technologies, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In Thousands)
 Nine Months Ended
September 30,
 20222021
Operating activities
Net income$729,008 $614,493 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation67,066 55,605 
Stock-based compensation100,828 52,085 
Provision for credit losses on accounts and other receivables89,976 19,419 
Amortization of deferred financing costs and discounts5,949 4,903 
Amortization of intangible assets and premium on receivables165,423 153,579 
Loss on extinguishment of debt1,934 6,230 
Deferred income taxes(7,987)10,051 
Other non-cash operating loss601 72 
Changes in operating assets and liabilities (net of acquisitions/dispositions):
Accounts and other receivables(950,237)(1,020,900)
Prepaid expenses and other current assets(300,600)190,543 
Other assets(105,013)28,370 
Accounts payable, accrued expenses and customer deposits641,659 485,091 
Net cash provided by operating activities438,607 599,541 
Investing activities
Acquisitions, net of cash acquired(160,117)(545,052)
Purchases of property and equipment(107,631)(74,455)
Other
 (2,281)
Net cash used in investing activities(267,748)(621,788)
Financing activities
Proceeds from issuance of common stock22,109 48,159 
Repurchase of common stock(1,295,644)(822,277)
Borrowings on securitization facility, net364,000 398,000 
Deferred financing costs(10,282)(21,508)
Proceeds from notes payable3,000,000 1,150,000 
Principal payments on notes payable(2,800,500)(462,438)
Borrowings from revolver4,338,000 1,140,000 
Payments on revolver(3,658,000)(798,851)
Borrowings (payments) on swing line of credit, net194 (51,049)
Other (811)
Net cash (used in) provided by financing activities(40,123)579,225 
Effect of foreign currency exchange rates on cash(80,551)(24,660)
Net increase in cash and cash equivalents and restricted cash50,185 532,318 
Cash and cash equivalents and restricted cash, beginning of period2,250,695 1,476,619 
Cash and cash equivalents and restricted cash, end of period$2,300,880 $2,008,937 
Supplemental cash flow information
Cash paid for interest$138,310 $96,146 
Cash paid for income taxes$309,567 $147,028 
See accompanying notes to unaudited consolidated financial statements.
6

FLEETCOR Technologies, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
September 30, 2022
1. Summary of Significant Accounting Policies
Basis of Presentation
Throughout this Quarterly Report on Form 10-Q, the terms "our," "we," "us," and the "Company" refers to FLEETCOR Technologies, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States ("GAAP"). The unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates.
The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available to us as of September 30, 2022 and through the date of this Report. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty around the ongoing conflict between Russia and Ukraine, the impact of changes to monetary policy, as well as other factors.
Foreign Currency Translation        
Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive income (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized foreign exchange losses, which are recorded within other expense, net in the Unaudited Consolidated Statements of Income, for the three and nine months ended September 30, 2022 and 2021 as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Foreign exchange (losses)$(1.9)$(1.2)$(4.1)$(2.9)
The Company recorded foreign currency gains (losses) 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 nine months ended September 30, 2022 and 2021 as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Foreign currency gains (losses) on long-term intra-entity transactions$27.8 $(46.0)$184.1 $(20.2)
Cash, Cash Equivalents, and Restricted Cash
Cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted cash represents customer deposits repayable on demand, as well as collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits, as well as secure and settle cross-currency transactions. Based on our assessment of the current capital market conditions and related impact on our access to cash, we have reclassified all cash held at our Russian businesses of $246.6 million to restricted cash as of September 30, 2022.

7


Financial Instruments - Credit Losses
The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses". The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history, and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors.
Revenue
The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific commercial spend categories, including Fuel, Corporate Payments, Tolls, Lodging, as well as Gift solutions (stored value cards and e-cards). The Company provides solutions that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long haul transportation-related services. Revenues from contracts with customers, within the scope of ASC 606, "Revenue Recognition", represent approximately 75% of total consolidated revenues, net, for the three and nine months ended September 30, 2022. The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S. and Canada in accordance with ASC 310, "Receivables". Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided. In addition, in its cross-border payments business, the Company writes foreign currency forward and option contracts for its customers to facilitate future payments in foreign currencies. Our revenue is generally reported net of the cost for underlying products and services purchased through our payment solutions. In this report, we refer to this net revenue as "revenue".
Disaggregation of Revenues
The Company provides its services to customers across different payment solutions and geographies. Revenue by solution (in millions) for the three and nine months ended September 30, was as follows:
Revenues, net by Solution*Three Months Ended September 30,Nine Months Ended September 30,
2022%2021%2022%2021%
Fuel$361.8 41 %$306.8 41 %$1,027.2 40 %$863.8 43 %
Corporate Payments196.9 22 %168.7 22 %570.4 22 %425.5 21 %
Tolls 88.6 10 %79.0 10 %264.7 10 %219.4 11 %
Lodging126.0 14 %85.2 11 %337.4 13 %206.5 10 %
Gift52.0 6 %48.6 6 %147.2 6 %124.3 6 %
Other67.7 8 %67.2 9 %196.6 8 %192.1 9 %
Consolidated revenues, net$893.0 100 %$755.5 100 %$2,543.5 100 %$2,031.5 100 %
*Columns may not calculate due to rounding.
Revenue by geography (in millions) for the three and nine months ended September 30, was as follows:
Revenues, net by Geography*Three Months Ended September 30,Nine Months Ended September 30,
2022%2021%2022%2021%
United States$558.3 63 %$488.2 65 %$1,557.7 61 %$1,271.5 63 %
Brazil108.6 12 %94.9 13 %322.9 13 %262.5 13 %
United Kingdom90.4 10 %81.9 11 %278.4 11 %241.0 12 %
Other135.8 15 %90.5 12 %384.5 15 %256.5 13 %
Consolidated revenues, net$893.0 100 %$755.5 100 %$2,543.5 100 %$2,031.5 100 %
*Columns may not calculate due to rounding.
8

Contract Liabilities
Deferred revenue contract liabilities for customers subject to ASC 606 were $56.1 million and $73.7 million as of September 30, 2022 and December 31, 2021, respectively. We expect to recognize approximately $34.2 million of these amounts in revenues within 12 months and the remaining $21.9 million over the next five years as of September 30, 2022. Revenue recognized in the nine months ended September 30, 2022 that was included in the deferred revenue contract liability as of December 31, 2021 was approximately $38.0 million.
Spot Trade Offsetting
The Company uses spot trades to facilitate cross-currency corporate payments in its cross-border payments business. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the customer level, in its Consolidated Balance Sheets at their fair value. The following table presents the Company’s spot trade assets and liabilities at their fair value at September 30, 2022 and December 31, 2021 (in millions):
September 30, 2022December 31, 2021
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$3,789.6 $(3,615.6)$174.0 $1,185.9 $(1,057.7)$128.2 
Liabilities
Accounts Payable$3,697.1 $(3,615.6)$81.5 $1,199.5 $(1,057.7)$141.8 
Reclassifications and Adjustments
During 2021, the Company identified and corrected an immaterial error in the presentation of deferred income taxes and changes in accounts payable, accrued expenses and customer deposits, both presented within net cash provided by operating activities, in our prior year Consolidated Statement of Cash Flows. The impact of this correction for the nine months ended September 30, 2021 was a decrease to the adjustment to reconcile net income to net cash provided by operating activities related to deferred income taxes of $6.2 million, with a corresponding increase to changes in accounts payable, accrued expenses and customer deposits in operating activities of $6.2 million. There was no impact to net cash provided by operating activities in the Unaudited Consolidated Statement of Cash Flows.
Additionally, certain disclosures for prior periods have been reclassified to conform with current year presentation.
9


Adoption of New Accounting Standards
Reference Rate Reform
In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (ASU 2020-04). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company's adoption of this ASU 2020-04 on January 1, 2022 did not have a material impact on the Company's consolidated financial statements. The Company transitioned from LIBOR to the Sterling Overnight Index Average Reference Rate ("SONIA") plus a SONIA adjustment of 0.0326% for sterling borrowings, the Euro Interbank Offered Rate ("EURIBOR") for term euro borrowings, the Euro Short Term Rate ("ESTR") plus an ESTR adjustment of 0.085% for swingline euro borrowings, and the Tokyo Interbank Offered Rate ("TIBOR") for yen borrowings. In addition, the Company transitioned from LIBOR to the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 0.10% for USD borrowings under the Securitization Facility (as defined below), revolving credit facility and the term loan A. The Company has availed itself of available benefits arising from changes in the reference rate related to our debt and interest rate swaps. Cross currency derivatives are not impacted by this ASU.
Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805)" (ASU 2021-08), which requires an acquirer to account for revenue contracts acquired in a business combination in accordance with ASC 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired contracts. This update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption is permitted, including adoption in an interim period. Adoption during an interim period requires retrospective application to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. The Company's adoption of this ASU on January 1, 2022 did not have a material impact on the Company's consolidated financial statements.
2. Accounts and Other Receivables
The Company's accounts and securitized accounts receivable include the following at September 30, 2022 and December 31, 2021 (in thousands):
September 30, 2022December 31, 2021
Gross domestic accounts receivable$1,004,713 $994,063 
Gross domestic securitized accounts receivable1,482,000 1,118,000 
Gross foreign receivables1,313,943 897,930 
Total gross receivables3,800,656 3,009,993 
Less allowance for credit losses(134,027)(98,719)
Net accounts and securitized accounts receivable$3,666,629 $2,911,274 
The Company maintains a $1.7 billion revolving trade accounts receivable securitization facility (as amended from time to time, the "Securitization Facility"). Accounts receivable collateralized within our Securitization Facility primarily relate to trade receivables resulting from charge card activity in the U.S. Pursuant to the terms of the Securitization Facility, the Company transfers certain of its domestic receivables, on a revolving basis, to FLEETCOR Funding LLC (Funding), a wholly-owned bankruptcy remote subsidiary. In turn, Funding transfers, without recourse, on a revolving basis, an undivided ownership interest in this pool of accounts receivable to multi-seller banks and asset-backed commercial paper conduits (Conduit). Funding maintains a subordinated interest, in the form of over-collateralization, in a portion of the receivables sold. Purchases by the Conduit are 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. The Company has agreed to continue servicing the sold receivables for the financial institution at market rates, which approximates the Company’s cost of servicing. The Company retains a residual interest in the transferred asset as a form of credit enhancement. The residual interest’s fair value approximates carrying value due to its short-term nature. Funding determines the level of funding achieved by the sale of trade accounts receivable, subject to a maximum amount.
The Company’s 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
10

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. On August 18, 2022, the Company entered into the eleventh amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.6 billion to $1.7 billion, reduced the program fee margin and extended the maturity of the Securitization Facility to August 18, 2025.
A rollforward of the Company’s allowance for credit losses related to accounts receivable for the nine months ended September 30, 2022 and 2021 is as follows (in thousands):
20222021
Allowance for credit losses beginning of period$98,719 $86,886 
Provision for credit losses89,976 19,419 
Write-offs(58,284)(24,563)
Recoveries5,329 11,519 
Impact of foreign currency(1,713)(2,537)
Allowance for credit losses end of period$134,027 $90,724 
3. Fair Value Measurements
A three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: 
Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets.
Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
11


The following table presents the Company’s financial assets and liabilities which are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands):
Fair ValueLevel 1Level 2Level 3
September 30, 2022
Assets:
Repurchase agreements$93,152 $ $93,152 $ 
Money market242,717  242,717  
Certificates of deposit30,468  30,468  
Interest Rate Swaps 12,932  12,932  
       Foreign exchange contracts 484,748  484,748  
Total assets$864,017 $ $864,017 $ 
Cash collateral for foreign exchange contracts$112,529 $ $ $ 
Liabilities:
       Foreign exchange contracts 464,576  464,576  
Total liabilities$464,576 $