WEX (WEX) 10-Q24 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-32426
Entity Registrant Name	WEX Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0526993
Entity Address, Address Line One	1 Hancock St.,
Entity Address, City or Town	Portland,
Entity Address, State or Province	ME
Entity Address, Postal Zip Code	04101
City Area Code	207
Local Phone Number	773–8171
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	WEX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,783,314
Entity Central Index Key	0001309108
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 665.5	$ 651.4	$ 1,991.6	$ 1,884.7
Cost of services
Processing costs	156	156.4	489	451.7
Service fees	20.7	18.5	62.4	54.7
Provision for credit losses	9.7	9.4	52.6	77.5
Operating interest	28.3	25.3	77.6	57.6
Depreciation and amortization	34.6	25.5	98.6	75.9
Total cost of services	249.2	235.1	780.2	717.4
General and administrative	92.1	116.6	281.6	311.7
Sales and marketing	80.9	82.8	259.9	241.6
Depreciation and amortization	46.9	42	140.9	125.4
Operating income	196.4	174.9	529	488.6
Financing interest expense, net of financial instruments	(58.4)	(49.4)	(178.5)	(142.5)
Change in fair value of contingent consideration	(0.1)	(3.2)	(3.5)	(6.2)
Loss on extinguishment of Convertible Notes	0	(70.1)	0	(70.1)
Net foreign currency gain (loss)	3.2	(7.8)	(9.7)	(9.4)
Income before income taxes	141.1	44.4	337.2	260.4
Income tax expense	38.2	26	91.6	78.7
Net income	$ 102.9	$ 18.4	$ 245.7	$ 181.7
Net income per share:
Basic (in dollars per share)	$ 2.56	$ 0.43	$ 5.95	$ 4.23
Diluted (in dollars per share)	$ 2.52	$ 0.42	$ 5.89	$ 4.18
Weighted average common shares outstanding:
Basic (in shares)	40.3	42.9	41.3	43
Diluted (in shares)	40.8	43.4	41.7	43.5
Payment processing revenue
Revenues
Total revenues	$ 309.9	$ 313.3	$ 930.3	$ 901.9
Account servicing revenue
Revenues
Total revenues	174.6	161.5	516.5	475.1
Finance fee revenue
Revenues
Total revenues	70.5	77.1	218.6	234.2
Other revenue
Revenues
Total revenues	$ 110.5	$ 99.5	$ 326.3	$ 273.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 102.9	$ 18.4	$ 245.7	$ 181.7
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale debt securities	104.1	(55.8)	68.9	(63.5)
Foreign currency translation	31.3	(22)	14.5	(15.7)
Other comprehensive income (loss), net of tax	135.4	(77.8)	83.4	(79.2)
Total comprehensive income (loss)	$ 238.3	$ (59.4)	$ 329.1	$ 102.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 535.4	$ 975.8
Restricted cash	776.4	1,254.2
Accounts receivable, net	3,770.4	3,428.5
Investment securities	3,722.6	3,022.1
Securitized accounts receivable, restricted	133.3	129.4
Prepaid expenses and other current assets	171.4	125.3
Total current assets	9,109.4	8,935.3
Property, equipment and capitalized software (net of accumulated depreciation of $629.3 in 2024 and $544.2 in 2023)	261.3	242.9
Goodwill	3,024.9	3,015.7
Other intangible assets (net of accumulated amortization of $1,513.2 in 2024 and $1,359.1 in 2023)	1,313.8	1,458.7
Investment securities	73.7	66.8
Deferred income taxes, net	16	13.7
Other assets	162.2	149
Total assets	13,961.4	13,882.1
Liabilities and Stockholders’ Equity
Accounts payable	1,365.5	1,479.1
Accrued expenses and other current liabilities	679.9	802.7
Restricted cash payable	775.7	1,253.5
Short-term deposits	4,461.5	3,942.8
Short-term debt, net	1,435.4	1,041.1
Total current liabilities	8,718.1	8,519.2
Long-term debt, net	3,143.3	2,827.5
Long-term deposits	0	129.8
Deferred income taxes, net	137.6	129.5
Other liabilities	285	455.5
Total liabilities	12,284	12,061.5
Stockholders’ Equity
Common stock $0.01 par value; 175.0 shares authorized; 50.3 shares issued in 2024 and 49.9 in 2023; 39.8 shares outstanding in 2024 and 41.9 in 2023	0.5	0.5
Additional paid-in capital	1,068.3	1,053
Retained earnings	2,002.8	1,757.1
Accumulated other comprehensive loss	(145.8)	(229.2)
Treasury stock at cost; 10.5 and 8.0 shares in 2024 and 2023, respectively	(1,248.3)	(760.8)
Total stockholders’ equity	1,677.5	1,820.6
Total liabilities and stockholders’ equity	$ 13,961.4	$ 13,882.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Property, equipment and capitalized software, accumulated depreciation	$ 629.3	$ 544.2
Accumulated amortization	$ 1,513.2	$ 1,359.1
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	175	175
Common stock, shares issued (in shares)	50.3	49.9
Common stock, shares, outstanding (in shares)	39.8	41.9
Treasury stock, shares (in shares)	10.5	8

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock Issued	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022		49.6
Beginning balance at Dec. 31, 2022	$ 1,649.5	$ 0.5	$ 928	$ 1,490.5	$ (306.3)	$ (463.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under share-based compensation plans (in shares)		0.1
Stock issued under share-based compensation plans	6.3		6.3
Share repurchases for tax withholdings	(8.8)		(8.8)
Repurchases of common stock	(92.8)					(92.8)
Stock-based compensation expense	25.3		25.3
Unrealized (loss) gain on available-for-sale debt securities	22.2				22.2
Foreign currency translation	0.8				0.8
Net income	68			68
Ending balance (in shares) at Mar. 31, 2023		49.7
Ending balance at Mar. 31, 2023	1,670.5	$ 0.5	950.8	1,558.5	(283.3)	(556)
Beginning balance (in shares) at Dec. 31, 2022		49.6
Beginning balance at Dec. 31, 2022	1,649.5	$ 0.5	928	1,490.5	(306.3)	(463.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock						(146)
Foreign currency translation	(15.7)
Net income	181.7
Ending balance (in shares) at Sep. 30, 2023		49.9
Ending balance at Sep. 30, 2023	1,696.3	$ 0.5	1,018.3	1,672.2	(385.5)	(609.2)
Beginning balance (in shares) at Mar. 31, 2023		49.7
Beginning balance at Mar. 31, 2023	1,670.5	$ 0.5	950.8	1,558.5	(283.3)	(556)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under share-based compensation plans (in shares)		0.1
Stock issued under share-based compensation plans	1.2		1.2
Share repurchases for tax withholdings	(6.6)		(6.6)
Repurchases of common stock	(3.2)					(3.2)
Stock-based compensation expense	35.9		35.9
Unrealized (loss) gain on available-for-sale debt securities	(29.9)				(29.9)
Foreign currency translation	5.5				5.5
Net income	95.3			95.3
Ending balance (in shares) at Jun. 30, 2023		49.8
Ending balance at Jun. 30, 2023	1,768.7	$ 0.5	981.3	1,653.8	(307.7)	(559.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under share-based compensation plans (in shares)		0.1
Stock issued under share-based compensation plans	8.1		8.1
Share repurchases for tax withholdings	(1.6)		(1.6)
Repurchases of common stock	(50)					(50)
Stock-based compensation expense	30.5		30.5
Unrealized (loss) gain on available-for-sale debt securities	(55.8)				(55.8)
Foreign currency translation	(22)				(22)
Net income	18.4			18.4
Ending balance (in shares) at Sep. 30, 2023		49.9
Ending balance at Sep. 30, 2023	$ 1,696.3	$ 0.5	1,018.3	1,672.2	(385.5)	(609.2)
Beginning balance (in shares) at Dec. 31, 2023	49.9	49.9
Beginning balance at Dec. 31, 2023	$ 1,820.6	$ 0.5	1,053	1,757.1	(229.2)	(760.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under share-based compensation plans (in shares)		0.4
Stock issued under share-based compensation plans	12.3		12.3
Share repurchases for tax withholdings	(28.2)		(28.2)
Repurchases of common stock	(73.6)					(73.6)
Stock-based compensation expense	28.1		28.1
Unrealized (loss) gain on available-for-sale debt securities	(25.7)				(25.7)
Foreign currency translation	(21.6)				(21.6)
Net income	65.8			65.8
Ending balance (in shares) at Mar. 31, 2024		50.3
Ending balance at Mar. 31, 2024	$ 1,777.7	$ 0.5	1,065.2	1,822.9	(276.5)	(834.4)
Beginning balance (in shares) at Dec. 31, 2023	49.9	49.9
Beginning balance at Dec. 31, 2023	$ 1,820.6	$ 0.5	1,053	1,757.1	(229.2)	(760.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock						(487.5)
Foreign currency translation	14.5
Net income	$ 245.7
Ending balance (in shares) at Sep. 30, 2024	50.3	50.3
Ending balance at Sep. 30, 2024	$ 1,677.5	$ 0.5	1,068.3	2,002.8	(145.8)	(1,248.3)
Beginning balance (in shares) at Mar. 31, 2024		50.3
Beginning balance at Mar. 31, 2024	1,777.7	$ 0.5	1,065.2	1,822.9	(276.5)	(834.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under share-based compensation plans	2.6		2.6
Share repurchases for tax withholdings	(1.6)		(1.6)
Repurchases of common stock	(100.8)					(100.8)
Stock-based compensation expense	33.4		33.4
Unrealized (loss) gain on available-for-sale debt securities	(9.5)				(9.5)
Foreign currency translation	4.8				4.8
Net income	77			77
Ending balance (in shares) at Jun. 30, 2024		50.3
Ending balance at Jun. 30, 2024	1,783.5	$ 0.5	1,099.6	1,899.9	(281.2)	(935.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under share-based compensation plans	1.5		1.5
Share repurchases for tax withholdings	(1.5)		(1.5)
Repurchases of common stock	(373.1)		(60)			(313.1)
Stock-based compensation expense	28.7		28.7
Unrealized (loss) gain on available-for-sale debt securities	104.1				104.1
Foreign currency translation	31.3				31.3
Net income	$ 102.9			102.9
Ending balance (in shares) at Sep. 30, 2024	50.3	50.3
Ending balance at Sep. 30, 2024	$ 1,677.5	$ 0.5	$ 1,068.3	$ 2,002.8	$ (145.8)	$ (1,248.3)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended				9 Months Ended		12 Months Ended
		Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities
Net income		$ 102.9	$ 65.8	$ 18.4	$ 68	$ 245.7	$ 181.7
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of contingent consideration						3.5	6.2
Stock-based compensation						90.1	91.7
Depreciation and amortization						239.5	201.3
Provision for credit losses		9.7		9.4		52.6	77.5
Loss on extinguishment of Convertible Notes		0		70.1		0	70.1
Other non-cash adjustments						6.9	43.3
Net change in operating assets and liabilities, net of effects of business acquisitions						(795.4)	(525.8)
Net cash (used for) provided by operating activities						(157)	146
Cash flows from investing activities
Purchases of property, equipment and capitalized software						(108.6)	(101.7)
Purchase of other investments						(18)	(5)
Purchases of available-for-sale debt securities						(900.9)	(1,448.6)
Sales and maturities of available-for-sale debt securities						309.4	144.1
Acquisition of intangible assets						(5.1)	(4.5)
Acquisitions, net of cash and restricted cash acquired						(0.9)	(155.7)
Net cash used for investing activities						(724)	(1,571.4)
Cash flows from financing activities
Repurchases of common stock						(543.6)	(152.6)
Net change in deposits						388.8	889.9
Net change in restricted cash payable						(480.4)	213.1
Borrowings on revolving credit facility						6,063.4	2,479.7
Repayments on revolving credit facility						(5,771.1)	(2,008.1)
Borrowings on term loans						68.3	0
Repayments on term loans						(45.2)	(47.5)
Repurchase of Convertible Notes						0	(368.9)
Advances from the FHLB						570	0
Repayments to the FHLB						(200)	0
Borrowings on BTFP						1,570	750
Repayments on BTFP						(1,635)	(250)
Net change in borrowed federal funds						80	260.1
Net borrowings (repayments) on other debt						10.9	(4.8)
Payments of deferred and contingent consideration						(93.7)	(52.2)
Other financing activities						(23.5)	(3.4)
Net cash (used for) provided by financing activities						(41.1)	1,705.3
Effect of exchange rates on cash, cash equivalents and restricted cash						3.9	(22.8)
Net change in cash, cash equivalents and restricted cash						(918.2)	257.1
Cash, cash equivalents and restricted cash at beginning of period	[1]		2,230		1,859.8	2,230	1,859.8	$ 1,859.8
Cash, cash equivalents and restricted cash at end of period	[1]	1,311.8		2,116.9		1,311.8	2,116.9	2,230
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents at beginning of period			975.8		922	975.8	922	922
Restricted cash at beginning of period			1,254.2		937.8	1,254.2	937.8	937.8
Cash, cash equivalents and restricted cash at beginning of period	[1]		$ 2,230		$ 1,859.8	2,230	1,859.8	1,859.8
Cash and cash equivalents at end of period		535.4		957.8		535.4	957.8	975.8
Restricted cash at end of period		776.4		1,159.1		776.4	1,159.1	1,254.2
Cash, cash equivalents and restricted cash at end of period	[1]	$ 1,311.8		$ 2,116.9		$ 1,311.8	$ 2,116.9	$ 2,230

[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within our condensed consolidated balance sheets to amounts within our condensed consolidated statements of cash flows. Nine Months Ended September 30, 2024 2023 Cash and cash equivalents at beginning of period $ 975.8 $ 922.0 Restricted cash at beginning of period 1,254.2 937.8 Cash, cash equivalents and restricted cash at beginning of period $ 2,230.0 $ 1,859.8 Cash and cash equivalents at end of period $ 535.4 $ 957.8 Restricted cash at end of period 776.4 1,159.1 Cash, cash equivalents and restricted cash at end of period $ 1,311.8 $ 2,116.9

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying condensed consolidated financial statements, which include the accounts of WEX Inc. and its subsidiaries, have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10–Q and Rule 10–01 of Regulation S–X. Accordingly, they exclude certain disclosures required by GAAP for a complete set of financial statements. Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q to “WEX,” the “Company,” “we” or “our” refer to WEX Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation in accordance with GAAP have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results for any future periods or the year ending December 31, 2024. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements that are included in the Company’s Annual Report on Form 10–K for the year ended December 31, 2023, filed with the SEC on February 23, 2024 (“2023 Annual Report”). We have applied the same accounting policies in preparing these quarterly financial statements as we did in preparing our 2023 annual financial statements. The Company rounds amounts in the condensed consolidated financial statements to millions and calculates all percentages and per-share data from underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot or recalculate based on reported numbers due to rounding. We have included certain terms and abbreviations used throughout this Quarterly Report on Form 10-Q within “Acronyms and Abbreviations” in the front of this document. Change in Reporting Presentation Previously, realized gains and losses from periodic settlements on our interest rate swap contracts were included within financing interest expense, while the quarterly unrealized gains and losses from the noncash mark-to-market of our swaps were separately presented on the face of the consolidated statement of operations. During the fourth quarter of 2023, the Company made a voluntary change in accounting presentation to reflect the unrealized gains and losses from changes in the value of our swaps within financing interest expense, net of financial instruments. Prior period amounts have been reclassified to conform to the current year presentation. Certain prior year amounts within cash flows from operating activities in the condensed consolidated statement of cash flows have been aggregated to conform to the current year presentation.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements as of and for the nine months ended September 30, 2024, are consistent with those discussed in “Note 1, Basis of Presentation and Summary of Significant Accounting Policies” to the consolidated financial statements in our 2023 Annual Report. Recent Accounting Pronouncements The Company evaluates all ASUs recently issued by the FASB for consideration of their applicability. Any recently issued ASUs not listed in the following table were assessed and determined to either not be applicable, or have not had, or are not expected to have, a material impact on our condensed consolidated financial statements. The Company did not adopt any accounting standards during the nine months ended September 30, 2024. Standard Description Date/Method of Adoption Effect on financial statements or other significant matters ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this ASU require enhanced disclosures about significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. In addition, this ASU expands certain annual disclosures about a reportable segment’s profit or loss and assets to interim periods. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 31, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. The adoption of this ASU is not expected to have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 31, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, however, retrospective application is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. The adoption of this ASU is not expected to have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows.

Revenues

Revenues	9 Months Ended
Revenues	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	3. Revenues In accordance with Topic 606, revenue is recognized when, or as, performance obligations are satisfied as defined by the terms of the contract, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services provided. The following tables disaggregate the Company’s consolidated revenues, substantially all of which relate to services transferred to the customer over time: Three Months Ended September 30, 2024 (in millions) Mobility Corporate Payments Benefits Total Topic 606 revenues Payment processing revenue $ 183.2 $ 104.8 $ 21.9 $ 309.9 Account servicing revenue 10.0 15.5 110.0 135.5 Other revenue 25.8 — 7.8 33.6 Total Topic 606 revenues $ 219.0 $ 120.3 $ 139.7 $ 479.0 Non-Topic 606 revenues 138.1 6.6 41.7 186.4 Total revenues $ 357.2 $ 126.9 $ 181.5 $ 665.5 Three Months Ended September 30, 2023 (in millions) Mobility Corporate Payments Benefits Total Topic 606 revenues Payment processing revenue $ 176.9 $ 115.8 $ 20.6 $ 313.3 Account servicing revenue 5.4 10.5 108.5 124.4 Other revenue 24.7 — 6.9 31.6 Total Topic 606 revenues $ 207.0 $ 126.3 $ 136.0 $ 469.3 Non-Topic 606 revenues 143.1 8.9 30.1 182.1 Total revenues $ 350.1 $ 135.2 $ 166.1 $ 651.4 Nine Months Ended September 30, 2024 (In millions) Mobility Corporate Payments Benefits Total Topic 606 revenues Payment processing revenue $ 531.1 $ 324.2 $ 75.0 $ 930.3 Account servicing revenue 28.7 35.8 335.5 400.0 Other revenue 75.6 — 21.2 96.8 Total Topic 606 revenues $ 635.4 $ 360.0 $ 431.7 $ 1,427.1 Non-Topic 606 revenues 420.2 23.5 120.9 564.6 Total revenues $ 1,055.6 $ 383.5 $ 552.5 $ 1,991.6 Nine Months Ended September 30, 2023 (In millions) Mobility Corporate Payments Benefits Total Topic 606 revenues Payment processing revenue $ 520.6 $ 310.6 $ 70.7 $ 901.9 Account servicing revenue 14.3 31.7 319.8 365.8 Other revenue 69.2 — 20.9 90.1 Total Topic 606 revenues $ 604.1 $ 342.3 $ 411.4 $ 1,357.8 Non-Topic 606 revenues 428.5 19.6 78.8 526.9 Total revenues $ 1,032.6 $ 361.9 $ 490.2 $ 1,884.7 Contract Balances The majority of the Company’s receivables, which are excluded from the table below, are either due from cardholders who have not been deemed our customer as it relates to interchange income, or from revenues earned outside of the scope of Topic 606. The Company’s contract assets consist of upfront payments to customers under long-term contracts and are recorded upon the later of when the Company recognizes revenue for the transfer of the related goods or services or when the Company pays or promises to pay the consideration. The resulting asset is amortized against revenue as the Company satisfies its performance obligations under these arrangements. The Company’s contract liabilities consist of customer payments received before the Company has satisfied the associated performance obligations. The following table provides information about these contract balances: (in millions) Contract balance Location on the condensed consolidated balance sheets September 30, 2024 December 31, 2023 Receivables Accounts receivable, net $ 53.9 $ 59.1 Contract assets Prepaid expenses and other current assets 19.8 11.5 Contract assets Other assets 28.3 33.1 Contract liabilities Accrued expenses and other current liabilities 31.4 12.4 Contract liabilities Other liabilities 54.7 83.0 During the three and nine months ended September 30, 2024, the Company recognized revenue of $6.1 million and $18.6 million, respectively, related to contract liabilities existing as of December 31, 2023. Remaining Performance Obligations The Company’s unsatisfied or partially unsatisfied performance obligations as of September 30, 2024 represent the remaining minimum monthly fees on a portion of contracts across the lines of business, deferred revenue associated with stand ready payment processing obligations and contractually obligated professional services yet to be provided by the Company. The total remaining performance obligations below are not indicative of the Company’s future revenue, as they relate to an insignificant portion of the Company’s operations. The following table includes revenue expected to be recognized related to remaining performance obligations at the end of the indicated reporting period. (in millions) Remaining 2024 2025 2026 2027 2028 2029 Thereafter Total Minimum monthly fees 1 $ 19.9 $ 46.1 $ 25.8 $ 8.2 $ 5.5 $ 2.2 $ — $ 107.6 Other 2 14.4 34.5 30.8 26.8 6.3 0.2 — 112.9 Total remaining performance obligations $ 34.2 $ 80.6 $ 56.6 $ 35.0 $ 11.8 $ 2.4 $ — $ 220.5 (1) The transaction price allocated to the remaining performance obligations represents the minimum monthly fees on certain service contracts, which contain substantive termination penalties that require the counterparty to pay the Company for the aggregate remaining minimum monthly fees upon an early termination for convenience. These obligations will be recognized within account servicing revenue. (2) Substantially represents deferred revenue and contractual minimums associated with payment processing service obligations. Consideration associated with certain relationships is variable and the measurement and estimation of contract consideration is contingent upon payment processing volumes and maintaining volume shares, among others.

Acquisitions and Other Investme

Acquisitions and Other Investments	9 Months Ended
Acquisitions and Other Investments	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Other Investments	4. Acquisitions and Other Investments Business Combinations 2023 Payzer Acquisition On November 1, 2023, the Company closed on the acquisition of Payzer Holdings, Inc. (“Payzer”), a cloud-based, field service management software provider (the “Payzer Acquisition”). The acquisition is expected to advance WEX’s growth strategy of expanding its product suite and creating additional cross-sell opportunities by providing a new, scalable SaaS solution for its Mobility segment customers that operate field service management companies. Pursuant to the terms of the agreement, total initial consideration for the acquisition approximated $250.0 million ($5.5 million of which was deferred), with additional contingent consideration of up to $11.0 million based on certain performance metrics, subject to certain working capital and other adjustments. During the third quarter of 2024, the Company settled the additional contingent consideration for a total of $5.6 million with no further consideration contingently payable. The table below summarizes the preliminary allocation of fair value to the assets acquired and liabilities assumed on the date of acquisition under the acquisition method of accounting. These fair values continue to be revised during the measurement period as third-party valuations on the intangible assets are finalized, further information becomes available and additional analyses are performed, and those adjustments could have a material impact on the purchase price allocation. (in millions) As Reported Measurement Period Adjustments As Reported Cash consideration transferred, net o f $4.5 million in cash acquired $ 244.0 $ — $ 244.0 Less: Accounts receivable 2.4 — 2.4 Customer relationships (1)(5) 40.4 — 40.4 Developed technology (2)(5) 17.2 — 17.2 Strategic partner relationships (3)(5) 4.5 — 4.5 Trademark (4)(5) 1.4 — 1.4 Other current and long-term assets 1.4 — 1.4 Accrued expenses and other current liabilities (1.8) — (1.8) Deferred tax liability (6.5) 3.0 (3.5) Contingent/deferred consideration (7.1) — (7.1) Other liabilities (0.9) — (0.9) Recorded goodwill $ 193.0 $ (3.0) $ 190.0 (1) Weighted average useful life - 4.7 years (2) Weighted average useful life - 2.4 years (3) Weighted average useful life - 2.5 years (4) Weighted average useful life - 2.8 years (5) The weighted average useful life of all amortizable intangible assets acquired in this business combination is 3.9 years Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring the business. The goodwill recognized as a result of the Payzer Acquisition is not expected to be deductible for tax purposes. No pro forma information has been included in these financial statements, as the operations of Payzer for the period that it was not part of the Company is not material to the Company’s revenues, net income or earnings per share. 2023 Ascensus Acquisition On September 1, 2023, WEX Health completed the acquisition from Ascensus, LLC (the “Ascensus Acquisition”) of certain entities (the “Ascensus Acquired Entities”), which comprised the health and benefits business of Ascensus and are technology-enabled providers of employee health benefit accounts including HSAs, FSAs, and other benefit accounts. The Ascensus Acquisition expands WEX’s footprint in the Benefits segment, while also enhancing and expanding Affordable Care Act compliance and verification capabilities. Pursuant to the terms of the agreement, WEX Health consummated the acquisition for total consideration of approximately $185.5 million, after a $0.9 million working capital adjustment paid by the Company during the first quarter of 2024. The table below summarizes the final allocation of fair value to the assets acquired and liabilities assumed on the date of acquisition under the acquisition method of accounting. (in millions) As Reported Measurement Period Adjustments As Reported Cash consideration transferred, net of $26.7 million in cash and restricted cash acquired $ 158.0 $ 0.9 $ 158.9 Less: Accounts receivable 7.3 — 7.3 Customer relationships (1)(5) 52.1 — 52.1 Developed technology (2)(5) 6.6 — 6.6 Strategic partner relationships (3)(5) 14.0 — 14.0 Custodial rights (4)(5) 23.2 — 23.2 Other assets 3.8 — 3.8 Accrued expenses and other current liabilities (6.5) — (6.5) Restricted cash payable (25.7) — (25.7) Other liabilities (2.7) — (2.7) Recorded goodwill $ 85.9 $ 0.9 $ 86.8 (1) Weighted average life - 5.4 years (2) Weighted average life - 2.2 years (3) Weighted average life - 1.2 years (4) Weighted average life - 4.9 years (5) The weighted average useful life of all amortizable intangible assets acquired in this business combination is 4.4 years. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring the business. The goodwill recognized as a result of the acquisition is expected to be deductible for tax purposes. No pro forma information has been included in these financial statements, as the operations of the Ascensus Acquired Entities for the period that they were not part of the Company are not material to the Company’s revenues, net income or earnings per share.

Accounts Receivable, Net

Accounts Receivable, Net	9 Months Ended
Accounts Receivable, Net	Sep. 30, 2024
Receivables [Abstract]
Accounts Receivable, Net	5. Accounts Receivable, Net Accounts receivable consists of amounts billed to and due from customers across a wide range of industries and other third parties. The Company often extends short-term credit to cardholders by paying the merchant for the purchase price less the fees it retains and records as revenue, then subsequently collecting the total purchase price from the cardholder. The Company also extends revolving credit to certain small fleets. The Company had approximately $127.2 million and $133.3 million in gross receivables with revolving credit balances as of September 30, 2024 and December 31, 2023, respectively. The allowance for accounts receivable consists of reserves for both credit and fraud losses, reflecting management’s current estimate of uncollectible balances on its accounts receivable. The following tables present changes in the accounts receivable allowances by portfolio segment: Three Months Ended September 30, 2024 (in millions) Mobility Corporate Payments Benefits Total Balance, beginning of period $ 68.5 $ 10.6 $ 8.1 $ 87.2 Provision for credit losses (1) 7.8 1.7 0.1 9.6 Charges to other accounts (2) 5.2 — — 5.2 Charge-offs (25.3) (0.5) (0.1) (25.9) Recoveries of amounts previously charged-off 3.6 — — 3.6 Currency translation 0.4 0.3 — 0.7 Balance, end of period $ 60.3 $ 12.1 $ 8.1 $ 80.5 Three Months Ended September 30, 2023 (in millions) Mobility Corporate Payments Benefits Total Balance, beginning of period $ 96.2 $ 14.5 $ 1.3 $ 112.0 Provision for credit losses (1) 12.2 (3.9) 1.1 9.4 Charges to other accounts (2) 6.8 — 0.5 7.3 Charge-offs (32.1) (0.5) (0.2) (32.8) Recoveries of amounts previously charged-off 5.6 — — 5.6 Currency translation (0.3) (0.2) — (0.5) Balance, end of period $ 88.4 $ 9.9 $ 2.7 $ 101.0 Nine Months Ended September 30, 2024 (In millions) Mobility Corporate Payments Benefits Total Balance, beginning of period $ 72.8 $ 9.2 $ 8.1 $ 90.1 Provision for credit losses (1) 47.2 5.3 0.1 52.6 Charges to other accounts (2) 15.3 — — 15.3 Charge-offs (85.8) (2.6) (0.1) (88.5) Recoveries of amounts previously charged-off 10.7 — — 10.7 Currency translation 0.1 0.2 — 0.3 Balance, end of period $ 60.3 $ 12.1 $ 8.1 $ 80.5 Nine Months Ended September 30, 2023 (In millions) Mobility Corporate Payments Benefits Total Balance, beginning of period $ 94.6 $ 14.4 $ 0.8 $ 109.9 Provision for credit losses (1) 78.5 (2.5) 1.5 77.5 Charges to other accounts (2) 22.1 — 0.6 22.6 Charge-offs (122.8) (2.0) (0.2) (125.0) Recoveries of amounts previously charged-off 16.3 — — 16.3 Currency translation (0.3) — — (0.3) Balance, end of period $ 88.4 $ 9.9 $ 2.7 $ 101.0 (1) The provision is comprised of estimated credit losses based on the Company’s loss-rate experience and includes adjustments required for forecasted credit loss information. The provision for credit losses reported within this table also includes the provision for fraud losses. (2) Consists primarily of charges to other accounts. The Company earns revenue by assessing monthly finance fees on accounts with overdue balances. These fees are recognized as revenue at the time the fees are assessed. The finance fee is calculated using the greater of a minimum charge or a stated late fee rate multiplied by the outstanding balance that is subject to a late fee charge. On occasion, these fees are waived to maintain relationship goodwill. Charges to other accounts substantially represent the offset against the late fee revenue recognized when the Company establishes a reserve for such waived amounts. Concentration of Credit Risk The receivables portfolio primarily consists of a large group of homogeneous balances across a wide range of industries, which are collectively evaluated for impairment. No individual customer had a receivable balance representing 10 percent or more of the outstanding receivables balance at September 30, 2024 or December 31, 2023. The following table presents the outstanding balance of trade accounts receivable that are less than 30 and 60 days past due, shown in each case as a percentage of total trade accounts receivable: Delinquency Status September 30, 2024 December 31, 2023 Less than 30 days past due 98 % 98 % Less than 60 days past due 99 % 99 %

Repurchases of Common Stock

Repurchases of Common Stock	9 Months Ended
Repurchases of Common Stock	Sep. 30, 2024
Equity [Abstract]
Repurchases of Common Stock	6. Repurchases of Common Stock Under share buyback plans, which may be authorized by our board of directors from time to time, the Company may repurchase up to specified dollar values of shares of its common stock through open market purchases, privately negotiated transactions, accelerated share repurchase programs, issuer self-tender offers or other methods approved by our board of directors. During the third quarter of 2024, we entered into an ASR agreement with JPMorgan Chase Bank, National Association (“JPMorgan”) to repurchase an aggregate of $300.0 million of the Company’s outstanding common stock (the “2024 ASR”). The Company accounted for the 2024 ASR as two separate transactions, with the initial delivery of shares accounted for as a treasury stock transaction and the undelivered shares as a forward contract indexed to our common stock. Under the 2024 ASR, the Company made an initial payment of $300.0 million to JPMorgan for which we received an initial delivery of approximately 1.3 million shares of our common stock, representing approximately 80 percent of the total shares of WEX common stock expected to be repurchased under the ASR agreement. The payment was initially recorded as $240.0 million of treasury stock, based on the 80 percent initial share delivery, and a $60.0 million temporary reduction to additional paid-in capital until final settlement of the 2024 ASR, which is expected to be completed during the fourth quarter of 2024. During the three and nine months ended September 30, 2024 and 2023, under our existing previously approved and announced repurchase program, the Company repurchased the following shares as treasury stock, inclusive of the settled share repurchases under the 2024 ASR: (In millions) Shares Total Cost 1 Three months ended September 30, 2024 1.7 $ 313.1 Nine months ended September 30, 2024 2.5 $ 487.5 Three months ended September 30, 2023 0.3 $ 50.0 Nine months ended September 30, 2023 0.8 $ 146.0 1 Reflects the applicable one percent excise tax imposed by the Inflation Reduction Act of 2022 on the net value of certain stock repurchases.

Earnings per Share

Earnings per Share	9 Months Ended
Earnings per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	7. Earnings per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock and vested DSUs outstanding during the year. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that diluted earnings per share includes the impact of convertible securities under the “if-converted” method if the effect of such securities would be dilutive and includes the assumed exercise of dilutive options, the assumed issuance of unvested RSUs, performance-based awards for which the performance condition has been met as of the date of determination and contingently issuable shares that would be issuable if the end of the reporting period was the end of the contingency period, using the treasury stock method unless the effect is anti-dilutive. The treasury stock method assumes that proceeds, including cash received from the exercise of employee stock options and the average unrecognized compensation expense for unvested share-based compensation awards, would be used to purchase the Company’s common stock at the average market price during the period. The following table presents net income and reconciles basic and diluted shares outstanding used in the earnings per share computations: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Net income $ 102.9 $ 18.4 $ 245.7 $ 181.7 Weighted average common shares outstanding – Basic 40.3 42.9 41.3 43.0 Dilutive impact of share-based compensation awards (1) 0.5 0.5 0.5 0.5 Weighted average common shares outstanding – Diluted (2) 40.8 43.4 41.7 43.5 (1) For the three and nine months ended September 30, 2024, 0.4 million and 0.3 million, respectively, of outstanding share-based compensation awards were excluded from the computation of diluted earnings per share under the treasury stock method, as the effect of including those shares would be anti-dilutive. For the three and nine months ended September 30, 2023, 0.4 million of outstanding share-based compensation awards were excluded from the computation of diluted earnings per share under the treasury stock method, as the effect of including those shares would be anti-dilutive. (2) Under the “if-converted” method, shares of the Company’s common stock associated with the assumed conversion of the Convertible Notes were excluded from diluted shares for the three and nine months ended September 30, 2023 as the effect of including such shares would have been anti-dilutive. During August 2023, the Company repurchased all of the Company’s outstanding Convertible Notes. For further information regarding the Convertible Notes and their repurchase and cancellation, see Note 10, Financing and Other Debt. During the third quarter of 2024, the Company entered into an ASR agreement with JPMorgan. During the three months ended September 30, 2024, the Company recorded the initial delivery of shares in treasury stock at cost, which resulted in an immediate reduction of its outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share. Had the 2024 ASR been settled as of September 30, 2024, determined based on the average of the daily volume-weighted average prices of the Company’s common stock per share since its effective date, JPMorgan would have been required to deliver additional estimated shares to the Company. The effect of the potential share settlement under the 2024 ASR was excluded from the computation of diluted earnings per share as its inclusion would have been anti-dilutive. See Note 6, Repurchases of Common Stock, for further information about the 2024 ASR.

Derivative Instruments

Derivative Instruments	9 Months Ended
Derivative Instruments	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	8. Derivative Instruments Interest Rate Swap Contracts From time to time, the Company enters into interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. Such contracts are intended to economically hedge the reference rate component of future interest payments associated with outstanding borrowings under the Company’s Amended and Restated Credit Agreement. The following table presents information on interest rate swap gains and losses incurred and recognized within financing interest expense, net of financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023. The Company had no interest rate swap contracts outstanding during the three and nine months ended September 30, 2024. Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2023 Unrealized loss on interest rate swaps $ 6.9 $ 19.4 Realized gain on interest rate swaps (12.3) (36.0) Financing interest expense 54.8 159.1 Financing interest expense, net of financial instruments $ 49.4 $ 142.5 Contingent Consideration Derivative Liability At September 30, 2024 and December 31, 2023, the Company had a contingent consideration derivative liability associated with its asset acquisition from Bell Bank. See Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk, for further discussion of this derivative and for more information regarding the valuation of the Company’s derivatives.

Deposits

Deposits	9 Months Ended
Deposits	Sep. 30, 2024
Banking and Thrift, Interest [Abstract]
Deposits	9. Deposits WEX Bank’s regulatory status enables it to raise capital to fund the Company’s working capital requirements by issuing deposits, subject to FDIC rules governing minimum financial ratios. See Note 18, Supplementary Regulatory Capital Disclosure, for further information concerning these FDIC requirements. WEX Bank accepts its deposits through certain customers as required collateral for credit that has been extended (“customer deposits”) and contractual arrangements for brokered and non-brokered certificate of deposit and money market deposit products. Additionally, WEX Bank holds deposits for the benefit of WEX Inc.’s HSA customers subject to the terms of a deposit agreement. Customer deposits are generally non-interest bearing, certificates of deposit are issued at fixed rates, money market deposits are issued at both fixed and variable interest rates based on the Federal Funds rate and HSA deposits are issued at rates as defined within the consumer account agreements. The following table presents the composition of deposits, which are classified as short-term or long-term based on their contractual maturities: (in millions) September 30, 2024 December 31, 2023 Customer deposits $ 263.9 $ 195.9 Contractual deposits with maturities within 1 year (1),(2) 375.3 500.8 Interest-bearing money market deposits 1 302.3 226.0 HSA deposits (3) 3,520.0 3,020.0 Short-term deposits $ 4,461.5 $ 3,942.8 Contractual deposits with maturities greater than 1 year (1),(2) — 129.8 Total deposits $ 4,461.5 $ 4,072.6 Weighted average cost of HSA deposits outstanding 0.11 % 0.11 % Weighted average cost of funds on contractual deposits outstanding 3.91 % 3.53 % Weighted average cost of interest-bearing money market deposits outstanding 5.01 % 5.47 % (1) As of September 30, 2024 and December 31, 2023, all certificates of deposit and money market deposits were in denominations of $250,000 or less, corresponding to FDIC deposit insurance limits. (2) Includes certificates of deposit and certain money market deposits, which have a fixed maturity and substantially fixed interest rates. (3) HSA deposits are recorded within short-term deposits on the condensed consolidated balance sheets as the funds can be withdrawn by the account holders at any time.

Financing and Other Debt

Financing and Other Debt	9 Months Ended
Financing and Other Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Financing and Other Debt	10. Financing and Other Debt The following tables summarize the Company’s total outstanding debt as of September 30, 2024 and December 31, 2023. As of September 30, 2024 As of December 31, 2023 (in millions) Balance Outstanding Interest Rate Balance Outstanding Interest Rate Short term debt: Securitized debt $ 96.5 5.68 % $ 101.9 5.85 % Participation debt 57.2 7.09 % 39.1 7.62 % FHLB advances 370.0 5.28 % — — % Borrowed federal funds 860.0 4.80 % 845.0 4.89 % Current portion of long-term debt (6) 51.7 55.1 Total short term debt, net $ 1,435.4 $ 1,041.1 ** Provided for the total Amended and Restated Credit Agreement borrowings below. Balance Outstanding at: (in millions) September 30, 2024 December 31, 2023 Long-term debt: Amended and Restated Credit Agreement (4) : Term A Loans due April 2026 (1) $ — $ 843.9 Term A-1 Loans due May 2029 (1) 877.5 — Term B Loans due April 2028 (2) — 1,402.3 Term B-1 Loans due April 2028 (3) 1,391.8 — Borrowings on Revolving Credit Facility due May 2029 (1) 954.3 662.0 Total long-term debt (5) 3,223.6 2,908.2 Less total unamortized debt issuance costs/discounts (28.6) (25.6) Less current portion of long-term debt (6) (51.7) (55.1) Long-term debt, net $ 3,143.3 $ 2,827.5 (1) Bears interest at variable rates, at the Company’s option, plus an applicable margin determined based on the Company’s consolidated leverage ratio. Outstanding borrowings under the Revolving Credit Facility are classified as long-term given they can be rolled forward with interest rate resets through maturity. (2) Bore interest at variable rates, at the Company’s option, plus an applicable margin, which was fixed at 1.25 percent for base rate borrowings and 2.25 percent with respect to Term SOFR borrowings. (3) Bears interest at variable rates, at the Company’s option, plus an applicable margin, which is fixed at 1.00 percent for base rate borrowings and 2.00 percent with respect to Term SOFR borrowings. (4) As of September 30, 2024 and December 31, 2023, amounts outstanding under the Amended and Restated Credit Agreement bore a weighted average effective interest rate of 6.6 percent and 7.3 percent, respectively. (5) See Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk for information regarding the fair value of the Company’s debt. (6) Current portion of long-term debt as of September 30, 2024 and December 31, 2023 is net of $7.3 million and $8.3 million in unamortized debt issuance costs/discounts, respectively. (in millions) September 30, 2024 December 31, 2023 Supplemental information under Amended and Restated Credit Agreement: Letters of credit (1) $ 39.4 $ 36.8 Remaining borrowing capacity on Revolving Credit Facility (2) $ 606.3 $ 731.2 (1) Primarily collateralizing Corporate Payments processing activity. (2) Borrowing capacity is contingent on maintaining compliance with the financial covenants as defined in the Company’s Amended and Restated Credit Agreement. As of September 30, 2024, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25 percent to 0.45 percent of the daily unused portion of the Revolving Credit Facility determined based on the Company’s consolidated leverage ratio. Prior to May 10, 2024, the date of the Fifth Amendment, the quarterly commitment fee ranged from 0.25 percent to 0.50 percent. The quarterly commitment fee in effect as of September 30, 2024 and December 31, 2023 was 0.25 percent . Amended and Restated Credit Agreement As of December 31, 2023, under the Amended and Restated Credit Agreement, we had senior secured tranche A term loans (the “Term A Loans”), senior secured tranche B term loans (the “Term B Loans”) and revolving credit commitments under the Revolving Credit Facility. On January 22, 2024, the Company and certain of its subsidiaries entered into the Fourth Amendment to the Amended and Restated Credit Agreement (the “Fourth Amendment”), which amended certain terms of the Amended and Restated Credit Agreement, as in effect prior to January 22, 2024, including without limitation to reprice the Term B Loans existing on January 22, 2024 through the issuance of new senior secured tranche B term loans (the “Term B-1 Loans”) in the same amount. The Term B-1 Loans bear interest at variable rates at the Company’s option, plus an applicable margin, which is fixed at 1.00 percent for base rate borrowings and 2.00 percent with respect to Term SOFR borrowings, representing a reduction from the fixed applicable margins of 1.25 percent and 2.25 percent respectively, for Term B Loans. Additionally, the Fourth Amendment removed the credit spread adjustment applicable to the tranche B term loans. No other substantive changes were made to the Amended and Restated Credit Agreement as part of the Fourth Amendment. On May 10, 2024, the Company and certain of its subsidiaries entered into the Fifth Amendment to the Amended and Restated Credit Agreement (the “Fifth Amendment”) and First Amendment to U.S. Security Agreement. The Fifth Amendment amended certain terms of the Amended and Restated Credit Agreement, as in effect prior to May 10, 2024, including without limitation to reprice the applicable interest margin, extend the maturity date of the tranche A term loans to May 10, 2029 and increase the size of the tranche A term loan facility to $900.0 million through the issuance of new senior secured tranche A term loans (the “Term A-1 Loans”). Further, the Fifth Amendment increased commitments under the Revolving Credit Facility to $1.6 billion, repriced the applicable interest margin for the Revolving Credit Facility, and extended the maturity date to May 10, 2029 for the Revolving Credit Facility. Convertible Notes The Company previously had issued Convertible Notes in an aggregate principal amount of $310.0 million to an affiliate of Warburg Pincus LLC. Interest on the Convertible Notes was calculated at a fixed rate of 6.5 percent per annum, payable semi-annually in arrears on January 15 and July 15 of each year. On August 11, 2023, the Company repurchased all of the outstanding $310.0 million aggregate principal amount of the Company’s Convertible Notes at 119 percent of par for a total purchase price of $370.4 million, inclusive of accrued and unpaid interest. At the time of repurchase, the net carrying amount of the Convertible Notes was $298.8 million, resulting in a loss on extinguishment of $70.1 million, which was recorded within nonoperating expense on the condensed consolidated statement of operations during the third quarter of 2023. Upon repurchase, the obligations of the Company to Warburg Pincus LLC were satisfied in full and the Convertible Notes were canceled by the trustee at the instruction of the Company. During the three and nine months ended September 30, 2023, the Company recognized interest expense of $2.6 million and $13.9 million, respectively. Securitization Facilities Under securitized debt agreements, each month on a revolving basis, the Company sells certain of its Australian and European receivables to bankruptcy-remote subsidiaries consolidated by the Company, which in turn use the receivables as collateral to issue securitized debt. Amounts collected on the securitized receivables are restricted to pay the securitized debt and are not available for general corporate purposes. The Company pays interest on the outstanding balance of the securitized debt based on variable interest rates plus an applicable margin. The Company’s securitized debt agreement for the securitization of its European receivables is with MUFG Bank, Ltd., has a maximum revolving borrowing limit of €55.0 million and expires in April 2025, unless otherwise agreed to in writing by the parties. The Company’s securitized debt agreement for the securitization of its Australian receivables is with Australia and New Zealand Banking Group Limited, has a maximum revolving borrowing limit of A$115.0 million, expires in October 2025 and is annually renewable thereafter unless earlier terminated. Participation Debt From time to time, WEX Bank enters into participation agreements with third-party banks to fund customers’ balances that exceed WEX Bank’s lending limit to individual customers. Associated unsecured borrowings generally carry a variable interest rate set according to an applicable reference rate plus a margin, which was 2.25 percent as of September 30, 2024. As of September 30, 2024, the Company has an outstanding participation agreement which allows for total borrowings of up to $70.0 million and expires in December 2025, unless otherwise agreed to in writing by the parties. Borrowings under the participation agreement are included in short-term debt given they may be canceled by either party upon 60 days’ advance written notice. FHLB Advances WEX Bank is a member of the Federal Home Loan Bank (FHLB) of Des Moines, which provides WEX Bank short-term funding collateralized by investment securities. FHLB short-term advances bear interest at variable rates. WEX Bank was eligible to borrow up to $393.8 million from the FHLB as of September 30, 2024 based on collateral provided, $370.0 million of which was borrowed and outstanding at that date. Borrowed Federal Funds The BTFP, which provided liquidity to U.S. depository institutions through the offering of bank loans for up to one year in length collateralized by the par value of qualifying assets, ceased extending new loans on March 11, 2024. As of September 30, 2024, WEX Bank had $710.0 million in outstanding borrowings under the BTFP due in January of 2025 with an interest rate of 4.76 percent. As of December 31, 2023, WEX Bank had $775.0 million in outstanding borrowings under the BTFP with an interest rate of 4.84 percent. WEX Bank borrows from short-term uncommitted federal funds lines of credit extended by various financial institutions to supplement the financing of the Company’s accounts receivable. Under these federal funds lines of credit as of September 30, 2024 and December 31, 2023, WEX Bank had $150.0 million and $70.0 million in outstanding borrowings, respectively. Other Short Term Borrowings Under an uncommitted borrowing facility, WEX Australia can be advanced up to A$21.3 million from Bank of America in short-term funds. Interest accrues on any advances at a rate fixed for each interest period of 1.80 percent above the Australian Bank Bill Buying Rate for that interest period. The Company had no borrowings outstanding on this facility as of September 30, 2024 and December 31, 2023. Other As an additional source of liquidity, WEX Bank had pledged $227.6 million as of September 30, 2024 of customer receivables held by WEX Bank to the Federal Reserve Bank as collateral for potential borrowings through the Federal Reserve Bank Discount Window. Amounts that can be borrowed are based on the amount of collateral pledged and were $167.0 million as of September 30, 2024. WEX Bank had no

Off-Balance Sheet Arrangements

Off-Balance Sheet Arrangements	9 Months Ended
Off-Balance Sheet Arrangements	Sep. 30, 2024
Receivables [Abstract]
Off-Balance Sheet Arrangements	11. Off-Balance Sheet Arrangements WEX Europe Services and WEX Bank Accounts Receivable Factoring WEX Europe Services and WEX Bank are each party to separate accounts receivable factoring arrangements with unrelated third-party financial institutions to sell certain of their accounts receivable balances. Each subsidiary continues to service these receivables post-transfer with no participating interest. The Company obtained true-sale opinions from independent attorneys, stating that each respective factoring agreement provides legal isolation upon bankruptcy or receivership under local law. As such, transfers under these arrangements are treated as a sale and are accounted for as a reduction in trade accounts receivable because effective control of the receivables is transferred to the buyers. Proceeds received, which are recorded net of applicable costs or negotiated discount rates, are recorded in operating activities in the condensed consolidated statements of cash flows. For the three and nine months ended September 30, 2024, cost of factoring was $2.5 million and $8.9 million, respectively, while cost of factoring was $3.0 million and $7.4 million for the three and nine months ended September 30, 2023, respectively. Cost of factoring is recorded within cost of services in the condensed consolidated statements of operations. The WEX Europe Services agreement automatically renews each January 1 unless either party gives not less than 90 days written notice of their intention to withdraw. Under this agreement, accounts receivable are sold without recourse to the extent that the customer balances are maintained at or below the credit limit established by the buyer. The Company maintains the risk of default on any customer receivable balances in excess of the buyer’s credit limit, which were immaterial as of September 30, 2024. Under this arrangement, the Company sold $123.8 million and $391.5 million of accounts receivable during the three and nine months ended September 30, 2024, respectively, and sold $139.6 million and $422.9 million of accounts receivable during the three and nine months ended September 30, 2023, respectively. The WEX Bank agreement, which was renewed during July 2024, has no set expiration date, however, either party can terminate the agreement with 30 days’ notice. Under this arrangement, the Company sold $3.4 billion and $13.2 billion of trade accounts receivable during the three and nine months ended September 30, 2024, respectively, and sold $4.0 billion and $9.1 billion of trade accounts receivable during the three and nine months ended September 30, 2023, respectively. Benefits Securitization In April 2023, WEX Health, through a wholly-owned special purpose entity (“SPE”), entered into a receivable securitization facility with a revolving limit of $35.0 million and an initial term through April 2026, which can be extended for an additional period of up to three years and can be voluntarily terminated by the SPE at any time, subject to 30 days’ notice. During December 2023, the Company signed an amendment to the initial receivable securitization agreement, which suspends activities under the facility until such time as the parties agree in writing to reactivate it (the “Health Facility Amendment”). During this suspension period, the revolving limit of the facility is zero. Under the facility, and prior to the Health Facility Amendment, WEX Health sold eligible trade accounts receivables to the SPE, which is a bankruptcy-remote subsidiary, and in turn, the SPE sold undivided ownership interests in certain of these receivables to the financial institution in exchange for cash equal to the gross receivables transferred. WEX Health continued to service receivables sold to the financial institution, however, WEX did not retain effective control of transferred receivables, derecognized the assets and accounted for these transfers as sales. During the three and nine months ended September 30, 2023, the Company sold approximately $43.9 million and $126.1 million of receivables under the securitization facility, respectively. Non-Bank Custodial HSA Cash Assets As a non-bank custodian, WEX Inc. contracts with depository partners to hold custodial cash assets on behalf of individual account holders. As of September 30, 2024, WEX Inc. was custodian to approximately $4.3 billion in HSA cash assets. Of these custodial balances, approximately $0.8 billion of HSA cash assets at September 30, 2024 were deposited with and managed by certain third-party partners and not recorded on our condensed consolidated balance sheets. Such third-party depository partners are regularly monitored by management for stability. The remaining balance of $3.5 billion in HSA cash assets as of September 30, 2024 is deposited with and managed by WEX Bank and is therefore reflected on our condensed consolidated balance sheets. See Note 9, Deposits, for further information about HSA deposits recorded on our condensed consolidated balance sheets.

Investment Securities

Investment Securities	9 Months Ended
Investment Securities	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investment Securities	12. Investment Securities The Company’s amortized cost and estimated fair value of investment securities as of September 30, 2024 and December 31, 2023 are presented below. Accrued interest on investment securities of $31.9 million and $24.7 million, respectively, as of September 30, 2024 and December 31, 2023, is excluded from total investment securities and recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets. (in millions) Amortized Cost Total Total Fair Value (1) As of September 30, 2024 Current: Debt securities (2) : U.S. treasury notes $ 430.1 $ 1.7 $ 22.7 $ 409.1 Corporate and sovereign debt securities 1,336.8 32.7 15.8 1,353.8 Municipal bonds 71.0 1.0 3.8 68.2 Asset-backed securities 722.3 5.9 1.8 726.3 Mortgage-backed securities 1,173.0 13.7 21.6 1,165.1 Total $ 3,733.2 $ 55.1 $ 65.7 $ 3,722.6 Non-current: Debt securities (3) $ 34.7 $ 0.7 $ 1.1 $ 34.3 Mutual fund 29.6 — 3.0 26.6 Pooled investment fund 12.9 — — 12.9 Total $ 77.2 $ 0.7 $ 4.1 $ 73.7 Total investment securities (4) $ 3,810.4 $ 55.8 $ 69.8 $ 3,796.3 (in millions) Amortized Cost Total Total Fair Value (1) As of December 31, 2023 Current: Debt securities: U.S. treasury notes $ 410.1 $ 0.8 $ 32.3 $ 378.6 Corporate and sovereign debt securities 1,086.8 13.6 31.6 1,068.8 Municipal bonds 70.8 0.3 5.4 65.7 Asset-backed securities 582.6 3.2 4.2 581.6 Mortgage-backed securities 951.5 5.9 30.0 927.4 Total $ 3,101.8 $ 23.8 $ 103.5 $ 3,022.1 Non-current: Debt securities (3) $ 28.6 $ 0.6 $ 0.8 $ 28.4 Mutual fund 29.1 — 3.6 25.5 Pooled investment fund 12.9 — — 12.9 Total $ 70.6 $ 0.6 $ 4.4 $ 66.8 Total investment securities (4) $ 3,172.4 $ 24.4 $ 107.9 $ 3,088.9 (1) The Company’s methods for measuring the fair value of its investment securities are discussed in Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk. (2) As of September 30, 2024, the Company has pledged debt securities with a fair value of $85.5 million as collateral against recurring settlement obligations owed in conjunction with its transactions processed through licensed card networks, $420.5 million as collateral for FHLB advances and $663.4 million as collateral against borrowings under the BTFP, as further discussed in Note 10, Financing and Other Debt. (3) Substantially comprised of municipal bonds. (4) Excludes $16.3 million and $13.7 million in equity securities as of September 30, 2024 and December 31, 2023, respectively, included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets. The following table presents estimated fair value and gross unrealized losses of debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security category. There are no expected credit losses that have been recorded against our investment securities as of September 30, 2024 and December 31, 2023. As of September 30, 2024 Less than one year One year or longer Total (in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment-grade rated debt securities: U.S. treasury notes $ 0.1 $ — $ 368.4 $ 22.7 $ 368.5 $ 22.7 Corporate and sovereign debt securities 62.9 0.3 379.4 15.5 442.3 15.8 Municipal bonds 19.7 0.3 30.6 4.6 50.3 4.9 Asset-backed securities 41.3 0.1 59.3 1.7 100.6 1.8 Mortgage-backed securities 250.7 1.5 341.0 20.1 591.7 21.6 Total debt securities $ 374.7 $ 2.2 $ 1,178.7 $ 64.6 $ 1,553.4 $ 66.8 As of December 31, 2023 Less than one year One year or longer Total Investment-grade rated debt securities: U.S. treasury notes $ — $ — $ 358.6 $ 32.3 $ 358.6 $ 32.3 Corporate and sovereign debt securities 132.7 2.3 482.9 29.3 615.6 31.6 Municipal bonds 25.3 0.2 42.5 6.0 67.8 6.2 Asset-backed securities 55.0 0.2 131.1 4.0 186.1 4.2 Mortgage-backed securities 374.5 4.7 262.4 25.3 636.9 30.0 Total debt securities $ 587.5 $ 7.4 $ 1,277.5 $ 96.9 $ 1,865.0 $ 104.3 The above table includes 324 investment positions at September 30, 2024, where the current fair value is less than the related amortized cost. Unrealized losses on the Company’s debt securities included in the above table are primarily driven by the elevated interest rate environment and are not considered to be credit-related based upon an analysis that considered the extent to which the fair value is less than the amortized basis of a security, adverse conditions specifically related to the security, changes to credit rating of the instrument subsequent to Company purchase, and the strength of the underlying collateral, if any. Additionally, the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases. The following table summarizes the contractual maturity dates of the Company’s debt securities. September 30, 2024 (in millions) Amortized Cost Fair Value Due within one year $ 138.8 $ 137.8 Due after 1 year through year 5 758.4 734.3 Due after 5 years through year 10 1,075.7 1,089.1 Due after 10 years 1,795.0 1,795.8 Total $ 3,767.9 $ 3,757.0 Equity Securities During the three and nine months ended September 30, 2024 and 2023, unrealized gains and losses recognized on equity securities still held as of those dates were immaterial. Other Investments

Financial Instruments _ Fair Va

Financial Instruments − Fair Value and Concentrations of Credit Risk	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments − Fair Value and Concentrations of Credit Risk	13. Financial Instruments − Fair Value and Concentrations of Credit Risk Financial Instruments Measured at Fair Value on a Recurring Basis The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis, as classified within the three-level fair value hierarchy: (in millions) Fair Value Hierarchy September 30, 2024 December 31, 2023 Assets: Money market mutual funds (1) 1 $ 52.1 $ 25.5 U.S. Treasury bills (1) 2 — 10.4 Investment securities, current: Debt securities: U.S. treasury notes 2 $ 409.1 $ 378.6 Corporate and sovereign debt securities 2 1,353.8 1,068.8 Municipal bonds 2 68.2 65.7 Asset-backed securities 2 726.3 581.6 Mortgage-backed securities 2 1,165.1 927.4 Total $ 3,722.6 $ 3,022.1 Investment securities, non-current: Debt securities 2 $ 34.3 $ 28.4 Mutual fund 1 26.6 25.5 Pooled investment fund measured at NAV (2) 12.9 12.9 Total $ 73.7 $ 66.8 Executive deferred compensation plan trust (3) 1 $ 16.3 $ 13.7 Liabilities Contingent consideration (4) 3 $ 125.2 $ 186.2 (1) The fair value is recorded in cash and cash equivalents. (2) The fair value of this security is measured at NAV as a practical expedient and has not been classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets. (3) The fair value is recorded as current or long-term based on the timing of the Company’s executive deferred compensation plan payment obligations. At September 30, 2024, $1.6 million and $14.7 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2023, $1.7 million and $12.0 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. (4) The fair value is recorded as current or long-term based on the timing of expected payments. At September 30, 2024, $62.0 million and $63.2 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively. At December 31, 2023, $64.5 million and $121.7 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively. Money Market Mutual Funds A portion of the Company’s cash and cash equivalents are invested in money market mutual funds that primarily consist of short-term government securities, which are classified as Level 1 in the fair value hierarchy because they are valued using quoted market prices for identical instruments in an active market. U.S. Treasury Bills From time to time, a portion of the Company’s cash and cash equivalents are invested in U.S. treasury bills with maturities of 30 days or less, which are classified as Level 2 in the fair value hierarchy because they are valued using quoted market prices for similar or identical instruments in a market that is not active. Debt Securities The Company determines the fair value of U.S. treasury notes using quoted market prices for similar or identical instruments in a market that is not active. For corporate and sovereign debt securities, municipal bonds, and asset-backed and mortgage-backed securities, the Company generally uses quoted prices for recent trading activity of assets with similar characteristics to the debt security or bond being valued. The securities and bonds priced using such methods are generally valued using Level 2 inputs to the fair value hierarchy. Pooled Investment Fund The pooled investment fund maintains individual capital accounts for each investor, which reflect each individual investor’s share of the NAV of the fund. As of September 30, 2024, the Company had no unfunded commitments with respect to the fund. Investments in the fund may be redeemed monthly with 30 days’ notice. Mutual Fund The Company determines the fair value of its mutual fund using quoted market prices for identical instruments in an active market; such inputs are classified as Level 1 of the fair value hierarchy. Executive Deferred Compensation Plan Trust The investments held in the executive deferred compensation plan trust, which consist primarily of mutual funds, are classified as Level 1 in the fair value hierarchy because the fair value is determined using quoted market prices for identical instruments in active markets. Contingent Consideration As part of an asset acquisition from Bell Bank during 2021, the Company is obligated to pay additional consideration to Bell Bank contingent upon increases in the Federal Funds rate. The Company determines the fair value of this contingent consideration derivative liability based on discounted cash flows using the difference between the baseline Federal Funds rate in the purchase agreement with Bell Bank and future forecasted Federal Funds rates over the agreement term. The forecasted Federal Funds rates represent a Level 3 input within the fair value hierarchy. The resulting probability-weighted contingent consideration amounts were discounted using a rate of 3.52 percent as of September 30, 2024 and 3.84 percent as of December 31, 2023. Due to significant increases in the Federal Funds rate since we completed the acquisition, the fair value of the Company’s contingent consideration derivative liability at September 30, 2024 is effectively measured at the present value of the maximum remaining contingent consideration payable under the arrangement and accordingly, the fair value could not materially increase. A significant decrease in the Federal Funds rate could result in a material decrease in the derivative liability. The Company records changes in the estimated fair value of the contingent consideration in the condensed consolidated statements of operations. Changes in the contingent consideration derivative liability are measured at fair value on a recurring basis using unobservable inputs (Level 3 in the fair value hierarchy) and are as follows for the periods indicated: Three Months Ended Nine Months Ended (in millions) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Contingent consideration - beginning of period $ 125.1 $ 180.7 $ 186.2 $ 206.4 Payments of contingent consideration (1) — — (64.5) (28.7) Change in fair value of contingent consideration 0.1 3.2 3.5 6.2 Contingent consideration - end of period $ 125.2 $ 183.9 $ 125.2 $ 183.9 (1) The Company has presented $27.2 million of the payment made during the nine months ended September 30, 2023, which represents the fair value of the contingent consideration at acquisition date, within net cash provided by financing activities in the condensed consolidated statement of cash flows. The remainder of the prior year payment, as well as the entirety of the current year payment, has been included in net cash (used for) provided by operating activities (specifically within net change in operating assets and liabilities, net of effects of business acquisitions). Financial Instruments Measured at Carrying Value, for which Fair Value is Disclosed The fair value of the Company’s financial instruments, which are measured and reported at carrying value, is as follows for the periods indicated: September 30, 2024 December 31, 2023 (in millions) Carrying value Fair value Carrying value Fair value Term A Loans (1) $ — $ — $ 843.9 Term A-1 Loans (1) 877.5 — — Term B Loans (1) — — 1,402.3 Term B-1 Loans (1) 1,391.8 — — Outstanding borrowings on Revolving Credit Facility (1) 954.3 662.0 Contractual deposits with maturities in excess of one year (2) — — 129.8 Fair value approximates carrying value. (1) The Company determines the fair value of borrowings on the Revolving Credit Facility and Term Loans based on market rates for the issuance of the Company’s debt, which are Level 2 inputs in the fair value hierarchy. (2) The Company determines the fair value of its contractual deposits with maturities in excess of one year using current market interest rates for deposits of similar remaining maturities, which are Level 2 inputs in the fair value hierarchy. Other Assets and Liabilities The carrying value of certain of the Company’s financial instruments, other than those presented above, including cash, cash equivalents, restricted cash and restricted cash payable, short-term contractual deposits and HSA deposits, accounts receivable and securitized accounts receivable, accounts payable, accrued expenses and other current liabilities and other liabilities, approximate their respective fair values due to their short-term nature or maturities. The carrying value of certain other financial instruments, including interest-bearing money market deposits, securitized debt, participation debt, borrowed federal funds and deferred consideration associated with our acquisitions approximate their respective fair values due to stated interest rates being consistent with current market interest rates. Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, investment securities and trade receivables. Concentration of credit risk with respect to accounts receivable is limited because a large number of geographically and industry diverse customers make up our customer base. See Note 5, Accounts Receivable, Net, for further information. The Company’s cash and cash equivalents and restricted cash are transacted and maintained with financial institutions with high credit standing. Cash balances at many of these institutions regularly exceed FDIC insured limits; however,

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The Company’s effective tax rate was 27.1 percent and 27.2 percent for the three and nine months ended September 30, 2024, respectively, and 58.6 percent and 30.2 percent for the three and nine months ended September 30, 2023, respectively. Income tax expense is based on an estimated annual effective rate, which requires the Company to make its best estimate of annual pretax income or loss. The Company’s effective tax rate for the nine months ended September 30, 2024 was adversely impacted by a first quarter discrete tax item of $3.7 million primarily associated with an uncertain tax position related to state income taxes, however, the vast majority of such impact was offset by excess tax benefits arising from stock-based compensation. The Company’s effective tax rate for the three and nine months ended September 30, 2023 was adversely impacted by the loss on extinguishment of Convertible Notes of $70.1 million, which was disallowed for tax purposes. This was partially offset for the nine months ended September 30, 2023 by a release in valuation allowance largely attributable to foreign tax credits and net operating losses in the U.K. recorded during the second quarter of 2023. Undistributed earnings of certain foreign subsidiaries of the Company amounted to $278.8 million and $231.6 million at September 30, 2024 and December 31, 2023, respectively. The Company continues to maintain its indefinite reinvestment assertion for its investments in foreign subsidiaries except for any historical undistributed earnings and future earnings for WEX Australia. The total amount of our foreign subsidiaries’ earnings in which the Company continues to assert indefinite reinvestment approximates $265.4 million at September 30, 2024. Upon distribution of these earnings, the Company would be subject to withholding taxes payable to foreign countries, where applicable, but would generally have no further federal income tax liability. It is not practicable to estimate the unrecognized deferred tax liability associated with these undistributed earnings; however, it is not expected to be material. The Organization for Economic Cooperation and Development (“OECD”) Pillar Two global minimum tax rules, which generally provide for a minimum effective tax rate of 15 percent, are intended to apply for tax years beginning in 2024. On July 17, 2023, the OECD published Administrative Guidance proposing certain safe harbor rules that effectively extend certain effective dates to January 1, 2027. The Company is closely monitoring developments and evaluating the impact of these new rules, including eligibility to qualify for these safe harbor rules. We do not expect the impact of these new rules to have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Litigation and Regulatory Matters From time to time, the Company is subject to legal proceedings, claims and regulatory matters in the ordinary course of business, including but not limited to: commercial disputes; contract disputes; employment litigation; disputes regarding our intellectual property rights; alleged infringement or misappropriation by us of intellectual property rights of others, and, matters relating to our compliance with applicable laws and regulations. As of the date of this filing, the current estimate of a reasonably possible loss contingency from all legal or regulatory proceedings is not material to the Company’s consolidated financial position, results of operations, cash flows or liquidity. Commitments Significant commitments and contingencies as of September 30, 2024 are consistent with those discussed in Note 20, Commitments and Contingencies, to the consolidated financial statements in the Company’s Annual Report on Form 10–K for the year ended December 31, 2023.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	16. Stock–Based Compensation The Company has regularly granted equity awards in the form of stock options, restricted stock, restricted stock units and other stock-based awards under its stockholder-approved Amended and Restated 2019 Equity and Incentive Plan to certain employees and directors. The Company began granting market share units (“MSUs”) to employees in lieu of stock options during 2024. MSUs are market-based equity awards that represent a right to receive shares of the Company’s common stock at specified future dates if certain WEX stock price performance and vesting conditions are met. The number of MSUs that will be eligible to vest will be based on the performance of our stock price over the vesting period. The fair value of the MSUs was estimated using a Monte-Carlo valuation model and will be recognized as expense over each award’s requisite service period. Stock-based compensation expense was $28.7 million and $90.2 million for the three and nine months ended September 30, 2024, respectively, and $30.5 million and $91.7 million for the three and nine months ended September 30, 2023, respectively.

Segment Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	17. Segment Information The Company determines its operating segments and reports segment information in accordance with how our Chief Executive Officer, the Company’s CODM, allocates resources and assesses performance. The Company has both three operating segments and three reportable segments, as described below. • Mobility provides payment processing, transaction processing, and information management services specifically designed for the needs of fleets of all sizes from small businesses to federal and state government fleets and over-the-road carriers. • Corporate Payments focuses on the complex payment environment of global B2B payments, enabling customers to utilize our payments solutions to integrate into their own workflows and manage their accounts payable automation and spend management functions. • Benefits provides a SaaS platform for consumer directed healthcare benefits and a full-service benefit enrollment solution, bringing together benefits administration, certain compliance services and consumer-directed and benefits accounts. Additionally, WEX Inc. serves as the non-bank custodian to certain HSA assets. The following tables present the Company’s reportable segment revenues: Three Months Ended September 30, 2024 (in millions) Mobility Corporate Payments Benefits Total Payment processing revenue $ 183.2 $ 104.8 $ 21.9 $ 309.9 Account servicing revenue 49.0 15.5 110.0 174.6 Finance fee revenue 70.2 0.2 0.1 70.5 Other revenue 54.7 6.4 49.4 110.5 Total revenues $ 357.2 $ 126.9 $ 181.5 $ 665.5 Three Months Ended September 30, 2023 (in millions) Mobility Corporate Payments Benefits Total Payment processing revenue $ 176.9 $ 115.8 $ 20.6 $ 313.3 Account servicing revenue 42.5 10.5 108.5 161.5 Finance fee revenue 76.8 0.2 0.1 77.1 Other revenue 53.9 8.7 36.9 99.5 Total revenues $ 350.1 $ 135.2 $ 166.1 $ 651.4 Nine Months Ended September 30, 2024 (In millions) Mobility Corporate Payments Benefits Total Payment processing revenue $ 531.1 $ 324.2 $ 75.0 $ 930.3 Account servicing revenue 145.2 35.8 335.5 516.5 Finance fee revenue 217.9 0.4 0.3 218.6 Other revenue 161.4 23.1 141.8 326.3 Total revenues $ 1,055.6 $ 383.5 $ 552.5 $ 1,991.6 Nine Months Ended September 30, 2023 (In millions) Mobility Corporate Payments Benefits Total Payment processing revenue $ 520.6 $ 310.6 $ 70.7 $ 901.9 Account servicing revenue 123.6 31.7 319.8 475.1 Finance fee revenue 233.5 0.5 0.2 234.2 Other revenue 154.9 19.1 99.5 273.5 Total revenues $ 1,032.6 $ 361.9 $ 490.2 $ 1,884.7 The CODM evaluates the financial performance of each segment using segment adjusted operating income, which excludes unallocated corporate expenses, acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs and certain non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. The following table reconciles total segment adjusted operating income to income before income taxes: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Segment adjusted operating income Mobility $ 167.1 $ 159.6 $ 452.4 $ 448.7 Corporate Payments 71.5 82.9 210.5 198.4 Benefits 78.4 58.8 229.0 182.6 Total segment adjusted operating income $ 317.1 $ 301.3 $ 891.9 $ 829.7 Reconciliation: Total segment adjusted operating income $ 317.1 $ 301.3 $ 891.9 $ 829.7 Less: Unallocated corporate expenses 24.1 29.1 73.8 76.8 Acquisition-related intangible amortization 50.4 45.2 151.9 133.6 Other acquisition and divestiture related items 1.6 5.1 5.4 7.6 Stock-based compensation 29.8 31.9 89.8 94.5 Other costs 14.8 15.1 42.0 28.6 Operating income 196.4 174.9 529.0 488.6 Financing interest expense, net of financial instruments (58.4) (49.4) (178.5) (142.5) Net foreign currency gain (loss) 3.2 (7.8) (9.7) (9.4) Loss on extinguishment of Convertible Notes — (70.1) — (70.1) Change in fair value of contingent consideration (0.1) (3.2) (3.5) (6.2) Income before income taxes $ 141.1 $ 44.4 $ 337.2 $ 260.4

Supplementary Regulatory Capita

Supplementary Regulatory Capital Disclosure	9 Months Ended
Supplementary Regulatory Capital Disclosure	Sep. 30, 2024
Debt Disclosure [Abstract]
Supplementary Regulatory Capital Disclosure	18. Supplementary Regulatory Capital Disclosure The Company’s subsidiary, WEX Bank, is subject to various regulatory capital requirements administered by the FDIC and the UDFI. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, WEX Bank must meet specific capital guidelines that involve quantitative measures of WEX Bank’s assets, liabilities and certain off-balance sheet items. WEX Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could limit business activities and have a material effect on the Company’s business, results of operations and financial condition. Quantitative measures established by regulation to ensure capital adequacy require WEX Bank to maintain minimum amounts and ratios as defined in the regulations. The most recent FDIC exam report categorized WEX Bank as “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events subsequent to that examination report that management believes have changed WEX Bank’s capital rating. The following table presents WEX Bank’s actual and regulatory minimum capital amounts and ratios: (in millions) Actual Amount Ratio Minimum Ratio Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio September 30, 2024 Total Capital to risk-weighted assets $ 713.8 14.10 % $ 404.9 8.00 % $ 506.1 10.00 % Tier 1 Capital to average assets $ 666.4 9.38 % $ 284.3 4.00 % $ 355.3 5.00 % Common equity to risk-weighted assets $ 666.4 13.17 % $ 227.8 4.50 % $ 329.0 6.50 % Tier 1 Capital to risk-weighted assets $ 666.4 13.17 % $ 303.7 6.00 % $ 404.9 8.00 % December 31, 2023 Total Capital to risk-weighted assets $ 727.2 16.27 % $ 357.5 8.00 % $ 446.9 10.00 % Tier 1 Capital to average assets $ 675.2 10.21 % $ 264.4 4.00 % $ 330.5 5.00 % Common equity to risk-weighted assets $ 675.2 15.11 % $ 201.1 4.50 % $ 290.5 6.50 % Tier 1 Capital to risk-weighted assets $ 675.2 15.11 % $ 268.1 6.00 % $ 357.5 8.00 %

Restructuring Activities

Restructuring Activities	9 Months Ended
Restructuring Activities	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Activities	19. Restructuring Activities In connection with an initiative to streamline our organizational structure to support the achievement of our strategic and executional imperatives, during June 2024, the Company initiated a restructuring initiative consisting primarily of employee separation costs, which the Company determined were probable and reasonably estimable. During the nine months ended September 30, 2024, costs incurred under this initiative were $12.3 million. Of this total cost, $7.0 million was included within cost of sales, $3.2 million was included within general and administrative expense and the remainder was included within sales and marketing expense on the condensed consolidated statements of operations. The initiative impacted all three of our reportable segments, with approximately $6.2 million being charged to Mobility and the remaining amount divided evenly between Corporate Payments and Benefits. Accrued but unpaid charges related to this initiative as of September 30, 2024 were immaterial. The remaining accrual balance is expected to be paid within 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 102.9	$ 77	$ 65.8	$ 18.4	$ 95.3	$ 68	$ 245.7	$ 181.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements, which include the accounts of WEX Inc. and its subsidiaries, have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10–Q and Rule 10–01 of Regulation S–X. Accordingly, they exclude certain disclosures required by GAAP for a complete set of financial statements. Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q to “WEX,” the “Company,” “we” or “our” refer to WEX Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation in accordance with GAAP have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results for any future periods or the year ending December 31, 2024. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements that are included in the Company’s Annual Report on Form 10–K for the year ended December 31, 2023, filed with the SEC on February 23, 2024 (“2023 Annual Report”). We have applied the same accounting policies in preparing these quarterly financial statements as we did in preparing our 2023 annual financial statements. The Company rounds amounts in the condensed consolidated financial statements to millions and calculates all percentages and per-share data from underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot or recalculate based on reported numbers due to rounding. We have included certain terms and abbreviations used throughout this Quarterly Report on Form 10-Q within “Acronyms and Abbreviations” in the front of this document.
Change in Reporting Presentation	Previously, realized gains and losses from periodic settlements on our interest rate swap contracts were included within financing interest expense, while the quarterly unrealized gains and losses from the noncash mark-to-market of our swaps were separately presented on the face of the consolidated statement of operations. During the fourth quarter of 2023, the Company made a voluntary change in accounting presentation to reflect the unrealized gains and losses from changes in the value of our swaps within financing interest expense, net of financial instruments. Prior period amounts have been reclassified to conform to the current year presentation. Certain prior year amounts within cash flows from operating activities in the condensed consolidated statement of cash flows have been aggregated to conform to the current year presentation.
Recent Accounting Pronouncements	The Company evaluates all ASUs recently issued by the FASB for consideration of their applicability. Any recently issued ASUs not listed in the following table were assessed and determined to either not be applicable, or have not had, or are not expected to have, a material impact on our condensed consolidated financial statements. The Company did not adopt any accounting standards during the nine months ended September 30, 2024. Standard Description Date/Method of Adoption Effect on financial statements or other significant matters ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this ASU require enhanced disclosures about significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. In addition, this ASU expands certain annual disclosures about a reportable segment’s profit or loss and assets to interim periods. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 31, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. The adoption of this ASU is not expected to have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 31, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, however, retrospective application is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. The adoption of this ASU is not expected to have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows.
Revenues	In accordance with Topic 606, revenue is recognized when, or as, performance obligations are satisfied as defined by the terms of the contract, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services provided.
Earnings per Share	Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock and vested DSUs outstanding during the year. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that diluted earnings per share includes the impact of convertible securities under the “if-converted” method if the effect of such securities would be dilutive and includes the assumed exercise of dilutive options, the assumed issuance of unvested RSUs, performance-based awards for which the performance condition has been met as of the date of determination and contingently issuable shares that would be issuable if the end of the reporting period was the end of the contingency period, using the treasury stock method unless the effect is anti-dilutive. The treasury stock method assumes that proceeds, including cash received from the exercise of employee stock options and the average unrecognized compensation expense for unvested share-based compensation awards, would be used to purchase the Company’s common stock at the average market price during the period.
Fair Value of Financial Instruments	Money Market Mutual Funds A portion of the Company’s cash and cash equivalents are invested in money market mutual funds that primarily consist of short-term government securities, which are classified as Level 1 in the fair value hierarchy because they are valued using quoted market prices for identical instruments in an active market. U.S. Treasury Bills From time to time, a portion of the Company’s cash and cash equivalents are invested in U.S. treasury bills with maturities of 30 days or less, which are classified as Level 2 in the fair value hierarchy because they are valued using quoted market prices for similar or identical instruments in a market that is not active. Debt Securities The Company determines the fair value of U.S. treasury notes using quoted market prices for similar or identical instruments in a market that is not active. For corporate and sovereign debt securities, municipal bonds, and asset-backed and mortgage-backed securities, the Company generally uses quoted prices for recent trading activity of assets with similar characteristics to the debt security or bond being valued. The securities and bonds priced using such methods are generally valued using Level 2 inputs to the fair value hierarchy. Pooled Investment Fund The pooled investment fund maintains individual capital accounts for each investor, which reflect each individual investor’s share of the NAV of the fund. As of September 30, 2024, the Company had no unfunded commitments with respect to the fund. Investments in the fund may be redeemed monthly with 30 days’ notice. Mutual Fund The Company determines the fair value of its mutual fund using quoted market prices for identical instruments in an active market; such inputs are classified as Level 1 of the fair value hierarchy. Executive Deferred Compensation Plan Trust The investments held in the executive deferred compensation plan trust, which consist primarily of mutual funds, are classified as Level 1 in the fair value hierarchy because the fair value is determined using quoted market prices for identical instruments in active markets.
Concentrations of Credit Risk	The Company’s financial instruments that are exposed to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, investment securities and trade receivables. Concentration of credit risk with respect to accounts receivable is limited because a large number of geographically and industry diverse customers make up our customer base. See Note 5, Accounts Receivable, Net, for further information. The Company’s cash and cash equivalents and restricted cash are transacted and maintained with financial institutions with high credit standing. Cash balances at many of these institutions regularly exceed FDIC insured limits; however,
Segment Information	The Company determines its operating segments and reports segment information in accordance with how our Chief Executive Officer, the Company’s CODM, allocates resources and assesses performance. The Company has both three operating segments and three reportable segments, as described below. • Mobility provides payment processing, transaction processing, and information management services specifically designed for the needs of fleets of all sizes from small businesses to federal and state government fleets and over-the-road carriers. • Corporate Payments focuses on the complex payment environment of global B2B payments, enabling customers to utilize our payments solutions to integrate into their own workflows and manage their accounts payable automation and spend management functions. • Benefits provides a SaaS platform for consumer directed healthcare benefits and a full-service benefit enrollment solution, bringing together benefits administration, certain compliance services and consumer-directed and benefits accounts. Additionally, WEX Inc. serves as the non-bank custodian to certain HSA assets.

Significant Accounting Polici_2

Significant Accounting Policies (Tables)	9 Months Ended
Significant Accounting Policies (Tables)	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements	Standard Description Date/Method of Adoption Effect on financial statements or other significant matters ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this ASU require enhanced disclosures about significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. In addition, this ASU expands certain annual disclosures about a reportable segment’s profit or loss and assets to interim periods. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 31, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. The adoption of this ASU is not expected to have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 31, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, however, retrospective application is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. The adoption of this ASU is not expected to have a material effect on the Company’s condensed consolidated financial position, results of operations or cash flows.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
Revenues (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables disaggregate the Company’s consolidated revenues, substantially all of which relate to services transferred to the customer over time: Three Months Ended September 30, 2024 (in millions) Mobility Corporate Payments Benefits Total Topic 606 revenues Payment processing revenue $ 183.2 $ 104.8 $ 21.9 $ 309.9 Account servicing revenue 10.0 15.5 110.0 135.5 Other revenue 25.8 — 7.8 33.6 Total Topic 606 revenues $ 219.0 $ 120.3 $ 139.7 $ 479.0 Non-Topic 606 revenues 138.1 6.6 41.7 186.4 Total revenues $ 357.2 $ 126.9 $ 181.5 $ 665.5 Three Months Ended September 30, 2023 (in millions) Mobility Corporate Payments Benefits Total Topic 606 revenues Payment processing revenue $ 176.9 $ 115.8 $ 20.6 $ 313.3 Account servicing revenue 5.4 10.5 108.5 124.4 Other revenue 24.7 — 6.9 31.6 Total Topic 606 revenues $ 207.0 $ 126.3 $ 136.0 $ 469.3 Non-Topic 606 revenues 143.1 8.9 30.1 182.1 Total revenues $ 350.1 $ 135.2 $ 166.1 $ 651.4 Nine Months Ended September 30, 2024 (In millions) Mobility Corporate Payments Benefits Total Topic 606 revenues Payment processing revenue $ 531.1 $ 324.2 $ 75.0 $ 930.3 Account servicing revenue 28.7 35.8 335.5 400.0 Other revenue 75.6 — 21.2 96.8 Total Topic 606 revenues $ 635.4 $ 360.0 $ 431.7 $ 1,427.1 Non-Topic 606 revenues 420.2 23.5 120.9 564.6 Total revenues $ 1,055.6 $ 383.5 $ 552.5 $ 1,991.6 Nine Months Ended September 30, 2023 (In millions) Mobility Corporate Payments Benefits Total Topic 606 revenues Payment processing revenue $ 520.6 $ 310.6 $ 70.7 $ 901.9 Account servicing revenue 14.3 31.7 319.8 365.8 Other revenue 69.2 — 20.9 90.1 Total Topic 606 revenues $ 604.1 $ 342.3 $ 411.4 $ 1,357.8 Non-Topic 606 revenues 428.5 19.6 78.8 526.9 Total revenues $ 1,032.6 $ 361.9 $ 490.2 $ 1,884.7
Schedule of Contract Assets and Liabilities	The following table provides information about these contract balances: (in millions) Contract balance Location on the condensed consolidated balance sheets September 30, 2024 December 31, 2023 Receivables Accounts receivable, net $ 53.9 $ 59.1 Contract assets Prepaid expenses and other current assets 19.8 11.5 Contract assets Other assets 28.3 33.1 Contract liabilities Accrued expenses and other current liabilities 31.4 12.4 Contract liabilities Other liabilities 54.7 83.0
Schedule of Remaining Performance Obligations	The following table includes revenue expected to be recognized related to remaining performance obligations at the end of the indicated reporting period. (in millions) Remaining 2024 2025 2026 2027 2028 2029 Thereafter Total Minimum monthly fees 1 $ 19.9 $ 46.1 $ 25.8 $ 8.2 $ 5.5 $ 2.2 $ — $ 107.6 Other 2 14.4 34.5 30.8 26.8 6.3 0.2 — 112.9 Total remaining performance obligations $ 34.2 $ 80.6 $ 56.6 $ 35.0 $ 11.8 $ 2.4 $ — $ 220.5 (1) The transaction price allocated to the remaining performance obligations represents the minimum monthly fees on certain service contracts, which contain substantive termination penalties that require the counterparty to pay the Company for the aggregate remaining minimum monthly fees upon an early termination for convenience. These obligations will be recognized within account servicing revenue. (2) Substantially represents deferred revenue and contractual minimums associated with payment processing service obligations. Consideration associated with certain relationships is variable and the measurement and estimation of contract consideration is contingent upon payment processing volumes and maintaining volume shares, among others.

Acquisitions and Other Invest_2

Acquisitions and Other Investments (Tables)	9 Months Ended
Acquisitions and Other Investments (Tables)	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The table below summarizes the preliminary allocation of fair value to the assets acquired and liabilities assumed on the date of acquisition under the acquisition method of accounting. These fair values continue to be revised during the measurement period as third-party valuations on the intangible assets are finalized, further information becomes available and additional analyses are performed, and those adjustments could have a material impact on the purchase price allocation. (in millions) As Reported Measurement Period Adjustments As Reported Cash consideration transferred, net o f $4.5 million in cash acquired $ 244.0 $ — $ 244.0 Less: Accounts receivable 2.4 — 2.4 Customer relationships (1)(5) 40.4 — 40.4 Developed technology (2)(5) 17.2 — 17.2 Strategic partner relationships (3)(5) 4.5 — 4.5 Trademark (4)(5) 1.4 — 1.4 Other current and long-term assets 1.4 — 1.4 Accrued expenses and other current liabilities (1.8) — (1.8) Deferred tax liability (6.5) 3.0 (3.5) Contingent/deferred consideration (7.1) — (7.1) Other liabilities (0.9) — (0.9) Recorded goodwill $ 193.0 $ (3.0) $ 190.0 (1) Weighted average useful life - 4.7 years (2) Weighted average useful life - 2.4 years (3) Weighted average useful life - 2.5 years (4) Weighted average useful life - 2.8 years (5) The weighted average useful life of all amortizable intangible assets acquired in this business combination is 3.9 years The table below summarizes the final allocation of fair value to the assets acquired and liabilities assumed on the date of acquisition under the acquisition method of accounting. (in millions) As Reported Measurement Period Adjustments As Reported Cash consideration transferred, net of $26.7 million in cash and restricted cash acquired $ 158.0 $ 0.9 $ 158.9 Less: Accounts receivable 7.3 — 7.3 Customer relationships (1)(5) 52.1 — 52.1 Developed technology (2)(5) 6.6 — 6.6 Strategic partner relationships (3)(5) 14.0 — 14.0 Custodial rights (4)(5) 23.2 — 23.2 Other assets 3.8 — 3.8 Accrued expenses and other current liabilities (6.5) — (6.5) Restricted cash payable (25.7) — (25.7) Other liabilities (2.7) — (2.7) Recorded goodwill $ 85.9 $ 0.9 $ 86.8 (1) Weighted average life - 5.4 years (2) Weighted average life - 2.2 years (3) Weighted average life - 1.2 years (4) Weighted average life - 4.9 years (5) The weighted average useful life of all amortizable intangible assets acquired in this business combination is 4.4 years.

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	9 Months Ended
Accounts Receivable, Net (Tables)	Sep. 30, 2024
Receivables [Abstract]
Schedule of Changes in Reserves for Credit and Fraud Losses Related to Accounts Receivable	The following tables present changes in the accounts receivable allowances by portfolio segment: Three Months Ended September 30, 2024 (in millions) Mobility Corporate Payments Benefits Total Balance, beginning of period $ 68.5 $ 10.6 $ 8.1 $ 87.2 Provision for credit losses (1) 7.8 1.7 0.1 9.6 Charges to other accounts (2) 5.2 — — 5.2 Charge-offs (25.3) (0.5) (0.1) (25.9) Recoveries of amounts previously charged-off 3.6 — — 3.6 Currency translation 0.4 0.3 — 0.7 Balance, end of period $ 60.3 $ 12.1 $ 8.1 $ 80.5 Three Months Ended September 30, 2023 (in millions) Mobility Corporate Payments Benefits Total Balance, beginning of period $ 96.2 $ 14.5 $ 1.3 $ 112.0 Provision for credit losses (1) 12.2 (3.9) 1.1 9.4 Charges to other accounts (2) 6.8 — 0.5 7.3 Charge-offs (32.1) (0.5) (0.2) (32.8) Recoveries of amounts previously charged-off 5.6 — — 5.6 Currency translation (0.3) (0.2) — (0.5) Balance, end of period $ 88.4 $ 9.9 $ 2.7 $ 101.0 Nine Months Ended September 30, 2024 (In millions) Mobility Corporate Payments Benefits Total Balance, beginning of period $ 72.8 $ 9.2 $ 8.1 $ 90.1 Provision for credit losses (1) 47.2 5.3 0.1 52.6 Charges to other accounts (2) 15.3 — — 15.3 Charge-offs (85.8) (2.6) (0.1) (88.5) Recoveries of amounts previously charged-off 10.7 — — 10.7 Currency translation 0.1 0.2 — 0.3 Balance, end of period $ 60.3 $ 12.1 $ 8.1 $ 80.5 Nine Months Ended September 30, 2023 (In millions) Mobility Corporate Payments Benefits Total Balance, beginning of period $ 94.6 $ 14.4 $ 0.8 $ 109.9 Provision for credit losses (1) 78.5 (2.5) 1.5 77.5 Charges to other accounts (2) 22.1 — 0.6 22.6 Charge-offs (122.8) (2.0) (0.2) (125.0) Recoveries of amounts previously charged-off 16.3 — — 16.3 Currency translation (0.3) — — (0.3) Balance, end of period $ 88.4 $ 9.9 $ 2.7 $ 101.0 (1) The provision is comprised of estimated credit losses based on the Company’s loss-rate experience and includes adjustments required for forecasted credit loss information. The provision for credit losses reported within this table also includes the provision for fraud losses. (2) Consists primarily of charges to other accounts. The Company earns revenue by assessing monthly finance fees on accounts with overdue balances. These fees are recognized as revenue at the time the fees are assessed. The finance fee is calculated using the greater of a minimum charge or a stated late fee rate multiplied by the outstanding balance that is subject to a late fee charge. On occasion, these fees are waived to maintain relationship goodwill. Charges to other accounts substantially represent the offset against the late fee revenue recognized when the Company establishes a reserve for such waived amounts.
Schedule of Past Due Financing Receivables	The following table presents the outstanding balance of trade accounts receivable that are less than 30 and 60 days past due, shown in each case as a percentage of total trade accounts receivable: Delinquency Status September 30, 2024 December 31, 2023 Less than 30 days past due 98 % 98 % Less than 60 days past due 99 % 99 %

Repurchases of Common Stock (Ta

Repurchases of Common Stock (Tables)	9 Months Ended
Repurchases of Common Stock (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Repurchase of Shares to Treasury Stock	During the three and nine months ended September 30, 2024 and 2023, under our existing previously approved and announced repurchase program, the Company repurchased the following shares as treasury stock, inclusive of the settled share repurchases under the 2024 ASR: (In millions) Shares Total Cost 1 Three months ended September 30, 2024 1.7 $ 313.1 Nine months ended September 30, 2024 2.5 $ 487.5 Three months ended September 30, 2023 0.3 $ 50.0 Nine months ended September 30, 2023 0.8 $ 146.0 1 Reflects the applicable one percent excise tax imposed by the Inflation Reduction Act of 2022 on the net value of certain stock repurchases.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
Earnings per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Net Income and Share Data Used in Basic and Diluted Earnings Per Share Computations	The following table presents net income and reconciles basic and diluted shares outstanding used in the earnings per share computations: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Net income $ 102.9 $ 18.4 $ 245.7 $ 181.7 Weighted average common shares outstanding – Basic 40.3 42.9 41.3 43.0 Dilutive impact of share-based compensation awards (1) 0.5 0.5 0.5 0.5 Weighted average common shares outstanding – Diluted (2) 40.8 43.4 41.7 43.5 (1) For the three and nine months ended September 30, 2024, 0.4 million and 0.3 million, respectively, of outstanding share-based compensation awards were excluded from the computation of diluted earnings per share under the treasury stock method, as the effect of including those shares would be anti-dilutive. For the three and nine months ended September 30, 2023, 0.4 million of outstanding share-based compensation awards were excluded from the computation of diluted earnings per share under the treasury stock method, as the effect of including those shares would be anti-dilutive. (2)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
Derivative Instruments (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income	The following table presents information on interest rate swap gains and losses incurred and recognized within financing interest expense, net of financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023. The Company had no interest rate swap contracts outstanding during the three and nine months ended September 30, 2024. Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2023 Unrealized loss on interest rate swaps $ 6.9 $ 19.4 Realized gain on interest rate swaps (12.3) (36.0) Financing interest expense 54.8 159.1 Financing interest expense, net of financial instruments $ 49.4 $ 142.5

Deposits (Tables)

Deposits (Tables)	9 Months Ended
Deposits (Tables)	Sep. 30, 2024
Banking and Thrift, Interest [Abstract]
Schedule of Deposits	The following table presents the composition of deposits, which are classified as short-term or long-term based on their contractual maturities: (in millions) September 30, 2024 December 31, 2023 Customer deposits $ 263.9 $ 195.9 Contractual deposits with maturities within 1 year (1),(2) 375.3 500.8 Interest-bearing money market deposits 1 302.3 226.0 HSA deposits (3) 3,520.0 3,020.0 Short-term deposits $ 4,461.5 $ 3,942.8 Contractual deposits with maturities greater than 1 year (1),(2) — 129.8 Total deposits $ 4,461.5 $ 4,072.6 Weighted average cost of HSA deposits outstanding 0.11 % 0.11 % Weighted average cost of funds on contractual deposits outstanding 3.91 % 3.53 % Weighted average cost of interest-bearing money market deposits outstanding 5.01 % 5.47 % (1) As of September 30, 2024 and December 31, 2023, all certificates of deposit and money market deposits were in denominations of $250,000 or less, corresponding to FDIC deposit insurance limits. (2) Includes certificates of deposit and certain money market deposits, which have a fixed maturity and substantially fixed interest rates. (3) HSA deposits are recorded within short-term deposits on the condensed consolidated balance sheets as the funds can be withdrawn by the account holders at any time.

Financing and Other Debt (Table

Financing and Other Debt (Tables)	9 Months Ended
Financing and Other Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following tables summarize the Company’s total outstanding debt as of September 30, 2024 and December 31, 2023. As of September 30, 2024 As of December 31, 2023 (in millions) Balance Outstanding Interest Rate Balance Outstanding Interest Rate Short term debt: Securitized debt $ 96.5 5.68 % $ 101.9 5.85 % Participation debt 57.2 7.09 % 39.1 7.62 % FHLB advances 370.0 5.28 % — — % Borrowed federal funds 860.0 4.80 % 845.0 4.89 % Current portion of long-term debt (6) 51.7 55.1 Total short term debt, net $ 1,435.4 $ 1,041.1 ** Provided for the total Amended and Restated Credit Agreement borrowings below. Balance Outstanding at: (in millions) September 30, 2024 December 31, 2023 Long-term debt: Amended and Restated Credit Agreement (4) : Term A Loans due April 2026 (1) $ — $ 843.9 Term A-1 Loans due May 2029 (1) 877.5 — Term B Loans due April 2028 (2) — 1,402.3 Term B-1 Loans due April 2028 (3) 1,391.8 — Borrowings on Revolving Credit Facility due May 2029 (1) 954.3 662.0 Total long-term debt (5) 3,223.6 2,908.2 Less total unamortized debt issuance costs/discounts (28.6) (25.6) Less current portion of long-term debt (6) (51.7) (55.1) Long-term debt, net $ 3,143.3 $ 2,827.5 (1) Bears interest at variable rates, at the Company’s option, plus an applicable margin determined based on the Company’s consolidated leverage ratio. Outstanding borrowings under the Revolving Credit Facility are classified as long-term given they can be rolled forward with interest rate resets through maturity. (2) Bore interest at variable rates, at the Company’s option, plus an applicable margin, which was fixed at 1.25 percent for base rate borrowings and 2.25 percent with respect to Term SOFR borrowings. (3) Bears interest at variable rates, at the Company’s option, plus an applicable margin, which is fixed at 1.00 percent for base rate borrowings and 2.00 percent with respect to Term SOFR borrowings. (4) As of September 30, 2024 and December 31, 2023, amounts outstanding under the Amended and Restated Credit Agreement bore a weighted average effective interest rate of 6.6 percent and 7.3 percent, respectively. (5) See Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk for information regarding the fair value of the Company’s debt. (6) Current portion of long-term debt as of September 30, 2024 and December 31, 2023 is net of $7.3 million and $8.3 million in unamortized debt issuance costs/discounts, respectively. (in millions) September 30, 2024 December 31, 2023 Supplemental information under Amended and Restated Credit Agreement: Letters of credit (1) $ 39.4 $ 36.8 Remaining borrowing capacity on Revolving Credit Facility (2) $ 606.3 $ 731.2 (1) Primarily collateralizing Corporate Payments processing activity. (2) Borrowing capacity is contingent on maintaining compliance with the financial covenants as defined in the Company’s Amended and Restated Credit Agreement. As of September 30, 2024, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25 percent to 0.45 percent of the daily unused portion of the Revolving Credit Facility determined based on the Company’s consolidated leverage ratio. Prior to May 10, 2024, the date of the Fifth Amendment, the quarterly commitment fee ranged from 0.25 percent to 0.50 percent. The quarterly commitment fee in effect as of September 30, 2024 and December 31, 2023 was 0.25 percent .

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
Investment Securities (Tables)	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-Sale Securities	The Company’s amortized cost and estimated fair value of investment securities as of September 30, 2024 and December 31, 2023 are presented below. Accrued interest on investment securities of $31.9 million and $24.7 million, respectively, as of September 30, 2024 and December 31, 2023, is excluded from total investment securities and recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets. (in millions) Amortized Cost Total Total Fair Value (1) As of September 30, 2024 Current: Debt securities (2) : U.S. treasury notes $ 430.1 $ 1.7 $ 22.7 $ 409.1 Corporate and sovereign debt securities 1,336.8 32.7 15.8 1,353.8 Municipal bonds 71.0 1.0 3.8 68.2 Asset-backed securities 722.3 5.9 1.8 726.3 Mortgage-backed securities 1,173.0 13.7 21.6 1,165.1 Total $ 3,733.2 $ 55.1 $ 65.7 $ 3,722.6 Non-current: Debt securities (3) $ 34.7 $ 0.7 $ 1.1 $ 34.3 Mutual fund 29.6 — 3.0 26.6 Pooled investment fund 12.9 — — 12.9 Total $ 77.2 $ 0.7 $ 4.1 $ 73.7 Total investment securities (4) $ 3,810.4 $ 55.8 $ 69.8 $ 3,796.3 (in millions) Amortized Cost Total Total Fair Value (1) As of December 31, 2023 Current: Debt securities: U.S. treasury notes $ 410.1 $ 0.8 $ 32.3 $ 378.6 Corporate and sovereign debt securities 1,086.8 13.6 31.6 1,068.8 Municipal bonds 70.8 0.3 5.4 65.7 Asset-backed securities 582.6 3.2 4.2 581.6 Mortgage-backed securities 951.5 5.9 30.0 927.4 Total $ 3,101.8 $ 23.8 $ 103.5 $ 3,022.1 Non-current: Debt securities (3) $ 28.6 $ 0.6 $ 0.8 $ 28.4 Mutual fund 29.1 — 3.6 25.5 Pooled investment fund 12.9 — — 12.9 Total $ 70.6 $ 0.6 $ 4.4 $ 66.8 Total investment securities (4) $ 3,172.4 $ 24.4 $ 107.9 $ 3,088.9 (1) The Company’s methods for measuring the fair value of its investment securities are discussed in Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk. (2) As of September 30, 2024, the Company has pledged debt securities with a fair value of $85.5 million as collateral against recurring settlement obligations owed in conjunction with its transactions processed through licensed card networks, $420.5 million as collateral for FHLB advances and $663.4 million as collateral against borrowings under the BTFP, as further discussed in Note 10, Financing and Other Debt. (3) Substantially comprised of municipal bonds. (4)
Schedule of Estimated Fair Value and Gross Unrealized Losses of Debt Securities in an Unrealized Loss Position	The following table presents estimated fair value and gross unrealized losses of debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security category. There are no expected credit losses that have been recorded against our investment securities as of September 30, 2024 and December 31, 2023. As of September 30, 2024 Less than one year One year or longer Total (in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment-grade rated debt securities: U.S. treasury notes $ 0.1 $ — $ 368.4 $ 22.7 $ 368.5 $ 22.7 Corporate and sovereign debt securities 62.9 0.3 379.4 15.5 442.3 15.8 Municipal bonds 19.7 0.3 30.6 4.6 50.3 4.9 Asset-backed securities 41.3 0.1 59.3 1.7 100.6 1.8 Mortgage-backed securities 250.7 1.5 341.0 20.1 591.7 21.6 Total debt securities $ 374.7 $ 2.2 $ 1,178.7 $ 64.6 $ 1,553.4 $ 66.8 As of December 31, 2023 Less than one year One year or longer Total Investment-grade rated debt securities: U.S. treasury notes $ — $ — $ 358.6 $ 32.3 $ 358.6 $ 32.3 Corporate and sovereign debt securities 132.7 2.3 482.9 29.3 615.6 31.6 Municipal bonds 25.3 0.2 42.5 6.0 67.8 6.2 Asset-backed securities 55.0 0.2 131.1 4.0 186.1 4.2 Mortgage-backed securities 374.5 4.7 262.4 25.3 636.9 30.0 Total debt securities $ 587.5 $ 7.4 $ 1,277.5 $ 96.9 $ 1,865.0 $ 104.3
Schedule of Maturity Dates of Available-for-Sale Securities	The following table summarizes the contractual maturity dates of the Company’s debt securities. September 30, 2024 (in millions) Amortized Cost Fair Value Due within one year $ 138.8 $ 137.8 Due after 1 year through year 5 758.4 734.3 Due after 5 years through year 10 1,075.7 1,089.1 Due after 10 years 1,795.0 1,795.8 Total $ 3,767.9 $ 3,757.0

Financial Instruments _ Fair _2

Financial Instruments − Fair Value and Concentrations of Credit Risk (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value	The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis, as classified within the three-level fair value hierarchy: (in millions) Fair Value Hierarchy September 30, 2024 December 31, 2023 Assets: Money market mutual funds (1) 1 $ 52.1 $ 25.5 U.S. Treasury bills (1) 2 — 10.4 Investment securities, current: Debt securities: U.S. treasury notes 2 $ 409.1 $ 378.6 Corporate and sovereign debt securities 2 1,353.8 1,068.8 Municipal bonds 2 68.2 65.7 Asset-backed securities 2 726.3 581.6 Mortgage-backed securities 2 1,165.1 927.4 Total $ 3,722.6 $ 3,022.1 Investment securities, non-current: Debt securities 2 $ 34.3 $ 28.4 Mutual fund 1 26.6 25.5 Pooled investment fund measured at NAV (2) 12.9 12.9 Total $ 73.7 $ 66.8 Executive deferred compensation plan trust (3) 1 $ 16.3 $ 13.7 Liabilities Contingent consideration (4) 3 $ 125.2 $ 186.2 (1) The fair value is recorded in cash and cash equivalents. (2) The fair value of this security is measured at NAV as a practical expedient and has not been classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets. (3) The fair value is recorded as current or long-term based on the timing of the Company’s executive deferred compensation plan payment obligations. At September 30, 2024, $1.6 million and $14.7 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2023, $1.7 million and $12.0 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. (4) The fair value is recorded as current or long-term based on the timing of expected payments. At September 30, 2024, $62.0 million and $63.2 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively. At December 31, 2023, $64.5 million and $121.7 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively. The fair value of the Company’s financial instruments, which are measured and reported at carrying value, is as follows for the periods indicated: September 30, 2024 December 31, 2023 (in millions) Carrying value Fair value Carrying value Fair value Term A Loans (1) $ — $ — $ 843.9 Term A-1 Loans (1) 877.5 — — Term B Loans (1) — — 1,402.3 Term B-1 Loans (1) 1,391.8 — — Outstanding borrowings on Revolving Credit Facility (1) 954.3 662.0 Contractual deposits with maturities in excess of one year (2) — — 129.8 Fair value approximates carrying value. (1) The Company determines the fair value of borrowings on the Revolving Credit Facility and Term Loans based on market rates for the issuance of the Company’s debt, which are Level 2 inputs in the fair value hierarchy. (2)
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in the contingent consideration derivative liability are measured at fair value on a recurring basis using unobservable inputs (Level 3 in the fair value hierarchy) and are as follows for the periods indicated: Three Months Ended Nine Months Ended (in millions) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Contingent consideration - beginning of period $ 125.1 $ 180.7 $ 186.2 $ 206.4 Payments of contingent consideration (1) — — (64.5) (28.7) Change in fair value of contingent consideration 0.1 3.2 3.5 6.2 Contingent consideration - end of period $ 125.2 $ 183.9 $ 125.2 $ 183.9 (1) The Company has presented $27.2 million of the payment made during the nine months ended September 30, 2023, which represents the fair value of the contingent consideration at acquisition date, within net cash provided by financing activities in the condensed consolidated statement of cash flows. The remainder of the prior year payment, as well as the entirety of the current year payment, has been included in net cash (used for) provided by operating activities (specifically within net change in operating assets and liabilities, net of effects of business acquisitions).

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Reportable Segment Results	The following tables present the Company’s reportable segment revenues: Three Months Ended September 30, 2024 (in millions) Mobility Corporate Payments Benefits Total Payment processing revenue $ 183.2 $ 104.8 $ 21.9 $ 309.9 Account servicing revenue 49.0 15.5 110.0 174.6 Finance fee revenue 70.2 0.2 0.1 70.5 Other revenue 54.7 6.4 49.4 110.5 Total revenues $ 357.2 $ 126.9 $ 181.5 $ 665.5 Three Months Ended September 30, 2023 (in millions) Mobility Corporate Payments Benefits Total Payment processing revenue $ 176.9 $ 115.8 $ 20.6 $ 313.3 Account servicing revenue 42.5 10.5 108.5 161.5 Finance fee revenue 76.8 0.2 0.1 77.1 Other revenue 53.9 8.7 36.9 99.5 Total revenues $ 350.1 $ 135.2 $ 166.1 $ 651.4 Nine Months Ended September 30, 2024 (In millions) Mobility Corporate Payments Benefits Total Payment processing revenue $ 531.1 $ 324.2 $ 75.0 $ 930.3 Account servicing revenue 145.2 35.8 335.5 516.5 Finance fee revenue 217.9 0.4 0.3 218.6 Other revenue 161.4 23.1 141.8 326.3 Total revenues $ 1,055.6 $ 383.5 $ 552.5 $ 1,991.6 Nine Months Ended September 30, 2023 (In millions) Mobility Corporate Payments Benefits Total Payment processing revenue $ 520.6 $ 310.6 $ 70.7 $ 901.9 Account servicing revenue 123.6 31.7 319.8 475.1 Finance fee revenue 233.5 0.5 0.2 234.2 Other revenue 154.9 19.1 99.5 273.5 Total revenues $ 1,032.6 $ 361.9 $ 490.2 $ 1,884.7
Schedule of Reconciliation Of Segment Adjusted Operating Income To Income Before Income Taxes	The following table reconciles total segment adjusted operating income to income before income taxes: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Segment adjusted operating income Mobility $ 167.1 $ 159.6 $ 452.4 $ 448.7 Corporate Payments 71.5 82.9 210.5 198.4 Benefits 78.4 58.8 229.0 182.6 Total segment adjusted operating income $ 317.1 $ 301.3 $ 891.9 $ 829.7 Reconciliation: Total segment adjusted operating income $ 317.1 $ 301.3 $ 891.9 $ 829.7 Less: Unallocated corporate expenses 24.1 29.1 73.8 76.8 Acquisition-related intangible amortization 50.4 45.2 151.9 133.6 Other acquisition and divestiture related items 1.6 5.1 5.4 7.6 Stock-based compensation 29.8 31.9 89.8 94.5 Other costs 14.8 15.1 42.0 28.6 Operating income 196.4 174.9 529.0 488.6 Financing interest expense, net of financial instruments (58.4) (49.4) (178.5) (142.5) Net foreign currency gain (loss) 3.2 (7.8) (9.7) (9.4) Loss on extinguishment of Convertible Notes — (70.1) — (70.1) Change in fair value of contingent consideration (0.1) (3.2) (3.5) (6.2) Income before income taxes $ 141.1 $ 44.4 $ 337.2 $ 260.4

Supplementary Regulatory Capi_2

Supplementary Regulatory Capital Disclosure (Tables)	9 Months Ended
Supplementary Regulatory Capital Disclosure (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations	The following table presents WEX Bank’s actual and regulatory minimum capital amounts and ratios: (in millions) Actual Amount Ratio Minimum Ratio Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio September 30, 2024 Total Capital to risk-weighted assets $ 713.8 14.10 % $ 404.9 8.00 % $ 506.1 10.00 % Tier 1 Capital to average assets $ 666.4 9.38 % $ 284.3 4.00 % $ 355.3 5.00 % Common equity to risk-weighted assets $ 666.4 13.17 % $ 227.8 4.50 % $ 329.0 6.50 % Tier 1 Capital to risk-weighted assets $ 666.4 13.17 % $ 303.7 6.00 % $ 404.9 8.00 % December 31, 2023 Total Capital to risk-weighted assets $ 727.2 16.27 % $ 357.5 8.00 % $ 446.9 10.00 % Tier 1 Capital to average assets $ 675.2 10.21 % $ 264.4 4.00 % $ 330.5 5.00 % Common equity to risk-weighted assets $ 675.2 15.11 % $ 201.1 4.50 % $ 290.5 6.50 % Tier 1 Capital to risk-weighted assets $ 675.2 15.11 % $ 268.1 6.00 % $ 357.5 8.00 %

Revenues - Summary of Disaggreg

Revenues - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	$ 479	$ 469.3	$ 1,427.1	$ 1,357.8
Non-Topic 606 revenues	186.4	182.1	564.6	526.9
Total revenues	665.5	651.4	1,991.6	1,884.7
Mobility
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	219	207	635.4	604.1
Non-Topic 606 revenues	138.1	143.1	420.2	428.5
Total revenues	357.2	350.1	1,055.6	1,032.6
Corporate Payments
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	120.3	126.3	360	342.3
Non-Topic 606 revenues	6.6	8.9	23.5	19.6
Total revenues	126.9	135.2	383.5	361.9
Benefits
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	139.7	136	431.7	411.4
Non-Topic 606 revenues	41.7	30.1	120.9	78.8
Total revenues	181.5	166.1	552.5	490.2
Payment processing revenue
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	309.9	313.3	930.3	901.9
Total revenues	309.9	313.3	930.3	901.9
Payment processing revenue \| Mobility
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	183.2	176.9	531.1	520.6
Total revenues	183.2	176.9	531.1	520.6
Payment processing revenue \| Corporate Payments
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	104.8	115.8	324.2	310.6
Total revenues	104.8	115.8	324.2	310.6
Payment processing revenue \| Benefits
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	21.9	20.6	75	70.7
Total revenues	21.9	20.6	75	70.7
Account servicing revenue
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	135.5	124.4	400	365.8
Total revenues	174.6	161.5	516.5	475.1
Account servicing revenue \| Mobility
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	10	5.4	28.7	14.3
Total revenues	49	42.5	145.2	123.6
Account servicing revenue \| Corporate Payments
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	15.5	10.5	35.8	31.7
Total revenues	15.5	10.5	35.8	31.7
Account servicing revenue \| Benefits
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	110	108.5	335.5	319.8
Total revenues	110	108.5	335.5	319.8
Other revenue
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	33.6	31.6	96.8	90.1
Total revenues	110.5	99.5	326.3	273.5
Other revenue \| Mobility
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	25.8	24.7	75.6	69.2
Total revenues	54.7	53.9	161.4	154.9
Other revenue \| Corporate Payments
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	0	0	0	0
Total revenues	6.4	8.7	23.1	19.1
Other revenue \| Benefits
Disaggregation of Revenue [Line Items]
Total Topic 606 revenues	7.8	6.9	21.2	20.9
Total revenues	$ 49.4	$ 36.9	$ 141.8	$ 99.5

Revenues - Contract Assets and

Revenues - Contract Assets and Liabilities From Contracts with Customers (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables	$ 53.9	$ 59.1
Contract assets	19.8	11.5
Contract assets	28.3	33.1
Contract liabilities	31.4	12.4
Contract liabilities	$ 54.7	$ 83

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized related to contract liabilities	$ 6.1	$ 18.6

Revenues - Remaining Performanc

Revenues - Remaining Performance Obligation (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 220.5
Account servicing revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	107.6
Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	112.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 34.2
Performance obligations expected to be satisfied, expected timing	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Account servicing revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 19.9
Performance obligations expected to be satisfied, expected timing	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 14.4
Performance obligations expected to be satisfied, expected timing	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 80.6
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Account servicing revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 46.1
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 34.5
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 56.6
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Account servicing revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 25.8
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 30.8
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 35
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Account servicing revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 8.2
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 26.8
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 11.8
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Account servicing revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 5.5
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 6.3
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 2.4
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Account servicing revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 2.2
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 0.2
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 0
Performance obligations expected to be satisfied, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01 \| Account servicing revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 0
Performance obligations expected to be satisfied, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01 \| Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 0
Performance obligations expected to be satisfied, expected timing

Acquisitions and Other Invest_3

Acquisitions and Other Investments - Narrative (Details) - USD ($) $ in Millions			3 Months Ended
	Nov. 01, 2023	Sep. 01, 2023	Sep. 30, 2024	Mar. 31, 2024
Payzer
Business Acquisition [Line Items]
Total consideration	$ 250
Deferred consideration	5.5
Contingent consideration	$ 11
Payment of contingent consideration			$ 5.6
Ascensus Acquired Entities
Business Acquisition [Line Items]
Total consideration		$ 185.5
Adjustment, consideration transferred				$ 0.9

Acquisitions and Other Invest_4

Acquisitions and Other Investments - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	9 Months Ended		11 Months Ended	12 Months Ended	13 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2024
Business Acquisition [Line Items]
Cash consideration transferred, net in cash and restricted cash acquired	$ 0.9	$ 155.7
Less:
Goodwill	3,024.9		$ 3,024.9	$ 3,015.7	$ 3,024.9
Payzer
Business Acquisition [Line Items]
Cash consideration transferred, net in cash and restricted cash acquired	244			244
Less:
Accounts receivable	2.4		2.4	2.4	2.4
Other current and long-term assets	1.4		1.4	1.4	1.4
Accrued expenses and other current liabilities	(1.8)		(1.8)	(1.8)	(1.8)
Measurement Period Adjustments, deferred tax liability	3
Deferred tax liability	(3.5)		(3.5)	(6.5)	(3.5)
Contingent/deferred consideration	(7.1)		(7.1)	(7.1)	(7.1)
Other liabilities	(0.9)		(0.9)	(0.9)	(0.9)
Measurement Period Adjustments, goodwill	(3)
Goodwill	190		190	193	190
Cash acquired from acquisition			$ 4.5
Weighted average life (in years)			3 years 10 months 24 days
Payzer \| Customer relationships
Less:
Intangible assets	40.4		$ 40.4	40.4	40.4
Weighted average life (in years)			4 years 8 months 12 days
Payzer \| Developed technology
Less:
Intangible assets	17.2		$ 17.2	17.2	17.2
Weighted average life (in years)			2 years 4 months 24 days
Payzer \| Strategic partner relationships
Less:
Intangible assets	4.5		$ 4.5	4.5	4.5
Weighted average life (in years)			2 years 6 months
Payzer \| Trademarks
Less:
Intangible assets	1.4		$ 1.4	1.4	1.4
Weighted average life (in years)			2 years 9 months 18 days
Ascensus Acquired Entities
Business Acquisition [Line Items]
Cash consideration transferred, net in cash and restricted cash acquired	158.9			158
Measurement period adjustments, cash consideration	0.9
Less:
Accounts receivable	7.3		$ 7.3	7.3	7.3
Other assets	3.8		3.8	3.8	3.8
Accrued expenses and other current liabilities	(6.5)		(6.5)	(6.5)	(6.5)
Restricted cash payable	(25.7)		(25.7)	(25.7)	(25.7)
Other liabilities	(2.7)		(2.7)	(2.7)	(2.7)
Measurement Period Adjustments, goodwill	0.9
Goodwill	86.8		86.8	85.9	86.8
Cash acquired from acquisition					$ 26.7
Weighted average life (in years)					4 years 4 months 24 days
Ascensus Acquired Entities \| Customer relationships
Less:
Intangible assets	52.1		52.1	52.1	$ 52.1
Weighted average life (in years)					5 years 4 months 24 days
Ascensus Acquired Entities \| Developed technology
Less:
Intangible assets	6.6		6.6	6.6	$ 6.6
Weighted average life (in years)					2 years 2 months 12 days
Ascensus Acquired Entities \| Strategic partner relationships
Less:
Intangible assets	14		14	14	$ 14
Weighted average life (in years)					1 year 2 months 12 days
Ascensus Acquired Entities \| Custodial Rights
Less:
Intangible assets	$ 23.2		$ 23.2	$ 23.2	$ 23.2
Weighted average life (in years)					4 years 10 months 24 days

Accounts Receivable, Net - Narr

Accounts Receivable, Net - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revolving Credit Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables with revolving credit balances	$ 127.2	$ 133.3

Accounts Receivable, Net - Chan

Accounts Receivable, Net - Changes in Reserves for Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 87.2	$ 112	$ 90.1	$ 109.9
Provision for credit losses	9.6	9.4	52.6	77.5
Charges to other accounts	5.2	7.3	15.3	22.6
Charge-offs	(25.9)	(32.8)	(88.5)	(125)
Recoveries of amounts previously charged-off	3.6	5.6	10.7	16.3
Currency translation	0.7	(0.5)	0.3	(0.3)
Balance, end of period	80.5	101	80.5	101
Mobility
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	68.5	96.2	72.8	94.6
Provision for credit losses	7.8	12.2	47.2	78.5
Charges to other accounts	5.2	6.8	15.3	22.1
Charge-offs	(25.3)	(32.1)	(85.8)	(122.8)
Recoveries of amounts previously charged-off	3.6	5.6	10.7	16.3
Currency translation	0.4	(0.3)	0.1	(0.3)
Balance, end of period	60.3	88.4	60.3	88.4
Corporate Payments
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	10.6	14.5	9.2	14.4
Provision for credit losses	1.7	(3.9)	5.3	(2.5)
Charges to other accounts	0	0	0	0
Charge-offs	(0.5)	(0.5)	(2.6)	(2)
Recoveries of amounts previously charged-off	0	0	0	0
Currency translation	0.3	(0.2)	0.2	0
Balance, end of period	12.1	9.9	12.1	9.9
Benefits
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	8.1	1.3	8.1	0.8
Provision for credit losses	0.1	1.1	0.1	1.5
Charges to other accounts	0	0.5	0	0.6
Charge-offs	(0.1)	(0.2)	(0.1)	(0.2)
Recoveries of amounts previously charged-off	0	0	0	0
Currency translation	0	0	0	0
Balance, end of period	$ 8.1	$ 2.7	$ 8.1	$ 2.7

Accounts Receivable, Net - Conc

Accounts Receivable, Net - Concentration of Credit Risk (Details) - Credit Concentration Risk - Accounts receivable, net	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Less than 30 days past due
Concentration Risk [Line Items]
Concentration risk, percentage	98%	98%
Less than 60 days past due
Concentration Risk [Line Items]
Concentration risk, percentage	99%	99%

Repurchases of Common Stock - N

Repurchases of Common Stock - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024 USD ($) transaction shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Share Repurchase Program [Line Items]
Repurchases of common stock							$ 543.6	$ 152.6
Purchase of shares of treasury stock	$ 373.1	$ 100.8	$ 73.6	$ 50	$ 3.2	$ 92.8
2024 ASR
Share Repurchase Program [Line Items]
Shares repurchased	$ 300
Shares repurchased accounting treatment, number of separate transactions \| transaction	2
Repurchases of common stock	$ 300
Treasury stock purchased (approximately) (in shares) \| shares	1.3
Purchase of shares of treasury stock	$ 240
Percentage of common stock initially delivered under agreement	0.80						0.80
Adjustment to additional paid in capital, unsettled forward contract	$ 60

Repurchases of Common Stock - S

Repurchases of Common Stock - Schedule of Repurchase of Shares to Treasury Stock (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Total Cost	$ 373.1	$ 100.8	$ 73.6	$ 50	$ 3.2	$ 92.8
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	1.7			0.3			2.5	0.8
Total Cost	$ 313.1	$ 100.8	$ 73.6	$ 50	$ 3.2	$ 92.8	$ 487.5	$ 146

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 102.9	$ 18.4	$ 245.7	$ 181.7
Net income	$ 102.9	$ 18.4	$ 245.7	$ 181.7
Weighted average common shares outstanding – basic (in shares)	40.3	42.9	41.3	43
Dilutive impact of share-based compensation awards (in shares)	0.5	0.5	0.5	0.5
Weighted average common shares outstanding – diluted (in shares)	40.8	43.4	41.7	43.5
Share-Based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	0.4	0.4	0.3	0.4

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Financing interest expense		$ 54.8		$ 159.1
Financing interest expense, net of financial instruments	$ 58.4	49.4	$ 178.5	142.5
Derivatives Not Designated as Hedging Instruments \| Unrealized loss on interest rate swaps \| Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap (gains) losses		6.9		19.4
Derivatives Not Designated as Hedging Instruments \| Realized gain on interest rate swaps \| Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap (gains) losses		$ (12.3)		$ (36)

Deposits (Details)

Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deposit Liability [Line Items]
Customer deposits	$ 263,900	$ 195,900
Certificates of deposit with maturities within 1 year	375,300	500,800
Interest-bearing money market deposits	302,300	226,000
HSA deposits	3,520,000	3,020,000
Short-term deposits	4,461,500	3,942,800
Contractual deposits with maturities greater than 1 year	0	129,800
Total deposits	$ 4,461,500	$ 4,072,600
Weighted average cost of HSA deposits outstanding (as a percent)	0.11%	0.11%
Weighted average cost of funds on contractual deposits outstanding (as a percent)	3.91%	3.53%
Weighted average cost of interest-bearing money market deposits outstanding (as a percent)	5.01%	5.47%
Maximum
Deposit Liability [Line Items]
Certificates of deposits denominations in dollar amount	$ 250	$ 250

Financing and Other Debt - Sche

Financing and Other Debt - Schedule of Short Term Debt (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total short term debt, net	$ 1,435.4	$ 1,041.1
Current portion of long-term debt	51.7	55.1
Participation debt
Debt Instrument [Line Items]
Total short term debt, net	$ 57.2	$ 39.1
Interest rate during period (as a percent)	7.09%	7.62%
FHLB advances
Debt Instrument [Line Items]
Total short term debt, net	$ 370	$ 0
Interest rate during period (as a percent)	5.28%	0%
Borrowed federal funds
Debt Instrument [Line Items]
Total short term debt, net	$ 860	$ 845
Interest rate during period (as a percent)	4.80%	4.89%
Securitized debt
Debt Instrument [Line Items]
Total short term debt, net	$ 96.5	$ 101.9
Interest rate during period (as a percent)	5.68%	5.85%

Financing and Other Debt - Sc_2

Financing and Other Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Millions		4 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
	Jan. 22, 2024	May 10, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying value			$ 3,223.6	$ 3,223.6	$ 2,908.2
Less total unamortized debt issuance costs/discounts			(28.6)	(28.6)	(25.6)
Less current portion of long-term debt			(51.7)	(51.7)	(55.1)
Long-term debt, net			3,143.3	3,143.3	2,827.5
Unamortized debt issuance costs/discounts, current			$ 7.3	$ 7.3	$ 8.3
Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)			6.60%	6.60%	7.30%
Supplemental information under Amended and Restated Credit Agreement:
Commitment fee percentage				0.25%	0.25%
Amended and Restated Credit Agreement \| Minimum
Supplemental information under Amended and Restated Credit Agreement:
Commitment fee percentage				0.25%
Amended and Restated Credit Agreement \| Maximum
Supplemental information under Amended and Restated Credit Agreement:
Commitment fee percentage		0.50%	0.45%
Line of Credit \| Term A Loans \| Securitized debt
Debt Instrument [Line Items]
Carrying value			$ 0	$ 0	$ 843.9
Line of Credit \| Term A-1 Loans \| Securitized debt
Debt Instrument [Line Items]
Carrying value			877.5	877.5	0
Line of Credit \| Term B Loans \| Securitized debt
Debt Instrument [Line Items]
Carrying value			0	0	1,402.3
Line of Credit \| Term B-1 Loans \| Securitized debt
Debt Instrument [Line Items]
Carrying value			1,391.8	1,391.8	0
Revolving Credit Facility
Debt Instrument [Line Items]
Carrying value			954.3	954.3	662
Revolving Credit Facility \| Amended and Restated Credit Agreement
Supplemental information under Amended and Restated Credit Agreement:
Remaining borrowing capacity on Revolving Credit Facility			606.3	606.3	731.2
Revolving Credit Facility \| Amended and Restated Credit Agreement \| Letter of Credit
Supplemental information under Amended and Restated Credit Agreement:
Letters of credit			$ 39.4	$ 39.4	$ 36.8
Credit Facility Term Loans \| Term B Loans \| Base Rate
Debt Instrument [Line Items]
Margin on variable rate, percent				1.25%
Credit Facility Term Loans \| Term B Loans \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin on variable rate, percent				2.25%
Credit Facility Term Loans \| Term B-1 Loans \| Base Rate
Debt Instrument [Line Items]
Margin on variable rate, percent	1%			1%
Credit Facility Term Loans \| Term B-1 Loans \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin on variable rate, percent	2%			2%

Financing and Other Debt - Narr

Financing and Other Debt - Narrative (Details) € in Millions			3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 22, 2024	Aug. 11, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 AUD ($)	May 10, 2024 USD ($)	Dec. 31, 2023 AUD ($)	Aug. 10, 2023 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 0	$ 70,100,000	$ 0	$ 70,100,000
Total short term debt, net			1,435,400,000		1,435,400,000		$ 1,041,100,000
Accounts receivable, net			3,770,400,000		3,770,400,000		3,428,500,000
Asset Pledged as Collateral
Debt Instrument [Line Items]
Accounts receivable, net			227,600,000		227,600,000
Line of Credit
Debt Instrument [Line Items]
Line of credit outstanding			150,000,000		150,000,000		70,000,000
Other short term borrowings
Debt Instrument [Line Items]
Line of credit outstanding									$ 0		$ 0
Convertible Senior Notes Due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Aggregate amount												$ 310,000,000
Interest rate, stated percentage												6.50%
Extinguishment of debt		$ 310,000,000
Repurchase of debt, percentage of par		119%
Repurchase of convertible notes		$ 370,400,000
Net carrying amount		298,800,000
Loss on extinguishment of debt		$ 70,100,000		70,100,000
Interest expense				$ 2,600,000		$ 13,900,000
Participation debt
Debt Instrument [Line Items]
Total short term debt, net			57,200,000		$ 57,200,000		$ 39,100,000
Interest rate during period (as a percent)					7.09%		7.62%
FHLB advances
Debt Instrument [Line Items]
Amounts available			393,800,000		$ 393,800,000
Total short term debt, net			370,000,000		$ 370,000,000		$ 0
Interest rate during period (as a percent)					5.28%		0%
Borrowed federal funds
Debt Instrument [Line Items]
Total short term debt, net			860,000,000		$ 860,000,000		$ 845,000,000
Interest rate during period (as a percent)					4.80%		4.89%
Borrowed federal funds \| Federal Reserve Bank Advances
Debt Instrument [Line Items]
Total short term debt, net			710,000,000		$ 710,000,000		$ 775,000,000
Interest rate during period (as a percent)					4.76%		4.84%
Other short term borrowings
Debt Instrument [Line Items]
Amounts available									21,300,000
Other short term borrowings \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin on variable rate, percent					1.80%
Credit Facility Term Loans \| Term B-1 Loans \| Base Rate
Debt Instrument [Line Items]
Margin on variable rate, percent	1%				1%
Credit Facility Term Loans \| Term B-1 Loans \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin on variable rate, percent	2%				2%
Credit Facility Term Loans \| Term B Loans \| Base Rate
Debt Instrument [Line Items]
Margin on variable rate, percent					1.25%
Credit Facility Term Loans \| Term B Loans \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin on variable rate, percent					2.25%
Line of Credit \| Term A and A-1 Loans
Debt Instrument [Line Items]
Amounts available										$ 900,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Amounts available										$ 1,600,000,000
Revolving Credit Facility \| MUFG Bank, Ltd.
Debt Instrument [Line Items]
Amounts available \| €								€ 55
Revolving Credit Facility \| Australia and New Zealand Banking Group Limited
Debt Instrument [Line Items]
Amounts available									$ 115,000,000
Revolving Credit Facility \| Federal Reserve Bank
Debt Instrument [Line Items]
Current borrowing capacity			167,000,000		$ 167,000,000
Letters of credit			0		$ 0		$ 0
Participation Debt \| Minimum \| Line of Credit \| Margin
Debt Instrument [Line Items]
Margin on variable rate, percent					2.25%
Participation Debt \| Participation debt \| Line of Credit
Debt Instrument [Line Items]
Borrowings under guaranteed investment agreements			$ 70,000,000		$ 70,000,000

Off-Balance Sheet Arrangements

Off-Balance Sheet Arrangements (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Off-Balance Sheet Arrangements (Details) - USD ($)	Apr. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
HSA assets amount serving as custodian		$ 4,300,000,000		$ 4,300,000,000
HSA assets deposited and managed by third party depository partners		800,000,000		800,000,000
HSA deposits		3,520,000,000		3,520,000,000		$ 3,020,000,000
WEX Europe Services And WEX Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cost of factoring		2,500,000	$ 3,000,000	8,900,000	$ 7,400,000
WEX Europe Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of factoring receivables		123,800,000	139,600,000	391,500,000	422,900,000
WEX Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of factoring receivables		$ 3,400,000,000	4,000,000,000	$ 13,200,000,000	9,100,000,000
Termination notice period				30 days
WEX Health
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of factoring receivables			$ 43,900,000		$ 126,100,000
WEX Health \| Revolving Credit Facility \| Securitized debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Termination notice period	30 days
Borrowing capacity	$ 35,000,000					$ 0
Additional extension period	3 years

Investment Securities - Narrati

Investment Securities - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
Investment Securities - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) investmentPosition	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) investmentPosition	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Accrued investment interest	$ 31.9		$ 31.9		$ 24.7
Debt securities, unrealized loss position, number of positions \| investmentPosition	324		324
Unrealized gain (losses) on equity securities	$ 0	$ 0	$ 0	$ 0
Equity securities without readily determinable fair value, amount	$ 29.6		$ 29.6		$ 11.7

Investment Securities - Investm

Investment Securities - Investment Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	$ 3,733.2	$ 3,101.8
Accumulated gross unrealized gain, current	55.1	23.8
Accumulated gross unrealized loss, current	65.7	103.5
Debt securities, current	3,722.6	3,022.1
Amortized cost, non-current	77.2	70.6
Accumulated gross unrealized gain, non-current	0.7	0.6
Accumulated gross unrealized loss, non-current	4.1	4.4
Fair value	73.7	66.8
Amortized Cost	3,810.4	3,172.4
Total Unrealized Gains	55.8	24.4
Total Unrealized Losses	69.8	107.9
Fair value	3,796.3	3,088.9
Executive deferred compensation plan trust	16.3	13.7
Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Fair value of debt securities pledged	85.5
Asset Pledged as Collateral \| FHLB advances \| Federal Reserve Bank Advances
Debt Securities, Available-for-sale [Line Items]
Fair value of debt securities pledged	420.5
Asset Pledged as Collateral \| Borrowed federal funds \| Federal Reserve Bank Advances
Debt Securities, Available-for-sale [Line Items]
Fair value of debt securities pledged	663.4
Debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, non-current	34.7	28.6
Accumulated gross unrealized gain, non-current	0.7	0.6
Accumulated gross unrealized loss, non-current	1.1	0.8
Debt securities	34.3	28.4
U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	430.1	410.1
Accumulated gross unrealized gain, current	1.7	0.8
Accumulated gross unrealized loss, current	22.7	32.3
Debt securities, current	409.1	378.6
Corporate and sovereign debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	1,336.8	1,086.8
Accumulated gross unrealized gain, current	32.7	13.6
Accumulated gross unrealized loss, current	15.8	31.6
Debt securities, current	1,353.8	1,068.8
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	71	70.8
Accumulated gross unrealized gain, current	1	0.3
Accumulated gross unrealized loss, current	3.8	5.4
Debt securities, current	68.2	65.7
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	722.3	582.6
Accumulated gross unrealized gain, current	5.9	3.2
Accumulated gross unrealized loss, current	1.8	4.2
Debt securities, current	726.3	581.6
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost, current	1,173	951.5
Accumulated gross unrealized gain, current	13.7	5.9
Accumulated gross unrealized loss, current	21.6	30
Debt securities, current	1,165.1	927.4
Mutual fund
Debt Securities, Available-for-sale [Line Items]
Equity securities FV-NI cost, non-current	29.6	29.1
Accumulated gross unrealized gain, non-current	0	0
Accumulated gross unrealized loss, non-current	3	3.6
Equity securities, FV-NI, noncurrent	26.6	25.5
Pooled investment fund
Debt Securities, Available-for-sale [Line Items]
Equity securities FV-NI cost, non-current	12.9	12.9
Accumulated gross unrealized gain, non-current	0	0
Accumulated gross unrealized loss, non-current	0	0
Equity securities, FV-NI, noncurrent	$ 12.9	$ 12.9

Investment Securities - Unreali

Investment Securities - Unrealized Losses On Debt Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair value, less than one year	$ 374.7	$ 587.5
Gross unrealized losses, less than one year	2.2	7.4
Fair value, one year or longer	1,178.7	1,277.5
Gross unrealized losses, one year or longer	64.6	96.9
Fair Value	1,553.4	1,865
Gross Unrealized Losses	66.8	104.3
U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Fair value, less than one year	0.1	0
Gross unrealized losses, less than one year	0	0
Fair value, one year or longer	368.4	358.6
Gross unrealized losses, one year or longer	22.7	32.3
Fair Value	368.5	358.6
Gross Unrealized Losses	22.7	32.3
Corporate and sovereign debt securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than one year	62.9	132.7
Gross unrealized losses, less than one year	0.3	2.3
Fair value, one year or longer	379.4	482.9
Gross unrealized losses, one year or longer	15.5	29.3
Fair Value	442.3	615.6
Gross Unrealized Losses	15.8	31.6
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Fair value, less than one year	19.7	25.3
Gross unrealized losses, less than one year	0.3	0.2
Fair value, one year or longer	30.6	42.5
Gross unrealized losses, one year or longer	4.6	6
Fair Value	50.3	67.8
Gross Unrealized Losses	4.9	6.2
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than one year	41.3	55
Gross unrealized losses, less than one year	0.1	0.2
Fair value, one year or longer	59.3	131.1
Gross unrealized losses, one year or longer	1.7	4
Fair Value	100.6	186.1
Gross Unrealized Losses	1.8	4.2
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than one year	250.7	374.5
Gross unrealized losses, less than one year	1.5	4.7
Fair value, one year or longer	341	262.4
Gross unrealized losses, one year or longer	20.1	25.3
Fair Value	591.7	636.9
Gross Unrealized Losses	$ 21.6	$ 30

Investment Securities - Maturit

Investment Securities - Maturity Dates Of Available-For-Sale Securities (Details) $ in Millions	Sep. 30, 2024 USD ($)
Amortized Cost
Due within one year	$ 138.8
Due after 1 year through year 5	758.4
Due after 5 years through year 10	1,075.7
Due after 10 years	1,795
Amortized Cost	3,767.9
Fair Value
Due within one year	137.8
Due after 1 year through year 5	734.3
Due after 5 years through year 10	1,089.1
Due after 10 years	1,795.8
Fair Value	$ 3,757

Financial Instruments _ Fair _3

Financial Instruments − Fair Value and Concentrations of Credit Risk - Financial Instruments Measured at Fair Value and Related Hierarchy Levels (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investment securities, current:
Debt securities, current	$ 3,722.6	$ 3,022.1
Investment securities, non-current:
Fair value	73.7	66.8
Executive deferred compensation plan trust	16.3	13.7
Prepaid expenses and other current assets
Investment securities, non-current:
Executive deferred compensation plan trust	1.6	1.7
Other assets
Investment securities, non-current:
Executive deferred compensation plan trust	14.7	12
Accrued expenses and other current liabilities
Liabilities
Contingent consideration	62	64.5
Other liabilities
Liabilities
Contingent consideration	63.2	121.7
Debt securities
Investment securities, non-current:
Debt securities	34.3	28.4
Corporate and sovereign debt securities
Investment securities, current:
Debt securities, current	1,353.8	1,068.8
Municipal bonds
Investment securities, current:
Debt securities, current	68.2	65.7
Asset-backed securities
Investment securities, current:
Debt securities, current	726.3	581.6
Mortgage-backed securities
Investment securities, current:
Debt securities, current	1,165.1	927.4
Mutual fund
Investment securities, non-current:
Equity securities, FV-NI, noncurrent	26.6	25.5
Pooled investment fund measured at NAV
Investment securities, non-current:
Equity securities, FV-NI, noncurrent	12.9	12.9
Level 1
Investment securities, non-current:
Executive deferred compensation plan trust	16.3	13.7
Level 1 \| Money market funds
Assets:
Money market funds	52.1	25.5
Level 1 \| Mutual fund
Investment securities, non-current:
Equity securities, FV-NI, noncurrent	26.6	25.5
Level 2 \| US Treasury Bill Securities
Assets:
Money market funds	0	10.4
Level 2 \| Debt securities
Investment securities, non-current:
Debt securities	34.3	28.4
Level 2 \| U.S. treasury notes
Investment securities, current:
Debt securities, current	409.1	378.6
Level 2 \| Corporate and sovereign debt securities
Investment securities, current:
Debt securities, current	1,353.8	1,068.8
Level 2 \| Municipal bonds
Investment securities, current:
Debt securities, current	68.2	65.7
Level 2 \| Asset-backed securities
Investment securities, current:
Debt securities, current	726.3	581.6
Level 2 \| Mortgage-backed securities
Investment securities, current:
Debt securities, current	1,165.1	927.4
Net Asset Value \| Pooled investment fund measured at NAV
Investment securities, non-current:
Equity securities, FV-NI, noncurrent	12.9	12.9
Level 3 \| Contingent consideration
Liabilities
Contingent consideration	$ 125.2	$ 186.2

Financial Instruments _ Fair _4

Financial Instruments − Fair Value and Concentrations of Credit Risk - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023
Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments	$ 0
Redemption notice period	30 days
Level 3 \| Recurring \| Discount Rate \| Valuation, Market Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability, measurement input	0.0352	0.0384

Financial Instruments _ Fair _5

Financial Instruments − Fair Value and Concentrations of Credit Risk - Contingent Consideration Liability are Measured at Fair Value on a Recurring Basis Using Unobservable Inputs (Level 3) (Details) - Obligations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration, beginning balance	$ 125.1	$ 180.7	$ 186.2	$ 206.4
Payments of contingent consideration	0	0	(64.5)	(28.7)
Change in fair value of contingent consideration	0.1	3.2	3.5	6.2
Contingent consideration, ending balance	$ 125.2	$ 183.9	125.2	$ 183.9
Payments of deferred and contingent consideration			$ 27.2

Financial Instruments _ Fair _6

Financial Instruments − Fair Value and Concentrations of Credit Risk - Schedule of Fair Value of The Company's Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 3,223.6	$ 2,908.2
Contractual deposits with maturities in excess of one year	0	129.8
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual deposits with maturities in excess of one year	0
Line of Credit \| Tranche A Term Loans \| Securitized debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	0	843.9
Line of Credit \| Tranche A Term Loans \| Level 2 \| Securitized debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loans, fair value	0
Line of Credit \| Term A-1 Loans \| Securitized debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	877.5	0
Line of Credit \| Term A-1 Loans \| Level 2 \| Securitized debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loans, fair value		0
Line of Credit \| Tranche B Term Loans \| Securitized debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	0	1,402.3
Line of Credit \| Tranche B Term Loans \| Level 2 \| Securitized debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loans, fair value	0
Line of Credit \| Term B-1 Loans \| Securitized debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	1,391.8	0
Line of Credit \| Term B-1 Loans \| Level 2 \| Securitized debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loans, fair value		0
Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 954.3	$ 662

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Aug. 11, 2023	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Effective tax rate		27.10%		58.60%	27.20%	30.20%
Discrete item , uncertain tax position			$ 3.7
Loss on extinguishment of Convertible Notes		$ 0		$ 70.1	$ 0	$ 70.1
Undistributed earnings of certain foreign subsidiaries		278.8			278.8		$ 231.6
Undistributed earnings of certain foreign subsidiaries with indefinite reinvestment		$ 265.4			$ 265.4
Convertible Senior Notes Due 2027 \| Convertible Debt
Operating Loss Carryforwards [Line Items]
Loss on extinguishment of Convertible Notes	$ 70.1			$ 70.1

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 28.7	$ 30.5	$ 90.2	$ 91.7

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Segment Information - Revenue b

Segment Information - Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 665.5	$ 651.4	$ 1,991.6	$ 1,884.7
Mobility
Segment Reporting Information [Line Items]
Total revenues	357.2	350.1	1,055.6	1,032.6
Corporate Payments
Segment Reporting Information [Line Items]
Total revenues	126.9	135.2	383.5	361.9
Benefits
Segment Reporting Information [Line Items]
Total revenues	181.5	166.1	552.5	490.2
Payment processing revenue
Segment Reporting Information [Line Items]
Total revenues	309.9	313.3	930.3	901.9
Payment processing revenue \| Mobility
Segment Reporting Information [Line Items]
Total revenues	183.2	176.9	531.1	520.6
Payment processing revenue \| Corporate Payments
Segment Reporting Information [Line Items]
Total revenues	104.8	115.8	324.2	310.6
Payment processing revenue \| Benefits
Segment Reporting Information [Line Items]
Total revenues	21.9	20.6	75	70.7
Account servicing revenue
Segment Reporting Information [Line Items]
Total revenues	174.6	161.5	516.5	475.1
Account servicing revenue \| Mobility
Segment Reporting Information [Line Items]
Total revenues	49	42.5	145.2	123.6
Account servicing revenue \| Corporate Payments
Segment Reporting Information [Line Items]
Total revenues	15.5	10.5	35.8	31.7
Account servicing revenue \| Benefits
Segment Reporting Information [Line Items]
Total revenues	110	108.5	335.5	319.8
Finance fee revenue
Segment Reporting Information [Line Items]
Total revenues	70.5	77.1	218.6	234.2
Finance fee revenue \| Mobility
Segment Reporting Information [Line Items]
Total revenues	70.2	76.8	217.9	233.5
Finance fee revenue \| Corporate Payments
Segment Reporting Information [Line Items]
Total revenues	0.2	0.2	0.4	0.5
Finance fee revenue \| Benefits
Segment Reporting Information [Line Items]
Total revenues	0.1	0.1	0.3	0.2
Other revenue
Segment Reporting Information [Line Items]
Total revenues	110.5	99.5	326.3	273.5
Other revenue \| Mobility
Segment Reporting Information [Line Items]
Total revenues	54.7	53.9	161.4	154.9
Other revenue \| Corporate Payments
Segment Reporting Information [Line Items]
Total revenues	6.4	8.7	23.1	19.1
Other revenue \| Benefits
Segment Reporting Information [Line Items]
Total revenues	$ 49.4	$ 36.9	$ 141.8	$ 99.5

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted Operating Income to Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Stock-based compensation			$ 90.1	$ 91.7
Operating income	$ 196.4	$ 174.9	529	488.6
Financing interest expense, net of financial instruments	(58.4)	(49.4)	(178.5)	(142.5)
Net foreign currency gain (loss)	3.2	(7.8)	(9.7)	(9.4)
Loss on extinguishment of Convertible Notes	0	(70.1)	0	(70.1)
Change in fair value of contingent consideration	(0.1)	(3.2)	(3.5)	(6.2)
Income before income taxes	141.1	44.4	337.2	260.4
Operating Segments
Segment Reporting Information [Line Items]
Operating income	317.1	301.3	891.9	829.7
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated corporate expenses	24.1	29.1	73.8	76.8
Acquisition-related intangible amortization	50.4	45.2	151.9	133.6
Other acquisition and divestiture related items	1.6	5.1	5.4	7.6
Stock-based compensation	29.8	31.9	89.8	94.5
Other costs	14.8	15.1	42	28.6
Mobility \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted operating income	167.1	159.6	452.4	448.7
Corporate Payments \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted operating income	71.5	82.9	210.5	198.4
Benefits \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted operating income	$ 78.4	$ 58.8	$ 229	$ 182.6

Supplementary Regulatory Capi_3

Supplementary Regulatory Capital Disclosure (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Total capital to risk-weighted assets, actual amount	$ 713.8	$ 727.2
Total capital to risk-weighted assets, actual, ratio	0.1410	0.1627
Total capital to risk-weighted assets, minimum for capital adequacy purposes amount	$ 404.9	$ 357.5
Total capital to risk-weighted assets, minimum for capital adequacy purposes, ratio	0.0800	0.0800
Total capital to risk-weighted assets, minimum to be well capitalized under prompt corrective action provisions amount	$ 506.1	$ 446.9
Total capital to risk-weighted assets, minimum to be well capitalized under prompt corrective action provisions, ratio	0.1000	0.1000
Tier 1 capital to average assets, actual amount	$ 666.4	$ 675.2
Tier 1 capital to average assets, actual, ratio	0.0938	0.1021
Tier 1 capital to average assets, minimum for capital adequacy purposes amount	$ 284.3	$ 264.4
Tier 1 capital to average assets, minimum for capital adequacy purposes, ratio	0.0400	0.0400
Tier 1 capital to average assets, minimum to be well capitalized under prompt corrective action provisions amount	$ 355.3	$ 330.5
Tier 1 capital to average assets, minimum to be well capitalized under prompt corrective action provision, ratio	0.0500	0.0500
Common equity to risk-weighted assets, actual amount	$ 666.4	$ 675.2
Common equity to risk-weighted assets, actual, ratio	0.1317	0.1511
Common equity to risk-weighted assets, minimum for capital adequacy purposes amount	$ 227.8	$ 201.1
Common equity to risk-weighted assets, minimum for capital adequacy purposes, ratio	0.0450	0.0450
Common equity to risk-weighted assets, minimum to be well capitalized under prompt corrective action provisions amount	$ 329	$ 290.5
Common equity to risk-weighted assets, minimum to be well capitalized under Prompt corrective action provisions, ratio	0.0650	0.0650
Tier 1 capital to risk-weighted assets, actual amount	$ 666.4	$ 675.2
Tier 1 capital to risk-weighted assets, actual, ratio	0.1317	0.1511
Tier 1 capital to risk-weighted assets, minimum for capital adequacy purposes amount	$ 303.7	$ 268.1
Tier 1 capital to risk-weighted assets, minimum for capital adequacy purposes, ratio	0.0600	0.0600
Tier 1 capital to risk-weighted assets, minimum to be well capitalized under prompt corrective action provisions amount	$ 404.9	$ 357.5
Tier 1 capital to risk-weighted assets, minimum to be well capitalized under prompt corrective action provisions, ratio	0.0800	0.0800

Restructuring Activities (Detai

Restructuring Activities (Details) $ in Millions	9 Months Ended
Restructuring Activities (Details) $ in Millions	Sep. 30, 2024 USD ($) segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 12.3
Number of segments impacted by restructuring \| segment	3
Accrued restructuring	$ 0
Mobility \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6.2
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	7
General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3.2