WEX INC., 10-Q filed on 7/27/2023
Quarterly Report
v3.23.2
Cover - shares
 6 Months Ended
Jun. 30, 2023
Jul. 20, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2023  
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, $0.01 par value  
Trading Symbol WEX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   42,954,003
Entity Central Index Key 0001309108  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Total revenues $ 621.3 $ 598.2 $ 1,233.3 $ 1,115.8
Cost of services        
Processing costs 149.7 137.4 295.3 269.9
Service fees 17.9 14.9 36.2 30.6
Provision for credit losses 22.7 42.2 68.1 67.8
Operating interest 19.5 3.2 32.3 5.5
Depreciation and amortization 25.2 26.6 50.4 52.6
Total cost of services 235.0 224.3 482.3 426.5
General and administrative 106.2 83.5 195.1 162.1
Sales and marketing 78.9 80.4 158.8 154.4
Depreciation and amortization 41.8 38.9 83.4 79.3
Operating income 159.4 171.1 313.7 293.4
Financing interest expense (42.4) (31.8) (80.8) (61.5)
Change in fair value of contingent consideration (1.2) (88.2) (3.0) (104.8)
Net foreign currency loss (0.2) (19.4) (1.6) (14.4)
Net unrealized gain (loss) on financial instruments 2.2 16.9 (12.3) 66.7
Income before income taxes 117.8 48.6 216.0 179.4
Income tax expense 22.5 14.5 52.7 56.5
Net income 95.3 34.1 163.3 122.9
Less: Net income from non-controlling interests 0.0 0.0 0.0 0.3
Net income attributable to WEX Inc. 95.3 34.1 163.3 122.6
Change in value of redeemable non-controlling interest 0.0 0.0 0.0 34.2
Net income attributable to shareholders $ 95.3 $ 34.1 $ 163.3 $ 156.9
Net income attributable to shareholders per share:        
Basic (in dollars per share) $ 2.22 $ 0.76 $ 3.80 $ 3.50
Diluted (in dollars per share) $ 2.20 $ 0.76 $ 3.76 $ 3.47
Weighted average common shares outstanding:        
Basic (in shares) 42.9 44.8 43.0 44.9
Diluted (in shares) 43.4 45.1 43.5 45.2
Payment processing revenue        
Revenues        
Total revenues $ 300.5 $ 312.3 $ 588.6 $ 551.8
Account servicing revenue        
Revenues        
Total revenues 152.9 137.6 313.6 277.6
Finance fee revenue        
Revenues        
Total revenues 76.4 85.3 157.1 163.9
Other revenue        
Revenues        
Total revenues $ 91.5 $ 63.0 $ 174.0 $ 122.5
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 95.3 $ 34.1 $ 163.3 $ 122.9
Other comprehensive income (loss), net of tax:        
Unrealized losses on available-for-sale debt securities (29.9) (42.1) (7.7) (93.7)
Foreign currency translation 5.5 (45.7) 6.3 (41.4)
Other comprehensive income (loss), net of tax (24.4) (87.8) (1.4) (135.2)
Comprehensive income (loss) 70.9 (53.7) 161.9 (12.3)
Less: Comprehensive income attributable to non-controlling interests 0.0 0.0 0.0 0.3
Comprehensive income (loss) attributable to WEX Inc. $ 70.9 $ (53.7) $ 161.9 $ (12.5)
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 901.4 $ 922.0
Restricted cash 1,217.6 937.8
Accounts receivable, net 3,622.3 3,275.7
Investment securities 2,641.1 1,395.3
Securitized accounts receivable, restricted 138.1 143.2
Prepaid expenses and other current assets 184.1 143.3
Total current assets 8,704.6 6,817.1
Property, equipment and capitalized software (net of accumulated depreciation of $571.0 in 2023 and $529.9 in 2022) 222.2 202.2
Goodwill 2,728.2 2,728.9
Other intangible assets (net of accumulated amortization of $1,261.1 in 2023 and $1,173.2 in 2022) 1,393.8 1,473.6
Investment securities 48.0 48.0
Deferred income taxes, net 10.8 13.4
Other assets 240.4 246.0
Total assets 13,348.0 11,529.2
Liabilities and Stockholders’ Equity    
Accounts payable 1,506.7 1,365.8
Accrued expenses and other current liabilities 733.5 643.9
Restricted cash payable 1,217.0 937.1
Short-term deposits 4,154.2 3,144.6
Short-term debt, net 723.0 202.6
Total current liabilities 8,334.4 6,294.1
Long-term debt, net 2,499.1 2,522.2
Long-term deposits 167.7 334.2
Deferred income taxes, net 131.6 142.2
Other liabilities 446.5 587.1
Total liabilities 11,579.3 9,879.7
Stockholders’ Equity    
Common stock $0.01 par value; 175.0 shares authorized; 49.8 shares issued in 2023 and 49.6 in 2022; 42.9 shares outstanding in 2023 and 43.2 in 2022 0.5 0.5
Additional paid-in capital 981.3 928.0
Retained earnings 1,653.8 1,490.5
Accumulated other comprehensive loss (307.7) (306.3)
Treasury stock at cost; 6.9 and 6.3 shares in 2023 and 2022, respectively (559.2) (463.2)
Total stockholders’ equity 1,768.7 1,649.5
Total liabilities and stockholders’ equity $ 13,348.0 $ 11,529.2
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Property, equipment and capitalized software, accumulated depreciation $ 571.0 $ 529.9
Accumulated amortization $ 1,261.1 $ 1,173.2
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 175.0 175.0
Common stock, shares issued (in shares) 49.8 49.6
Common stock, shares, outstanding (in shares) 42.9 43.2
Treasury stock, shares (in shares) 6.9 6.3
v3.23.2
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, 2021   49.3        
Beginning balance at Dec. 31, 2021 $ 1,838.8 $ 0.5 $ 844.1 $ 1,289.1 $ (122.5) $ (172.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock issued under share-based compensation plans (in shares)   0.2        
Stock issued under share-based compensation plans 0.8   0.8      
Share repurchases for tax withholdings (12.2)   (12.2)      
Stock-based compensation expense 23.7   23.7      
Unrealized gain (loss) on available-for-sale debt securities (51.7)       (51.7)  
Change in value of redeemable non-controlling interest, net of $3.5 million of tax expense 34.2     34.2    
Foreign currency translation 4.3       4.3  
Net income 88.5     88.5    
Ending balance (in shares) at Mar. 31, 2022   49.4        
Ending balance at Mar. 31, 2022 1,926.5 $ 0.5 856.3 1,411.9 (169.9) (172.3)
Beginning balance (in shares) at Dec. 31, 2021   49.3        
Beginning balance at Dec. 31, 2021 1,838.8 $ 0.5 844.1 1,289.1 (122.5) (172.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Purchase of shares of treasury stock (80.6)          
Foreign currency translation (41.4)          
Ending balance (in shares) at Jun. 30, 2022   49.5        
Ending balance at Jun. 30, 2022 1,816.4 $ 0.5 880.5 1,446.0 (257.7) (252.9)
Beginning balance (in shares) at Mar. 31, 2022   49.4        
Beginning balance at Mar. 31, 2022 1,926.5 $ 0.5 856.3 1,411.9 (169.9) (172.3)
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 2.3   2.3      
Share repurchases for tax withholdings (3.1)   (3.1)      
Stock-based compensation expense 24.9   24.9      
Unrealized gain (loss) on available-for-sale debt securities (42.1)       (42.1)  
Purchase of shares of treasury stock (80.6)         (80.6)
Foreign currency translation (45.7)       (45.7)  
Net income 34.1     34.1    
Ending balance (in shares) at Jun. 30, 2022   49.5        
Ending balance at Jun. 30, 2022 $ 1,816.4 $ 0.5 880.5 1,446.0 (257.7) (252.9)
Beginning balance (in shares) at Dec. 31, 2022 49.6 49.6        
Beginning balance at Dec. 31, 2022 $ 1,649.5 $ 0.5 928.0 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)      
Stock-based compensation expense 25.3   25.3      
Unrealized gain (loss) on available-for-sale debt securities 22.2       22.2  
Purchase of shares of treasury stock (92.8)         (92.8)
Foreign currency translation 0.8       0.8  
Net income 68.0     68.0    
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) (556.0)
Beginning balance (in shares) at Dec. 31, 2022 49.6 49.6        
Beginning balance at Dec. 31, 2022 $ 1,649.5 $ 0.5 928.0 1,490.5 (306.3) (463.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Purchase of shares of treasury stock (96.0)          
Foreign currency translation $ 6.3          
Ending balance (in shares) at Jun. 30, 2023 49.8 49.8        
Ending balance at Jun. 30, 2023 $ 1,768.7 $ 0.5 981.3 1,653.8 (307.7) (559.2)
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) (556.0)
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)      
Stock-based compensation expense 35.9   35.9      
Unrealized gain (loss) on available-for-sale debt securities (29.9)       (29.9)  
Purchase of shares of treasury stock (3.2)       0.0 (3.2)
Foreign currency translation 5.5       5.5  
Net income $ 95.3     95.3    
Ending balance (in shares) at Jun. 30, 2023 49.8 49.8        
Ending balance at Jun. 30, 2023 $ 1,768.7 $ 0.5 $ 981.3 $ 1,653.8 $ (307.7) $ (559.2)
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Statement of Stockholders' Equity [Abstract]  
Redeemable non-controlling interest, net of tax expense $ 3.5
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 163.3 $ 122.9
Adjustments to reconcile net income to net cash provided by (used for) operating activities:    
Change in fair value of contingent consideration 3.0 104.8
Stock-based compensation 61.2 48.6
Depreciation and amortization 133.8 132.0
Deferred tax benefit (9.1) (15.0)
Provision for credit losses 68.1 67.8
Other non-cash adjustments 16.7 (42.6)
Changes in operating assets and liabilities, net of effects of business acquisitions:    
Accounts receivable and securitized accounts receivable (412.2) (1,701.3)
Prepaid expenses and other current and other long-term assets (29.1) (9.0)
Accounts payable 143.5 926.4
Accrued expenses and other current and long-term liabilities (25.0) 37.3
Income taxes (14.7) 6.8
Net cash provided by (used for) operating activities 99.5 (321.4)
Cash flows from investing activities    
Purchases of property, equipment and capitalized software (65.3) (45.6)
Purchase of other investments (5.0) 0.0
Purchases of available-for-sale debt securities (1,362.0) (594.5)
Sales and maturities of available-for-sale debt securities 114.4 29.4
Acquisition of intangible assets (4.5) 0.0
Net cash used for investing activities (1,322.4) (610.7)
Cash flows from financing activities    
Net activity from share-based compensation plans (7.9) (12.1)
Purchase of treasury shares (104.0) (80.6)
Net change in deposits 842.8 797.9
Net change in restricted cash payable 271.5 183.2
Net borrowings on other debt 21.0 59.4
Borrowings on revolving credit facility 1,402.1 1,273.1
Repayments on revolving credit facility (1,398.1) (1,212.5)
Repayments on term loans (31.7) (31.7)
Borrowings on BTFP 500.0 0.0
Payment of contingent consideration (27.2) 0.0
Net cash provided by financing activities 1,468.5 976.7
Effect of exchange rates on cash, cash equivalents and restricted cash 13.6 (47.2)
Net change in cash, cash equivalents and restricted cash 259.2 (2.6)
Cash, cash equivalents and restricted cash at beginning of period [1] 1,859.8 1,256.8
Cash, cash equivalents and restricted cash at end of period [1] 2,119.0 1,254.3
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]    
Capital expenditures incurred but not paid 8.3 7.1
Purchases of available-for-sale debt securities, unsettled as of period-end 3.6 25.8
Initial deferred liability from acquisition of remaining interest in PO Holding 0.0 216.6
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Roll Forward]    
Cash and cash equivalents at beginning of period 922.0 588.9
Restricted cash at beginning of period 937.8 667.9
Cash, cash equivalents and restricted cash at beginning of period [1] 1,859.8 1,256.8
Cash and cash equivalents at end of period 901.4 438.8
Restricted cash at end of period 1,217.6 815.5
Cash, cash equivalents and restricted cash at end of period [1] $ 2,119.0 $ 1,254.3
[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.
 Six Months Ended June 30,
 20232022
Cash and cash equivalents at beginning of period$922.0 $588.9 
Restricted cash at beginning of period937.8 667.9 
Cash, cash equivalents and restricted cash at beginning of period$1,859.8 $1,256.8 
Cash and cash equivalents at end of period$901.4 $438.8 
Restricted cash at end of period1,217.6 815.5 
Cash, cash equivalents and restricted cash at end of period$2,119.0 $1,254.3 
v3.23.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2023
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 wholly and majority-owned 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 considered necessary for a fair presentation in accordance with GAAP, which are of a normal recurring nature, have been included. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results for any future periods or the year ending December 31, 2023. 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, 2022, filed with the SEC on February 28, 2023.
We have applied the same accounting policies in preparing these quarterly financial statements as we did in preparing our 2022 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.
In connection with a rebranding initiative, during the first quarter of 2023 the Company renamed its existing reportable segments. The Fleet Solutions segment was renamed to Mobility, the Travel and Corporate Solutions segment was renamed to Corporate Payments and the Health and Employee Benefits Solutions segment was renamed to Benefits. These notes to the condensed consolidated financial statements incorporate these changes. There were no changes to the composition of our reportable segments.
Reclassifications
Beginning December 31, 2022, within the condensed consolidated statements of cash flows, accrued expenses are combined with other current and long-term liabilities within cash flows from operating activities and the change in restricted cash payable is presented separately. The change in restricted cash payable, which had previously been presented within cash flows from operating activities, is reflected within cash flows from financing activities. Prior period amounts have been reclassified to conform to the current period presentation, which includes the reclassification of restricted cash payable inflows of $183.2 million from operating cash flows to financing cash flows for the six months ended June 30, 2022.
v3.23.2
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2023
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 six months ended June 30, 2023, are consistent with those discussed in “Note 1, Basis of Presentation and Summary of Significant Accounting Policies” to the consolidated financial statements in our 2022 Annual Report.
Recent Accounting Pronouncements
There are no recent accounting pronouncements adopted during the six months ended June 30, 2023, or not yet adopted as of June 30, 2023, that could have a material effect on our financial statements.
v3.23.2
Revenues
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Topic 606 revenues
Payment processing revenue$172.2 $104.7 $23.6 $300.5 
Account servicing revenue4.5 10.6 101.5 116.6 
Other revenue21.2 — 6.2 27.4 
Total Topic 606 revenues$197.9 $115.3 $131.3 $444.5 
Non-Topic 606 revenues142.2 6.6 27.9 176.7 
Total revenues$340.2 $121.9 $159.2 $621.3 
Three Months Ended June 30, 2022
(In millions)MobilityCorporate PaymentsBenefitsTotal
Topic 606 revenues
Payment processing revenue$202.4 $88.6 $21.3 $312.3 
Account servicing revenue4.6 10.4 83.4 98.3 
Other revenue22.2 0.1 8.4 30.7 
Total Topic 606 revenues$229.2 $99.1 $113.1 $441.3 
Non-Topic 606 revenues150.1 1.3 5.5 156.9 
Total revenues$379.2 $100.4 $118.6 $598.2 
Six Months Ended June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Topic 606 revenues
Payment processing revenue$343.7 $194.8 $50.1 $588.6 
Account servicing revenue8.9 21.2 211.3 241.4 
Other revenue44.5 — 14.0 58.5 
Total Topic 606 revenues$397.1 $216.0 $275.4 $888.5 
Non-Topic 606 revenues285.4 10.7 48.7 344.8 
Total revenues$682.5 $226.7 $324.1 $1,233.3 
Six Months Ended June 30, 2022
(In millions)MobilityCorporate PaymentsBenefitsTotal
Topic 606 revenues
Payment processing revenue$354.3 $153.7 $43.8 $551.8 
Account servicing revenue8.9 21.2 170.1 $200.2 
Other revenue42.2 0.4 16.4 59.0 
Total Topic 606 revenues$405.3 $175.2 $230.4 $811.0 
Non-Topic 606 revenues293.0 2.4 9.4 304.8 
Total revenues$698.4 $177.7 $239.7 $1,115.8 
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 balanceLocation on the condensed consolidated balance sheetsJune 30, 2023December 31, 2022
Receivables1
Accounts receivable, net$24.2 $53.6 
Contract assets
Prepaid expenses and other current assets24.5 13.6 
Contract assets
Other assets36.2 37.9 
Contract liabilities
Accrued expenses and other current liabilities10.8 8.1 
Contract liabilities
Other liabilities84.1 87.0 
1 The significant decrease in receivables is due to the sale of certain accounts receivable invoices under a receivable securitization facility, which is described more fully within Note 11, Off-Balance Sheet Arrangements.

During the three and six months ended June 30, 2023, the Company recognized revenue of $0.9 million and $2.6 million, respectively, related to contract liabilities existing as of December 31, 2022.

Remaining Performance Obligations
The Company’s unsatisfied or partially unsatisfied performance obligations as of June 30, 2023 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 a small 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 reporting period.
(In millions)Remaining 202320242025202620272028ThereafterTotal
Minimum monthly fees1
$30.9 $34.9 $16.8 $5.9 $4.2 $2.8 $0.8 $96.2 
Other2
3.8 12.6 23.6 33.0 40.8 5.9 — 119.7 
Total remaining performance obligations$34.7 $47.5 $40.3 $38.9 $45.0 $8.7 $0.8 $216.0 
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.
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.
v3.23.2
Acquisitions
 6 Months Ended
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Other Investments
4.Acquisitions and Other Investments
Acquisitions
On January 3, 2023, the Company completed its acquisition of 100 percent of the equity of a newly formed Indian entity, created to carve out the workforce of an existing computer software design and development business. In exchange for total consideration of $6.0 million, the Company acquired an assembled workforce of approximately 180 employees and miscellaneous other assets. This assembled workforce represents additional resources to advance our technological capabilities and service offerings to our customers. Consideration of $4.5 million was payable upon the closing date, with up to $1.5 million payable within eighteen months following the acquisition date, dependent on the calculation of employee attrition as defined per the share purchase agreement. This acquisition has been accounted for as an asset acquisition, resulting in the capitalization of a workforce intangible asset of $8.1 million, inclusive of a $2.1 million gross up resulting from the recognition of a deferred tax liability related to the acquisition date difference between the assigned value of the intangible asset and its tax basis. The workforce intangible asset has an estimated useful life of 4.0 years. Acquisition costs were immaterial.
Other Investments
During the three and six months ended June 30, 2023, the Company made minority equity investments in EV-focused companies totaling $5.0 million, over which we do not exert significant influence. Due to the lack of a readily determinable fair value, these investments will be measured at cost less any impairment until a specific remeasurement event occurs. The equity investments are recorded within other assets on our condensed consolidated balance sheets.
v3.23.2
Accounts Receivable, Net
 6 Months Ended
Jun. 30, 2023
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 $152.1 million and $157.8 million in gross receivables with revolving credit balances as of June 30, 2023 and December 31, 2022, 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 June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Balance, beginning of period$102.3 $14.4 $1.1 $117.8 
Net provision for credit losses1
21.5 1.0 0.2 22.7 
Charges to other accounts2
7.5 — — 7.5 
Charge-offs(41.3)(0.9)— (42.2)
Recoveries of amounts previously charged-off6.2 — — 6.2 
Currency translation— — — — 
Balance, end of period$96.2 $14.5 $1.3 112.0 

Three Months Ended June 30, 2022
(In millions)Mobility
Corporate Payments
BenefitsTotal
Balance, beginning of period$63.9 $11.6 $0.7 $76.3 
Provision for credit losses1
42.4 (0.7)0.5 42.2 
Charges to other accounts2
10.2 0.2 — 10.4 
Charge-offs(29.5)(0.2)(0.1)(29.8)
Recoveries of amounts previously charged-off2.8 — — 2.8 
Currency translation(0.7)(0.5)— (1.2)
Balance, end of period$89.2 $10.4 $1.0 $100.6 
Six Months Ended June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Balance, beginning of period$94.6 $14.4 $0.8 $109.8 
Provision for credit losses1
66.3 1.4 0.4 68.1 
Charges to other accounts2
15.3 — 0.1 15.4 
Charge-offs(90.7)(1.5)— (92.2)
Recoveries of amounts previously charged-off10.7 — — 10.7 
Currency translation— 0.2 — 0.2 
Balance, end of period$96.2 $14.5 $1.3 $112.0 

Six Months Ended June 30, 2022
(In millions)MobilityCorporate PaymentsBenefitsTotal
Balance, beginning of period$55.8 $9.9 $0.6 $66.3 
Provision for credit losses1
65.7 1.4 0.7 67.8 
Charges to other accounts2
18.6 0.2 (0.1)18.7 
Charge-offs(55.3)(0.4)(0.3)(56.0)
Recoveries of amounts previously charged-off5.2 — — 5.2 
Currency translation(0.8)(0.7)— (1.4)
Balance, end of period$89.2 $10.4 $1.0 $100.6 
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 June 30, 2023 or December 31, 2022. 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 StatusJune 30, 2023December 31, 2022
Less than 30 days past due99 %98 %
Less than 60 days past due99 %99 %
v3.23.2
Repurchases of Common Stock
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Repurchases of Common Stock
6.Repurchases of Common Stock
Under share buyback plans 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, block trades or otherwise.
During the six months ended June 30, 2023, the Company repurchased 0.5 million shares pursuant to a repurchase program, an insignificant number of which were repurchased during the three months ended June 30, 2023. The total repurchases were recorded as treasury stock of $96.0 million in our condensed consolidated balance sheet. Such cost reflects the applicable one percent excise tax imposed by the Inflation Reduction Act of 2022 on the net value of certain stock repurchases made after December 31, 2022. During the three and six months ended June 30, 2022, the Company repurchased 0.5 million shares pursuant to a repurchase program, which was recorded as treasury stock of $80.6 million in our condensed consolidated balance sheet.
v3.23.2
Earnings per Share
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings per Share
7.Earnings per Share
Basic earnings per share is computed by dividing net income attributable to shareholders 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 the numerator is increased for tax effected interest expense associated with our Convertible Notes and the denominator is increased for the assumed issuance of common shares upon conversion of the Convertible Notes under the “if-converted” method, unless the effect is anti-dilutive. Additionally, diluted earnings per share 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 summarizes net income attributable to shareholders and reconciles basic and diluted shares outstanding used in the earnings per share computations:
 Three Months Ended June 30,Six Months Ended June 30,
 (In millions)
2023202220232022
Net income attributable to shareholders
$95.3 $34.1 $163.3 $156.9 
Weighted average common shares outstanding – Basic
42.9 44.8 43.0 44.9 
Dilutive impact of share-based compensation awards1
0.5 0.3 0.5 0.4 
Weighted average common shares outstanding – Diluted 2
43.4 45.1 43.5 45.2 
1 For the three and six months ended June 30, 2023, 0.5 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. During the three and six months ended June 30, 2022, 0.7 million and 0.6 million of outstanding share-based compensation awards, respectively, 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 It is the Company’s current intention to settle all conversions of the Convertible Notes in shares of the Company’s common stock. Under the “if-converted” method, approximately 1.6 million shares of the Company’s common stock associated with the assumed conversion of the Convertible Notes as of the beginning of the period have been excluded from diluted shares outstanding for the three and six months ended June 30, 2023 and 2022 as the effect of including such shares would be anti-dilutive. For further information regarding the Convertible Notes, see Note 10, Financing and Other Debt.
v3.23.2
Derivative Instruments
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
8.Derivative Instruments
The Company is exposed to certain market risks relating to its ongoing business operations. From time to time, the Company enters into derivative instrument arrangements to manage various risks including interest rate risk.
Interest rate swap contracts
The Company has entered 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.
On April 26, 2023, the Company’s existing interest rate swap contracts were amended primarily to change the floating rate index from the one-month USD LIBOR to the one-month Term SOFR. In conjunction with the amendments to the floating rate index, the fixed interest rates payable by WEX under the contracts were also adjusted. There were no changes to notional amounts or maturity dates as a result of these amendments.
A summary of the Company’s amended interest rate swap contracts with a collective notional amount of $1.1 billion outstanding as of June 30, 2023 is as follows:
Contract InceptionContract End
Fixed Interest Rates Payable by WEX
(prior to amendment)1
Fixed Interest Rates Payable by WEX
(post amendment)
Notional Amount
(in millions)
March 2020December 20231.862%
1.789%2
$200.0 
May 2021May 20240.435%
0.459%3
$150.0 
May 2021May 20240.440%
0.367%2
$150.0 
May 2021May 20250.678%
0.648%2
$300.0 
May 2021May 20260.909%
0.836%2
$150.0 
May 2021May 20260.910%
0.883%2
$150.0 
1 Counterparties paid floating rate equal to the one-month USD LIBOR.
2 Counterparties pay floating rate equal to the one-month USD-SOFR CME Term.
3 Counterparty pays floating rate equal to the one-month USD-SOFR CME Term, plus a spread of 0.114 percent.
The following table presents information on the location and amounts of interest rate swap gains and losses:
(In millions)Three Months Ended June 30,Six Months Ended June 30,
Derivatives Not Designated as Hedging InstrumentsLocation of (Loss) Gain Recognized in the Condensed Consolidated Statement of Operations2023202220232022
Interest rate swap contracts – unrealized portionNet unrealized gain (loss) on financial instruments$2.4 $17.8 $(12.5)$68.9 
Interest rate swap contracts –
realized portion		Financing interest expense$11.5 $(3.0)$23.8 $(8.9)
Derivative instruments and their related gains and losses are reported within cash flows from operating activities within the condensed consolidated statements of cash flows. See Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk, for more information regarding the valuation of the Company’s derivatives.
v3.23.2
Deposits
 6 Months Ended
Jun. 30, 2023
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 19, 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)June 30, 2023December 31, 2022
Customer deposits$145.4 $146.7 
Contractual deposits with maturities within 1 year1,2
863.3 770.7 
Interest-bearing money market deposits1
375.5 157.2 
HSA deposits3
2,770.0 2,070.0 
Short-term contractual deposits$4,154.2 $3,144.6 
Contractual deposits with maturities greater than 1 year and less than 5 years1,2
167.7 334.2 
Total deposits$4,321.9 $3,478.8 
Weighted average cost of HSA deposits outstanding0.11 %0.04 %
Weighted average cost of funds on contractual deposits outstanding3.25 %1.48 %
Weighted average cost of interest-bearing money market deposits outstanding5.24 %4.45 %
1 As of June 30, 2023 and December 31, 2022, 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.
v3.23.2
Financing and Other Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Financing and Other Debt
10.Financing and Other Debt
The following tables summarize the Company’s total outstanding debt as of June 30, 2023 and December 31, 2022.
As of June 30, 2023As of December 31, 2022
(In millions)Balance OutstandingInterest RateBalance OutstandingInterest Rate
Short term debt:
Securitized debt$95.9 5.36 %$110.6 3.83 %
Participation debt53.9 7.48 %39.0 6.64 %
Borrowed federal funds520.2 5.39 %— — %
Current portion of long-term debt (net of $10.3 million in unamortized debt issuance costs/discounts)
53.0 **53.1 **
Total short term debt, net$723.0 $202.6 

** Provided for the total Amended and Restated Credit Agreement borrowings below.

Balance Outstanding at:
(In millions)June 30, 2023December 31, 2022
Long-term debt:
Amended and Restated Credit Agreement:
Tranche A Term Loans due April 20261
$868.4 $892.8 
Tranche B Term Loans due April 20282
1,409.5 1,416.8 
Borrowings on Revolving Credit Facility due April 20261
4.0 — 
Total borrowings under the Amended and Restated Credit Agreement3
2,281.9 2,309.6 
6.5% Convertible Notes due July 2027
310.0 310.0 
Total long-term debt4
2,591.9 2,619.6 
Less total unamortized debt issuance costs/discounts(39.8)(44.3)
Less current portion of long-term debt (net of 10.3 million in unamortized debt issuance costs/discounts)
(53.0)(53.1)
Long-term debt, net$2,499.1 $2,522.2 

1 Bears interest at variable rates, at the Company’s option, plus an applicable margin determined based on the Company’s consolidated leverage ratio. Borrowings under the Revolving Credit Facility are classified as long-term given they can generally be rolled forward with interest rate resets through maturity.
2 Bears interest at variable rates, at the Company’s option, plus an applicable margin, which is fixed at 1.25 percent for base rate borrowings and 2.25 percent with respect to Term SOFR borrowings.
3 As of June 30, 2023 and December 31, 2022, amounts outstanding under the Amended and Restated Credit Agreement bore a weighted average effective interest rate of 7.3 percent and 6.4 percent, respectively. The Company maintains interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. See Note 8, Derivative Instruments for further discussion.
4 See Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk for information regarding the fair value of the Company’s debt.

(In millions)June 30, 2023December 31, 2022
Supplemental information under Amended and Restated Credit Agreement:
Letters of credit1
$33.1 $31.1 
Remaining borrowing capacity on Revolving Credit Facility2
$892.9 $898.9 
1 Primarily collateralizing Corporate Payments processing activity.
2 Contingent on maintaining compliance with the financial covenants as defined in the Company’s Amended and Restated Credit Agreement. The Company pays a quarterly commitment fee at a rate per annum ranging from 0.25 percent to 0.50 percent of the daily unused portion of the Revolving Credit Facility (which was 0.30 percent at both June 30, 2023 and December 31, 2022) determined based on the Company’s consolidated leverage ratio.

Amended and Restated Credit Agreement
As part of the Amended and Restated Credit Agreement, we have senior secured tranche A term loans (the “Tranche A Term Loans”), senior secured tranche B term loans (the “Tranche B Term Loans”) and revolving credit commitments in an aggregate amount of $930.0 million under the Company’s secured revolving credit facility (the “Revolving Credit Facility”).
On April 24, 2023, the Company’s Amended and Restated Credit Agreement was further amended solely for the purpose of replacing the current reference rate with the USD LIBOR successor rate, SOFR (including an applicable credit spread adjustment). No other substantive changes were made to the Amended and Restated Credit Agreement as part of this amendment.
Convertible Notes

The Company has issued Convertible Notes to an affiliate of Warburg Pincus LLC (together with its affiliate, “Warburg Pincus”). For additional information regarding the Company’s Convertible Notes, including their conversion, redemption and settlement features, see Part II - Item 8 - Note 16, Financing and Other Debt, in our Annual Report on Form 10-K for the year ended December 31, 2022.

As of both June 30, 2023 and December 31, 2022, the Convertible Notes had an effective interest rate of 7.5 percent. As of June 30, 2023 and December 31, 2022, unamortized debt issuance costs and debt discount were $11.4 million and $12.7 million, respectively. The following table sets forth total interest expense recognized for the Convertible Notes:
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2023202220232022
Interest on 6.5 percent coupon
$5.0 $5.0 $10.1 $10.1 
Amortization of debt discount and debt issuance costs0.6 0.6 1.2 1.1 
$5.6 $5.6 $11.3 $11.2 

Debt Securitization Facilities

The Company is party to two securitized debt agreements with MUFG Bank, Ltd., both through April 2024. Under the terms of these 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.

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 ranged from 2.25 percent to 2.50 percent as of June 30, 2023 and December 31, 2022. As of June 30, 2023, the Company had three outstanding participation agreements totaling $70.0 million, which expire at various points up to May 2024, unless otherwise agreed to in writing by the parties.     

Borrowed Federal Funds
WEX Bank borrows from short-term uncommitted federal funds lines to supplement the financing of the Company’s accounts receivable. WEX Bank had $20.0 million in outstanding borrowings under these federal funds lines of credit as of June 30, 2023 and no borrowings as of December 31, 2022.
As of June 30, 2023, WEX Bank had $500.0 million in outstanding borrowings from the Federal Reserve’s Bank Term Funding Program (BTFP). The borrowing is due in June of 2024 with an interest rate of 5.39%. At June 30, 2023, debt securities with a par value of $575.1 million and fair value of $518.4 million were pledged as collateral.
As of June 30, 2023, WEX Bank pledged $236.2 million of fleet 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 was $182.2 million as of June 30, 2023. WEX Bank had no borrowings outstanding on this line of credit through the Federal Reserve Bank Discount Window as of June 30, 2023 and December 31, 2022.
v3.23.2
Off-Balance Sheet Arrangements
 6 Months Ended
Jun. 30, 2023
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. Losses on factoring, which were $2.6 million and $4.5 million for the three and six months ended June 30, 2023 and immaterial for the same periods in 2022, are 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 June 30, 2023. The Company sold $142.9 million and $283.4 million of accounts receivable during the three and six months ended June 30, 2023, respectively, and sold $159.6 million and $304.6 million of accounts receivable during the three and six months ended June 30, 2022, respectively, under this arrangement.
The WEX Bank agreement extends through July 2023, after which the agreement can be renewed for successive one-year periods assuming WEX Bank provides advance written notice that is accepted by the purchaser. The Company sold $3.3 billion and $5.2 billion of trade accounts receivable during the three and six months ended June 30, 2023 and $1.6 billion and $2.4 billion during the three and six months ended June 30, 2022, respectively, under this arrangement.
Benefits Securitization
In April 2023, WEX Health, through a wholly-owned special purpose entity (“SPE”), entered into a receivable securitization facility with an unrelated financial institution. Under the facility, WEX Health sells eligible trade accounts receivables to the SPE, which is a bankruptcy-remote subsidiary. The receivables, once sold to the SPE, are no longer available to satisfy creditors of the Company or its subsidiaries in the event of bankruptcy.
In turn, the SPE sells undivided ownership interests in certain of these receivables to the financial institution in exchange for cash equal to the gross receivables transferred. The receivables sold are fully guaranteed by the SPE, which also pledges any unsold receivables as collateral for such obligation.
While WEX Health continues to service the receivables sold to the financial institution under the facility, WEX does not retain effective control of the transferred receivables, derecognizes the assets and accounts for these transfers as sales. The revolving limit of the facility is $35.0 million, with an initial term through April 2026, which can be extended for an additional period of up to three years. The SPE can voluntarily terminate the facility at any time, subject to 30 days’ notice. The SPE pays interest on the amount funded by the financial institution based on variable interest rates, which is reflected within operating interest on the condensed consolidated statements of operations.
The third-party financial institution has a first priority security interest in all assets of the SPE, and the SPE has not granted a security interest to any other parties. In addition, WEX Inc. has provided a performance guarantee to the third-party financial institution with respect to WEX Health’s obligations as originator and servicer under the facility.
The Company sold approximately $82.2 million of receivables under the securitization facility for the three and six months ended June 30, 2023.
Non-Bank Custodial HSA Cash Assets
As a non-bank custodian, we contract with depository partners to hold custodial cash assets on behalf of individual account holders. As of June 30, 2023 and December 31, 2022, we were custodian to approximately $3.8 billion and $3.45 billion in HSA cash assets, respectively. Of these custodial balances, $1.1 billion and $1.4 billion at June 30, 2023 and December 31, 2022, respectively, were deposited with or 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 balances of $2.8 billion and $2.1 billion in HSA assets as of June 30, 2023 and December 31, 2022, respectively, are deposited with and managed by WEX Bank and are 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.
v3.23.2
Investment Securities
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 are presented below. Accrued interest on investment securities of $21.4 million and $9.3 million, respectively, as of June 30, 2023 and December 31, 2022, is excluded from total investment securities and recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets.
(In millions)Amortized CostTotal
Unrealized
Gains		Total
Unrealized
Losses
Fair Value1
As of June 30, 2023
Current:
Debt securities:
   U.S. treasury notes$405.8 — 40.1 365.7 
   Corporate debt securities928.8 0.7 52.6 876.9 
Municipal bonds69.8 0.1 6.2 63.7 
   Asset-backed securities515.7 0.6 10.7 505.6 
   Mortgage-backed securities869.1 0.1 40.0 829.2 
Total$2,789.2 $1.5 $149.6 $2,641.1 
Non-current:
Debt securities3
$15.1 $— $0.9 $14.2 
Mutual fund28.7 — 3.9 24.8 
Pooled investment fund9.0 — — 9.0 
Total$52.8 $— $4.8 $48.0 
Total investment securities2
$2,842.0 $1.5 $154.4 $2,689.1 
(In millions)Amortized CostTotal
Unrealized
Gains		Total
Unrealized
Losses
Fair Value1
As of December 31, 2022
Current:
Debt securities:
U.S. treasury notes$405.7 $— $41.7 $364.1 
Corporate debt securities547.2 0.2 49.5 497.8 
Municipal bonds53.0 — 8.0 45.0 
Asset-backed securities199.8 — 9.1 190.7 
Mortgage-backed securities330.4 — 32.7 297.7 
Total$1,536.1 $0.2 $141.1 $1,395.3 
Non-current:
Debt securities3
$15.2 $0.1 $0.7 $14.5 
   Mutual fund28.4 — 3.9 24.5 
Pooled investment fund9.0 — — 9.0 
Total$52.6 $0.1 $4.7 $48.0 
Total investment securities2
$1,588.7 $0.3 $145.8 $1,443.3 
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 Excludes $13.0 million and $11.1 million in equity securities as of June 30, 2023 and December 31, 2022, respectively, included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets.
3 Substantially comprised of municipal bonds.

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 June 30, 2023 and December 31, 2022.
 
As of June 30, 2023
 Less than one yearOne year or longerTotal
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Investment-grade rated debt securities:
U.S. treasury notes$68.9 $3.9 $296.9 $36.2 $365.8 $40.1 
Corporate debt securities391.6 11.9 411.0 40.7 802.6 52.6 
Municipal bonds39.1 1.0 28.0 6.1 67.1 7.1 
Asset-backed securities321.1 4.5 123.7 6.2 444.8 10.7 
Mortgage-backed securities675.1 19.3 142.9 20.7 818.0 40.0 
Total debt securities$1,495.8 $40.6 $1,002.5 $109.9 $2,498.3 $150.5 
As of December 31, 2022
Less than one yearOne year or longerTotal
Investment-grade rated debt securities:
U.S. treasury notes$123.7 $12.5 $240.4 $29.2 $364.1 $41.7 
Corporate debt securities196.9 15.1 289.9 34.4 486.8 49.5 
Municipal bonds28.1 3.8 19.1 5.0 47.2 8.8 
Asset-backed securities117.7 4.3 70.2 4.8 187.9 9.1 
Mortgage-backed securities198.1 16.4 96.5 16.3 294.6 32.7 
Total debt securities$664.4 $52.2 $716.1 $89.7 $1,380.5 $141.8 
The above table includes 503 investment positions at June 30, 2023, 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 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.
 June 30, 2023
(In millions)Amortized CostFair Value
Due within one year$56.9 $55.6 
Due after 1 year through year 5612.1 565.5 
Due after 5 years through year 10771.0 719.3 
Due after 10 years1,364.3 1,314.9 
Total$2,804.3 $2,655.3 
 
Changes in the fair value of the Company’s equity securities are recognized within net unrealized gain (loss) on financial instruments on the condensed consolidated statements of operations. During the three and six months ended June 30, 2023 and 2022, unrealized gains and losses recognized on equity securities still held as of June 30, 2023 and 2022 were immaterial.
v3.23.2
Financial Instruments − Fair Value and Concentrations of Credit Risk
 6 Months Ended
Jun. 30, 2023
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 HierarchyJune 30, 2023December 31, 2022
Assets:
Money market mutual funds1
1$43.6 $35.1 
Investment securities, current:
  Debt securities:
U.S. treasury notes2$365.7 $364.1 
Corporate debt securities2876.9 497.8 
Municipal bonds263.7 45.0 
Asset-backed securities2505.6 190.7 
Mortgage-backed securities2829.2 297.7 
Total$2,641.1 $1,395.3 
Investment securities, non-current:
Debt securities2$14.2 $14.5 
Mutual fund124.8 24.5 
Pooled investment fund measured at NAV2
9.0 9.0 
Total$48.0 $48.0 
Executive deferred compensation plan trust3
1$13.0 $11.1 
Interest rate swaps4
2$68.9 $81.4 
Liabilities
Contingent consideration5
3$180.7 $206.4 
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 June 30, 2023, $1.6 million and $11.4 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2022, $1.9 million and $9.2 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 depending on the timing of expected discounted cash flows. At June 30, 2023, $43.5 million and $25.4 million in fair value is recorded in prepaid expenses and other current assets and other assets, respectively. At December 31, 2022, $45.3 million and $36.1 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively.
5 The fair value is recorded as current or long-term based on the timing of expected payments. At June 30, 2023, $58.3 million and $122.4 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively. At December 31, 2022, $28.7 million and $177.7 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.
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 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
(In millions)Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
Pooled investment fund, as of June 30, 2023
$9.0 — Monthly30 days
The pooled investment fund maintains individual capital accounts for each investor, which reflect each individual investor’s share of the NAV of the fund.
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.
Interest Rate Swaps
The Company determines the fair value of its interest rate swaps based on the discounted cash flows of the difference between the projected fixed payments on the swaps and the implied floating payments using the current SOFR curve, which are Level 2 inputs of the fair value hierarchy.
Contingent Consideration

As part of the 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 determined 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 discount rate, which was 3.77 percent as of June 30, 2023 and 3.52 percent as of December 31, 2022. Significant increases or decreases in the Federal Funds rates could result in material increases or decreases, respectively, to the fair value of the Company’s contingent consideration 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 EndedSix Months Ended
(In millions)June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Contingent consideration - beginning of period$179.5 $83.9 $206.4 $67.3 
Payments of contingent consideration (1)
— — (28.7)— 
Change in fair value of contingent consideration1.2 88.2 3.0 104.8 
Contingent consideration - end of period$180.7 $172.1 $180.7 $172.1 
(1) The Company has presented $27.2 million of this payment, 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 has been included in net cash provided by (used for) operating activities (specifically within changes in accrued expenses and other current and long-term liabilities).
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:
(In millions)June 30, 2023December 31, 2022
Carrying valueFair valueCarrying valueFair value
Tranche A Term Loans1
$868.4 **$892.8 **
Tranche B Term Loans1
1,409.6 **1,416.8 **
Outstanding borrowings on Revolving Credit Facility1
4.0 **— — 
Convertible Notes2
310.0 352.9 310.0 330.0 
Contractual deposits with maturities in excess of one year3
167.7 156.4 334.2 308.1 
** Fair value approximates carrying value.
1 The Company determines the fair value of borrowings on the Revolving Credit Facility and Tranche A Term Loans and Tranche B 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 the Convertible Notes outstanding using our stock price and volatility, the conversion premium on the Convertible Notes and effective interest rates for similarly-rated credit issuances, all of which are Level 2 inputs in the fair value hierarchy.
3 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, trade receivables and interest rate swap contracts.
The Company’s cash and cash equivalents, restricted cash and interest rate swap contracts are transacted and maintained with financial institutions with high credit standing. Cash balances at many of these institutions regularly exceed FDIC insured limits; however, management regularly monitors the financial institutions and the composition of the Company’s accounts. We have not experienced any losses in such accounts and management believes that the financial institutions at which the Company’s cash is held are stable. We attempt to limit our exposure to credit risk with our investment securities by establishing strict investment policies as to minimum investment ratings, diversification of our portfolio and setting risk tolerance levels.
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.
v3.23.2
Redeemable Non-Controlling Interest
 6 Months Ended
Jun. 30, 2023
Noncontrolling Interest [Abstract]  
Redeemable Non-Controlling Interest
14.Redeemable Non-Controlling Interest
On March 5, 2019, the Company acquired Discovery Benefits from SBI, who obtained a 4.9 percent equity interest in PO Holding. The equity interest was puttable under the agreement, making the non-controlling interest redeemable and therefore, it was classified as temporary equity outside of stockholders’ equity. As part of WEX Inc.’s purchase of the HSA contractual rights from Bell Bank on April 1, 2021, SBI’s ownership percentage was reduced to 4.53 percent.
On March 7, 2022, WEX Inc. purchased SBI’s remaining 4.53 percent interest in PO Holding for a deferred purchase price of $234.0 million plus any interest accruing pursuant to the terms of the purchase agreement and recorded the liability at a net present value of $216.6 million. The carrying value of the redeemable non-controlling interest immediately prior to the acquisition date was $254.4 million and therefore, the $37.8 million excess carrying value as of the acquisition date was recorded within the change in value of redeemable non-controlling interest on the condensed consolidated statements of operations, offset by $3.5 million of deferred tax expense resulting from the difference between the book and tax bases of the deferred liability payable to SBI. As a result of the acquisition, the carrying value of the redeemable non-controlling interest was reduced to zero and WEX Inc. owns 100 percent of PO Holding.
v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
15.Income Taxes
The Company’s effective tax rate was 19.1 percent and 24.4 percent for the three and six months ended June 30, 2023, respectively, and 29.8 percent and 31.5 percent for the three and six months ended June 30, 2022, 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 three and six months ended June 30, 2023 was favorably impacted by a release in valuation allowance largely attributable to foreign tax credits and net operating losses in the U.K. Additionally, the Company recorded a discrete tax benefit of $2.5 million in the second quarter of 2023 thereby reversing a portion of an uncertain tax position of $7.5 million that originally adversely impacted the Company’s effective tax rate for the six months ended June 30, 2022. The Company’s effective tax rate for the three months ended June 30, 2022 was also adversely impacted by reduced tax benefits arising from stock-based compensation.
Undistributed earnings of certain foreign subsidiaries of the Company amounted to $205.0 million and $159.9 million at June 30, 2023 and December 31, 2022, 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 $169.8 million at June 30, 2023. 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.
v3.23.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
16.Commitments and Contingencies
Litigation and Regulatory Matters
The Company is subject to litigation, claims and regulatory matters in the ordinary course of business. 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 June 30, 2023 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, 2022.
v3.23.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
17.Stock–Based Compensation
The Company regularly grants 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. Stock-based compensation expense was $35.9 million and $61.2 million for the three and six months ended June 30, 2023, respectively, and $24.9 million and $48.6 million for the three and six months ended June 30, 2022, respectively.
v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information
18.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 June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$172.2 $104.7 $23.6 $300.5 
Account servicing revenue40.8 10.6 101.5 152.9 
Finance fee revenue76.3 0.1 — 76.4 
Other revenue50.9 6.5 34.1 91.5 
Total revenues$340.2 $121.9 $159.2 $621.3 
Three Months Ended June 30, 2022
(In millions)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$202.4 $88.6 $21.3 $312.3 
Account servicing revenue43.9 10.4 83.4 137.6 
Finance fee revenue85.1 0.2 — 85.3 
Other revenue47.9 1.2 13.9 63.0 
Total revenues$379.2 $100.4 $118.6 $598.2 
Six Months Ended June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$343.7 $194.8 $50.1 $588.6 
Account servicing revenue81.1 21.2 211.3 313.6 
Finance fee revenue156.7 0.3 0.1 157.1 
Other revenue101.0 10.4 62.6 174.0 
Total revenues$682.5 $226.7 $324.1 $1,233.3 
Six Months Ended June 30, 2022
(In millions)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$354.3 $153.7 $43.8 $551.8 
Account servicing revenue86.3 21.2 170.1 277.6 
Finance fee revenue163.5 0.4 0.1 163.9 
Other revenue94.3 2.5 25.7 122.5 
Total revenues$698.4 $177.7 $239.7 $1,115.8 

The CODM evaluates the financial performance of each segment using segment adjusted operating income, which excludes: (i) unallocated corporate expenses; (ii) acquisition-related intangible amortization; (iii) other acquisition and divestiture related items; (iv) stock-based compensation and (v) other costs. Additionally, we do not allocate financing interest expense, foreign currency gains and losses, other income, change in fair value of contingent consideration and net unrealized gains and losses on financial instruments to our operating segments.
The following table reconciles total segment adjusted operating income to income before income taxes:
 Three Months Ended June 30,Six Months Ended June 30,
(In millions)2023202220232022
Segment adjusted operating income
Mobility$150.3 $193.0 $289.1 $353.1 
Corporate Payments66.3 51.0 115.5 79.3 
Benefits59.3 28.3 123.8 63.8 
Total segment adjusted operating income$275.9 $272.3 $528.4 $496.2 
Reconciliation:
Total segment adjusted operating income$275.9 $272.3 $528.4 $496.2 
Less:
Unallocated corporate expenses25.3 19.0 47.7 40.0 
Acquisition-related intangible amortization44.3 42.5 88.4 85.3 
Other acquisition and divestiture related items1.4 6.5 2.5 11.0 
Stock-based compensation36.5 25.3 62.6 50.5 
Other costs9.0 7.9 13.5 16.1 
Operating income159.4 171.1 313.7 293.4 
Financing interest expense(42.4)(31.8)(80.8)(61.5)
Net foreign currency loss(0.2)(19.4)(1.6)(14.4)
Change in fair value of contingent consideration(1.2)(88.2)(3.0)(104.8)
Net unrealized (loss) gain on financial instruments2.2 16.9 (12.3)66.7 
Income before income taxes$117.8 $48.6 $216.0 $179.4 
v3.23.2
Supplementary Regulatory Capital Disclosure
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Supplementary Regulatory Capital Disclosure
19.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 AmountRatioMinimum for Capital Adequacy Purposes AmountRatioMinimum to Be Well Capitalized Under Prompt Corrective Action Provisions AmountRatio
June 30, 2023
Total Capital to risk-weighted assets$728.8 15.87 %$367.4 8.00 %$459.3 10.00 %
Tier 1 Capital to average assets$671.2 10.72 %$250.5 4.00 %$313.2 5.00 %
Common equity to risk-weighted assets$671.2 14.62 %$206.7 4.50 %$298.5 6.50 %
Tier 1 Capital to risk-weighted assets$671.2 14.62 %$275.6 6.00 %$367.4 8.00 %
December 31, 2022
Total Capital to risk-weighted assets$595.6 15.16 %$314.4 8.00 %$393.0 10.00 %
Tier 1 Capital to average assets$546.2 10.22 %$213.7 4.00 %$267.1 5.00 %
Common equity to risk-weighted assets$546.2 13.90 %$176.8 4.50 %$255.4 6.50 %
Tier 1 Capital to risk-weighted assets$546.2 13.90 %$235.8 6.00 %$314.4 8.00 %
v3.23.2
Subsequent Events
 6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events
20.Subsequent Events
On July 1, 2023, WEX Health signed a definitive agreement to acquire certain entities collectively referred to as Ascensus Health & Benefits, a line of business of Ascensus, which is a leading technology-enabled provider of employee health benefit accounts with a diversified portfolio of accounts including HSAs, FSAs, and others. The Company expects this acquisition to expand WEX’s current footprint in the Benefits segment, while also enhancing and expanding Affordable Care Act compliance and verification capabilities. Pursuant to the terms of the agreement, total consideration for the acquisition is expected to be approximately $180 million, subject to certain standard working capital and other adjustments. We expect the transaction to close before year end, subject to regulatory approvals and other closing conditions.
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ 95.3 $ 34.1 $ 163.3 $ 122.6
v3.23.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2023
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
v3.23.2
Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2023
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 wholly and majority-owned 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 considered necessary for a fair presentation in accordance with GAAP, which are of a normal recurring nature, have been included. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results for any future periods or the year ending December 31, 2023. 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, 2022, filed with the SEC on February 28, 2023.
We have applied the same accounting policies in preparing these quarterly financial statements as we did in preparing our 2022 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.
Segment Information In connection with a rebranding initiative, during the first quarter of 2023 the Company renamed its existing reportable segments. The Fleet Solutions segment was renamed to Mobility, the Travel and Corporate Solutions segment was renamed to Corporate Payments and the Health and Employee Benefits Solutions segment was renamed to Benefits. These notes to the condensed consolidated financial statements incorporate these changes. There were no changes to the composition of our reportable segments.
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.
Reclassifications
Reclassifications
Beginning December 31, 2022, within the condensed consolidated statements of cash flows, accrued expenses are combined with other current and long-term liabilities within cash flows from operating activities and the change in restricted cash payable is presented separately. The change in restricted cash payable, which had previously been presented within cash flows from operating activities, is reflected within cash flows from financing activities. Prior period amounts have been reclassified to conform to the current period presentation, which includes the reclassification of restricted cash payable inflows of $183.2 million from operating cash flows to financing cash flows for the six months ended June 30, 2022.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
There are no recent accounting pronouncements adopted during the six months ended June 30, 2023, or not yet adopted as of June 30, 2023, that could have a material effect on our financial statements.
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 attributable to shareholders 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 the numerator is increased for tax effected interest expense associated with our Convertible Notes and the denominator is increased for the assumed issuance of common shares upon conversion of the Convertible Notes under the “if-converted” method, unless the effect is anti-dilutive. Additionally, diluted earnings per share 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.
Derivative Instruments The Company is exposed to certain market risks relating to its ongoing business operations. From time to time, the Company enters into derivative instrument arrangements to manage various risks including interest rate risk
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.
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 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.
The pooled investment fund maintains individual capital accounts for each investor, which reflect each individual investor’s share of the NAV of the fund.
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.
Interest Rate Swaps
The Company determines the fair value of its interest rate swaps based on the discounted cash flows of the difference between the projected fixed payments on the swaps and the implied floating payments using the current SOFR curve, which are Level 2 inputs of the fair value hierarchy.
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, trade receivables and interest rate swap contracts.
The Company’s cash and cash equivalents, restricted cash and interest rate swap contracts are transacted and maintained with financial institutions with high credit standing. Cash balances at many of these institutions regularly exceed FDIC insured limits; however, management regularly monitors the financial institutions and the composition of the Company’s accounts. We have not experienced any losses in such accounts and management believes that the financial institutions at which the Company’s cash is held are stable. We attempt to limit our exposure to credit risk with our investment securities by establishing strict investment policies as to minimum investment ratings, diversification of our portfolio and setting risk tolerance levels.
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.
v3.23.2
Revenues (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Topic 606 revenues
Payment processing revenue$172.2 $104.7 $23.6 $300.5 
Account servicing revenue4.5 10.6 101.5 116.6 
Other revenue21.2 — 6.2 27.4 
Total Topic 606 revenues$197.9 $115.3 $131.3 $444.5 
Non-Topic 606 revenues142.2 6.6 27.9 176.7 
Total revenues$340.2 $121.9 $159.2 $621.3 
Three Months Ended June 30, 2022
(In millions)MobilityCorporate PaymentsBenefitsTotal
Topic 606 revenues
Payment processing revenue$202.4 $88.6 $21.3 $312.3 
Account servicing revenue4.6 10.4 83.4 98.3 
Other revenue22.2 0.1 8.4 30.7 
Total Topic 606 revenues$229.2 $99.1 $113.1 $441.3 
Non-Topic 606 revenues150.1 1.3 5.5 156.9 
Total revenues$379.2 $100.4 $118.6 $598.2 
Six Months Ended June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Topic 606 revenues
Payment processing revenue$343.7 $194.8 $50.1 $588.6 
Account servicing revenue8.9 21.2 211.3 241.4 
Other revenue44.5 — 14.0 58.5 
Total Topic 606 revenues$397.1 $216.0 $275.4 $888.5 
Non-Topic 606 revenues285.4 10.7 48.7 344.8 
Total revenues$682.5 $226.7 $324.1 $1,233.3 
Six Months Ended June 30, 2022
(In millions)MobilityCorporate PaymentsBenefitsTotal
Topic 606 revenues
Payment processing revenue$354.3 $153.7 $43.8 $551.8 
Account servicing revenue8.9 21.2 170.1 $200.2 
Other revenue42.2 0.4 16.4 59.0 
Total Topic 606 revenues$405.3 $175.2 $230.4 $811.0 
Non-Topic 606 revenues293.0 2.4 9.4 304.8 
Total revenues$698.4 $177.7 $239.7 $1,115.8 
Schedule of Contract Assets and Liabilities The following table provides information about these contract balances:
(In millions)
Contract balanceLocation on the condensed consolidated balance sheetsJune 30, 2023December 31, 2022
Receivables1
Accounts receivable, net$24.2 $53.6 
Contract assets
Prepaid expenses and other current assets24.5 13.6 
Contract assets
Other assets36.2 37.9 
Contract liabilities
Accrued expenses and other current liabilities10.8 8.1 
Contract liabilities
Other liabilities84.1 87.0 
1 The significant decrease in receivables is due to the sale of certain accounts receivable invoices under a receivable securitization facility, which is described more fully within Note 11, Off-Balance Sheet Arrangements.
Schedule of Remaining Performance Obligations
The following table includes revenue expected to be recognized related to remaining performance obligations at the end of the reporting period.
(In millions)Remaining 202320242025202620272028ThereafterTotal
Minimum monthly fees1
$30.9 $34.9 $16.8 $5.9 $4.2 $2.8 $0.8 $96.2 
Other2
3.8 12.6 23.6 33.0 40.8 5.9 — 119.7 
Total remaining performance obligations$34.7 $47.5 $40.3 $38.9 $45.0 $8.7 $0.8 $216.0 
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.
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.
v3.23.2
Accounts Receivable, Net (Tables)
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Schedule of Changes in Reserves for Credit Losses Related to Accounts Receivable The following tables present changes in the accounts receivable allowances by portfolio segment:
Three Months Ended June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Balance, beginning of period$102.3 $14.4 $1.1 $117.8 
Net provision for credit losses1
21.5 1.0 0.2 22.7 
Charges to other accounts2
7.5 — — 7.5 
Charge-offs(41.3)(0.9)— (42.2)
Recoveries of amounts previously charged-off6.2 — — 6.2 
Currency translation— — — — 
Balance, end of period$96.2 $14.5 $1.3 112.0 

Three Months Ended June 30, 2022
(In millions)Mobility
Corporate Payments
BenefitsTotal
Balance, beginning of period$63.9 $11.6 $0.7 $76.3 
Provision for credit losses1
42.4 (0.7)0.5 42.2 
Charges to other accounts2
10.2 0.2 — 10.4 
Charge-offs(29.5)(0.2)(0.1)(29.8)
Recoveries of amounts previously charged-off2.8 — — 2.8 
Currency translation(0.7)(0.5)— (1.2)
Balance, end of period$89.2 $10.4 $1.0 $100.6 
Six Months Ended June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Balance, beginning of period$94.6 $14.4 $0.8 $109.8 
Provision for credit losses1
66.3 1.4 0.4 68.1 
Charges to other accounts2
15.3 — 0.1 15.4 
Charge-offs(90.7)(1.5)— (92.2)
Recoveries of amounts previously charged-off10.7 — — 10.7 
Currency translation— 0.2 — 0.2 
Balance, end of period$96.2 $14.5 $1.3 $112.0 

Six Months Ended June 30, 2022
(In millions)MobilityCorporate PaymentsBenefitsTotal
Balance, beginning of period$55.8 $9.9 $0.6 $66.3 
Provision for credit losses1
65.7 1.4 0.7 67.8 
Charges to other accounts2
18.6 0.2 (0.1)18.7 
Charge-offs(55.3)(0.4)(0.3)(56.0)
Recoveries of amounts previously charged-off5.2 — — 5.2 
Currency translation(0.8)(0.7)— (1.4)
Balance, end of period$89.2 $10.4 $1.0 $100.6 
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 StatusJune 30, 2023December 31, 2022
Less than 30 days past due99 %98 %
Less than 60 days past due99 %99 %
v3.23.2
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2023
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 summarizes net income attributable to shareholders and reconciles basic and diluted shares outstanding used in the earnings per share computations:
 Three Months Ended June 30,Six Months Ended June 30,
 (In millions)
2023202220232022
Net income attributable to shareholders
$95.3 $34.1 $163.3 $156.9 
Weighted average common shares outstanding – Basic
42.9 44.8 43.0 44.9 
Dilutive impact of share-based compensation awards1
0.5 0.3 0.5 0.4 
Weighted average common shares outstanding – Diluted 2
43.4 45.1 43.5 45.2 
1 For the three and six months ended June 30, 2023, 0.5 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. During the three and six months ended June 30, 2022, 0.7 million and 0.6 million of outstanding share-based compensation awards, respectively, 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 It is the Company’s current intention to settle all conversions of the Convertible Notes in shares of the Company’s common stock. Under the “if-converted” method, approximately 1.6 million shares of the Company’s common stock associated with the assumed conversion of the Convertible Notes as of the beginning of the period have been excluded from diluted shares outstanding for the three and six months ended June 30, 2023 and 2022 as the effect of including such shares would be anti-dilutive. For further information regarding the Convertible Notes, see Note 10, Financing and Other Debt.
v3.23.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions A summary of the Company’s amended interest rate swap contracts with a collective notional amount of $1.1 billion outstanding as of June 30, 2023 is as follows:
Contract InceptionContract End
Fixed Interest Rates Payable by WEX
(prior to amendment)1
Fixed Interest Rates Payable by WEX
(post amendment)
Notional Amount
(in millions)
March 2020December 20231.862%
1.789%2
$200.0 
May 2021May 20240.435%
0.459%3
$150.0 
May 2021May 20240.440%
0.367%2
$150.0 
May 2021May 20250.678%
0.648%2
$300.0 
May 2021May 20260.909%
0.836%2
$150.0 
May 2021May 20260.910%
0.883%2
$150.0 
1 Counterparties paid floating rate equal to the one-month USD LIBOR.
2 Counterparties pay floating rate equal to the one-month USD-SOFR CME Term.
3 Counterparty pays floating rate equal to the one-month USD-SOFR CME Term, plus a spread of 0.114 percent.
Schedule of Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income
The following table presents information on the location and amounts of interest rate swap gains and losses:
(In millions)Three Months Ended June 30,Six Months Ended June 30,
Derivatives Not Designated as Hedging InstrumentsLocation of (Loss) Gain Recognized in the Condensed Consolidated Statement of Operations2023202220232022
Interest rate swap contracts – unrealized portionNet unrealized gain (loss) on financial instruments$2.4 $17.8 $(12.5)$68.9 
Interest rate swap contracts –
realized portion		Financing interest expense$11.5 $(3.0)$23.8 $(8.9)
v3.23.2
Deposits (Tables)
 6 Months Ended
Jun. 30, 2023
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)June 30, 2023December 31, 2022
Customer deposits$145.4 $146.7 
Contractual deposits with maturities within 1 year1,2
863.3 770.7 
Interest-bearing money market deposits1
375.5 157.2 
HSA deposits3
2,770.0 2,070.0 
Short-term contractual deposits$4,154.2 $3,144.6 
Contractual deposits with maturities greater than 1 year and less than 5 years1,2
167.7 334.2 
Total deposits$4,321.9 $3,478.8 
Weighted average cost of HSA deposits outstanding0.11 %0.04 %
Weighted average cost of funds on contractual deposits outstanding3.25 %1.48 %
Weighted average cost of interest-bearing money market deposits outstanding5.24 %4.45 %
1 As of June 30, 2023 and December 31, 2022, 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.
v3.23.2
Financing and Other Debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The following tables summarize the Company’s total outstanding debt as of June 30, 2023 and December 31, 2022.
As of June 30, 2023As of December 31, 2022
(In millions)Balance OutstandingInterest RateBalance OutstandingInterest Rate
Short term debt:
Securitized debt$95.9 5.36 %$110.6 3.83 %
Participation debt53.9 7.48 %39.0 6.64 %
Borrowed federal funds520.2 5.39 %— — %
Current portion of long-term debt (net of $10.3 million in unamortized debt issuance costs/discounts)
53.0 **53.1 **
Total short term debt, net$723.0 $202.6 

** Provided for the total Amended and Restated Credit Agreement borrowings below.

Balance Outstanding at:
(In millions)June 30, 2023December 31, 2022
Long-term debt:
Amended and Restated Credit Agreement:
Tranche A Term Loans due April 20261
$868.4 $892.8 
Tranche B Term Loans due April 20282
1,409.5 1,416.8 
Borrowings on Revolving Credit Facility due April 20261
4.0 — 
Total borrowings under the Amended and Restated Credit Agreement3
2,281.9 2,309.6 
6.5% Convertible Notes due July 2027
310.0 310.0 
Total long-term debt4
2,591.9 2,619.6 
Less total unamortized debt issuance costs/discounts(39.8)(44.3)
Less current portion of long-term debt (net of 10.3 million in unamortized debt issuance costs/discounts)
(53.0)(53.1)
Long-term debt, net$2,499.1 $2,522.2 

1 Bears interest at variable rates, at the Company’s option, plus an applicable margin determined based on the Company’s consolidated leverage ratio. Borrowings under the Revolving Credit Facility are classified as long-term given they can generally be rolled forward with interest rate resets through maturity.
2 Bears interest at variable rates, at the Company’s option, plus an applicable margin, which is fixed at 1.25 percent for base rate borrowings and 2.25 percent with respect to Term SOFR borrowings.
3 As of June 30, 2023 and December 31, 2022, amounts outstanding under the Amended and Restated Credit Agreement bore a weighted average effective interest rate of 7.3 percent and 6.4 percent, respectively. The Company maintains interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. See Note 8, Derivative Instruments for further discussion.
4 See Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk for information regarding the fair value of the Company’s debt.

(In millions)June 30, 2023December 31, 2022
Supplemental information under Amended and Restated Credit Agreement:
Letters of credit1
$33.1 $31.1 
Remaining borrowing capacity on Revolving Credit Facility2
$892.9 $898.9 
1 Primarily collateralizing Corporate Payments processing activity.
2 Contingent on maintaining compliance with the financial covenants as defined in the Company’s Amended and Restated Credit Agreement. The Company pays a quarterly commitment fee at a rate per annum ranging from 0.25 percent to 0.50 percent of the daily unused portion of the Revolving Credit Facility (which was 0.30 percent at both June 30, 2023 and December 31, 2022) determined based on the Company’s consolidated leverage ratio.
Schedule of Convertible Notes The following table sets forth total interest expense recognized for the Convertible Notes:
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2023202220232022
Interest on 6.5 percent coupon
$5.0 $5.0 $10.1 $10.1 
Amortization of debt discount and debt issuance costs0.6 0.6 1.2 1.1 
$5.6 $5.6 $11.3 $11.2 
v3.23.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 are presented below. Accrued interest on investment securities of $21.4 million and $9.3 million, respectively, as of June 30, 2023 and December 31, 2022, is excluded from total investment securities and recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets.
(In millions)Amortized CostTotal
Unrealized
Gains		Total
Unrealized
Losses
Fair Value1
As of June 30, 2023
Current:
Debt securities:
   U.S. treasury notes$405.8 — 40.1 365.7 
   Corporate debt securities928.8 0.7 52.6 876.9 
Municipal bonds69.8 0.1 6.2 63.7 
   Asset-backed securities515.7 0.6 10.7 505.6 
   Mortgage-backed securities869.1 0.1 40.0 829.2 
Total$2,789.2 $1.5 $149.6 $2,641.1 
Non-current:
Debt securities3
$15.1 $— $0.9 $14.2 
Mutual fund28.7 — 3.9 24.8 
Pooled investment fund9.0 — — 9.0 
Total$52.8 $— $4.8 $48.0 
Total investment securities2
$2,842.0 $1.5 $154.4 $2,689.1 
(In millions)Amortized CostTotal
Unrealized
Gains		Total
Unrealized
Losses
Fair Value1
As of December 31, 2022
Current:
Debt securities:
U.S. treasury notes$405.7 $— $41.7 $364.1 
Corporate debt securities547.2 0.2 49.5 497.8 
Municipal bonds53.0 — 8.0 45.0 
Asset-backed securities199.8 — 9.1 190.7 
Mortgage-backed securities330.4 — 32.7 297.7 
Total$1,536.1 $0.2 $141.1 $1,395.3 
Non-current:
Debt securities3
$15.2 $0.1 $0.7 $14.5 
   Mutual fund28.4 — 3.9 24.5 
Pooled investment fund9.0 — — 9.0 
Total$52.6 $0.1 $4.7 $48.0 
Total investment securities2
$1,588.7 $0.3 $145.8 $1,443.3 
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 Excludes $13.0 million and $11.1 million in equity securities as of June 30, 2023 and December 31, 2022, respectively, included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets.
3 Substantially comprised of municipal bonds.
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 June 30, 2023 and December 31, 2022.
 
As of June 30, 2023
 Less than one yearOne year or longerTotal
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Investment-grade rated debt securities:
U.S. treasury notes$68.9 $3.9 $296.9 $36.2 $365.8 $40.1 
Corporate debt securities391.6 11.9 411.0 40.7 802.6 52.6 
Municipal bonds39.1 1.0 28.0 6.1 67.1 7.1 
Asset-backed securities321.1 4.5 123.7 6.2 444.8 10.7 
Mortgage-backed securities675.1 19.3 142.9 20.7 818.0 40.0 
Total debt securities$1,495.8 $40.6 $1,002.5 $109.9 $2,498.3 $150.5 
As of December 31, 2022
Less than one yearOne year or longerTotal
Investment-grade rated debt securities:
U.S. treasury notes$123.7 $12.5 $240.4 $29.2 $364.1 $41.7 
Corporate debt securities196.9 15.1 289.9 34.4 486.8 49.5 
Municipal bonds28.1 3.8 19.1 5.0 47.2 8.8 
Asset-backed securities117.7 4.3 70.2 4.8 187.9 9.1 
Mortgage-backed securities198.1 16.4 96.5 16.3 294.6 32.7 
Total debt securities$664.4 $52.2 $716.1 $89.7 $1,380.5 $141.8 
Maturity Dates Of Available-For-Sale Securities The following table summarizes the contractual maturity dates of the Company’s debt securities.
 June 30, 2023
(In millions)Amortized CostFair Value
Due within one year$56.9 $55.6 
Due after 1 year through year 5612.1 565.5 
Due after 5 years through year 10771.0 719.3 
Due after 10 years1,364.3 1,314.9 
Total$2,804.3 $2,655.3 
v3.23.2
Financial Instruments − Fair Value and Concentrations of Credit Risk (Tables)
 6 Months Ended
Jun. 30, 2023
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 HierarchyJune 30, 2023December 31, 2022
Assets:
Money market mutual funds1
1$43.6 $35.1 
Investment securities, current:
  Debt securities:
U.S. treasury notes2$365.7 $364.1 
Corporate debt securities2876.9 497.8 
Municipal bonds263.7 45.0 
Asset-backed securities2505.6 190.7 
Mortgage-backed securities2829.2 297.7 
Total$2,641.1 $1,395.3 
Investment securities, non-current:
Debt securities2$14.2 $14.5 
Mutual fund124.8 24.5 
Pooled investment fund measured at NAV2
9.0 9.0 
Total$48.0 $48.0 
Executive deferred compensation plan trust3
1$13.0 $11.1 
Interest rate swaps4
2$68.9 $81.4 
Liabilities
Contingent consideration5
3$180.7 $206.4 
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 June 30, 2023, $1.6 million and $11.4 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2022, $1.9 million and $9.2 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 depending on the timing of expected discounted cash flows. At June 30, 2023, $43.5 million and $25.4 million in fair value is recorded in prepaid expenses and other current assets and other assets, respectively. At December 31, 2022, $45.3 million and $36.1 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively.
5 The fair value is recorded as current or long-term based on the timing of expected payments. At June 30, 2023, $58.3 million and $122.4 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively. At December 31, 2022, $28.7 million and $177.7 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:
(In millions)June 30, 2023December 31, 2022
Carrying valueFair valueCarrying valueFair value
Tranche A Term Loans1
$868.4 **$892.8 **
Tranche B Term Loans1
1,409.6 **1,416.8 **
Outstanding borrowings on Revolving Credit Facility1
4.0 **— — 
Convertible Notes2
310.0 352.9 310.0 330.0 
Contractual deposits with maturities in excess of one year3
167.7 156.4 334.2 308.1 
** Fair value approximates carrying value.
1 The Company determines the fair value of borrowings on the Revolving Credit Facility and Tranche A Term Loans and Tranche B 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 the Convertible Notes outstanding using our stock price and volatility, the conversion premium on the Convertible Notes and effective interest rates for similarly-rated credit issuances, all of which are Level 2 inputs in the fair value hierarchy.
3 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.
Schedule of Pooled Investment Fund
Pooled Investment Fund
(In millions)Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
Pooled investment fund, as of June 30, 2023
$9.0 — Monthly30 days
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 EndedSix Months Ended
(In millions)June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Contingent consideration - beginning of period$179.5 $83.9 $206.4 $67.3 
Payments of contingent consideration (1)
— — (28.7)— 
Change in fair value of contingent consideration1.2 88.2 3.0 104.8 
Contingent consideration - end of period$180.7 $172.1 $180.7 $172.1 
(1) The Company has presented $27.2 million of this payment, 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 has been included in net cash provided by (used for) operating activities (specifically within changes in accrued expenses and other current and long-term liabilities).
v3.23.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of Reportable Segment Results
The following tables present the Company’s reportable segment revenues:
Three Months Ended June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$172.2 $104.7 $23.6 $300.5 
Account servicing revenue40.8 10.6 101.5 152.9 
Finance fee revenue76.3 0.1 — 76.4 
Other revenue50.9 6.5 34.1 91.5 
Total revenues$340.2 $121.9 $159.2 $621.3 
Three Months Ended June 30, 2022
(In millions)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$202.4 $88.6 $21.3 $312.3 
Account servicing revenue43.9 10.4 83.4 137.6 
Finance fee revenue85.1 0.2 — 85.3 
Other revenue47.9 1.2 13.9 63.0 
Total revenues$379.2 $100.4 $118.6 $598.2 
Six Months Ended June 30, 2023
(In millions)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$343.7 $194.8 $50.1 $588.6 
Account servicing revenue81.1 21.2 211.3 313.6 
Finance fee revenue156.7 0.3 0.1 157.1 
Other revenue101.0 10.4 62.6 174.0 
Total revenues$682.5 $226.7 $324.1 $1,233.3 
Six Months Ended June 30, 2022
(In millions)MobilityCorporate PaymentsBenefitsTotal
Payment processing revenue$354.3 $153.7 $43.8 $551.8 
Account servicing revenue86.3 21.2 170.1 277.6 
Finance fee revenue163.5 0.4 0.1 163.9 
Other revenue94.3 2.5 25.7 122.5 
Total revenues$698.4 $177.7 $239.7 $1,115.8 
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 June 30,Six Months Ended June 30,
(In millions)2023202220232022
Segment adjusted operating income
Mobility$150.3 $193.0 $289.1 $353.1 
Corporate Payments66.3 51.0 115.5 79.3 
Benefits59.3 28.3 123.8 63.8 
Total segment adjusted operating income$275.9 $272.3 $528.4 $496.2 
Reconciliation:
Total segment adjusted operating income$275.9 $272.3 $528.4 $496.2 
Less:
Unallocated corporate expenses25.3 19.0 47.7 40.0 
Acquisition-related intangible amortization44.3 42.5 88.4 85.3 
Other acquisition and divestiture related items1.4 6.5 2.5 11.0 
Stock-based compensation36.5 25.3 62.6 50.5 
Other costs9.0 7.9 13.5 16.1 
Operating income159.4 171.1 313.7 293.4 
Financing interest expense(42.4)(31.8)(80.8)(61.5)
Net foreign currency loss(0.2)(19.4)(1.6)(14.4)
Change in fair value of contingent consideration(1.2)(88.2)(3.0)(104.8)
Net unrealized (loss) gain on financial instruments2.2 16.9 (12.3)66.7 
Income before income taxes$117.8 $48.6 $216.0 $179.4 
v3.23.2
Supplementary Regulatory Capital Disclosure (Tables)
 6 Months Ended
Jun. 30, 2023
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 AmountRatioMinimum for Capital Adequacy Purposes AmountRatioMinimum to Be Well Capitalized Under Prompt Corrective Action Provisions AmountRatio
June 30, 2023
Total Capital to risk-weighted assets$728.8 15.87 %$367.4 8.00 %$459.3 10.00 %
Tier 1 Capital to average assets$671.2 10.72 %$250.5 4.00 %$313.2 5.00 %
Common equity to risk-weighted assets$671.2 14.62 %$206.7 4.50 %$298.5 6.50 %
Tier 1 Capital to risk-weighted assets$671.2 14.62 %$275.6 6.00 %$367.4 8.00 %
December 31, 2022
Total Capital to risk-weighted assets$595.6 15.16 %$314.4 8.00 %$393.0 10.00 %
Tier 1 Capital to average assets$546.2 10.22 %$213.7 4.00 %$267.1 5.00 %
Common equity to risk-weighted assets$546.2 13.90 %$176.8 4.50 %$255.4 6.50 %
Tier 1 Capital to risk-weighted assets$546.2 13.90 %$235.8 6.00 %$314.4 8.00 %
v3.23.2
Basis of Presentation (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Net change in restricted cash payable $ 271.5 $ 183.2
v3.23.2
Revenues - Summary of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues $ 444.5 $ 441.3 $ 888.5 $ 811.0
Non-Topic 606 revenues 176.7 156.9 344.8 304.8
Total revenues 621.3 598.2 1,233.3 1,115.8
Mobility        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 197.9 229.2 397.1 405.3
Non-Topic 606 revenues 142.2 150.1 285.4 293.0
Total revenues 340.2 379.2 682.5 698.4
Corporate Payments        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 115.3 99.1 216.0 175.2
Non-Topic 606 revenues 6.6 1.3 10.7 2.4
Total revenues 121.9 100.4 226.7 177.7
Benefits        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 131.3 113.1 275.4 230.4
Non-Topic 606 revenues 27.9 5.5 48.7 9.4
Total revenues 159.2 118.6 324.1 239.7
Payment processing revenue        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 300.5 312.3 588.6 551.8
Total revenues 300.5 312.3 588.6 551.8
Payment processing revenue | Mobility        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 172.2 202.4 343.7 354.3
Total revenues 172.2 202.4 343.7 354.3
Payment processing revenue | Corporate Payments        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 104.7 88.6 194.8 153.7
Total revenues 104.7 88.6 194.8 153.7
Payment processing revenue | Benefits        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 23.6 21.3 50.1 43.8
Total revenues 23.6 21.3 50.1 43.8
Account servicing revenue        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 116.6 98.3 241.4 200.2
Total revenues 152.9 137.6 313.6 277.6
Account servicing revenue | Mobility        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 4.5 4.6 8.9 8.9
Total revenues 40.8 43.9 81.1 86.3
Account servicing revenue | Corporate Payments        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 10.6 10.4 21.2 21.2
Total revenues 10.6 10.4 21.2 21.2
Account servicing revenue | Benefits        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 101.5 83.4 211.3 170.1
Total revenues 101.5 83.4 211.3 170.1
Other revenue        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 27.4 30.7 58.5 59.0
Total revenues 91.5 63.0 174.0 122.5
Other revenue | Mobility        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 21.2 22.2 44.5 42.2
Total revenues 50.9 47.9 101.0 94.3
Other revenue | Corporate Payments        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 0.0 0.1 0.0 0.4
Total revenues 6.5 1.2 10.4 2.5
Other revenue | Benefits        
Disaggregation of Revenue [Line Items]        
Total Topic 606 revenues 6.2 8.4 14.0 16.4
Total revenues $ 34.1 $ 13.9 $ 62.6 $ 25.7
v3.23.2
Revenues - Contract Assets and Liabilities From Contracts with Customers (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Accounts receivable, net    
Disaggregation of Revenue [Line Items]    
Contract assets $ 24.2 $ 53.6
Prepaid expenses and other current assets    
Disaggregation of Revenue [Line Items]    
Contract assets 24.5 13.6
Other assets    
Disaggregation of Revenue [Line Items]    
Contract assets 36.2 37.9
Accrued expenses and other current liabilities    
Disaggregation of Revenue [Line Items]    
Contract liabilities 10.8 8.1
Other liabilities    
Disaggregation of Revenue [Line Items]    
Contract liabilities $ 84.1 $ 87.0
v3.23.2
Revenues - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]    
Revenue recognized related to contract liabilities $ 0.9 $ 2.6
v3.23.2
Revenues - Remaining Performance Obligation (Details)
$ in Millions
Jun. 30, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 216.0
Minimum monthly fees  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied 96.2
Other  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied 119.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 34.7
Performance obligations expected to be satisfied, expected timing 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Minimum monthly fees  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 30.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Other  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied 3.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 47.5
Performance obligations expected to be satisfied, expected timing 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Minimum monthly fees  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 34.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Other  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied 12.6
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 $ 40.3
Performance obligations expected to be satisfied, expected timing 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Minimum monthly fees  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 16.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Other  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied 23.6
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 $ 38.9
Performance obligations expected to be satisfied, expected timing 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Minimum monthly fees  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 5.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Other  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied 33.0
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 $ 45.0
Performance obligations expected to be satisfied, expected timing 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Minimum monthly fees  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 4.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Other  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied 40.8
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 $ 8.7
Performance obligations expected to be satisfied, expected timing 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Minimum monthly fees  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 2.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Other  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied 5.9
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 $ 0.8
Performance obligations expected to be satisfied, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Minimum monthly fees  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 0.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Other  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligations expected to be satisfied $ 0.0
v3.23.2
Acquisitions and Other Investments (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 03, 2023
USD ($)
employee
Jun. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Business Acquisition [Line Items]      
Equity method investments   $ 5.0 $ 5.0
Designing And Developing Software Business      
Business Acquisition [Line Items]      
Percentage of voting interests acquired 100.00%    
Total consideration $ 6.0    
Number of assembled workforce employees acquired | employee 180    
Cash to be paid $ 4.5    
Contingent consideration payable $ 1.5    
Contingent consideration payable payment term 18 months    
Capitalization of intangible assets $ 8.1    
Deferred tax liability $ 2.1    
Weighted average life (in years) 4 years    
v3.23.2
Accounts Receivable, Net - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Revolving Credit Facility    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Receivables with revolving credit balances $ 152.1 $ 157.8
v3.23.2
Accounts Receivable, Net - Changes in Reserves for Accounts Receivable (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period $ 117.8 $ 76.3 $ 109.8 $ 66.3
Net provision for credit losses 22.7 42.2 68.1 67.8
Charges to other accounts 7.5 10.4 15.4 18.7
Charge-offs (42.2) (29.8) (92.2) (56.0)
Recoveries of amounts previously charged-off 6.2 2.8 10.7 5.2
Currency translation 0.0 (1.2) 0.2 (1.4)
Balance, end of period 112.0 100.6 112.0 100.6
Mobility        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 102.3 63.9 94.6 55.8
Net provision for credit losses 21.5 42.4 66.3 65.7
Charges to other accounts 7.5 10.2 15.3 18.6
Charge-offs (41.3) (29.5) (90.7) (55.3)
Recoveries of amounts previously charged-off 6.2 2.8 10.7 5.2
Currency translation 0.0 (0.7) 0.0 (0.8)
Balance, end of period 96.2 89.2 96.2 89.2
Corporate Payments        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 14.4 11.6 14.4 9.9
Net provision for credit losses 1.0 (0.7) 1.4 1.4
Charges to other accounts 0.0 0.2 0.0 0.2
Charge-offs (0.9) (0.2) (1.5) (0.4)
Recoveries of amounts previously charged-off 0.0 0.0 0.0 0.0
Currency translation 0.0 (0.5) 0.2 (0.7)
Balance, end of period 14.5 10.4 14.5 10.4
Benefits        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 1.1 0.7 0.8 0.6
Net provision for credit losses 0.2 0.5 0.4 0.7
Charges to other accounts 0.0 0.0 0.1 (0.1)
Charge-offs 0.0 (0.1) 0.0 (0.3)
Recoveries of amounts previously charged-off 0.0 0.0 0.0 0.0
Currency translation 0.0 0.0 0.0 0.0
Balance, end of period $ 1.3 $ 1.0 $ 1.3 $ 1.0
v3.23.2
Accounts Receivable, Net - Concentration of Credit Risk (Details) - Credit Concentration Risk - Accounts receivable, net
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Less than 30 days past due    
Concentration Risk [Line Items]    
Concentration risk, percentage 99.00% 98.00%
Less than 60 days past due    
Concentration Risk [Line Items]    
Concentration risk, percentage 99.00% 99.00%
v3.23.2
Repurchases of Common Stock (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Equity [Abstract]          
Treasury stock purchased (in shares)     0.5 0.5 0.5
Purchase of shares of treasury stock $ 3.2 $ 92.8 $ 80.6 $ 96.0 $ 80.6
v3.23.2
Earnings per Share - Summary of Net Income (Loss) Attributable to Shareholders and Reconciliation of Basic and Diluted Shares (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Net income attributable to shareholders $ 95.3 $ 34.1 $ 163.3 $ 156.9
Net income attributable to shareholders $ 95.3 $ 34.1   $ 156.9
Weighted average common shares outstanding – Basic (in shares) 42.9 44.8 43.0 44.9
Dilutive impact of share-based compensation awards (in shares) 0.5 0.3 0.5 0.4
Weighted average common shares outstanding – Diluted (in shares) 43.4 45.1 43.5 45.2
Share-Based Payment Arrangement        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings (in shares) 0.5 0.7 0.5 0.6
Convertible Debt Securities        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings (in shares) 1.6 1.6 1.6 1.6
v3.23.2
Derivative Instruments - Narrative (Details)
$ in Billions
Jun. 30, 2023
USD ($)
Derivatives Not Designated as Hedging Instruments  
Derivative [Line Items]  
Notional amount at inception $ 1.1
v3.23.2
Derivative Instruments - Schedule of Interest Rate Swaps (Details) - Derivatives Not Designated as Hedging Instruments - USD ($)
$ in Millions
Jun. 30, 2023
Apr. 26, 2023
Apr. 25, 2023
Derivative [Line Items]      
Notional amount at inception $ 1,100.0    
Maturity December 2023      
Derivative [Line Items]      
Fixed interest rate   1.789% 1.862%
Notional amount at inception 200.0    
Maturity May 2024, Instrument One      
Derivative [Line Items]      
Fixed interest rate   0.459% 0.435%
Notional amount at inception $ 150.0    
Maturity May 2024, Instrument One | One-Month USD-SOFR CME Term Rate      
Derivative [Line Items]      
Derivative, variable interest rate 0.114%    
Maturity May 2024, Instrument Two      
Derivative [Line Items]      
Fixed interest rate   0.367% 0.44%
Notional amount at inception $ 150.0    
Maturity May 2025      
Derivative [Line Items]      
Fixed interest rate   0.648% 0.678%
Notional amount at inception 300.0    
Maturity May 2026, Instrument One      
Derivative [Line Items]      
Fixed interest rate   0.836% 0.909%
Notional amount at inception 150.0    
Maturity May 2026, Instrument Two      
Derivative [Line Items]      
Fixed interest rate   0.883% 0.91%
Notional amount at inception $ 150.0    
v3.23.2
Derivative Instruments - Location and Amounts of Interest Rate Swap Gains and Losses (Details) - Derivatives Not Designated as Hedging Instruments - Interest Rate Swaps - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net unrealized gain (loss) on financial instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate swap gains (losses) $ 2.4 $ 17.8 $ (12.5) $ 68.9
Financing interest expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest rate swap gains (losses) $ 11.5 $ (3.0) $ 23.8 $ (8.9)
v3.23.2
Deposits - Schedule of Composition of Deposits (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Deposit Liability [Line Items]    
Customer deposits $ 145,400 $ 146,700
Certificates of deposit with maturities within 1 year 863,300 770,700
Interest-bearing brokered money market deposits 375,500 157,200
HSA deposits 2,770,000 2,070,000
Short-term contractual deposits 4,154,200 3,144,600
Certificates of deposit with maturities greater than 1 year and less than 5 years 167,700 334,200
Total deposits $ 4,321,900 $ 3,478,800
Weighted average cost of HSA deposits outstanding (as a percent) 0.11% 0.04%
Weighted average cost of funds on certificates of deposit outstanding (as a percent) 3.25% 1.48%
Weighted average cost of interest-bearing money market deposits outstanding (as a percent) 5.24% 4.45%
Maximum    
Deposit Liability [Line Items]    
Certificates of deposits denominations in dollar amount $ 250 $ 250
v3.23.2
Financing and Other Debt - Schedule of Short Term Debt (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Securitized debt $ 723.0 $ 202.6
Unamortized debt issuance costs/discounts (10.3) (10.3)
Current portion of long-term debt (net of $10.3 million in unamortized debt issuance costs/discounts) 53.0 53.1
Participation debt    
Debt Instrument [Line Items]    
Securitized debt $ 53.9 $ 39.0
Interest rate during period (as a percent) 7.48% 6.64%
Borrowed federal funds    
Debt Instrument [Line Items]    
Securitized debt $ 520.2 $ 0.0
Interest rate during period (as a percent) 5.39% 0.00%
Secured Debt    
Debt Instrument [Line Items]    
Securitized debt $ 95.9 $ 110.6
Interest rate during period (as a percent) 5.36% 3.83%
v3.23.2
Financing and Other Debt - Schedule of Long Term Debt (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total long-term debt $ 2,591.9 $ 2,619.6
Unamortized debt issuance costs/discounts (10.3) (10.3)
Less total unamortized debt issuance costs/discounts (39.8) (44.3)
Less current portion of long-term debt (net of 10.3 million in unamortized debt issuance costs/discounts) (53.0) (53.1)
Long-term debt, net $ 2,499.1 $ 2,522.2
Minimum    
Supplemental information under Amended and Restated Credit Agreement:    
Commitment fee percentage 0.25%  
Maximum    
Supplemental information under Amended and Restated Credit Agreement:    
Commitment fee percentage 0.50%  
Amended and Restated Credit Agreement    
Debt Instrument [Line Items]    
Weighted average effective interest rate (as a percent) 7.30% 6.40%
Supplemental information under Amended and Restated Credit Agreement:    
Commitment fee percentage 0.30% 0.30%
Convertible Senior Notes Due 2027    
Debt Instrument [Line Items]    
Convertible notes payable $ 310.0 $ 310.0
Convertible Senior Notes Due 2027 | Convertible Debt    
Debt Instrument [Line Items]    
Interest rate, stated percentage 6.50% 6.50%
Line of Credit | Amended and Restated Credit Agreement Tranche A | Secured Debt    
Debt Instrument [Line Items]    
Carrying value $ 868.4 $ 892.8
Line of Credit | Amended and Restated Credit Agreement Tranche B | Secured Debt    
Debt Instrument [Line Items]    
Carrying value 1,409.5 1,416.8
Line of Credit | Amended and Restated Credit Agreement    
Debt Instrument [Line Items]    
Carrying value 2,281.9 2,309.6
Revolving Credit Facility    
Debt Instrument [Line Items]    
Carrying value 4.0 0.0
Revolving Credit Facility | Amended and Restated Credit Agreement    
Supplemental information under Amended and Restated Credit Agreement:    
Remaining borrowing capacity on revolving credit facility 892.9 898.9
Revolving Credit Facility | Amended and Restated Credit Agreement | Letter of Credit    
Supplemental information under Amended and Restated Credit Agreement:    
Letters of credit $ 33.1 $ 31.1
Credit Facility Term Loans | Amended and Restated Credit Agreement Tranche B | Base Rate    
Debt Instrument [Line Items]    
Margin on variable rate, percent 1.25%  
Credit Facility Term Loans | Amended and Restated Credit Agreement Tranche B | Eurocurrency Rate    
Debt Instrument [Line Items]    
Margin on variable rate, percent 2.25%  
v3.23.2
Financing and Other Debt - Narrative (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2023
USD ($)
agreement
securitized_debt_agreement
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]    
Number of securitized debt agreements | securitized_debt_agreement 2  
Short term debt $ 723,000,000.0 $ 202,600,000
Accounts receivable pledged as collateral 3,622,300,000 3,275,700,000
Asset Pledged as Collateral | Mobility    
Debt Instrument [Line Items]    
Accounts receivable pledged as collateral 236,200,000  
Line of Credit    
Debt Instrument [Line Items]    
Short term debt $ 20,000,000 $ 0
Convertible Senior Notes Due 2027 | Convertible Debt    
Debt Instrument [Line Items]    
Effective interest rate on the liability component (as a percent) 7.50% 7.50%
Unamortized debt issuance expense $ 11,400,000 $ 12,700,000
Debt instrument, unamortized discount 11,400,000 12,700,000
Participation debt    
Debt Instrument [Line Items]    
Short term debt $ 53,900,000 $ 39,000,000.0
Interest rate during period (as a percent) 7.48% 6.64%
Borrowed federal funds    
Debt Instrument [Line Items]    
Short term debt $ 520,200,000 $ 0
Interest rate during period (as a percent) 5.39% 0.00%
Borrowed federal funds | Federal Reserve Bank Advances    
Debt Instrument [Line Items]    
Short term debt $ 500,000,000  
Interest rate during period (as a percent) 5.39%  
Borrowed federal funds | Federal Reserve Bank Advances | Asset Pledged as Collateral    
Debt Instrument [Line Items]    
Debt securities, par value $ 575,100,000  
Fair value of debt securities pledged 518,400,000  
Revolving Credit Facility | Federal Reserve Bank    
Debt Instrument [Line Items]    
Current borrowing capacity 182,200,000  
Letters of credit 0 $ 0
Revolving Credit Facility | Amended and Restated Credit Agreement    
Debt Instrument [Line Items]    
Amounts available $ 930,000,000  
Participation Debt | Margin | Minimum | Line of Credit    
Debt Instrument [Line Items]    
Margin on variable rate, percent 2.25% 2.25%
Participation Debt | Margin | Maximum | Line of Credit    
Debt Instrument [Line Items]    
Margin on variable rate, percent 2.50% 2.50%
Participation Debt | Participation debt | Line of Credit    
Debt Instrument [Line Items]    
Number of outstanding participation agreements | agreement 3  
Borrowings under guaranteed investment agreements $ 70,000,000  
v3.23.2
Financing and Other Debt- Schedule of Total Interest Expense for Convertible Note (Details) - Convertible Senior Notes Due 2027 - Convertible Debt - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Debt Instrument [Line Items]          
Interest on 6.5 percent coupon $ 5,000 $ 5,000 $ 10,100 $ 10,100  
Amortization of debt discount and debt issuance costs 600 600 1,200 1,100  
Operating interest $ 5,600 $ 5,600 $ 11,300 $ 11,200  
Interest rate, stated percentage 6.50%   6.50%   6.50%
v3.23.2
Off-Balance Sheet Arrangements (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Apr. 30, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Renewal term     1 year      
HSA assets amount serving as custodian $ 3,800.0   $ 3,800.0     $ 3,450.0
HSA assets deposited and managed by third party depository partners 1,100.0   1,100.0     1,400.0
HSA deposits 2,770.0   2,770.0     $ 2,070.0
Revolving Credit Facility | Secured Debt            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Borrowing capacity         $ 35.0  
WEX Europe Services            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Losses on factoring 2.6 $ 0.0 4.5 $ 0.0    
Proceeds from sale of factoring receivables 142.9 159.6 283.4 304.6    
WEX Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Proceeds from sale of factoring receivables 3,300.0 $ 1,600.0 5,200.0 $ 2,400.0    
WEX Health            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Proceeds from sale of factoring receivables $ 82.2   $ 82.2      
v3.23.2
Investment Securities - Narrative (Details)
$ in Millions
Jun. 30, 2023
USD ($)
investmentPosition
Dec. 31, 2022
USD ($)
Investments, Debt and Equity Securities [Abstract]    
Accrued investment interest | $ $ 21.4 $ 9.3
Debt securities, unrealized loss position, number of positions | investmentPosition 503  
v3.23.2
Investment Securities - Investment Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Amortized cost, current $ 2,789.2 $ 1,536.1
Accumulated gross unrealized gain, current 1.5 0.2
Accumulated gross unrealized loss, current 149.6 141.1
Debt securities, current 2,641.1 1,395.3
Amortized cost, non-current 52.8 52.6
Accumulated gross unrealized gain, non-current 0.0 0.1
Accumulated gross unrealized loss, non-current 4.8 4.7
Fair Value 48.0 48.0
Amortized Cost 2,842.0 1,588.7
Total Unrealized Gains 1.5 0.3
Total Unrealized Losses 154.4 145.8
Fair Value 2,689.1 1,443.3
Executive deferred compensation plan trust 13.0 11.1
Debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized cost, non-current 15.1 15.2
Accumulated gross unrealized gain, non-current 0.0 0.1
Accumulated gross unrealized loss, non-current 0.9 0.7
Fair Value 14.2 14.5
U.S. treasury notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized cost, current 405.8 405.7
Accumulated gross unrealized gain, current 0.0 0.0
Accumulated gross unrealized loss, current 40.1 41.7
Debt securities, current 365.7 364.1
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized cost, current 928.8 547.2
Accumulated gross unrealized gain, current 0.7 0.2
Accumulated gross unrealized loss, current 52.6 49.5
Debt securities, current 876.9 497.8
Municipal bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized cost, current 69.8 53.0
Accumulated gross unrealized gain, current 0.1 0.0
Accumulated gross unrealized loss, current 6.2 8.0
Debt securities, current 63.7 45.0
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized cost, current 515.7 199.8
Accumulated gross unrealized gain, current 0.6 0.0
Accumulated gross unrealized loss, current 10.7 9.1
Debt securities, current 505.6 190.7
Mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized cost, current 869.1 330.4
Accumulated gross unrealized gain, current 0.1 0.0
Accumulated gross unrealized loss, current 40.0 32.7
Debt securities, current 829.2 297.7
Mutual fund    
Debt Securities, Available-for-sale [Line Items]    
Equity securities FV-NI cost, non-current 28.7 28.4
Accumulated gross unrealized gain, non-current 0.0 0.0
Accumulated gross unrealized loss, non-current 3.9 3.9
Fair Value 24.8 24.5
Pooled investment fund    
Debt Securities, Available-for-sale [Line Items]    
Equity securities FV-NI cost, non-current 9.0 9.0
Accumulated gross unrealized gain, non-current 0.0 0.0
Accumulated gross unrealized loss, non-current 0.0 0.0
Fair Value $ 9.0 $ 9.0
v3.23.2
Investment Securities - Unrealized losses On Debt Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than one year $ 1,495.8 $ 664.4
Gross unrealized losses, less than one year 40.6 52.2
Fair value, one year or longer 1,002.5 716.1
Gross unrealized losses, one year or longer 109.9 89.7
Fair Value 2,498.3 1,380.5
Gross Unrealized Losses 150.5 141.8
U.S. treasury notes    
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than one year 68.9 123.7
Gross unrealized losses, less than one year 3.9 12.5
Fair value, one year or longer 296.9 240.4
Gross unrealized losses, one year or longer 36.2 29.2
Fair Value 365.8 364.1
Gross Unrealized Losses 40.1 41.7
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than one year 391.6 196.9
Gross unrealized losses, less than one year 11.9 15.1
Fair value, one year or longer 411.0 289.9
Gross unrealized losses, one year or longer 40.7 34.4
Fair Value 802.6 486.8
Gross Unrealized Losses 52.6 49.5
Municipal bonds    
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than one year 39.1 28.1
Gross unrealized losses, less than one year 1.0 3.8
Fair value, one year or longer 28.0 19.1
Gross unrealized losses, one year or longer 6.1 5.0
Fair Value 67.1 47.2
Gross Unrealized Losses 7.1 8.8
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than one year 321.1 117.7
Gross unrealized losses, less than one year 4.5 4.3
Fair value, one year or longer 123.7 70.2
Gross unrealized losses, one year or longer 6.2 4.8
Fair Value 444.8 187.9
Gross Unrealized Losses 10.7 9.1
Mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Fair value, less than one year 675.1 198.1
Gross unrealized losses, less than one year 19.3 16.4
Fair value, one year or longer 142.9 96.5
Gross unrealized losses, one year or longer 20.7 16.3
Fair Value 818.0 294.6
Gross Unrealized Losses $ 40.0 $ 32.7
v3.23.2
Investment Securities - Maturity Dates Of Available-For-Sale Securities (Details)
$ in Millions
Jun. 30, 2023
USD ($)
Amortized Cost  
Due within one year $ 56.9
Due after 1 year through year 5 612.1
Due after 5 years through year 10 771.0
Due after 10 years 1,364.3
Amortized Cost 2,804.3
Fair Value  
Due within one year 55.6
Due after 1 year through year 5 565.5
Due after 5 years through year 10 719.3
Due after 10 years 1,314.9
Fair Value $ 2,655.3
v3.23.2
Financial Instruments − Fair Value and Concentrations of Credit Risk - Financial Instruments Measured at Fair Value and Related Hierarchy Levels (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Investment securities, current:    
Debt securities, current $ 2,641.1 $ 1,395.3
Investment securities, non-current:    
Fair Value 48.0 48.0
Executive deferred compensation plan trust 13.0 11.1
Prepaid expenses and other current assets    
Investment securities, non-current:    
Executive deferred compensation plan trust 1.6 1.9
Other assets    
Investment securities, non-current:    
Executive deferred compensation plan trust 11.4 9.2
Accrued expenses and other current liabilities    
Liabilities    
Contingent consideration 58.3 28.7
Other liabilities    
Liabilities    
Contingent consideration 122.4 177.7
Debt securities    
Investment securities, non-current:    
Fair Value 14.2 14.5
Corporate debt securities    
Investment securities, current:    
Debt securities, current 876.9 497.8
Municipal bonds    
Investment securities, current:    
Debt securities, current 63.7 45.0
Asset-backed securities    
Investment securities, current:    
Debt securities, current 505.6 190.7
Mortgage-backed securities    
Investment securities, current:    
Debt securities, current 829.2 297.7
Mutual fund    
Investment securities, non-current:    
Fair Value 24.8 24.5
Pooled investment fund measured at NAV    
Investment securities, non-current:    
Fair Value 9.0 9.0
Interest rate swaps | Prepaid expenses and other current assets    
Investment securities, non-current:    
Derivative asset 43.5 45.3
Interest rate swaps | Other assets    
Investment securities, non-current:    
Derivative asset 25.4 36.1
Level 1    
Investment securities, non-current:    
Executive deferred compensation plan trust 13.0 11.1
Level 1 | Money market funds    
Assets:    
Money market funds 43.6 35.1
Level 1 | Mutual fund    
Investment securities, non-current:    
Fair Value 24.8 24.5
Level 2 | Debt securities    
Investment securities, non-current:    
Fair Value 14.2 14.5
Level 2 | US Treasury Securities    
Investment securities, current:    
Debt securities, current 365.7 364.1
Level 2 | Corporate debt securities    
Investment securities, current:    
Debt securities, current 876.9 497.8
Level 2 | Municipal bonds    
Investment securities, current:    
Debt securities, current 63.7 45.0
Level 2 | Asset-backed securities    
Investment securities, current:    
Debt securities, current 505.6 190.7
Level 2 | Mortgage-backed securities    
Investment securities, current:    
Debt securities, current 829.2 297.7
Level 2 | Interest rate swaps    
Investment securities, non-current:    
Derivative asset 68.9 81.4
Net Asset Value | Pooled investment fund measured at NAV    
Investment securities, non-current:    
Fair Value 9.0 9.0
Level 3 | Contingent consideration    
Liabilities    
Contingent consideration $ 180.7 $ 206.4
v3.23.2
Financial Instruments − Fair Value and Concentrations of Credit Risk - Pooled Investment Fund (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Pooled investment fund measured at NAV    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 9.0 $ 9.0
Net Asset Value | Pooled investment fund measured at NAV    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 9.0 $ 9.0
Net Asset Value | Pooled investment fund measured at NAV    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded Commitments $ 0.0  
Redemption Notice Period 30 days  
v3.23.2
Financial Instruments − Fair Value and Concentrations of Credit Risk - Narrative (Details)
Jun. 30, 2023
Dec. 31, 2022
Level 3 | Recurring | Valuation, Market Approach | Discount Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration, liability, measurement input 0.0377 0.0352
v3.23.2
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) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Payment of contingent consideration     $ 27.2 $ 0.0
Obligations        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Contingent consideration, beginning balance $ 179.5 $ 83.9 206.4 67.3
Payments of contingent consideration 0.0 0.0 (28.7) 0.0
Change in fair value of contingent consideration 1.2 88.2 3.0 104.8
Contingent consideration, ending balance $ 180.7 $ 172.1 180.7 $ 172.1
Payment of contingent consideration     $ 27.2  
v3.23.2
Financial Instruments − Fair Value and Concentrations of Credit Risk - Schedule of Fair Value of The Company's Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contractual deposits with maturities in excess of one year $ 167.7 $ 334.2
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contractual deposits with maturities in excess of one year 167.7 334.2
Contractual deposits with maturities in excess of one year 156.4 308.1
Level 2 | Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value 310.0 310.0
Convertible notes 352.9 330.0
Line of Credit | Amended and Restated Credit Agreement Tranche A | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value 868.4 892.8
Line of Credit | Amended and Restated Credit Agreement Tranche A | Level 2 | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value 868.4 892.8
Line of Credit | Amended and Restated Credit Agreement Tranche B | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value 1,409.5 1,416.8
Line of Credit | Amended and Restated Credit Agreement Tranche B | Level 2 | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value 1,409.6 1,416.8
Revolving Credit Facility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value 4.0 0.0
Revolving Credit Facility | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value $ 4.0 0.0
Term Loans, fair value   $ 0.0
v3.23.2
Redeemable Non-Controlling Interest (Details) - USD ($)
$ in Millions
Mar. 07, 2022
Apr. 01, 2021
Mar. 05, 2019
Noncontrolling Interest [Line Items]      
Temporary equity, carrying amount, period increase (decrease) $ 37.8    
Noncontrolling interest, deferred tax expense $ 3.5    
PO Holding      
Noncontrolling Interest [Line Items]      
Percentage of voting interests acquired 4.53%    
Total consideration $ 234.0    
Deferred liability 216.6    
Payments for repurchase of redeemable noncontrolling interest $ 254.4    
Discovery Benefits      
Noncontrolling Interest [Line Items]      
Ownership percentage by noncontrolling interest     4.90%
WEX Bank      
Noncontrolling Interest [Line Items]      
Ownership percentage by noncontrolling interest   4.53%  
Ownership percentage 100.00%    
v3.23.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Income Tax Disclosure [Abstract]          
Effective tax rate 19.10% 29.80% 24.40% 31.50%  
Discrete tax benefit $ 2.5        
Uncertain tax position       $ 7.5  
Undistributed earnings of certain foreign subsidiaries 205.0   $ 205.0   $ 159.9
Undistributed earnings of certain foreign subsidiaries with indefinite reinvestment $ 169.8   $ 169.8    
v3.23.2
Stock-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]        
Stock-based compensation expense $ 35.9 $ 24.9 $ 61.2 $ 48.6
v3.23.2
Segment Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2023
segment
Segment Reporting [Abstract]  
Number of operating segments 3
Number of reportable segments 3
v3.23.2
Segment Information - Revenue by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Total revenues $ 621.3 $ 598.2 $ 1,233.3 $ 1,115.8
Mobility        
Segment Reporting Information [Line Items]        
Total revenues 340.2 379.2 682.5 698.4
Corporate Payments        
Segment Reporting Information [Line Items]        
Total revenues 121.9 100.4 226.7 177.7
Benefits        
Segment Reporting Information [Line Items]        
Total revenues 159.2 118.6 324.1 239.7
Payment processing revenue        
Segment Reporting Information [Line Items]        
Total revenues 300.5 312.3 588.6 551.8
Payment processing revenue | Mobility        
Segment Reporting Information [Line Items]        
Total revenues 172.2 202.4 343.7 354.3
Payment processing revenue | Corporate Payments        
Segment Reporting Information [Line Items]        
Total revenues 104.7 88.6 194.8 153.7
Payment processing revenue | Benefits        
Segment Reporting Information [Line Items]        
Total revenues 23.6 21.3 50.1 43.8
Account servicing revenue        
Segment Reporting Information [Line Items]        
Total revenues 152.9 137.6 313.6 277.6
Account servicing revenue | Mobility        
Segment Reporting Information [Line Items]        
Total revenues 40.8 43.9 81.1 86.3
Account servicing revenue | Corporate Payments        
Segment Reporting Information [Line Items]        
Total revenues 10.6 10.4 21.2 21.2
Account servicing revenue | Benefits        
Segment Reporting Information [Line Items]        
Total revenues 101.5 83.4 211.3 170.1
Finance fee revenue        
Segment Reporting Information [Line Items]        
Total revenues 76.4 85.3 157.1 163.9
Finance fee revenue | Mobility        
Segment Reporting Information [Line Items]        
Total revenues 76.3 85.1 156.7 163.5
Finance fee revenue | Corporate Payments        
Segment Reporting Information [Line Items]        
Total revenues 0.1 0.2 0.3 0.4
Finance fee revenue | Benefits        
Segment Reporting Information [Line Items]        
Total revenues 0.0 0.0 0.1 0.1
Other revenue        
Segment Reporting Information [Line Items]        
Total revenues 91.5 63.0 174.0 122.5
Other revenue | Mobility        
Segment Reporting Information [Line Items]        
Total revenues 50.9 47.9 101.0 94.3
Other revenue | Corporate Payments        
Segment Reporting Information [Line Items]        
Total revenues 6.5 1.2 10.4 2.5
Other revenue | Benefits        
Segment Reporting Information [Line Items]        
Total revenues $ 34.1 $ 13.9 $ 62.6 $ 25.7
v3.23.2
Segment Information - Reconciliation of Adjusted Operating Income to Income Before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Adjusted operating income $ 275.9 $ 272.3 $ 528.4 $ 496.2
Stock-based compensation     61.2 48.6
Operating income 159.4 171.1 313.7 293.4
Financing interest expense (42.4) (31.8) (80.8) (61.5)
Net foreign currency loss (0.2) (19.4) (1.6) (14.4)
Change in fair value of contingent consideration (1.2) (88.2) (3.0) (104.8)
Net unrealized gain (loss) on financial instruments 2.2 16.9 (12.3) 66.7
Income before income taxes 117.8 48.6 216.0 179.4
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Unallocated corporate expenses 25.3 19.0 47.7 40.0
Acquisition-related intangible amortization 44.3 42.5 88.4 85.3
Other acquisition and divestiture related items 1.4 6.5 2.5 11.0
Stock-based compensation 36.5 25.3 62.6 50.5
Other costs 9.0 7.9 13.5 16.1
Mobility        
Segment Reporting Information [Line Items]        
Adjusted operating income 150.3 193.0 289.1 353.1
Corporate Payments        
Segment Reporting Information [Line Items]        
Adjusted operating income 66.3 51.0 115.5 79.3
Benefits        
Segment Reporting Information [Line Items]        
Adjusted operating income $ 59.3 $ 28.3 $ 123.8 $ 63.8
v3.23.2
Supplementary Regulatory Capital Disclosure (Details)
$ in Millions
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Debt Disclosure [Abstract]    
Total Capital to risk-weighted assets, Actual Amount $ 728.8 $ 595.6
Total Capital to risk-weighted assets, Actual, Ratio 0.1587 0.1516
Total Capital to risk-weighted assets, Minimum for Capital Adequacy Purposes Amount $ 367.4 $ 314.4
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 $ 459.3 $ 393.0
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 $ 671.2 $ 546.2
Tier 1 Capital to average assets, Actual, Ratio 0.1072 0.1022
Tier 1 Capital to average assets, Minimum for Capital Adequacy Purposes Amount $ 250.5 $ 213.7
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 $ 313.2 $ 267.1
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 $ 671.2 $ 546.2
Common equity to risk-weighted assets, Actual, Ratio 14.62% 13.90%
Common equity to risk-weighted assets, Minimum for Capital Adequacy Purposes Amount $ 206.7 $ 176.8
Common equity to risk-weighted assets, Minimum for Capital Adequacy Purposes, Ratio 4.50% 4.50%
Common equity to risk-weighted assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount $ 298.5 $ 255.4
Common equity to risk-weighted assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 6.50% 6.50%
Tier 1 Capital to risk-weighted assets, Actual Amount $ 671.2 $ 546.2
Tier 1 Capital to risk-weighted assets, Actual, Ratio 0.1462 0.1390
Tier 1 Capital to risk-weighted assets, Minimum for Capital Adequacy Purposes Amount $ 275.6 $ 235.8
Tier 1 Capital to risk-weighted assets, Ratio 0.0600 0.0600
Tier 1 Capital to risk-weighted assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount $ 367.4 $ 314.4
Tier 1 Capital to risk-weighted assets, Ratio 0.0800 0.0800
v3.23.2
Subsequent Events (Details)
$ in Millions
 6 Months Ended
Dec. 31, 2023
USD ($)
Ascensus Health And Benefits | Forecast  
Subsequent Event [Line Items]  
Total consideration $ 180