CORPAY, INC.CPAY
CORPAY, INC. New Standards Disclosure
Adoption of New Accounting Standards
Income Taxes
In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax
Disclosures" ("ASU 2023-09"). The amendments require disclosure of specific categories in the rate reconciliation and provide
additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid
for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early
adoption permitted. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. The
Company adopted this ASU during the year ended December 31, 2025 and applied the amendments prospectively to all periods
presented in our consolidated financial statements. See Note 13 for further information.
Recent Accounting Pronouncements Not Yet Adopted
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03").
ASU 2024-03, among other items, requires additional financial statement disclosures in tabular format disaggregating
information about prescribed categories (including employee compensation, depreciation and amortization) underlying any
relevant income statement expense captions. ASU 2024-03 is effective on a prospective basis for fiscal years beginning after
December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption and
retrospective application permitted. We are currently evaluating the impact this guidance will have on the disclosures within our
consolidated financial statements.
Financial Instruments - Credit Losses
In July 2025, the FASB issued ASU No. 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit
Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"). ASU 2025-05 provides a practical expedient that
allows entities to assume conditions existing as of the balance sheet date remain unchanged over the life of the asset when
estimating credit losses for current trade receivables and current contract assets arising from transactions accounted for under
Topic 606. ASU 2025-05 is effective on a prospective basis for fiscal years beginning after December 15, 2025, and for interim
periods within those fiscal years, with early adoption permitted. We are currently evaluating this guidance and believe that
adoption will not have a material effect on our consolidated financial statements or related disclosures.
Internal-use Software
In September 2025, the FASB issued ASU No. 2025-06, "Intangibles - Goodwill and Other - Internal-use Software (Subtopic
350-40): Targeted Improvements to the Accounting for Internal-Use Software" ( "ASU 2025-06"). ASU 2025-06 updates
requirements for capitalizing internal-use software costs by replacing the current stage-based model with a principles-based
approach. Under ASU 2025-06, the prescriptive software development stages (e.g., preliminary project stage, application
development stage) are eliminated, and instead capitalization must begin when management authorizes and commits to funding
the project and it is probable the project will be completed and used as intended. ASU 2025-06 is effective for fiscal years
beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. ASU
2025-06 may be applied prospectively, on a modified retrospective basis for in-process projects, or retrospectively. We are
currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures.
Derivatives and Other Scoping and Hedging Improvements
In September 2025, the FASB issued ASU No. 2025-07, "Derivatives and Hedging (Topic 815) and Revenue from Contracts
with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration
from a Customer in a Revenue Contract" ("ASU 2025-07"). ASU 2025-07 excludes from derivative accounting certain non-
exchange-traded contracts, the underlyings of which are based on operations or activities of the parties to the contract, with
various notable exceptions including puts and calls on debt instruments.ASU 2025-07 also clarifies that the noncash
consideration guidance of Topic 606 should apply initially to noncash share-based consideration received from a customer for
transferred goods or services until the right to receive such consideration becomes unconditional. ASU 2025-07 is effective for
fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption
permitted. ASU 2025-07 may be applied prospectively or on a modified retrospective basis. We are currently evaluating the
impact this guidance will have on our consolidated financial statements and related disclosures.
In November 2025, the FASB issued ASU No. 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting
Improvements" ("ASU 2025-09"). ASU 2025-09 includes five amendments to hedge accounting intended to better enable
entities to achieve and maintain hedge accounting. These amendments include, but are not limited to, the FASB's expansion of
hedged risks permitted to be aggregated in a group of forecasted transactions in a cash flow hedge from having a shared risk to
similar risk exposure and the establishment of a hedging model for "choose your rate debt." ASU 2025-09 is effective for fiscal
years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted.
ASU 2025-09 is applied prospectively. We are currently evaluating the impact this guidance will have on our consolidated
financial statements and related disclosures.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About New Standards Disclosures
New accounting standards disclosures describe recently adopted pronouncements and those not yet effective, along with management's assessment of their expected impact. This section provides an early warning system for upcoming changes to how a company reports its financial results, often years before the new rules take effect.
Key signals: when management describes a not-yet-adopted standard's impact as "material" or "still being evaluated," it signals potential significant changes to reported metrics upon adoption. Watch for standards that affect a company's core operations — for example, revenue recognition changes for software companies or lease accounting changes for retailers with large store footprints. The transition method chosen (full retrospective versus modified retrospective) affects comparability with prior periods. Companies that delay adoption to the latest permitted date may be struggling with implementation complexity. Compare the disclosed impact assessments against peers in the same industry to gauge whether management's expectations are reasonable.