Estimated fair value, non-compete agreements

  
RogerOn January 13, 2021, the Company completed the acquisition of Roger, rebranded Corpay One, a global accounts payable (AP) cloud software platform for small businesses, for $39.0 million, net of cash acquired. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. The following table summarizes the final acquisition accounting for Roger (in thousands):

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
| Accounts and other receivables | $ | 110  |  |
| Prepaid expenses and other current assets | 37  |  |
|  |  |
| Other assets  | 28  |  |
| Goodwill | 34,359  |  |
| Other intangibles | 5,400  |  |
| Current liabilities  | (925) |  |
|  |  |
| Deferred income taxes  | (6) |  |
| Aggregate purchase price | $ | 39,003  |  |

The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | Useful Lives (in Years) |  | Value |
| Proprietary Technology | 10 |  | $ | 4,800  |  |
|  |  |  |  |
|  |  |  |  |
| Customer Relationships | 9 |  | 600  |  |
|  |  |  |  |
|  |  |  |  |
|  |  |  | $ | 5,400  |  |

OtherOn December 15, 2021, the Company acquired a mobile fuel payments solution in Russia for a net purchase price of $5.0 million. The results from the acquisition are reported in the International segment. During 2021, the Company made an investment of $37.8 million in a joint venture in Brazil with CAIXA. The Company made investments in other businesses of $6.8 million. The Company financed the investments using a combination of available cash and borrowings under its existing credit facility.2020 AcquisitionsOn August 10, 2020, the Company completed the acquisition of a business in the lodging space in the U.S. The results from the acquisition are reported in the North America segment. On November 30, 2020, the Company completed the acquisition of a fuel card provider in New Zealand. The results from the acquisition are reported in the International segment. The aggregate purchase price of these acquisitions was approximately $77.6 million, net of cash acquired. The Company financed these acquisitions using a combination of available cash and borrowings under its existing credit facility. The Company signed noncompete agreements with certain parties affiliated with the lodging business with an estimated fair value of $3.8 million. These noncompete agreements were accounted for separately from the business acquisitions. 75
