XML 35 R23.htm IDEA: XBRL DOCUMENT v3.24.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We operate in two reportable segments: Merchant Solutions and Issuer Solutions. As described in "Note 3 - Business Dispositions," during the second quarter of 2023, we completed the sale of the consumer portion of our Netspend business, which comprised our former Consumer Solutions segment. Our former Consumer Solutions segment is presented below for periods prior to disposition.

We evaluate performance and allocate resources based on the operating income of each operating segment. The operating income of each operating segment includes the revenues of the segment less expenses that are directly related to those revenues. Operating overhead, shared costs and share-based compensation costs are included in Corporate. Impairment of goodwill and gains or losses on business dispositions are not included in determining segment operating income. Interest and other income, interest and other expense, income tax expense and equity in income of equity method investments are not allocated to the
individual segments. We do not evaluate the performance of or allocate resources to our operating segments using asset data. The accounting policies of the reportable operating segments are the same as those described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our summary of significant accounting policies in "Note 1—Basis of Presentation and Summary of Significant Accounting Policies."

Information on segments and reconciliations to consolidated revenues, consolidated operating income and consolidated depreciation and amortization were as follows for the three and nine months ended September 30, 2024 and 2023:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(in thousands)
Revenues(1):
Merchant Solutions$1,997,660 $1,884,006 $5,802,780 $5,331,909 
Issuer Solutions621,130 607,848 1,837,373 1,769,196 
Consumer Solutions— — — 182,740 
Intersegment eliminations(17,238)(16,163)(49,645)(63,238)
 Consolidated revenues$2,601,552 $2,475,691 $7,590,508 $7,220,607 
Operating income (loss)(1):
Merchant Solutions$707,546 $637,864 $1,960,509 $1,748,622 
Issuer Solutions106,045 113,877 322,517 292,388 
Consumer Solutions— — — (3,908)
Corporate(338,010)(193,545)(782,569)(680,337)
Net loss on business dispositions— — — (139,095)
Consolidated operating income$475,581 $558,196 $1,500,457 $1,217,670 
Depreciation and amortization(1):
Merchant Solutions$302,699 $291,260 $894,250 $827,891 
Issuer Solutions165,076 161,786 493,815 484,560 
Corporate6,799 5,578 17,608 15,600 
 Consolidated depreciation and amortization$474,574 $458,624 $1,405,673 $1,328,051 

(1) Revenues, operating income and depreciation and amortization reflect the effects of acquired businesses from the respective acquisition dates and the effects of divested businesses through the respective disposal dates. See “Note 2—Acquisition” and “Note 3—Business Dispositions” for further discussion.

During the three months ended September 30, 2024 and 2023, operating income included acquisition and integration expenses of $45.8 million and $75.1 million, respectively, which were primarily included within Corporate expenses. During the nine months ended September 30, 2024 and 2023, operating income included acquisition and integration expenses of $180.4 million and $244.4 million, respectively, which were primarily included within Corporate expenses.
During the three and nine months ended September 30, 2024, Corporate expenses also included employee termination benefits of $56.4 million and $94.1 million, respectively, as well as costs of $59.2 million associated with our business transformation initiative and charges of $55.8 million for technology assets that will no longer be utilized under a revised technology architecture development strategy.