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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We operate in two reportable segments: Merchant Solutions and Issuer Solutions.

Our segment structure reflects the financial information and reports used by our chief operating decision maker to make decisions regarding the business, including resource allocations and performance assessments. Our Chief Executive Officer is the chief operating decision maker ("CODM"). We evaluate performance and allocate resources based on the operating income of each operating segment. The CODM uses segment operating income in the annual budget and forecasting process, and considers budget-to-actual and forecast-to-actual variances on a monthly, quarterly and annual basis. 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. The CODM does 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, 2024 and our summary of significant accounting policies in "Note 1—Basis of Presentation and Summary of Significant Accounting Policies."
Information on segments, including significant segment expenses, and reconciliations to consolidated revenues, consolidated operating income and consolidated depreciation and amortization were as follows for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31, 2025March 31, 2024
(in thousands)
Revenues(1):
Merchant Solutions$1,808,687 $1,834,094 
Issuer Solutions620,730 602,735 
Intersegment eliminations(17,319)(16,642)
Consolidated revenues$2,412,098 $2,420,187 
Operating expenses(1):
Merchant Solutions:
Cost of service$488,865 $499,055 
Selling, general and administrative705,720 754,601 
Total Merchant Solutions expenses1,194,585 1,253,656 
Issuer Solutions:
Cost of service444,808 434,201 
Selling, general and administrative66,604 62,437 
Total Issuer Solutions expenses511,412 496,638 
Corporate256,528 234,283 
Intersegment eliminations(17,319)(16,642)
Operating income (loss)(1):
Merchant Solutions$614,102 $580,438 
Issuer Solutions109,318 106,097 
Corporate(256,528)(234,283)
Gain on business disposition3,993 — 
Consolidated operating income$470,885 $452,252 
Depreciation and amortization(1):
Merchant Solutions$280,767 $292,333 
Issuer Solutions162,749 163,974 
Corporate8,592 4,829 
Consolidated depreciation and amortization$452,108 $461,136 

(1) Revenues, operating expenses, operating income and depreciation and amortization reflect the effects of disposed businesses through the respective disposal dates. See “Note 2—Business Dispositions” for further discussion.

Operating income and operating expenses included acquisition and integration expenses of $28.4 million and $78.9 million for the three months ended March 31, 2025 and 2024, respectively, which were primarily included within Corporate selling, general and administrative expenses.
During the three months ended March 31, 2025, Corporate operating expenses also reflected costs of $66.3 million associated with our business transformation initiative, which are presented within selling, general and administrative expenses in our consolidated statements of income.