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Segment Information | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
Segment Information |
16. | Segment Information
Operating segments are defined as components of an enterprise about which separate financial information is available and is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is its Chief Executive Officer. The operating segments are aggregated into the three reportable segments described below.
• | Fleet Solutions provides customers with payment and transaction processing services specifically designed for the needs of commercial and government fleets. This segment also provides information management services to these fleet customers.
• | Travel and Corporate Solutions focuses on the complex payment environment of business-to-business payments, providing customers with payment processing solutions for their corporate payment and transaction monitoring needs.
• | Health and Employee Benefit Solutions provides healthcare payment products and SaaS consumer directed platforms, as well as payroll related benefits to customers.
The following tables present the Company’s reportable segment results:
| Three Months Ended September 30, 2018
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 116,023 |  |  | $ | 54,345 |  |  | $ | 12,503 |  |  | $ | 182,871 |
Account servicing revenue | 42,810 |  |  | 9,120 |  |  | 26,818 |  |  | 78,748 |
Finance fee revenue | 51,644 |  |  | 670 |  |  | 1,389 |  |  | 53,703 |
Other revenue | 39,135 |  |  | 18,675 |  |  | 9,558 |  |  | 67,368 |
Total revenues | $ | 249,612 |  |  | $ | 82,810 |  |  | $ | 50,268 |  |  | $ | 382,690 |
Interest income | $ | 1,092 |  |  | $ | 172 |  |  | $ | 543 |  |  | $ | 1,807 |
| Three Months Ended September 30, 2017
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 90,270 |  |  | $ | 44,177 |  |  | $ | 11,255 |  |  | $ | 145,702 |
Account servicing revenue | 44,858 |  |  | 206 |  |  | 26,258 |  |  | 71,322 |
Finance fee revenue | 40,773 |  |  | 87 |  |  | 10,019 |  |  | 50,879 |
Other revenue | 36,177 |  |  | 16,556 |  |  | 3,366 |  |  | 56,099 |
Total revenues | $ | 212,078 |  |  | $ | 61,026 |  |  | $ | 50,898 |  |  | $ | 324,002 |
Interest income | $ | 944 |  |  | $ | 208 |  |  | $ | 10,899 |  |  | $ | 12,051 |
| Nine Months Ended September 30, 2018
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 335,896 |  |  | $ | 150,411 |  |  | $ | 43,756 |  |  | $ | 530,063 |
Account servicing revenue | 128,039 |  |  | 27,584 |  |  | 80,545 |  |  | 236,168 |
Finance fee revenue | 140,436 |  |  | 1,157 |  |  | 13,365 |  |  | 154,958 |
Other revenue | 117,076 |  |  | 46,201 |  |  | 23,929 |  |  | 187,206 |
Total revenues | $ | 721,447 |  |  | $ | 225,353 |  |  | $ | 161,595 |  |  | $ | 1,108,395 |
Interest income | $ | 3,127 |  |  | $ | 715 |  |  | $ | 11,698 |  |  | $ | 15,540 |
| Nine Months Ended September 30, 2017
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 264,210 |  |  | $ | 119,328 |  |  | $ | 39,896 |  |  | $ | 423,434 |
Account servicing revenue | 122,238 |  |  | 528 |  |  | 75,772 |  |  | 198,538 |
Finance fee revenue | 113,754 |  |  | 469 |  |  | 22,113 |  |  | 136,336 |
Other revenue | 103,003 |  |  | 43,414 |  |  | 14,518 |  |  | 160,935 |
Total revenues | $ | 603,205 |  |  | $ | 163,739 |  |  | $ | 152,299 |  |  | $ | 919,243 |
Interest income | $ | 2,764 |  |  | $ | 569 |  |  | $ | 23,253 |  |  | $ | 26,586 |
The CODM evaluates the financial performance of each segment using segment adjusted operating income, which excludes: (i) acquisition and divestiture related items (including acquisition-related intangible amortization); (ii) debt restructuring costs; (iii) stock-based compensation; (iv) restructuring and other costs; and (v) certain impairment charges. Additionally, we do not allocate foreign currency gains and losses, financing interest expense, unrealized and realized gains and losses on derivative instruments, income taxes and net gains or losses from non-controlling interest to our operating segments. Effective January 1, 2018, the Company revised how it allocates certain costs in its measure of segment adjusted operating income. The primary change is how the Company allocates information technology and corporate related costs to its segments. Certain information technology and corporate related costs that support multiple segments, which were previously included in Fleet Solutions, are now being allocated to the segment that they support. Certain residual unallocated corporate costs represent the portion of expenses relating to general corporate functions including acquisition expenses, certain finance, legal, information technology, human resources, administrative, executive and other expenses. These expenses are recorded in unallocated corporate expenses, as these items are centrally and directly controlled and are not included in internal measures of segment operating performance. Segment results for the three and nine months ended September 30, 2017 have been recast to conform to the current presentation as described above. The following table reconciles segment adjusted operating income to income before income taxes:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Segment adjusted operating income |  |  |  |  |  |  |
Fleet Solutions | $ | 113,731 |  |  | $ | 92,698 |  |  | $ | 329,364 |  |  | $ | 267,718 |
Travel and Corporate Solutions | 39,377 |  |  | 28,995 |  |  | 99,074 |  |  | 69,697 |
Health and Employee Benefit Solutions | 10,482 |  |  | 11,507 |  |  | 42,444 |  |  | 41,897 |
Total segment adjusted operating income | $ | 163,590 |  |  | $ | 133,200 |  |  | $ | 470,882 |  |  | $ | 379,312 |
Reconciliation: |  |  |  |  |  |  |
Total segment adjusted operating income | $ | 163,590 |  |  | $ | 133,200 |  |  | $ | 470,882 |  |  | $ | 379,312 |
Less: |  |  |  |  |  |  |
Unallocated corporate expenses | 13,414 |  |  | 12,935 |  |  | 42,378 |  |  | 38,056 |
Acquisition-related intangible amortization | 33,439 |  |  | 38,510 |  |  | 103,596 |  |  | 114,603 |
Other acquisition and divestiture related items | 1,536 |  |  | 1,006 |  |  | 2,792 |  |  | 3,380 |
Debt restructuring costs | 317 |  |  | 2,519 |  |  | 3,798 |  |  | 2,519 |
Stock-based compensation | 9,799 |  |  | 8,483 |  |  | 25,659 |  |  | 22,354 |
Restructuring and other costs | 1,973 |  |  | 6,024 |  |  | 8,274 |  |  | 10,169 |
Impairment charges | 2,424 |  |  | — |  |  | 2,424 |  |  | 16,175 |
Operating income | 100,688 |  |  | 63,723 |  |  | 281,961 |  |  | 172,056 |
Financing interest expense | (25,718 | ) |  | (25,754 | ) |  | (78,560 | ) |  | (81,449 | )
Net foreign currency (loss) gain | (1,094 | ) |  | 14,611 |  |  | (27,438 | ) |  | 33,578 |
Net unrealized gain (loss) on financial instruments | 2,157 |  |  | (150 | ) |  | 18,371 |  |  | (849 | )
Income before income taxes | $ | 76,033 |  |  | $ | 52,430 |  |  | $ | 194,334 |  |  | $ | 123,336 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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