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Segment Information | 6 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Segment Information |
17. | Segment Information
The Company determines its operating segments and reports information in accordance with how the Company’s chief operating decision maker (“CODM”) allocates resources and assesses performance. The Company’s CODM is its Chief Executive Officer. The operating segments are aggregated into the three reportable segments described below.
• | Fleet Solutions primarily 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 revenues:
| Three Months Ended June 30, 2019
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 120,717 |  |  | $ | 77,273 |  |  | $ | 16,836 |  |  | $ | 214,826 |
Account servicing revenue | 41,506 |  |  | 10,717 |  |  | 54,669 |  |  | 106,892 |
Finance fee revenue | 62,385 |  |  | 496 |  |  | 31 |  |  | 62,912 |
Other revenue | 42,706 |  |  | 2,864 |  |  | 11,607 |  |  | 57,177 |
Total revenues | $ | 267,314 |  |  | $ | 91,350 |  |  | $ | 83,143 |  |  | $ | 441,807 |
Interest income | $ | 1,798 |  |  | $ | 430 |  |  | $ | 428 |  |  | $ | 2,656 |
| Three Months Ended June 30, 2018
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 112,895 |  |  | $ | 51,289 |  |  | $ | 14,554 |  |  | $ | 178,738 |
Account servicing revenue | 43,019 |  |  | 8,995 |  |  | 26,702 |  |  | 78,716 |
Finance fee revenue | 45,188 |  |  | 228 |  |  | 6,137 |  |  | 51,553 |
Other revenue | 40,310 |  |  | 15,252 |  |  | 6,229 |  |  | 61,791 |
Total revenues | $ | 241,412 |  |  | $ | 75,764 |  |  | $ | 53,622 |  |  | $ | 370,798 |
Interest income | $ | 1,040 |  |  | $ | 122 |  |  | $ | 6,301 |  |  | $ | 7,463 |
| Six Months Ended June 30, 2019
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 228,125 |  |  | $ | 137,271 |  |  | $ | 36,228 |  |  | $ | 401,624 |
Account servicing revenue | 80,745 |  |  | 21,302 |  |  | 91,931 |  |  | 193,978 |
Finance fee revenue | 108,249 |  |  | 853 |  |  | 183 |  |  | 109,285 |
Other revenue | 82,977 |  |  | 13,572 |  |  | 22,247 |  |  | 118,796 |
Total revenues | $ | 500,096 |  |  | $ | 172,998 |  |  | $ | 150,589 |  |  | $ | 823,683 |
Interest income | $ | 4,019 |  |  | $ | 807 |  |  | $ | 587 |  |  | $ | 5,413 |
| Six Months Ended June 30, 2018
(In thousands) | Fleet Solutions |  | Travel and Corporate Solutions |  | Health and Employee Benefit Solutions |  | Total
Revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 219,873 |  |  | $ | 96,066 |  |  | $ | 31,253 |  |  | $ | 347,192 |
Account servicing revenue | 85,229 |  |  | 18,464 |  |  | 53,727 |  |  | 157,420 |
Finance fee revenue | 88,792 |  |  | 487 |  |  | 11,155 |  |  | 100,434 |
Other revenue | 77,883 |  |  | 27,526 |  |  | 14,371 |  |  | 119,780 |
Total revenues | $ | 471,777 |  |  | $ | 142,543 |  |  | $ | 110,506 |  |  | $ | 724,826 |
Interest income | $ | 2,035 |  |  | $ | 543 |  |  | $ | 12,268 |  |  | $ | 14,846 |
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) other costs; and (v) unallocated corporate expenses. Additionally, we do not allocate foreign currency gains and losses, financing interest expense, unrealized and realized gains and losses on financial instruments, income taxes and adjustments attributable to non-controlling interests to our operating segments. The following table reconciles segment adjusted operating income to income before income taxes:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Segment adjusted operating income |  |  |  |  |  |  |
Fleet Solutions | $ | 122,577 |  |  | $ | 112,953 |  |  | $ | 215,552 |  |  | $ | 220,926 |
Travel and Corporate Solutions | 40,838 |  |  | 34,448 |  |  | 75,225 |  |  | 59,697 |
Health and Employee Benefit Solutions | 21,146 |  |  | 11,608 |  |  | 40,926 |  |  | 29,679 |
Total segment adjusted operating income | $ | 184,561 |  |  | $ | 159,009 |  |  | $ | 331,703 |  |  | $ | 310,302 |
Reconciliation: |  |  |  |  |  |  |
Total segment adjusted operating income | $ | 184,561 |  |  | $ | 159,009 |  |  | $ | 331,703 |  |  | $ | 310,302 |
Less: |  |  |  |  |  |  |
Unallocated corporate expenses | 18,177 |  |  | 15,044 |  |  | 35,119 |  |  | 28,964 |
Acquisition-related intangible amortization | 39,814 |  |  | 34,921 |  |  | 73,702 |  |  | 70,157 |
Other acquisition and divestiture related items | 7,017 |  |  | 619 |  |  | 16,797 |  |  | 1,256 |
Debt restructuring costs | 5,078 |  |  | 466 |  |  | 9,478 |  |  | 3,481 |
Stock-based compensation | 14,992 |  |  | 6,905 |  |  | 25,434 |  |  | 15,860 |
Other costs | 4,746 |  |  | 630 |  |  | 7,501 |  |  | 6,301 |
Operating income | 94,737 |  |  | 100,424 |  |  | 163,672 |  |  | 184,283 |
Financing interest expense | (35,638 | ) |  | (25,505 | ) |  | (66,750 | ) |  | (52,842 | )
Net foreign currency gain (loss) | 6,665 |  |  | (26,734 | ) |  | 2,780 |  |  | (26,344 | )
Net unrealized (loss) gain on financial instruments | (21,516 | ) |  | 2,706 |  |  | (33,428 | ) |  | 16,214 |
Income before income taxes | $ | 44,248 |  |  | $ | 50,891 |  |  | $ | 66,274 |  |  | $ | 121,311 |

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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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