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Revenues | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenues |
3. | Revenues
In accordance with Topic 606, revenue is recognized when, or as, performance obligations are satisfied as defined by the terms of the contract, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services provided. The following tables disaggregate the Company’s consolidated revenues, substantially all of which relate to services transferred to the customer over time:
| Three Months Ended June 30, 2024
(in millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Topic 606 revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 177.2 |  |  | $ | 116.2 |  |  | $ | 24.9 |  |  | $ | 318.4 |
Account servicing revenue | 9.5 |  |  | 10.3 |  |  | 108.4 |  |  | 128.3 |
Other revenue | 26.3 |  |  | — |  |  | 5.6 |  |  | 31.9 |
Total Topic 606 revenues | $ | 213.0 |  |  | $ | 126.6 |  |  | $ | 138.9 |  |  | $ | 478.6 |
Non-Topic 606 revenues | 146.5 |  |  | 7.5 |  |  | 40.8 |  |  | 194.9 |
Total revenues | $ | 359.6 |  |  | $ | 134.1 |  |  | $ | 179.8 |  |  | $ | 673.5 |
| Three Months Ended June 30, 2023
(in millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Topic 606 revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 172.2 |  |  | $ | 104.7 |  |  | $ | 23.6 |  |  | $ | 300.5 |
Account servicing revenue | 4.5 |  |  | 10.6 |  |  | 101.5 |  |  | 116.6 |
Other revenue | 21.2 |  |  | — |  |  | 6.2 |  |  | 27.4 |
Total Topic 606 revenues | $ | 197.9 |  |  | $ | 115.3 |  |  | $ | 131.3 |  |  | $ | 444.5 |
Non-Topic 606 revenues | 142.2 |  |  | 6.6 |  |  | 27.9 |  |  | 176.7 |
Total revenues | $ | 340.2 |  |  | $ | 121.9 |  |  | $ | 159.2 |  |  | $ | 621.3 |
| Six Months Ended June 30, 2024
(In millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Topic 606 revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 347.9 |  |  | $ | 219.4 |  |  | $ | 53.1 |  |  | $ | 620.4 |
Account servicing revenue | 18.7 |  |  | 20.3 |  |  | 225.4 |  |  | 264.4 |
Other revenue | 49.8 |  |  | — |  |  | 13.3 |  |  | 63.2 |
Total Topic 606 revenues | $ | 416.4 |  |  | $ | 239.7 |  |  | $ | 291.8 |  |  | $ | 948.0 |
Non-Topic 606 revenues | 282.1 |  |  | 16.9 |  |  | 79.2 |  |  | 378.1 |
Total revenues | $ | 698.5 |  |  | $ | 256.6 |  |  | $ | 371.0 |  |  | $ | 1,326.1 |
| Six Months Ended June 30, 2023
(In millions) | Mobility |  | Corporate Payments |  | Benefits |  | Total
Topic 606 revenues |  |  |  |  |  |  |
Payment processing revenue | $ | 343.7 |  |  | $ | 194.8 |  |  | $ | 50.1 |  |  | $ | 588.6 |
Account servicing revenue | 8.9 |  |  | 21.2 |  |  | 211.3 |  |  | $ | 241.4 |
Other revenue | 44.5 |  |  | — |  |  | 14.0 |  |  | 58.5 |
Total Topic 606 revenues | $ | 397.1 |  |  | $ | 216.0 |  |  | $ | 275.4 |  |  | $ | 888.5 |
Non-Topic 606 revenues | 285.4 |  |  | 10.7 |  |  | 48.7 |  |  | 344.8 |
Total revenues | $ | 682.5 |  |  | $ | 226.7 |  |  | $ | 324.1 |  |  | $ | 1,233.3 |
Contract Balances The majority of the Company’s receivables, which are excluded from the table below, are either due from cardholders who have not been deemed our customer as it relates to interchange income, or from revenues earned outside of the scope of Topic 606. The Company’s contract assets consist of upfront payments to customers under long-term contracts and are recorded upon the later of when the Company recognizes revenue for the transfer of the related goods or services or when the Company pays or promises to pay the consideration. The resulting asset is amortized against revenue as the Company satisfies its performance obligations under these arrangements. The Company’s contract liabilities consist of customer payments received before the Company has satisfied the associated performance obligations. The following table provides information about these contract balances:
(in millions) |  |  |  |  |  |
Contract balance |  | Location on the condensed consolidated balance sheets |  | June 30, 2024 |  | December 31, 2023
Receivables |  | Accounts receivable, net |  | $ | 56.7 |  |  | $ | 59.1 |
Contract assets |  | Prepaid expenses and other current assets |  | 18.6 |  |  | 11.5 |
Contract assets |  | Other assets |  | 29.0 |  |  | 33.1 |
Contract liabilities |  | Accrued expenses and other current liabilities |  | 26.7 |  |  | 12.4 |
Contract liabilities |  | Other liabilities |  | 64.3 |  |  | 83.0 |
During the three and six months ended June 30, 2024, the Company recognized revenue of $4.9 million and $12.5 million, respectively, related to contract liabilities existing as of December 31, 2023. Remaining Performance Obligations The Company’s unsatisfied or partially unsatisfied performance obligations as of June 30, 2024 represent the remaining minimum monthly fees on a portion of contracts across the lines of business, deferred revenue associated with stand ready payment processing obligations and contractually obligated professional services yet to be provided by the Company. The total remaining performance obligations below are not indicative of the Company’s future revenue, as they relate to an insignificant portion of the Company’s operations. The following table includes revenue expected to be recognized related to remaining performance obligations at the end of the indicated reporting period.
(in millions) | Remaining 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Minimum monthly fees 1 | $ | 29.7 |  |  | $ | 28.3 |  |  | $ | 11.9 |  |  | $ | 6.2 |  |  | $ | 4.1 |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 81.7 |
Other 2 | 15.3 |  |  | 31.7 |  |  | 32.1 |  |  | 27.5 |  |  | 5.9 |  |  | — |  |  | — |  |  | 112.6 |
Total remaining performance obligations | $ | 45.0 |  |  | $ | 60.0 |  |  | $ | 44.0 |  |  | $ | 33.7 |  |  | $ | 10.0 |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 194.3 |
(1)The transaction price allocated to the remaining performance obligations represents the minimum monthly fees on certain service contracts, which contain substantive termination penalties that require the counterparty to pay the Company for the aggregate remaining minimum monthly fees upon an early termination for convenience. These obligations will be recognized within account servicing revenue. (2)Substantially represents deferred revenue and contractual minimums associated with payment processing service obligations. Consideration associated with certain relationships is variable and the measurement and estimation of contract consideration is contingent upon payment processing volumes and maintaining volume shares, among others.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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