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Segment Information (Note) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
SEGMENT INFORMATION | Business Segment Information Euronet’s reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting (“ASC 280”). The Company currently operates in the following three reportable operating segments:
1) | Through the EFT Processing Segment, the Company processes transactions for a network of ATMs and POS terminals across Europe, the Middle East and Asia Pacific. The Company provides comprehensive electronic payment solutions consisting of ATM cash withdrawal services, ATM network participation, outsourced ATM and POS management solutions, credit and debit card outsourcing, dynamic currency conversion, domestic and international surcharge and other value added services. Through this segment, the Company also offers a suite of
integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.
2) | Through the epay Segment, the Company provides distribution, processing and collection services for prepaid mobile airtime and other electronic payment products in Europe, the Middle East, Asia Pacific, the U.S. and South America.
3) | Through the Money Transfer Segment, the Company provides global money transfer services under the brand names, Ria, IME, and xe. Ria, AFEX and IME provide global consumer-to-consumer money transfer services through a network of sending agents, Company-owned stores and Company-owned websites, disbursing money transfers through a worldwide correspondent network. xe offers account-to-account international payment services to high-income individuals and small-to-medium sized businesses. xe is also a provider of foreign currency exchange information. The Company also offers customers bill payment services, payment alternatives such as money orders and prepaid debit cards, comprehensive check cashing services, foreign currency exchange services and mobile top-up. Furthermore, xe provides cash management solutions and foreign currency risk management services to small-to-medium sized businesses.
In addition, the Company accounts for non-operating activity, share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in its administrative division, “Corporate Services, Eliminations and Other.” These services are not directly identifiable with the Company’s reportable operating segments. The following tables present the Company’s reportable segment results for the years ended December 31, 2019, 2018 and 2017:
|  | For the Year Ended December 31, 2019
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 888,712 |  |  | $ | 769,329 |  |  | $ | 1,096,226 |  |  | $ | (4,158 | ) |  | $ | 2,750,109 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs |  | 397,132 |  |  | 576,757 |  |  | 586,730 |  |  | (4,136 | ) |  | 1,556,483 |
Salaries and benefits |  | 87,603 |  |  | 61,540 |  |  | 208,792 |  |  | 36,809 |  |  | 394,744 |
Selling, general and administrative |  | 35,518 |  |  | 35,054 |  |  | 133,068 |  |  | 8,304 |  |  | 211,944 |
Acquired intangible assets impairment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Depreciation and amortization |  | 71,819 |  |  | 6,774 |  |  | 32,846 |  |  | 305 |  |  | 111,744 |
Total operating expenses |  | 592,072 |  |  | 680,125 |  |  | 961,436 |  |  | 41,282 |  |  | 2,274,915 |
Operating income (expense) |  | $ | 296,640 |  |  | $ | 89,204 |  |  | $ | 134,790 |  |  | $ | (45,440 | ) |  | $ | 475,194 |
Other income (expense) |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  | 1,969 |
Interest expense |  |  |  |  |  |  |  |  |  | (36,237 | )
Loss from unconsolidated affiliates |  |  |  |  |  |  |  |  |  | — |
Loss on early retirement of debt |  |  |  |  |  |  |  |  |  | — |
Foreign currency exchange loss, net |  |  |  |  |  |  |  |  |  | 2,701 |
Other gains, net |  |  |  |  |  |  |  |  |  | (9,820 | )
Total other expense, net |  |  |  |  |  |  |  |  |  | (41,387 | )
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 433,807 |
Segment assets as of December 31, 2019 |  | $ | 1,914,144 |  |  | $ | 962,671 |  |  | $ | 1,560,136 |  |  | $ | 220,715 |  |  | $ | 4,657,666 |
Property and equipment, net as of December 31, 2019 |  | $ | 266,872 |  |  | $ | 41,539 |  |  | $ | 51,519 |  |  | $ | 50 |  |  | $ | 359,980 |
|  | For the Year Ended December 31, 2018
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 753,651 |  |  | $ | 743,784 |  |  | $ | 1,042,962 |  |  | $ | (3,768 | ) |  | $ | 2,536,629 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs |  | 366,977 |  |  | 564,252 |  |  | 560,930 |  |  | (3,753 | ) |  | 1,488,406 |
Salaries and benefits |  | 75,791 |  |  | 57,748 |  |  | 194,808 |  |  | 32,085 |  |  | 360,432 |
Selling, general and administrative |  | 46,925 |  |  | 35,749 |  |  | 125,647 |  |  | 8,486 |  |  | 216,807 |
Goodwill and acquired intangible assets impairment |  | — |  |  | — |  |  | 7,049 |  |  | — |  |  | 7,049 |
Depreciation and amortization |  | 66,713 |  |  | 7,038 |  |  | 32,002 |  |  | 268 |  |  | 106,021 |
Total operating expenses |  | 556,406 |  |  | 664,787 |  |  | 920,436 |  |  | 37,086 |  |  | 2,178,715 |
Operating income (expense) |  | $ | 197,245 |  |  | $ | 78,997 |  |  | $ | 122,526 |  |  | $ | (40,854 | ) |  | $ | 357,914 |
Other income (expense) |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  | 1,320 |
Interest expense |  |  |  |  |  |  |  |  |  | (37,573 | )
Income from unconsolidated affiliates |  |  |  |  |  |  |  |  |  | (117 | )
Foreign currency exchange gain, net |  |  |  |  |  |  |  |  |  | (26,655 | )
Other gains, net |  |  |  |  |  |  |  |  |  | 27 |
Total other expense, net |  |  |  |  |  |  |  |  |  | (62,998 | )
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 294,916 |
Segment assets as of December 31, 2018 |  | $ | 1,220,141 |  |  | $ | 780,220 |  |  | $ | 1,310,775 |  |  | $ | 10,019 |  |  | $ | 3,321,155 |
Property and equipment, net as of December 31, 2018 |  | $ | 215,106 |  |  | $ | 31,172 |  |  | $ | 45,517 |  |  | $ | 74 |  |  | $ | 291,869 |
|  | For the Year Ended December 31, 2017
(in thousands) |  | EFT Processing |  | epay |  | Money Transfer |  | Corporate Services, Eliminations and Other |  | Consolidated
Total revenues |  | $ | 634,559 |  |  | $ | 733,998 |  |  | $ | 886,858 |  |  | $ | (2,993 | ) |  | $ | 2,252,422 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating costs |  | 318,875 |  |  | 564,032 |  |  | 476,322 |  |  | (2,979 | ) |  | 1,356,250 |
Salaries and benefits |  | 61,683 |  |  | 54,459 |  |  | 168,371 |  |  | 26,274 |  |  | 310,787 |
Selling, general and administrative |  | 33,158 |  |  | 36,014 |  |  | 108,022 |  |  | 13,108 |  |  | 190,302 |
Goodwill impairment |  | 2,286 |  |  | 31,770 |  |  | — |  |  | — |  |  | 34,056 |
Depreciation and amortization |  | 55,660 |  |  | 9,622 |  |  | 29,598 |  |  | 150 |  |  | 95,030 |
Total operating expenses |  | 471,662 |  |  | 695,897 |  |  | 782,313 |  |  | 36,553 |  |  | 1,986,425 |
Operating income (expense) |  | $ | 162,897 |  |  | $ | 38,101 |  |  | $ | 104,545 |  |  | $ | (39,546 | ) |  | $ | 265,997 |
Other income (expense) |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  | 2,443 |
Interest expense |  |  |  |  |  |  |  |  |  | (32,571 | )
Income from unconsolidated affiliates |  |  |  |  |  |  |  |  |  | 48 |
Foreign currency exchange loss, net |  |  |  |  |  |  |  |  |  | 20,300 |
Other gains, net |  |  |  |  |  |  |  |  |  | 118 |
Total other expense, net |  |  |  |  |  |  |  |  |  | (9,662 | )
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 256,335 |
Segment assets as of December 31, 2017 |  | $ | 1,040,135 |  |  | $ | 695,990 |  |  | $ | 1,255,765 |  |  | $ | 148,139 |  |  | $ | 3,140,029 |
Property and equipment, net as of December 31, 2017 |  | $ | 196,451 |  |  | $ | 28,135 |  |  | $ | 43,564 |  |  | $ | 153 |  |  | $ | 268,303 |
Total revenues for the years ended December 31, 2019, 2018 and 2017, and property and equipment and total assets as of December 31, 2019 and 2018, summarized by geographic location, were as follows:
|  | Revenues |  | Property and Equipment, net |  | Total Assets
|  | For the year ended December 31, |  | as of December 31, |  | as of December 31,
(in thousands) |  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2019 |  | 2018
United States |  | $ | 716,576 |  |  | $ | 721,977 |  |  | $ | 572,383 |  |  | $ | 49,904 |  |  | $ | 29,499 |  |  | $ | 717,894 |  |  | $ | 493,428 |
Germany |  | 518,146 |  |  | 476,122 |  |  | 495,778 |  |  | 35,824 |  |  | 25,302 |  |  | 660,730 |  |  | 508,062 |
Spain |  | 189,104 |  |  | 155,619 |  |  | 115,473 |  |  | 55,240 |  |  | 39,238 |  |  | 371,882 |  |  | 198,082 |
United Kingdom |  | 135,006 |  |  | 133,132 |  |  | 136,977 |  |  | 22,420 |  |  | 20,525 |  |  | 520,549 |  |  | 519,918 |
Italy |  | 130,929 |  |  | 103,691 |  |  | 89,276 |  |  | 20,663 |  |  | 15,238 |  |  | 210,910 |  |  | 157,314 |
Poland |  | 130,104 |  |  | 126,513 |  |  | 128,672 |  |  | 42,916 |  |  | 50,359 |  |  | 222,582 |  |  | 155,821 |
India |  | 113,146 |  |  | 92,468 |  |  | 82,389 |  |  | 27,281 |  |  | 19,554 |  |  | 163,125 |  |  | 89,923 |
France |  | 94,352 |  |  | 75,466 |  |  | 56,027 |  |  | 1,508 |  |  | 1,037 |  |  | 96,636 |  |  | 76,687 |
Greece |  | 79,716 |  |  | 71,007 |  |  | 71,197 |  |  | 11,753 |  |  | 11,267 |  |  | 111,339 |  |  | 58,419 |
Malaysia |  | 74,948 |  |  | 76,380 |  |  | 56,287 |  |  | 2,629 |  |  | 2,802 |  |  | 114,796 |  |  | 103,043 |
Australia |  | 51,686 |  |  | 58,039 |  |  | 77,777 |  |  | 1,992 |  |  | 2,051 |  |  | 62,844 |  |  | 61,215 |
New Zealand |  | 47,611 |  |  | 48,881 |  |  | 47,091 |  |  | 3,137 |  |  | 2,718 |  |  | 237,076 |  |  | 196,869 |
Other |  | 468,785 |  |  | 397,334 |  |  | 323,095 |  |  | 84,713 |  |  | 72,279 |  |  | 1,167,303 |  |  | 702,374 |
Total foreign |  | 2,033,533 |  |  | 1,814,652 |  |  | 1,680,039 |  |  | 310,076 |  |  | 262,370 |  |  | 3,939,772 |  |  | 2,827,727 |
Total |  | $ | 2,750,109 |  |  | $ | 2,536,629 |  |  | $ | 2,252,422 |  |  | $ | 359,980 |  |  | $ | 291,869 |  |  | $ | 4,657,666 |  |  | $ | 3,321,155 |
Revenues are attributed to countries based on location of the customer, with the exception of software sales made by the Company's software subsidiary, which are attributed to the U.S.

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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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