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BUSINESS SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business segment information | Our segment information for the years ended December 31 was as follows:
(in thousands) |  | 2023 |  | 2022 |  | 2021
Payments: |  |  |  |  |  |
Revenue |  | $ | 690,704 |  |  | $ | 678,580 |  |  | $ | 510,359 |
Adjusted EBITDA |  | 152,798 |  |  | 144,605 |  |  | 105,576 |
Data Solutions: |  |  |  |  |  |
Revenue |  | 238,817 |  |  | 267,525 |  |  | 262,310 |
Adjusted EBITDA |  | 55,700 |  |  | 68,214 |  |  | 70,172 |
Promotional Solutions: |  |  |  |  |  |
Revenue |  | 541,650 |  |  | 562,917 |  |  | 546,473 |
Adjusted EBITDA |  | 80,751 |  |  | 79,549 |  |  | 85,384 |
Checks: |  |  |  |  |  |
Revenue |  | 721,089 |  |  | 728,988 |  |  | 703,055 |
Adjusted EBITDA |  | 320,333 |  |  | 320,498 |  |  | 324,224 |
Total segments: |  |  |  |  |  |
Revenue |  | $ | 2,192,260 |  |  | $ | 2,238,010 |  |  | $ | 2,022,197 |
Adjusted EBITDA |  | 609,582 |  |  | 612,866 |  |  | 585,356 |
Reconciliation of total segment adjusted EBITDA to consolidated income before income taxes | The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes:
(in thousands) |  | 2023 |  | 2022 |  | 2021
Total segment adjusted EBITDA |  | $ | 609,582 |  |  | $ | 612,866 |  |  | $ | 585,356 |
Corporate operations |  | (192,447) |  |  | (194,736) |  |  | (177,591) |
Depreciation and amortization |  | (169,703) |  |  | (172,552) |  |  | (148,767) |
Interest expense |  | (125,643) |  |  | (94,454) |  |  | (55,554) |
Net income attributable to non-controlling interest |  | 107 |  |  | 135 |  |  | 139 |
Restructuring and integration expense |  | (90,475) |  |  | (63,136) |  |  | (58,947) |
Share-based compensation expense |  | (20,525) |  |  | (23,676) |  |  | (29,477) |
Acquisition transaction costs |  | — |  |  | (130) |  |  | (18,913) |
Certain legal-related (expense) benefit |  | (2,195) |  |  | 730 |  |  | (2,443) |
Loss on sale of investment securities |  | (1,323) |  |  | — |  |  | — |
Gain on sale of businesses and long-lived assets |  | 32,421 |  |  | 19,331 |  |  | — |
Income before income taxes |  | $ | 39,799 |  |  | $ | 84,378 |  |  | $ | 93,803 |
Revenue disaggregated by product and service offerings | The following tables present revenue disaggregated by our product and service offerings:
|  | Year Ended December 31, 2023
(in thousands) |  | Payments |  | Data Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 721,089 |  |  | $ | 721,089 |
Mer chant services and other payment solutions |  | 450,384 |  |  | — |  |  | — |  |  | — |  |  | 450,384 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 278,200 |  |  | — |  |  | 278,200 |
Forms and other products |  | — |  |  | — |  |  | 263,450 |  |  | — |  |  | 263,450 |
Treasury management solutions |  | 240,320 |  |  | — |  |  | — |  |  | — |  |  | 240,320 |
Data-driven marketing solutions |  | — |  |  | 192,656 |  |  | — |  |  | — |  |  | 192,656 |
Web and hosted solutions |  | — |  |  | 46,161 |  |  | — |  |  | — |  |  | 46,161 |
Total revenue |  | $ | 690,704 |  |  | $ | 238,817 |  |  | $ | 541,650 |  |  | $ | 721,089 |  |  | $ | 2,192,260 |
|  | Year Ended December 31, 2022
(in thousands) |  | Payments |  | Data Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 728,988 |  |  | $ | 728,988 |
Merchant services and other payment solutions |  | 437,395 |  |  | — |  |  | — |  |  | — |  |  | 437,395 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 272,997 |  |  | — |  |  | 272,997 |
Forms and other products |  | — |  |  | — |  |  | 289,920 |  |  | — |  |  | 289,920 |
Treasury management solutions |  | 241,185 |  |  | — |  |  | — |  |  | — |  |  | 241,185 |
Data-driven marketing solutions |  | — |  |  | 177,598 |  |  | — |  |  | — |  |  | 177,598 |
Web and hosted solutions |  | — |  |  | 89,927 |  |  | — |  |  | — |  |  | 89,927 |
Total revenue |  | $ | 678,580 |  |  | $ | 267,525 |  |  | $ | 562,917 |  |  | $ | 728,988 |  |  | $ | 2,238,010 |
|  | Year Ended December 31, 2021
(in thousands) |  | Payments |  | Data Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 703,055 |  |  | $ | 703,055 |
Merchant services and other payment solutions |  | 276,118 |  |  | — |  |  | — |  |  | — |  |  | 276,118 |
Marketing and promotional solutions |  | — |  |  | — |  |  | 249,480 |  |  | — |  |  | 249,480 |
Forms and other products |  | — |  |  | — |  |  | 296,993 |  |  | — |  |  | 296,993 |
Treasury management solutions |  | 234,241 |  |  | — |  |  | — |  |  | — |  |  | 234,241 |
Data-driven marketing solutions |  | — |  |  | 150,772 |  |  | — |  |  | — |  |  | 150,772 |
Web and hosted solutions |  | — |  |  | 111,538 |  |  | — |  |  | — |  |  | 111,538 |
Total revenue |  | $ | 510,359 |  |  | $ | 262,310 |  |  | $ | 546,473 |  |  | $ | 703,055 |  |  | $ | 2,022,197 |
Revenue disaggregated by geographic area | The following table presents revenue disaggregated by geography, based on where items are shipped or services are performed. Substantially all of our long-lived assets reside in the U.S. Long-lived assets of our foreign subsidiaries are located primarily in Canada and are not material to our consolidated financial position.
(in thousands) |  | Payments |  | Data Solutions |  | Promotional Solutions |  | Checks |  | Consolidated
Year ended December 31, 2023: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 640,769 |  |  | $ | 233,090 |  |  | $ | 518,929 |  |  | $ | 694,864 |  |  | $ | 2,087,652 |
Foreign, primarily Canada |  | 49,935 |  |  | 5,727 |  |  | 22,721 |  |  | 26,225 |  |  | 104,608 |
Total revenue |  | $ | 690,704 |  |  | $ | 238,817 |  |  | $ | 541,650 |  |  | $ | 721,089 |  |  | $ | 2,192,260 |
Year ended December 31, 2022: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 634,945 |  |  | $ | 248,227 |  |  | $ | 537,643 |  |  | $ | 700,170 |  |  | $ | 2,120,985 |
Foreign, primarily Canada and Australia |  | 43,635 |  |  | 19,298 |  |  | 25,274 |  |  | 28,818 |  |  | 117,025 |
Total revenue |  | $ | 678,580 |  |  | $ | 267,525 |  |  | $ | 562,917 |  |  | $ | 728,988 |  |  | $ | 2,238,010 |
Year ended December 31, 2021: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 469,102 |  |  | $ | 227,091 |  |  | $ | 522,966 |  |  | $ | 678,229 |  |  | $ | 1,897,388 |
Foreign, primarily Canada and Australia |  | 41,257 |  |  | 35,219 |  |  | 23,507 |  |  | 24,826 |  |  | 124,809 |
Total revenue |  | $ | 510,359 |  |  | $ | 262,310 |  |  | $ | 546,473 |  |  | $ | 703,055 |  |  | $ | 2,022,197 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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