Revenues

6 Months Ended

Jun. 30, 2023

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, 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

	Three Months Ended June 30, 2022
(In millions)	Mobility		Corporate Payments		Benefits		Total
Topic 606 revenues
Payment processing revenue	$	202.4	$	88.6	$	21.3	$	312.3
Account servicing revenue	4.6		10.4		83.4		98.3
Other revenue	22.2		0.1		8.4		30.7
Total Topic 606 revenues	$	229.2	$	99.1	$	113.1	$	441.3
Non-Topic 606 revenues	150.1		1.3		5.5		156.9
Total revenues	$	379.2	$	100.4	$	118.6	$	598.2

	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

	Six Months Ended June 30, 2022
(In millions)	Mobility		Corporate Payments		Benefits		Total
Topic 606 revenues
Payment processing revenue	$	354.3	$	153.7	$	43.8	$	551.8
Account servicing revenue	8.9		21.2		170.1		$	200.2
Other revenue	42.2		0.4		16.4		59.0
Total Topic 606 revenues	$	405.3	$	175.2	$	230.4	$	811.0
Non-Topic 606 revenues	293.0		2.4		9.4		304.8
Total revenues	$	698.4	$	177.7	$	239.7	$	1,115.8

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, 2023		December 31, 2022
Receivables1	Accounts receivable, net	$	24.2	$	53.6
Contract assets	Prepaid expenses and other current assets	24.5		13.6
Contract assets	Other assets	36.2		37.9
Contract liabilities	Accrued expenses and other current liabilities	10.8		8.1
Contract liabilities	Other liabilities	84.1		87.0

1 The significant decrease in receivables is due to the sale of certain accounts receivable invoices under a receivable securitization facility, which is described more fully within Note 11, Off-Balance Sheet Arrangements.

During the three and six months ended June 30, 2023, the Company recognized revenue of $0.9 million and $2.6 million, respectively, related to contract liabilities existing as of December 31, 2022.

Remaining Performance Obligations

The Company’s unsatisfied or partially unsatisfied performance obligations as of June 30, 2023 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 a small 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 reporting period.

(In millions)	Remaining 2023		2024		2025		2026		2027		2028		Thereafter		Total
Minimum monthly fees1	$	30.9	$	34.9	$	16.8	$	5.9	$	4.2	$	2.8	$	0.8	$	96.2
Other2	3.8		12.6		23.6		33.0		40.8		5.9		—		119.7
Total remaining performance obligations	$	34.7	$	47.5	$	40.3	$	38.9	$	45.0	$	8.7	$	0.8	$	216.0

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.

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.