•Liquidity and capital resources. This section provides an analysis of our cash flows and a discussion of our outstanding debt at June 30, 2022.
Our operations are comprised of the Merchant Acceptance ("Acceptance") segment, the Financial Technology ("Fintech") segment and the Payments and Network ("Payments") segment.
On June 1, 2022, we acquired The LR2 Group, LLC ("City POS"), an independent sales organization ("ISO") that promotes payment processing services and facilitates the sale of point-of-sale equipment for merchants. City POS is included within our
The global payments landscape continues to evolve, with rapidly advancing technologies and a steady expansion of digital payments, e-commerce and innovation in real-time payments infrastructure. Because of this growth, competition also continues to evolve. Business and consumer expectations continue to rise, with a focus on convenience and security. To meet these expectations, payments companies are focused on modernizing their technology, expanding the use of data and enhancing the customer experience.
Changes in Critical Accounting Policies and Estimates
(1)Percentage of revenue is calculated as the relevant revenue, expense or income amount divided by total revenue, except for cost of processing and services and cost of product amounts, which are divided by the related component of revenue.
(1)Percentage of revenue is calculated as the relevant revenue, expense or income amount divided by total revenue, except for cost of processing and services and cost of product amounts, which are divided by the related component of revenue.
(1)Represents the basis point growth or decline in operating margin.
Operating margin percentages are calculated using actual, unrounded amounts.
Total revenue increased $399 million, or 10%, in the second quarter of 2022 and $782 million, or 10%, in the first six months of 2022 compared to 2021. The revenue increase was driven by higher processing revenue and product sales across all of our business segments.
Revenue in our Acceptance segment increased $235 million, or 14%, in the second quarter of 2022 and $491 million, or 16%, in the first six months of 2022 compared to 2021. The revenue increase was driven by higher global merchant acquiring payment and transaction volumes, including an increase in global accounts and locations from small and mid-sized businesses to enterprise merchants and ISVs.
Revenue at Corporate and Other increased $18 million, or 9%, in the second quarter of 2022 and $46 million, or 11%, in the first six months of 2022 compared to 2021, primarily due to increased postage revenue.
Operating Income and Operating Margin
Income from Investments in Unconsolidated Affiliates
Net Income Attributable to Noncontrolling Interests
Net Income Per Share - Diluted
The following table summarizes our operating cash flow and capital expenditure amounts for the six months ended June 30, 2022 and 2021, respectively:
In March 2022, we mutually agreed to terminate a merchant alliance joint venture with a minority partner. Upon termination of the joint venture, we received proceeds of $175 million from the sale of certain merchant contracts.
Short-term and current maturities of long-term debt:
Total short-term and current maturities of long-term debt $
and leaseback transactions. We may, at our option, redeem the senior notes, in whole or in part, at any time prior to the applicable maturity date.
Our variable rate debt consisted of the following at June 30, 2022:
We maintain short-term lines of credit with foreign banks and alliance partners primarily to fund settlement activity. These arrangements are primarily associated with our international operations and are in various functional currencies, the most significant of which is the Argentine peso.
We maintain U.S. dollar and Euro unsecured commercial paper programs with various maturities generally ranging from one day to four months. Outstanding borrowings under our commercial paper programs bear interest based on the prevailing rates at the time of issuance.
repaid all amounts outstanding under this facility with proceeds from its commercial paper program and terminated the Receivables Financing Agreement.
We maintain a term loan credit agreement with a syndicate of financial institutions. Outstanding borrowings under the term loan bear interest at a variable rate based on one-month LIBOR or a base rate, in each case plus a specified margin based on our long-term debt rating in effect from time to time.
The table below details the cash and cash equivalents at:
(1)Represents cash held by our joint ventures that is not available to fund operations outside of those entities unless the board of directors of the relevant entity declares a dividend, as well as cash held by other entities that are subject to foreign exchange controls in certain countries or regulatory capital requirements.
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