for the years ended december 31 , 2019 and 2018 , our north america and international segments generated the following revenue ( in millions ) : replace_table_token_2_th revenues , net , net income and net income per diluted share . set forth below are revenues , net , net income and net income per diluted share for the years ended december 31 , 2019 and 2018 ( in millions , except per share amounts ) . replace_table_token_3_th adjusted net income and adjusted net income per diluted share . set forth below are adjusted net income and adjusted net income per diluted share for the years ended december 31 , 2019 and 2018 ( in millions , except per share amounts ) . replace_table_token_4_th adjusted net income and adjusted net income per diluted share are supplemental non-gaap financial measures of operating performance . see the heading entitled “ management 's use of non-gaap financial measures ” for more information and a reconciliation of the non-gaap financial measure to the most directly comparable financial measure calculated in accordance with gaap . we use adjusted net income and adjusted net income per diluted share to eliminate the effect of items that we do not consider indicative of our core operating performance on a consistent basis . sources of revenue fleetcor offers a variety of business payment solutions that help to simplify , automate , secure , digitize and effectively control the way businesses manage and pay their expenses . we provide our payment solutions to our business , merchant , consumer and payment network customers in more than 100 countries around the world today , although we operate primarily in 3 geographies , with approximately 87 % of our business in the u.s. , the u.k. and brazil . our products help our customers pay their suppliers and manage spend related to their employees more efficiently . we have a variety of products that help our customers achieve these goals , primarily in five product categories : fuel , corporate payments , toll , lodging and gift . our customers may include commercial businesses ( obtained through direct and indirect channels ) , partners for whom we manage payment programs , as well as individual consumers ( for tolls ) . fuel represents approximately 44 % of our revenues . our fuel cards and products help businesses monitor and control fuel spend across multiple fuel networks , providing online analytical reporting to help customers managing the efficiency of their vehicles and drivers , while offering potential discounts off of the retail price of fuel . we generate revenue in our fuel products through a variety of program fees , including transaction fees , card fees , network fees and charges , as well as from interchange . these fees may be charged as fixed amounts , costs plus a mark-up , or based on a percentage of the transaction purchase 51 amounts , or a combination thereof . our programs also include other fees and charges associated with late payments and based on customer credit risk . corporate payments represents approximately 19 % of our revenues . our products help streamline b2b payments for vendors and employees , both domestically and internationally . our corporate payments products include virtual card solutions for invoice payments , corporate card programs , a fully-outsourced accounts payable solution , a payroll card solution for employers to distribute wages , as well as a cross-border payments product to facilitate customers making payments across differing currencies . in our corporate payments products , a primarily measure of volume is spend , the dollar amount of payments processed on behalf of customers through our various networks . in corporate payments , we primarily earn revenue from the difference between the amount charged to the customer and the amount paid to the third party for a given transaction as interchange revenue . our programs may also charge fixed fees for access to the network and ancillary services provided . tolls represents approximately 13 % of our revenues . our toll product is primarily delivered via an rfid sticker affixed to the windshield of a customer vehicle in brazil . this rfid enables customers to utilize toll roads , toll parking lots , pay for gas at partner stations and pay for drive-through food , via automated access and payment upon scan while remaining in the vehicle . in our toll product , the relevant measure of volume is average monthly tags active during the period . we primarily earn revenue from fixed fees for access to the network and ancillary services provided . we also earn interchange on certain services provided . lodging represents approximately 8 % of our revenues . our lodging products provide customers with a proprietary network of hotels with discounted room rates , centralized billing and robust reporting to help customers manage and control costs . in our lodging products , we define a transaction as a hotel room night purchased by a customer . in our lodging products , we primarily earn revenue from the difference between the amount charged to the customer and the amount paid to the hotel for a given transaction . our products may also charge fees for access to the network and ancillary services provided . gift represents approximately 7 % of our revenues . we provide fully integrated gift card product management and processing services via plastic and digital gift cards to our customers . we primarily earn revenue from the processing of gift card transactions sold by our customers to end users , as well as from the sale of the plastic cards . our products may also charge fixed fees for ancillary services provided . the remaining 8 % of revenues represents other products , which include telematics , maintenance , food , and transportation related offerings . story_separator_special_tag general and administrative expense increased from $ 389.2 million in 2018 to $ 407.2 million in 2019 , an increase of $ 18.0 million or 4.6 % . the increase was primarily due to ongoing expenses related to acquisitions completed in 2019 of approximately $ 19 million and additional spending in certain lines of business . these increases were partially offset by the favorable impact of fluctuations in foreign exchange rates of approximately $ 8 million and a decrease in stock based compensation expense of approximately $ 3 million . depreciation and amortization . depreciation and amortization decreased from $ 274.6 million in 2018 to $ 274.2 million in 2019 , a decrease of $ 0.4 million or 0.1 % . the decrease was primarily due to the favorable impact of foreign exchange rates of approximately $ 8 million , offset by ongoing expenses related to acquisitions completed in 2019 of approximately $ 10 million . other operating , net . other operating , net decreased from $ 8.7 million in 2018 to $ 0.5 million in 2019 , a decrease of $ 8.2 million , or 94.0 % primarily as a result of a write-off of capitalized software costs in 2018 . investment loss . investment loss of $ 3.5 million in 2019 relates to an impairment charge to our telematics investment , as compared to an investment loss of $ 7.1 million in 2018 . in 2019 , we recorded an impairment of our masternaut investment of approximately $ 16 million , which was then was sold in 2019 at an amount approximating carrying value . this loss was partially offset by an approximate $ 13 million gain related to a minority investment in a marketable security . other expense ( income ) , net . other expense , net was $ 0.1 million in 2019 , compared to other income , net of $ 152.2 million in 2018 . the gain in 2018 was due to the pre-tax gain on the sale of the chevron customer portfolio of approximately $ 152.8 million . interest expense , net . interest expense increased from $ 138.5 million in 2018 to $ 150.0 million in 2019 , an increase of $ 11.6 million or 8.3 % . the increase in interest expense is primarily due to the impact of additional borrowings to repurchase our common stock and to finance acquisitions completed in 2019 , as well as increases in libor . the following table sets forth the average interest rates paid on borrowings under our credit facility , excluding the related unused credit facility fees and swaps . replace_table_token_9_th the average unused credit facility fee for the revolving credit facilities was 0.29 % and 0.31 % in 2019 and 2018 , respectively . on january 22 , 2019 , we entered into three interest rate swap contracts . the objective of these interest rate swap contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with $ 2 billion of variable rate debt , tied to the one month libor benchmark interest rate . during 2019 , as a result of these swaps , we incurred additional interest expense of approximately $ 5.8 million or 0.32 % over the average libor rates on $ 2 billion of borrowings . 59 loss on extinguishment of debt . loss on extinguishment of debt of $ 2.1 million in 2018 relates to the write-off of debt issuance costs associated with the refinancing of our credit facility during the fourth quarter of 2018. provision for income taxes . the provision for income taxes decreased from $ 283.6 million in 2018 to $ 182.7 million in 2019 , a decrease of $ 100.9 million or 35.6 % . our effective tax rate decreased to 17.0 % for 2019 from 25.9 % for 2018. included in the 2019 tax rate was the reversal of a valuation allowance and remeasurement of the related deferred tax asset , due to the capital loss realized upon the sale of our investment in masternaut that was carried back to 2017 when the u.s. federal tax rate was 35 % . our tax rate was also impacted by the impairment charge to our investment in masternaut in the first quarter of 2019. excluding these discreet items , our tax rate for 2019 would have been approximately 23.0 % . we pay taxes in different taxing jurisdictions , including the u.s. , most u.s. states and many non-u.s. jurisdictions . the tax rates in certain non-u.s. taxing jurisdictions are different than the u.s. tax rate . consequently , as our earnings fluctuate between taxing jurisdictions , our effective tax rate fluctuates . net income . for the reasons discussed above , our net income increased from $ 811.5 million in 2018 to $ 895.1 million in 2019 , an increase of $ 83.6 million or 10.3 % . operating income and operating margin consolidated operating income . operating income increased from $ 1,090.7 million in 2018 to $ 1,231.4 million in 2019 , an increase of $ 140.7 million or 12.9 % . consolidated operating margin was 44.8 % in 2018 and 46.5 % in 2019 . the increase in operating income was driven primarily by organic growth . included in 2019 , was the negative impact of the macroeconomic environment of approximately $ 29 million , driven primarily by unfavorable movements in foreign exchange rates . operating income in 2019 was also negatively affected by approximately $ 26 million due to the disposition of the chevron portfolio . for the purpose of segment operating results , we calculate segment operating income by subtracting segment operating expenses from segment revenue . segment operating margin is calculated by dividing segment operating income by segment revenue . north america segment operating income . north america operating income increased from $ 673.9 million in 2018 to $ 755.9 million in 2019 , an increase of $ 82.0 million ,

related to the discount on debt . during 2019 , we made principal payments of $ 138.5 million on the term loans and $ 2,292.3 million on the revolving facilities , and $ 101.5 million on the swing line revolving facility . 62 cash flow hedges on january 22 , 2019 , we entered into three interest rate swap cash flow contracts with u.s. dollar notional amounts of $ 1 billion with a fixed rate of 2.56 % , $ 500 million with a fixed rate of 2.56 % , and $ 500 million with a fixed rate of 2.55 % . the purpose of these contracts is to eliminate the variability of cash flows in interest payments associated with $ 2 billion of our variable rate debt outstanding under our credit agreement , the sole source of which is due to changes in the 1-month libor benchmark interest rate . these derivative instruments qualify as hedging instruments and are designated as cash flow hedges of interest rate risk . the effective date of the hedges is january 31 , 2019 and the maturity dates are january 31 , 2022 , january 31 , 2023 and december 19 , 2023 , respectively . securitization facility we are a party to a $ 1.2 billion receivables purchase agreement among fleetcor funding llc , as seller , pnc bank , national association as administrator , and various purchaser agents , conduit purchasers and related committed purchasers parties thereto , which was amended and restated for the fifth time as of november 14 , 2014. we refer to this arrangement as the securitization facility .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```related to the discount on debt . during 2019 , we made principal payments of $ 138.5 million on the term loans and $ 2,292.3 million on the revolving facilities , and $ 101.5 million on the swing line revolving facility . 62 cash flow hedges on january 22 , 2019 , we entered into three interest rate swap cash flow contracts with u.s. dollar notional amounts of $ 1 billion with a fixed rate of 2.56 % , $ 500 million with a fixed rate of 2.56 % , and $ 500 million with a fixed rate of 2.55 % . the purpose of these contracts is to eliminate the variability of cash flows in interest payments associated with $ 2 billion of our variable rate debt outstanding under our credit agreement , the sole source of which is due to changes in the 1-month libor benchmark interest rate . these derivative instruments qualify as hedging instruments and are designated as cash flow hedges of interest rate risk . the effective date of the hedges is january 31 , 2019 and the maturity dates are january 31 , 2022 , january 31 , 2023 and december 19 , 2023 , respectively . securitization facility we are a party to a $ 1.2 billion receivables purchase agreement among fleetcor funding llc , as seller , pnc bank , national association as administrator , and various purchaser agents , conduit purchasers and related committed purchasers parties thereto , which was amended and restated for the fifth time as of november 14 , 2014. we refer to this arrangement as the securitization facility .
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 Suspicious Activity Report : for the years ended december 31 , 2019 and 2018 , our north america and international segments generated the following revenue ( in millions ) : replace_table_token_2_th revenues , net , net income and net income per diluted share . set forth below are revenues , net , net income and net income per diluted share for the years ended december 31 , 2019 and 2018 ( in millions , except per share amounts ) . replace_table_token_3_th adjusted net income and adjusted net income per diluted share . set forth below are adjusted net income and adjusted net income per diluted share for the years ended december 31 , 2019 and 2018 ( in millions , except per share amounts ) . replace_table_token_4_th adjusted net income and adjusted net income per diluted share are supplemental non-gaap financial measures of operating performance . see the heading entitled “ management 's use of non-gaap financial measures ” for more information and a reconciliation of the non-gaap financial measure to the most directly comparable financial measure calculated in accordance with gaap . we use adjusted net income and adjusted net income per diluted share to eliminate the effect of items that we do not consider indicative of our core operating performance on a consistent basis . sources of revenue fleetcor offers a variety of business payment solutions that help to simplify , automate , secure , digitize and effectively control the way businesses manage and pay their expenses . we provide our payment solutions to our business , merchant , consumer and payment network customers in more than 100 countries around the world today , although we operate primarily in 3 geographies , with approximately 87 % of our business in the u.s. , the u.k. and brazil . our products help our customers pay their suppliers and manage spend related to their employees more efficiently . we have a variety of products that help our customers achieve these goals , primarily in five product categories : fuel , corporate payments , toll , lodging and gift . our customers may include commercial businesses ( obtained through direct and indirect channels ) , partners for whom we manage payment programs , as well as individual consumers ( for tolls ) . fuel represents approximately 44 % of our revenues . our fuel cards and products help businesses monitor and control fuel spend across multiple fuel networks , providing online analytical reporting to help customers managing the efficiency of their vehicles and drivers , while offering potential discounts off of the retail price of fuel . we generate revenue in our fuel products through a variety of program fees , including transaction fees , card fees , network fees and charges , as well as from interchange . these fees may be charged as fixed amounts , costs plus a mark-up , or based on a percentage of the transaction purchase 51 amounts , or a combination thereof . our programs also include other fees and charges associated with late payments and based on customer credit risk . corporate payments represents approximately 19 % of our revenues . our products help streamline b2b payments for vendors and employees , both domestically and internationally . our corporate payments products include virtual card solutions for invoice payments , corporate card programs , a fully-outsourced accounts payable solution , a payroll card solution for employers to distribute wages , as well as a cross-border payments product to facilitate customers making payments across differing currencies . in our corporate payments products , a primarily measure of volume is spend , the dollar amount of payments processed on behalf of customers through our various networks . in corporate payments , we primarily earn revenue from the difference between the amount charged to the customer and the amount paid to the third party for a given transaction as interchange revenue . our programs may also charge fixed fees for access to the network and ancillary services provided . tolls represents approximately 13 % of our revenues . our toll product is primarily delivered via an rfid sticker affixed to the windshield of a customer vehicle in brazil . this rfid enables customers to utilize toll roads , toll parking lots , pay for gas at partner stations and pay for drive-through food , via automated access and payment upon scan while remaining in the vehicle . in our toll product , the relevant measure of volume is average monthly tags active during the period . we primarily earn revenue from fixed fees for access to the network and ancillary services provided . we also earn interchange on certain services provided . lodging represents approximately 8 % of our revenues . our lodging products provide customers with a proprietary network of hotels with discounted room rates , centralized billing and robust reporting to help customers manage and control costs . in our lodging products , we define a transaction as a hotel room night purchased by a customer . in our lodging products , we primarily earn revenue from the difference between the amount charged to the customer and the amount paid to the hotel for a given transaction . our products may also charge fees for access to the network and ancillary services provided . gift represents approximately 7 % of our revenues . we provide fully integrated gift card product management and processing services via plastic and digital gift cards to our customers . we primarily earn revenue from the processing of gift card transactions sold by our customers to end users , as well as from the sale of the plastic cards . our products may also charge fixed fees for ancillary services provided . the remaining 8 % of revenues represents other products , which include telematics , maintenance , food , and transportation related offerings . story_separator_special_tag general and administrative expense increased from $ 389.2 million in 2018 to $ 407.2 million in 2019 , an increase of $ 18.0 million or 4.6 % . the increase was primarily due to ongoing expenses related to acquisitions completed in 2019 of approximately $ 19 million and additional spending in certain lines of business . these increases were partially offset by the favorable impact of fluctuations in foreign exchange rates of approximately $ 8 million and a decrease in stock based compensation expense of approximately $ 3 million . depreciation and amortization . depreciation and amortization decreased from $ 274.6 million in 2018 to $ 274.2 million in 2019 , a decrease of $ 0.4 million or 0.1 % . the decrease was primarily due to the favorable impact of foreign exchange rates of approximately $ 8 million , offset by ongoing expenses related to acquisitions completed in 2019 of approximately $ 10 million . other operating , net . other operating , net decreased from $ 8.7 million in 2018 to $ 0.5 million in 2019 , a decrease of $ 8.2 million , or 94.0 % primarily as a result of a write-off of capitalized software costs in 2018 . investment loss . investment loss of $ 3.5 million in 2019 relates to an impairment charge to our telematics investment , as compared to an investment loss of $ 7.1 million in 2018 . in 2019 , we recorded an impairment of our masternaut investment of approximately $ 16 million , which was then was sold in 2019 at an amount approximating carrying value . this loss was partially offset by an approximate $ 13 million gain related to a minority investment in a marketable security . other expense ( income ) , net . other expense , net was $ 0.1 million in 2019 , compared to other income , net of $ 152.2 million in 2018 . the gain in 2018 was due to the pre-tax gain on the sale of the chevron customer portfolio of approximately $ 152.8 million . interest expense , net . interest expense increased from $ 138.5 million in 2018 to $ 150.0 million in 2019 , an increase of $ 11.6 million or 8.3 % . the increase in interest expense is primarily due to the impact of additional borrowings to repurchase our common stock and to finance acquisitions completed in 2019 , as well as increases in libor . the following table sets forth the average interest rates paid on borrowings under our credit facility , excluding the related unused credit facility fees and swaps . replace_table_token_9_th the average unused credit facility fee for the revolving credit facilities was 0.29 % and 0.31 % in 2019 and 2018 , respectively . on january 22 , 2019 , we entered into three interest rate swap contracts . the objective of these interest rate swap contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with $ 2 billion of variable rate debt , tied to the one month libor benchmark interest rate . during 2019 , as a result of these swaps , we incurred additional interest expense of approximately $ 5.8 million or 0.32 % over the average libor rates on $ 2 billion of borrowings . 59 loss on extinguishment of debt . loss on extinguishment of debt of $ 2.1 million in 2018 relates to the write-off of debt issuance costs associated with the refinancing of our credit facility during the fourth quarter of 2018. provision for income taxes . the provision for income taxes decreased from $ 283.6 million in 2018 to $ 182.7 million in 2019 , a decrease of $ 100.9 million or 35.6 % . our effective tax rate decreased to 17.0 % for 2019 from 25.9 % for 2018. included in the 2019 tax rate was the reversal of a valuation allowance and remeasurement of the related deferred tax asset , due to the capital loss realized upon the sale of our investment in masternaut that was carried back to 2017 when the u.s. federal tax rate was 35 % . our tax rate was also impacted by the impairment charge to our investment in masternaut in the first quarter of 2019. excluding these discreet items , our tax rate for 2019 would have been approximately 23.0 % . we pay taxes in different taxing jurisdictions , including the u.s. , most u.s. states and many non-u.s. jurisdictions . the tax rates in certain non-u.s. taxing jurisdictions are different than the u.s. tax rate . consequently , as our earnings fluctuate between taxing jurisdictions , our effective tax rate fluctuates . net income . for the reasons discussed above , our net income increased from $ 811.5 million in 2018 to $ 895.1 million in 2019 , an increase of $ 83.6 million or 10.3 % . operating income and operating margin consolidated operating income . operating income increased from $ 1,090.7 million in 2018 to $ 1,231.4 million in 2019 , an increase of $ 140.7 million or 12.9 % . consolidated operating margin was 44.8 % in 2018 and 46.5 % in 2019 . the increase in operating income was driven primarily by organic growth . included in 2019 , was the negative impact of the macroeconomic environment of approximately $ 29 million , driven primarily by unfavorable movements in foreign exchange rates . operating income in 2019 was also negatively affected by approximately $ 26 million due to the disposition of the chevron portfolio . for the purpose of segment operating results , we calculate segment operating income by subtracting segment operating expenses from segment revenue . segment operating margin is calculated by dividing segment operating income by segment revenue . north america segment operating income . north america operating income increased from $ 673.9 million in 2018 to $ 755.9 million in 2019 , an increase of $ 82.0 million ,

