REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Cumulative Effect of and Impact of Revenue Accounting Changes

The cumulative effects of the revenue accounting changes on the Company's Unaudited Consolidated Balance Sheet as of January 1, 2018 were as follows (in thousands):



	Balance at December 31, 2017		Adjustments			Balance at January 1, 2018
ASSETS
Current assets:
Accounts receivable, net	$	1,217,801	$	205,324		$	1,423,125

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	667,523	$	171,644		$	839,167
Accrued expenses and other current liabilities	1,138,980		44,374			1,183,354
Deferred merchant bookings	980,455		(201,647		)	778,808

Deferred income taxes	481,139		2,414			483,553

Stockholders' equity:
Retained earnings	13,938,869		188,539			14,127,408

The following tables summarize the impacts of adopting the current revenue standard (in thousands, except per share data):

Unaudited Consolidated Balance Sheets as of March 31, 2018:



	As reported (current revenue standard)		Current period adjustments			As adjusted (previous revenue standard)
ASSETS
Current assets:
Accounts receivable, net	$	1,530,321	$	(152,477	)	$	1,377,844
Prepaid expenses and other current assets	1,111,753		19,531			1,131,284

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	841,274	$	(104,172	)	$	737,102
Accrued expenses and other current liabilities	1,238,815		(8,897		)	1,229,918
Deferred merchant bookings	1,425,649		117,367			1,543,016

Deferred income taxes	481,220		(984		)	480,236

Stockholders' equity:
Retained earnings	14,975,706		(133,224		)	14,842,482
Accumulated other comprehensive income	56,406		(3,310		)	53,096

Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2018:



	As reported (current revenue standard)			Current period adjustments			As adjusted (previous revenue standard)

Agency revenues	$	2,113,339		$	55,987		$	2,169,326
Merchant revenues	526,467			61,540			588,007
Advertising and other revenues	288,395			91			288,486
Cost of revenues				45,660			45,660

Operating expenses:
Performance marketing	1,106,207			2,394			1,108,601
Sales and other expenses	165,800			205			166,005
General and administrative	162,139			801			162,940
Foreign currency transactions and other	(8,056		)	1,855			(6,201		)
Income tax expense	146,127			15,098			161,225
Net income	607,210			55,315		⁽¹⁾	662,525
Net income applicable to common stockholders per basic common share	12.56			1.14			13.70
Net income applicable to common stockholders per diluted common share	12.34			1.12			13.46

(1) The current period adjustment represents the net income recorded directly to retained earnings on January 1, 2018 of $188.5 million that would have been recognized in the first quarter of 2018 under the previous revenue standard, partially offset by $133.2 million that would have been recognized in the second quarter of 2018 under the previous revenue standard.

Geographic Information

The Company's geographic information is as follows (in thousands):



				International
Total revenues for the Three Months Ended March 31,	United States			The Netherlands		Other		Total
2018	$	378,691		$	2,122,724	$	426,786	$	2,928,201
2017	399,185		⁽¹⁾	1,687,303		332,916		2,419,404		⁽¹⁾

(1) Excludes $80.4 million cost of revenues for NYOP transactions, which is a reduction to merchant revenues in 2018