Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative impact to our retained earnings at January 1, 2018 was $30.9 million, due to the capitalization of costs to acquire contracts under the new standard, with a corresponding increase to prepaid expense and other current assets of $10.2 million, other assets of $30.3 million and deferred income taxes (liabilities) of $9.6 million. Additionally, under the new standard certain costs (e.g., merchant commissions and fees paid to credit card associations) will be presented net in revenues as the amounts represent payments to our customers that are not considered in exchange for a distinct good or service that the customer transfers to the Company.

The impact to our fiscal quarter ended March 31, 2018, revenue, operating expenses, income from continuing operations after taxes, net income and basic and diluted earnings per share (EPS) was as follows:

	Three Months Ended March 31,
	2018 As Reported		Impact of Topic 606			2018 Prior to Adoption
Revenues, net	$	585,500	$	24,218		$	609,718
Expenses:
Merchant commissions	—		26,903			26,903
Processing	116,485		(2,071		)	114,414
Selling	47,111		2,120			49,231
General and administrative	90,315		—			90,315
Depreciation and amortization	71,502		—			71,502
Operating income	260,087		(2,734		)	257,353
Total other expense	30,768		—			30,768
Income before income taxes	229,319		(2,734		)	226,585
Provision for income taxes	54,382		(757		)	53,625
Net income	$	174,937	$	(1,977	)	$	172,960
Basic earnings per share	$	1.95	$	(0.02	)	$	1.93
Diluted earnings per share	$	1.88	$	(0.02	)	$	1.86