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Unaudited Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
[1]
Jun. 30, 2017
Jun. 30, 2018
[1]
Jun. 30, 2017
Income Statement [Abstract]        
Revenues, net $ 584,985 $ 541,237 $ 1,170,484 $ 1,061,670
Expenses:        
Merchant commissions 0 30,619 0 55,003
Processing 111,201 103,322 227,686 205,146
Selling 44,009 38,957 91,120 77,794
General and administrative 96,382 87,587 186,696 183,041
Depreciation and amortization 68,610 64,709 140,112 129,575
Operating income 264,783 216,043 524,870 411,111
Investment loss 0 2,354 0 [2] 4,731 [2]
Other expense (income), net 458 (551) 161 1,645
Interest expense, net 33,150 23,851 64,215 46,978
Total other expense 33,608 25,654 64,376 53,354
Income before income taxes 231,175 190,389 460,494 357,757
Provision for income taxes 54,323 59,402 108,705 103,077
Net income $ 176,852 $ 130,987 $ 351,789 [2] $ 254,680 [2]
Earnings per share:        
Basic earnings per share (in dollars per share) $ 1.98 $ 1.42 $ 3.93 $ 2.77
Diluted earnings per share (in dollars per share) $ 1.91 $ 1.39 $ 3.78 $ 2.70
Weighted average shares outstanding:        
Basic weighted average shares outstanding (in shares) 89,169 92,013 89,466 92,060
Diluted weighted average shares outstanding (in shares) 92,702 94,223 92,970 94,392
[1] Reflects the impact of the Company's adoption of ASC 606 and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of ASC 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effective of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its annual report on Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect the impact of ASC 606. See footnote 1, "Summary of Significant Accounting Policies", in the accompanying notes to the unaudited consolidated financial statements.
[2] Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, "Statement of Cash Flows (Topic 230)", which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.