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Unaudited Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenues, net $ 619,586 [1] $ 577,877 $ 1,790,070 [1] $ 1,639,547
Expenses:        
Merchant commissions 0 [1] 27,687 0 [1] 82,690
Processing 128,400 [1] 111,283 356,086 [1] 316,429
Selling 44,806 [1] 45,060 135,926 [1] 122,854
General and administrative 98,023 [1] 92,054 284,718 [1] 275,095
Depreciation and amortization 67,267 [1] 69,156 207,379 [1] 198,731
Operating income 281,090 [1] 232,637 805,961 [1] 643,748
Investment loss 7,147 [1] 47,766 7,147 [1],[2] 52,497 [2]
Other expense (income), net 303 [1] (175,271) 465 [1] (173,626)
Interest expense, net 36,072 [1] 29,344 100,287 [1] 76,322
Loss on extinguishment of debt 0 (3,296) 0 (3,296)
Total other expense (income) 43,522 [1] (94,865) 107,899 [1] (41,511)
Income before income taxes 237,568 [1] 327,502 698,062 [1] 685,259
Provision for income taxes 79,874 [1] 124,679 188,579 [1] 227,756
Net income $ 157,694 [1] $ 202,823 $ 509,483 [1],[2] $ 457,503 [2]
Earnings per share:        
Basic earnings per share (in dollars per share) $ 1.78 [1] $ 2.23 $ 5.72 [1] $ 4.99
Diluted earnings per share (in dollars per share) $ 1.71 [1] $ 2.18 $ 5.50 [1] $ 4.87
Weighted average shares outstanding:        
Basic weighted average shares outstanding (in shares) 88,456 [1] 90,751 89,126 [1] 91,619
Diluted weighted average shares outstanding (in shares) 92,081 [1] 93,001 92,671 [1] 93,923
[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 effect 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.