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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
[1]
Dec. 31, 2018
Dec. 31, 2017
[2]
Income Statement [Abstract]      
Revenues, net $ 2,648,848 $ 2,433,492 $ 2,249,538
Expenses:      
Merchant commissions 0 0 113,133
Processing 530,669 487,695 429,613
Selling 204,806 182,593 170,717
General and administrative 407,210 389,172 387,694
Depreciation and amortization 274,210 274,609 264,560
Other operating expense, net 523 8,725 61
Operating income 1,231,430 1,090,698 883,760
Investment loss, net 3,470 [3] 7,147 53,164 [4]
Other expense (income), net 93 (152,166) (173,436)
Interest expense, net 150,048 138,494 107,146
Loss on extinguishment of debt 0 [3] 2,098 3,296 [4]
Total other expense (income) 153,611 (4,427) (9,830)
Income before income taxes 1,077,819 1,095,125 893,590
Provision for income taxes 182,746 283,642 153,390
Net income $ 895,073 [3] $ 811,483 $ 740,200 [4]
Earnings per share:      
Basic earnings per share (in usd per share) $ 10.36 $ 9.14 $ 8.12
Diluted earnings per share (in usd per share) $ 9.94 $ 8.81 $ 7.91
Weighted average shares outstanding:      
Basic (in shares) 86,401 88,750 91,129
Diluted (in shares) 90,070 92,151 93,594
[1] Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. Refer to footnote 14.
[2] The Company applied the modified retrospective transition method when adopting ASC 606, therefore the Company's 2017 prior period results were not restated to reflect ASC 606.
[3] Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019 using the modified retrospective transition method. The adoption of the Leases guidance resulted in an adjustment to other assets, other current liabilities and other noncurrent liabilities in our consolidated balance sheet for the cumulative effect of applying the standard. Financial results reported in periods prior to 2019 are unchanged.
[4] 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.