Discontinued Operations

9 Months Ended

Sep. 30, 2015

Discontinued Operations

Note 2—Discontinued Operations

In accordance with GAAP, the Company determined its Japan-based businesses became discontinued operations in the first quarter of 2014.

The Company sold all of its stock of GP Net (representing 54% ownership of the company) and all of its stock of TSYS Japan (representing 100% ownership of the company) in April 2014. Both entities were part of the International Services segment. The sale of the Company’s stock in both of its operations in Japan was the result of management’s decision during the first quarter of 2014, to divest non-strategic businesses and focus resources on core products and services.

GP Net and TSYS Japan were not significant components of TSYS’ consolidated results.

The following table presents the main classes of assets and liabilities associated with discontinued operations as of September 30, 2015 and December 31, 2014:

(in thousands)	September 30, 2015		December 31, 2014
Current assets	$	3,395		4,003
Current liabilities		3,395		4,003

The following table presents the summarized results of discontinued operations for the three and nine months ended September 30, 2014:

(in thousands)	Three months ended September 30, 2014		Nine months ended September 30, 2014
Total revenues	$	—		16,248
Loss before taxes	$	—		(51	)
Income tax benefit	$	—		(39	)
Loss from discontinued operations, net of tax	$	—		(12	)
Gain on dispositions, net of tax	$	880		52,005
Income from discontinued operations, net of tax	$	880		51,993
Income from discontinued operations, net of tax, attributable to noncontrolling interest	$	—		999
Income from discontinued operations, net of tax, attributable to TSYS common shareholders	$	880		50,994

The Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2014 include GP Net and TSYS Japan and are not considered material.