Document and Entity Information
Document and Entity Information Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | EURONET WORLDWIDE INC | ||
Entity Central Index Key | 1,029,199 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,436 | ||
Entity Common Stock, Shares Outstanding | 52,359,621 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 734,414 | $ 457,518 |
Restricted cash | 77,674 | 45,312 |
Inventory - PINs and other | 78,115 | 72,108 |
Trade accounts receivable, net of allowances for doubtful accounts of $18,369 at December 31, 2016 and $19,140 at December 31, 2015 | 502,989 | 423,299 |
Prepaid expenses and other current assets | 191,796 | 132,773 |
Total current assets | 1,584,988 | 1,131,010 |
Property and equipment, net of accumulated depreciation of $262,470 at December 31, 2016 and $242,111 at December 31, 2015 | 202,145 | 157,368 |
Goodwill | 689,713 | 685,178 |
Acquired intangible assets, net of accumulated amortization of $150,347 at December 31, 2016 and $131,095 at December 31, 2015 | 165,331 | 167,972 |
Other assets, net of accumulated amortization of $36,984 at December 31, 2016 and $32,434 at December 31, 2015 | 70,695 | 51,186 |
Total assets | 2,712,872 | 2,192,714 |
Current liabilities: | ||
Trade accounts payable | 456,682 | 456,159 |
Accrued expenses and other current liabilities | 615,153 | 382,873 |
Current portion of capital lease obligations | 3,293 | 1,991 |
Short-term debt obligations and current maturities of long-term debt obligations | 32,161 | 12,060 |
Income taxes payable | 27,611 | 14,962 |
Deferred revenue | 44,200 | 35,887 |
Total current liabilities | 1,179,100 | 903,932 |
Debt obligations, net of current portion | 561,663 | 405,472 |
Capital lease obligations, net of current portion | 6,969 | 4,147 |
Deferred income taxes | 44,079 | 33,924 |
Other long-term liabilities | 20,504 | 19,311 |
Total liabilities | 1,812,315 | 1,366,786 |
Euronet Worldwide, Inc. stockholders' equity: | ||
Preferred Stock, $0.02 par value. 10,000,000 shares authorized; none issued | 0 | 0 |
Common Stock, $0.02 par value. 90,000,000 shares authorized; 58,389,242 issued at December 31, 2016 and 57,961,043 issued at December 31, 2015 | 1,168 | 1,159 |
Additional paid-in capital | 1,045,663 | 1,023,254 |
Treasury stock, at cost, 6,085,841 shares at December 31, 2016 and 4,929,241 shares at December 31, 2015 | (215,462) | (138,750) |
Retained earnings (Accumulated deficit) | 278,842 | 104,427 |
Accumulated other comprehensive loss | (210,662) | (165,528) |
Total Euronet Worldwide, Inc. stockholders' equity | 899,549 | 824,562 |
Noncontrolling interests | 1,008 | 1,366 |
Total equity | 900,557 | 825,928 |
Total liabilities and equity | $ 2,712,872 | $ 2,192,714 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts receivable | $ 18,369 | $ 19,140 |
Property and equipment, accumulated depreciation | 262,470 | 242,111 |
Acquired intangible assets, accumulated amortization | 150,347 | 131,095 |
Other assets, accumulated amortization | $ 36,984 | $ 32,434 |
Preferred stock, par value per share | $ 0.02 | $ 0.02 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.02 | $ 0.02 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares, issued | 58,389,242 | 57,961,043 |
Treasury stock, shares | 6,085,841 | 4,929,241 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||||||||||
Revenues | $ 519,829 | $ 524,025 | $ 476,867 | $ 437,894 | $ 470,579 | $ 481,373 | $ 425,148 | $ 395,162 | $ 1,958,615 | $ 1,772,262 | $ 1,664,150 |
Operating expenses: | |||||||||||
Direct operating costs | 1,174,545 | 1,081,849 | 1,033,479 | ||||||||
Salaries and benefits | 288,420 | 259,162 | 243,220 | ||||||||
Selling, general and administrative | 165,348 | 156,385 | 157,265 | ||||||||
Depreciation and amortization | 80,529 | 70,025 | 71,455 | ||||||||
Total operating expenses | 1,708,842 | 1,567,421 | 1,505,419 | ||||||||
Operating income | 58,106 | 90,468 | 59,310 | 41,889 | 55,224 | 70,274 | 47,180 | 32,163 | 249,773 | 204,841 | 158,731 |
Other income (expense): | |||||||||||
Interest income | 1,696 | 2,170 | 2,549 | ||||||||
Interest expense | (28,332) | (24,814) | (12,330) | ||||||||
Other gains (losses), net | 19,956 | 315 | (1,801) | ||||||||
Foreign currency exchange (loss) gain, net | (10,200) | (41,418) | (5,646) | ||||||||
Other expense, net | (16,880) | (63,747) | (17,228) | ||||||||
Income before income taxes | 232,893 | 141,094 | 141,503 | ||||||||
Income tax expense | (58,795) | (42,602) | (40,015) | ||||||||
Net income | 28,655 | 60,782 | 55,577 | 29,084 | 33,522 | 31,324 | 26,521 | 7,125 | 174,098 | 98,492 | 101,488 |
Less: Net loss attributable to noncontrolling interests | 317 | 316 | 160 | ||||||||
Net income attributable to Euronet Worldwide, Inc. | $ 28,911 | $ 60,733 | $ 55,677 | $ 29,094 | $ 33,487 | $ 31,334 | $ 26,809 | $ 7,178 | $ 174,415 | $ 98,808 | $ 101,648 |
Earnings per share attributable to Euronet Worldwide, Inc. stockholders - basic | $ 0.55 | $ 1.16 | $ 1.07 | $ 0.55 | $ 0.63 | $ 0.60 | $ 0.52 | $ 0.14 | $ 3.34 | $ 1.89 | $ 1.96 |
Earnings per share attributable to Euronet Worldwide, Inc. stockholders - diluted | $ 0.54 | $ 1.11 | $ 1.04 | $ 0.53 | $ 0.61 | $ 0.57 | $ 0.50 | $ 0.13 | $ 3.23 | $ 1.83 | $ 1.89 |
Weighted average shares outstanding - basic | 52,276,951 | 52,274,573 | 51,757,867 | ||||||||
Weighted average shares outstanding - diluted | 54,001,079 | 54,076,676 | 53,901,040 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 174,098 | $ 98,492 | $ 101,488 |
Other comprehensive income (loss), net of tax: | |||
Translation adjustment | (45,175) | (67,756) | (87,675) |
Comprehensive income | 128,923 | 30,736 | 13,813 |
Comprehensive loss attributable to noncontrolling interests | 358 | 466 | 366 |
Comprehensive income attributable to Euronet Worldwide, Inc. | $ 129,281 | $ 31,202 | $ 14,179 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Total Euronet Worldwide, Inc stockholders' equity at Dec. 31, 2013 | $ 638,455 | $ 1,086 | $ 809,640 | $ (68,122) | $ (96,029) | $ (10,453) | $ 2,333 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 914,371 | ||||||
Treasury Stock, Shares, Acquired | (1,206,500) | ||||||
No. of Shares Outstanding Period End at Dec. 31, 2014 | 51,596,767 | ||||||
No. of Shares Outstanding Period End at Dec. 31, 2013 | 50,626,242 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to Euronet Worldwide, Inc. | $ 101,648 | 101,648 | |||||
Stock issued under employee stock plans, value | 11,250 | $ 18 | 12,386 | (1,154) | |||
Share-based compensation | 12,902 | 12,902 | |||||
Net income (loss) | 101,488 | ||||||
Net loss attributable to noncontrolling interests | (160) | (160) | |||||
Shares issued in connection with acquisition | 1,262,654 | ||||||
Stock Issued During Period, Value, Acquisitions | 56,554 | $ 25 | 56,529 | ||||
Issuance of convertible notes | 64,351 | 64,351 | |||||
Other Comprehensive Income (Loss) | (87,675) | (87,469) | (206) | ||||
Repurchase of shares | (64,512) | (64,512) | |||||
Stockholders' Equity, Other | (1) | (93) | 92 | ||||
Total Euronet Worldwide, Inc stockholders' equity at Dec. 31, 2014 | $ 732,812 | $ 1,129 | 955,715 | (133,788) | 5,619 | (97,922) | 2,059 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 743,782 | ||||||
Treasury Stock, Shares, Acquired | (1,600) | ||||||
No. of Shares Outstanding Period End at Dec. 31, 2015 | 53,031,802 | ||||||
No. of Shares Outstanding Period End at Dec. 31, 2014 | 51,596,767 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to Euronet Worldwide, Inc. | $ 98,808 | 98,808 | |||||
Stock issued under employee stock plans, value | 6,825 | $ 16 | 11,686 | (4,877) | |||
Share-based compensation | 12,802 | 12,802 | |||||
Net income (loss) | 98,492 | ||||||
Net loss attributable to noncontrolling interests | (316) | (316) | |||||
Shares issued in connection with acquisition | 692,853 | ||||||
Stock Issued During Period, Value, Acquisitions | 43,061 | $ 14 | 43,047 | ||||
Other Comprehensive Income (Loss) | (67,756) | (67,606) | (150) | ||||
Repurchase of shares | (85) | (85) | |||||
Stockholders' Equity, Other | (223) | 4 | (227) | ||||
Total Euronet Worldwide, Inc stockholders' equity at Dec. 31, 2015 | $ 825,928 | $ 1,159 | 1,023,254 | (138,750) | 104,427 | (165,528) | 1,366 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 421,170 | ||||||
Treasury Stock, Shares, Acquired | (1,149,571) | ||||||
No. of Shares Outstanding Period End at Dec. 31, 2016 | 52,303,401 | ||||||
No. of Shares Outstanding Period End at Dec. 31, 2015 | 53,031,802 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to Euronet Worldwide, Inc. | $ 174,415 | 174,415 | |||||
Stock issued under employee stock plans, value | 6,292 | $ 9 | 7,426 | (1,143) | |||
Share-based compensation | 14,983 | 14,983 | |||||
Net income (loss) | 174,098 | ||||||
Net loss attributable to noncontrolling interests | (317) | (317) | |||||
Stock Issued During Period, Value, Acquisitions | 0 | ||||||
Other Comprehensive Income (Loss) | (45,175) | (45,134) | (41) | ||||
Repurchase of shares | (75,569) | (75,569) | |||||
Total Euronet Worldwide, Inc stockholders' equity at Dec. 31, 2016 | $ 900,557 | $ 1,168 | $ 1,045,663 | $ (215,462) | $ 278,842 | $ (210,662) | $ 1,008 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 174,098 | $ 98,492 | $ 101,488 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 80,529 | 70,025 | 71,455 |
Share-based compensation | 14,983 | 12,802 | 12,902 |
Unrealized foreign exchange loss, net | 10,200 | 41,418 | 5,646 |
Other (gains) losses | (19,449) | 0 | 1,801 |
Deferred income taxes | 850 | (5,017) | (5,012) |
Accretion of convertible debt discount and amortization of debt issuance costs | 12,885 | 12,164 | 2,934 |
Changes in working capital, net of amounts acquired: | |||
Income taxes payable, net | 13,935 | (13,467) | 5,642 |
Restricted cash | (23,342) | 17,621 | 4,653 |
Inventory - PINs and other | (6,712) | 7,058 | (19) |
Trade accounts receivable | (87,732) | (66,075) | (17,058) |
Prepaid expenses and other current assets | (68,549) | (39,796) | (21,266) |
Trade accounts payable | 9,705 | 39,631 | 25,773 |
Deferred revenue | 9,426 | 3,898 | 4,085 |
Accrued expenses and other current liabilities | 257,287 | 37,453 | 42,376 |
Changes in noncurrent assets and liabilities | (9,932) | (1,153) | (373) |
Net cash provided by operating activities | 368,182 | 215,054 | 235,027 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (68,266) | (113,969) | (84,703) |
Purchases of property and equipment | (87,411) | (74,620) | (63,098) |
Purchases of other long-term assets | (6,175) | (6,391) | (5,950) |
Proceeds from sale of investment | 11,900 | 0 | 0 |
Other, net | 1,288 | 997 | 719 |
Net cash used in investing activities | (148,664) | (193,983) | (153,032) |
Cash flows from financing activities: | |||
Proceeds from issuance of shares | 6,292 | 10,510 | 11,099 |
Repurchase of shares | (77,360) | (6,078) | (66,390) |
Borrowings from revolving credit agreements | 2,648,093 | 1,321,622 | 2,184,153 |
Repayments of revolving credit agreements | (2,495,632) | (1,318,759) | (2,307,622) |
Repayments of long-term debt obligations | (7,031) | (5,156) | (4,814) |
Repayments of capital lease obligations | (2,943) | (3,211) | (2,518) |
Net borrowing (repayments of) from short-term debt obligations | 6,750 | (1,825) | 4,336 |
Proceeds from long-term debt obligations | 0 | 0 | 411,500 |
Debt issuance costs | 0 | 0 | (13,259) |
Other, net | 1,341 | 1,707 | 1,596 |
Net cash provided by (used in) financing activities | 79,510 | (1,190) | 218,081 |
Effect of exchange rate changes on cash and cash equivalents | (22,132) | (30,373) | (41,892) |
Increase (decrease) in cash and cash equivalents | 276,896 | (10,492) | 258,184 |
Cash and cash equivalents at beginning of period | 457,518 | 468,010 | 209,826 |
Cash and cash equivalents at end of period | 734,414 | 457,518 | 468,010 |
Interest paid during the period | 14,442 | 11,804 | 7,685 |
Income taxes paid during the period | 43,178 | 54,607 | 39,574 |
Other Significant Noncash Transaction, Value of Consideration Received | 7,549 | ||
Equity issued in connection with acquisition | $ 0 | $ 43,061 | $ 56,554 |
Organzation (Note)
Organzation (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization Disclosure [Text Block] | Organization Euronet Worldwide, Inc. (the “Company” or “Euronet”) was established as a Delaware corporation on December 13, 1997 and succeeded Euronet Holding N.V. as the group holding company, which was founded and established in 1994. Euronet is a leading electronic payments provider. Euronet offers payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Euronet's primary product offerings include comprehensive automated teller machine (“ATM”), point-of-sale (“POS”), card outsourcing, card issuing and merchant acquiring services, electronic distribution of prepaid mobile airtime and other electronic payment products, and global money transfer services. |
Basis of Preparation (Note)
Basis of Preparation (Note) | 12 Months Ended |
Dec. 31, 2016 | |
BASIS OF PREPARATION [Abstract] | |
Basis of Preparation and Seasonality [Text Block] | Basis of Preparation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of Euronet and its wholly owned and majority owned subsidiaries and all significant intercompany balances and transactions have been eliminated. Euronet's investments in companies that it does not control, but has the ability to significantly influence, are accounted for under the equity method. Euronet is not involved with any variable interest entities. Results from operations related to entities acquired during the periods covered by the consolidated financial statements are reflected from the effective date of acquisition. Certain amounts in prior years have been reclassified to conform to the current year's presentation. The preparation of the consolidated financial statements in conformity with U.S. GAAP requires that management make a number of estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant items subject to such estimates and assumptions include computing income taxes, contingent purchase price consideration, estimating the useful lives and potential impairment of long-lived assets and goodwill, as well as allocating the purchase price to assets acquired and liabilities assumed in acquisitions and revenue recognition. Actual results could differ from those estimates. Seasonality Euronet’s EFT Processing Segment experiences its heaviest demand for dynamic currency conversion services during the third quarter of the fiscal year, coinciding with the tourism season. Additionally, the EFT Processing and epay Segments are impacted by seasonality during the fourth quarter and first quarter of each year due to higher transaction levels during the holiday season and lower levels following the holiday season. Seasonality in the money transfer segment varies by region of the world. In most markets, Euronet usually experiences increased demand for money transfer services from the month of May through the fourth quarter of each year, coinciding with the increase in worker migration patterns and various holidays, and its lowest transaction levels during the first quarter of the year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES | Summary of Significant Accounting Policies and Practices Foreign currencies Assets and liabilities denominated in currencies other than the functional currency of a subsidiary are remeasured at rates of exchange on the balance sheet date. Resulting gains and losses on foreign currency transactions are included in the Consolidated Statements of Income. The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated to U.S. dollars using (i) exchange rates in effect at period end for assets and liabilities, and (ii) weighted average exchange rates during the period for revenues and expenses. Adjustments resulting from translation of such financial statements are reflected in accumulated other comprehensive income (loss) as a separate component of consolidated equity. Cash equivalents The Company considers all highly liquid investments, with an original maturity of three months or less, and certificates of deposit, which may be withdrawn at any time at the discretion of the Company without penalty, to be cash equivalents. Inventory - PINs and other Inventory - PINs and other is valued at the lower of cost or market value and primarily represents prepaid personal identification number (“PIN”) inventory for prepaid mobile airtime related to the epay Segment. PIN inventory is generally managed on a specific identification basis that approximates first in, first out for the respective denomination of prepaid mobile airtime sold. Inventory also includes vouchers, merchandise for physical reward fulfillment and other electronic payment products. Additionally, from time to time, Inventory - PINs and other may include ATMS, POS terminals, and mobile phone handsets held by the Company for resale. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Property and equipment acquired in acquisitions have been recorded at estimated fair values as of the acquisition date. Depreciation is generally calculated using the straight-line method over the estimated useful lives of the respective assets. Depreciation and amortization rates are generally as follows: ATMs or ATM upgrades 5 - 7 years Computers and software 3 - 5 years POS terminals 3 - 5 years Vehicles and office equipment 3 - 10 years Leasehold improvements Over the lesser of the lease term or estimated useful life Goodwill and other intangible assets The Company accounts for goodwill and other intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Intangibles - Goodwill and Other (“ASC 350”). ASC 350 requires that the Company test for impairment on an annual basis and whenever events or circumstances dictate. Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment. ASC 350 provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the existing two-step quantitative impairment test (described below), otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The Company has a policy for its annual review of goodwill to perform the qualitative assessment for all reporting units not subjected directly to the two-step quantitative impairment test. Under the qualitative assessment, various events and circumstances (or factors) that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators). These factors are then classified by the type of impact they would have on the estimated fair value using positive, neutral, and adverse categories based on current business conditions. Furthermore, the Company considers the results of the most recent two-step quantitative impairment test completed for a reporting unit and compares, among other factors, the weighted average cost of capital ("WACC") between the current and prior years for each reporting unit. Under the two-step quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. The Company uses weighted results from the discounted cash flow model ("DCF model") and guideline public company method ("Market Approach model") to estimate the current fair value of its reporting units when testing for impairment, as management believes forecasted cash flows and EBITDA are the best indicator of such fair value. A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including sales volumes and gross margins, tax rates, capital spending, discount rates and working capital changes. Most of these assumptions vary significantly among the reporting units. Significant assumptions in the Market Approach model are projected EBITDA, selected market multiple, and the estimated control premium. In the event the estimated fair value of a reporting unit is less than the carrying value, additional analysis is required. The additional analysis would compare the carrying amount of the reporting unit's goodwill with the implied fair value of that goodwill. The implied fair value of goodwill is the excess of the fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of that unit as if the reporting unit was acquired in a business combination and the fair value of the reporting unit represented the purchase price. If the carrying value of goodwill exceeds its implied fair value, an impairment loss equal to such excess would be recognized. The Company completed its annual goodwill impairment test in the fourth quarter of 2016. It determined, after performing a qualitative review of each reporting unit, that it is more likely than not that the fair value of each of our reporting units exceeds the respective carrying amounts. Accordingly, there was no indication of impairment, and the two-step goodwill impairment test was not performed. Other Intangible Assets - In accordance with ASC 350, intangible assets with finite lives are amortized over their estimated useful lives. Unless otherwise noted, amortization is calculated using the straight-line method over the estimated useful lives of the assets as follows: Non-compete agreements 2 - 5 years Trademarks and trade names 2 - 20 years Software 3 - 10 years Customer relationships 6 - 20 years The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment of long-lived assets was recorded during 2016, 2015 or 2014. See Note 8, Goodwill and Acquired Intangible Assets, Net, for additional information regarding the impairment of goodwill and other intangible assets. Other assets Other assets include investments in unconsolidated affiliates, capitalized software development costs and capitalized payments for new or renewed contracts, contract renewals and customer conversion costs. Euronet capitalizes initial payments for new or renewed contracts to the extent recoverable through future operations, contractual minimums and/or penalties in the case of early termination. The Company's accounting policy is to limit the amount of capitalized costs for a given contract to the lesser of the estimated ongoing net future cash flows related to the contract or the termination fees the Company would receive in the event of early termination of the contract by the customer. The Company accounts for investments in affiliates using the equity method of accounting when it has the ability to exercise significant influence over the affiliate, but does not have a controlling interest. Equity losses in affiliates are generally recognized until the Company's investment is zero. As of December 31, 2016 and 2015, the Company had no material investments in unconsolidated affiliates. Convertible notes The Company accounts for its convertible debt instruments that may be settled in cash upon conversion in accordance with ASC Topic 470, Debt (“ASC 470”), which requires the proceeds from the issuance of such convertible debt instruments to be allocated between debt and equity components so that debt is discounted to reflect the Company's nonconvertible debt borrowing rate. Further, the Company applies ASC 470-20-35-13, which requires the debt discount to be amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. Noncontrolling interests The Company accounts for noncontrolling interests in its consolidated financial statements according to ASC Topic 810, Consolidations (“ASC 810”), which requires noncontrolling interests to be reported as a component of equity. Business combinations The Company accounts for business combinations in accordance with ASC Topic 805, Business Combinations (“ASC 805”), which requires most identifiable assets, liabilities, noncontrolling interests and goodwill acquired in a business combination to be recorded at “full fair value” at the acquisition date. Transaction-related costs are expensed in the period incurred. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with ASC Topic 740, Income Taxes (“ASC 740”), the Company's policy is to record estimated interest and penalties related to the underpayment of income taxes as income tax expense in the Consolidated Statements of Income. See Note 13, Taxes, for further discussion regarding these provisions. Presentation of taxes collected and remitted to governmental authorities The Company presents taxes collected and remitted to governmental authorities on a net basis in the accompanying Consolidated Statements of Income. Fair value measurements The Company applies the provisions of ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), regarding fair value measurements for assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. The provisions apply whenever other accounting pronouncements require or permit fair value measurements. See Note 17, Financial Instruments and Fair Value Measurements, for the required fair value disclosures. Accounting for derivative instruments and hedging activities The Company accounts for derivative instruments and hedging activities in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”), which requires that all derivative instruments be recognized as either assets or liabilities on the balance sheet at fair value. Primarily in the Money Transfer Segment, the Company enters into foreign currency derivative contracts, mainly forward contracts, to offset foreign currency exposure related to money transfer settlement assets and liabilities in currencies other than the U.S. dollar, derivative contracts written to its customers arising from its cross-currency money transfer services and certain assets and liability positions denominated in currencies other than the U.S. dollar . These contracts are considered derivative instruments under the provisions of ASC 815; however, the Company does not designate such instruments as hedges for accounting purposes. Accordingly, changes in the value of these contracts are recognized immediately as a component of foreign currency exchange gain (loss), net in the Consolidated Statements of Income. Cash flows resulting from derivative instruments are included in operating activities in the Company's Consolidated Statements of Cash Flows. The Company enters into derivative instruments with highly credit-worthy financial institutions and does not use derivative instruments for trading or speculative purposes. See Note 11, Derivative Instruments and Hedging Activities, for further discussion of derivative instruments. Revenue recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collection is reasonably assured. The majority of the Company's revenues are comprised of monthly recurring management fees and transaction-based fees. A description of the major components of revenue by business segment is as follows: EFT Processing - Revenues in the EFT Processing Segment are primarily derived from transaction and management fees and foreign currency exchange margin from owned and outsourced ATM, POS and card processing networks and from the sale of EFT software solutions for electronic payment and transaction delivery systems, and fees or margin earned from value added services, including dynamic currency conversion. Transaction-based fees include charges for cash withdrawals, debit or credit card transactions, balance inquiries, transactions not completed because the relevant card issuer does not give authorization and prepaid mobile airtime recharges. Outsourcing services are generally billed on the basis of a fixed monthly fee per ATM, plus a transaction-based fee. Transaction-based fees are recognized at the time the transactions are processed and outsourcing management fees are recognized ratably over the contract period. Certain of the Company's non-cancelable customer contracts provide for the receipt of up-front fees from the customer and/or decreasing or increasing fee schedules over the agreement term for substantially the same level of services to be provided by the Company. The Company recognizes revenue under these contracts based on proportional performance of services over the term of the contract. This generally results in “straight-line” (i.e., consistent value per period) revenue recognition of the contracts' total cash flows, including any up-front payment received from the customer. Revenues from the sale of EFT software solutions represent software license fees, professional installation and customization fees, ongoing software maintenance fees, hardware sales and transaction fees. The Company recognizes professional service fee revenue in accordance with the provisions of ASC Topic 985, Software (“ASC 985”) and ASC Topic 605, Revenue Recognition (“ASC 605”) . ASC 985 generally requires revenue earned on software arrangements involving multiple elements to be allocated to each element based on the relative fair values of those elements. Revenues from software licensing agreement contracts are recognized over the professional services portion of the contract term using the percentage-of-completion method, following the guidance in ASC 605, as prescribed by ASC 985. Software maintenance revenue is recognized over the contractual period or as the maintenance-related service is performed. Revenues from the sale of hardware are generally recognized when title passes to the customer. epay - Revenue generated in the epay Segment is primarily derived from commissions or processing fees associated with distribution and/or processing of prepaid mobile airtime and other electronic payment products. These fees and commissions are received from mobile phone and other telecommunication operators, top-up distributors, other product vendors or distributors or from retailers. In accordance with ASC 605, commissions received are recognized as revenue during the period in which the Company provides the service. The portion of the commission that is paid to retailers is generally recorded as a direct operating cost. However, in circumstances where the Company is not the primary obligor in the distribution of the electronic payment products, those commissions are recorded as a reduction of revenue. In selling certain products, the Company is the primary obligor in the arrangements; accordingly, the gross sales value of the products are recorded as revenue and the purchase cost as direct operating cost. Transactions are processed through a network of POS terminals and direct connections to the electronic payment systems of retailers. Transaction processing fees are recognized at the time the transactions are processed. Money Transfer - In accordance with ASC 605, revenues for money transfer and other services represent a transaction fee in addition to a margin earned from purchasing currency at wholesale exchange rates and selling the currency to customers at retail exchange rates. Revenues and the associated direct operating cost are recognized at the time the transaction is processed. The Company has origination and distribution agents in place, which each earn a fee for the respective service. These fees are reflected as direct operating costs. Share-based compensation The Company follows the provisions of ASC Topic 718, Compensation - Stock Compensation (“ASC 718”), for equity classified awards, which requires the determination of the fair value of the share-based compensation at the grant date and subsequent recognition of the related expense over the period in which the share-based compensation is earned (“requisite service period”). The amount of future compensation expense related to awards of nonvested shares or nonvested share units (“restricted stock”) is based on the market price for Euronet Common Stock at the grant date. The grant date is the date at which all key terms and conditions of the grant have been determined and the Company becomes contingently obligated to transfer equity to the employee who renders the requisite service, generally the date at which grants are approved by the Company's Board of Directors or Compensation Committee thereof. Share-based compensation expense for awards with only service conditions is generally recognized as expense on a “straight-line” basis over the requisite service period. For awards that vest based on achieving periodic performance conditions, expense is recognized on a “graded attribution method.” The graded attribution method results in expense recognition on a straight-line basis over the requisite service period for each separately vesting portion of an award. The Company has elected to use the “with and without method” when calculating the income tax benefit associated with its share-based payment arrangements. See Note 15, Stock Plans, for further disclosure. Recently issued accounting pronouncements In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The ASU simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The amendments of this ASU are effective for reporting periods beginning after December 15, 2019. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business . The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash , which provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. Restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. Other than the revised statement of cash flows presentation of restricted cash, the adoption of this ASU is not expected to have an impact on the Company’s consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . The amendments in this ASU state that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory, such as intellectual property and property and equipment, when the transfer occurs. This is a change from current GAAP, which requires companies to defer the income tax effects of intercompany transfers of assets until the asset has been sold to an outside party or otherwise recognized (i.e., depreciation, amortization, or impairment). The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which addresses eight specific issues on how certain cash receipts and cash payments are presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is evaluating the new guidance, but does not expect it to have a significant impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) , which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718) : Improvements to Employee Share-Based Payment Accounting , which addresses how companies account for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the statement of income when the awards vest or are settled, and to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity. The ASU also addresses such areas as an accounting policy election for forfeitures and the amount an employer can withhold to cover income taxes and still qualify for equity classification. The amendments in this ASU will be effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815), Contingent Put and Call Options in Debt Instruments . The new standard clarifies that an entity is required to assess whether the economic characteristics and risks of embedded put or call options are clearly and closely related to those of their debt hosts only in accordance with the four-step decision sequence in ASC 815, Derivatives and Hedging. For contingently exercisable put or call options, an entity does not have to assess whether the event that triggers the ability to exercise a put or call option is related to interest rates or credit risk of the entity. The ASU does not change the existing criteria for determining when bifurcation of an embedded put or call option in a debt instrument is required. The amendments of this ASU are effective for annual periods beginning after December 15, 2016, with early adoption permitted. Entities are required to apply the guidance to existing debt instruments using a modified retrospective transition method as of the period of adoption. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-04, Recognition of Breakage for Certain Prepaid Stored-Value Products . The new standard specifies that liabilities within its scope are considered to be financial liabilities, and amends the guidance in ASC 405-20, Extinguishments of Liabilities , by directing entities to derecognize prepaid stored-value product liabilities based on expected breakage in proportion to the pattern of rights expected to be exercised by the consumer. Derecognition for breakage is permitted only to the extent that it is probable that a significant reversal of recognized breakage will not subsequently occur. The new standard is consistent with the breakage guidance in the new revenue standard. The ASU is effective for annual periods beginning after December 15, 2017, and is applied either using a modified retrospective transition method or retrospectively. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a significant impact on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which will update the existing guidance on accounting for leases and require new qualitative and quantitative disclosures about the Company’s leasing activities. The new standard requires lessees to account for all leases on the balance sheet, except for certain short-term leases that have a maximum possible lease term of 12 months. The accounting for lessors is largely unchanged from the previous accounting guidance, except for leverage lease accounting which is not permitted for leases entered into or modified after the effective date of the new standard. The new standard is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods, with early adoption permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that the Company may elect to apply. The Company is currently evaluating the expected impact of the adoption of this standard on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company does not expect that the adoption of this standard will have a significant impact on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In July 2015, the FASB approved a one-year deferral of the effective date of the new revenue recognition standard. The new standard will become effective for the Company on January 1, 2018.The standard permits the use of either the full retrospective or modified retrospective transition method. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue versus Net) . In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing . In May 2016, the FASB issued ASU 2016-11, Revenue from Contracts with Customers (Topic 606) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of ASU 2014-09 and 2014-16, and ASU 2016-12, Revenue from Contracts with Customers (Topic 606) - Narrow Scope Improvements and Practical Expedient s. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (Topic 606) . These ASUs clarify the implementation guidance on a few narrow areas, make minor corrections and adds some practical expedients to the guidance in Topic 606. The Company has performed a review of the requirements of the new revenue standards and is in the process of reviewing customer contracts under the new standard. The Company plans to adopt these ASUs on January 1, 2018 and expects to apply the modified retrospective transition method, which would result in an adjustment to the opening balance of retained earnings for the cumulative effect, as appropriate, of initially applying the standards at the date of initial application. The Company is currently evaluating what effect, if any, the new revenue standards will have on its consolidated financial statements and related disclosures. |
Stockholders' Equity (Note)
Stockholders' Equity (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Earnings Per Share Basic earnings per share has been computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted earnings per share has been computed by dividing earnings available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for the potential dilution of options to purchase the Company's Common Stock, assumed vesting of restricted stock and the assumed conversion of the Company's convertible debt. The following table provides the computation of diluted weighted average number of common shares outstanding: Year Ended December 31, 2016 2015 2014 Computation of diluted weighted average shares outstanding: Basic weighted average shares outstanding 52,276,951 52,274,573 51,757,867 Incremental shares from assumed exercise of stock options and vesting of restricted stock 1,705,224 1,783,199 2,143,173 Incremental shares from assumed conversion of convertible debentures 18,904 18,904 — Diluted weighted average shares outstanding 54,001,079 54,076,676 53,901,040 The table includes all stock options and restricted stock that are dilutive to the Company's weighted average common shares outstanding during the period. The calculation of diluted earnings per share excludes stock options or shares of restricted stock that are anti-dilutive to the Company's weighted average common shares outstanding for the years ended December 31, 2016 , 2015 and 2014 of approximately 616,000 , 568,000 and 585,000 , respectively. During 2016 , 2015 and 2014 , the Company had convertible notes outstanding that, if converted, could have a potentially dilutive effect on its Common Stock. At issuance, the Company stated its intent to settle any conversion of these notes by paying cash for the principal value and issuing Common Stock for any conversion value in excess of the principal value. As of December 31, 2016 , and currently, the Company maintains the intent and ability to settle any conversion as stated. Accordingly, the convertible notes would only have a dilutive effect if the market price per share of Common Stock exceeds the conversion price per share of Common Stock. Therefore, according to ASC Topic 260, Earnings per Share (“ASC 260”) , the dilutive effect of the assumed conversion of the debentures was 18,904 shares for the year ended December 31, 2016 and 2015 . The assumed conversion of the debentures was anti-dilutive for year ended December 31, 2014. See Note 10, Debt Obligations, for more information about the convertible notes. Share repurchases In January 2016, the Company announced that its Board of Directors authorized a stock repurchase program ("2016 Program") allowing the Company to repurchase up to $100 million in value or 5.0 million shares of its common stock through December 10, 2017. For the year end December 31, 2016 , the Company repurchased 1.1 million shares at a weighted average purchase price of $65.74 for a total value of $75.6 million under the 2016 Program. In June 2016, the Board of Directors authorized an additional stock repurchase program ("Repurchase Program") with an effective date of July 28, 2016, allowing Euronet to repurchase up to $125 million in value or 3.0 million shares of its common stock through June 14, 2018. Repurchases under the Repurchase Program may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10b5-1 plan. No purchases have been made under this plan. Preferred Stock The Company has the authority to issue up to 10 million shares of preferred stock, of which no shares are currently issued or outstanding. Stockholder Rights Agreement On March 26, 2013, the Company entered into a Rights Agreement (the "Rights Agreement") with Computershare Trust Company, N.A., as Rights Agent. The Rights Agreement became effective at the close of business on April 3, 2013, immediately following the expiration of the prior rights agreement, and had a three year term, which expired on April 3, 2016. Accumulated other comprehensive loss As of December 31, 2016 and 2015 , accumulated other comprehensive loss consists entirely of foreign currency translation adjustments. For the years ended December 31, 2016 , 2015 and 2014 , the Company recorded foreign currency translation losses of $45.2 million , $67.8 million and $87.7 million , respectively. There were no reclassifications of foreign currency translation into the Consolidated Statements of Income for the years ending December 31, 2016 and 2014 . During 2015 , the Company reclassified $0.8 million of foreign currency translation into the Consolidated Statements of Income. |
Acquisitions (Note)
Acquisitions (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | Acquisitions In accordance with ASC 805, the Company allocates the purchase price of its acquisitions to the tangible assets, liabilities and intangible assets acquired based on fair values. Any excess purchase price over those fair values is recorded as goodwill. The fair value assigned to intangible assets acquired is supported by valuations using estimates and assumptions provided by management. For certain large acquisitions, management engages an appraiser to assist in the valuation process. 2016 Acquisitions YourCash On October 3, 2016 , the Company completed the acquisition of the capital stock of YourCash Europe Limited and its subsidiaries ("YourCash"), a U.K. based ATM operator with approximately 5,000 ATMs across the U.K., Netherlands, Belgium and Ireland. The acquisition provides the Company with additional experience and manpower in key Western European markets and a greater access to retailers in the U.K. and Netherlands. The purchase price for YourCash was approximately $62.6 million in cash. Approximately $7.2 million of the cash consideration was placed in escrow accounts to satisfy indemnification obligations of the seller, pursuant to the terms of the purchase agreement. In addition, the agreement calls for deferred consideration of $3.2 million payable over three years at a rate of one-third per year to employee shareholders of YourCash who remain employed with us. The deferred consideration is accounted for separately from the acquisition and will be recognized as compensation over the service period. The purchase price was allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their respective fair values at the date of acquisition. The valuation of the acquired net assets remains preliminary while management completes its valuation, particularly the valuation of acquired intangible assets. The revenue and earnings of YourCash for the year ended December 31, 2016 were not material nor were the historical revenue and earnings of YourCash material for the purpose of presenting pro forma information for the current or prior-year periods. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date. (in thousands) As of October 3, 2016 Cash and cash equivalents $ 5,223 Restricted cash 12,351 Other current assets 2,394 Property and equipment 12,514 Intangible assets 24,571 Total assets acquired 57,053 Trade accounts payable (3,323 ) Short-term borrowings (12,535 ) Accrued expenses and other current liabilities (5,077 ) Deferred tax liabilities (5,462 ) Other long-term liabilities (475 ) Total liabilities assumed (26,872 ) Goodwill 32,429 Net assets acquired $ 62,610 The intangible assets of YourCash are being amortized on a straight-line basis, and the estimated fair values consist of the following: (in thousands) Fair Value Estimated Useful Life Customer relationships $ 23,506 14 - 20 years Trade names 428 2 years Non-compete agreements 637 3 years Total intangible assets $ 24,571 Goodwill of $32.4 million arising from the acquisition was included in the EFT Processing Segment and was attributable to expected growth opportunities in Europe. Goodwill and intangible assets associated with this acquisition are not deductible for tax purposes. Other During the fourth quarter of 2016, the Company completed the acquisition of Tuatara Management Limited for an insignificant amount of cash consideration. The acquisition has been accounted for as a business combination in accordance with U.S. GAAP and the results of operations have been included from the date of acquisition in the Money Transfer Segment. 2015 Acquisitions xe Corporation On July 2, 2015, the Company completed the acquisition of all of the capital stock of xe Corporation and its subsidiaries ("xe"). xe is a Canadian company which operates the xe.com and x-rates.com websites, providing currency-related data and international payments services. This acquisition provides Euronet an internationally recognized brand and a large Internet presence in which to offer its foreign currency products. Under the terms of the agreement, the xe sellers received purchase consideration of $79.9 million in cash, including working capital adjustments, and 642,912 shares of Euronet common stock, with a fair value at date of acquisition of $40.1 million . Half of the common stock portion of the purchase consideration was placed in escrow at closing as security for the xe sellers' indemnification and other obligations under the purchase agreement. Any purchase consideration remaining in escrow will be released to the sellers two years following the closing date, net of any pending indemnification or other claims under the purchase agreement. During the first quarter of 2016, the Company completed its valuation of the acquired assets and liabilities, which included an adjustment to goodwill of $3.9 million . The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date. (in thousands) As of July 2, 2015 Cash and cash equivalents $ 1,872 Other current assets 1,294 Intangible assets 19,269 Other long-term assets 341 Deferred tax assets 161 Total assets acquired 22,937 Trade accounts payable (26 ) Accrued expenses and other current liabilities (11,824 ) Other long-term liabilities (571 ) Total liabilities assumed (12,421 ) Goodwill 109,460 Net assets acquired $ 119,976 The intangible assets of xe are being amortized on a straight-line basis, and the estimated fair values consist of the following: (in thousands) Fair Value Estimated Useful Life Proprietary software $ 2,051 5 years Customer relationships 13,765 8 years Trade names 3,237 20 years Non-compete agreements 216 3 years Total intangible assets $ 19,269 The intangible asset amounts are expected to be deductible for income tax purposes, but the goodwill amount is not. Pro-forma results of operations, assuming this acquisition was made at the beginning of the earliest period presented, have not been presented because the effect of this acquisition was not material to the Company's results of operations. The net assets of xe and its results of operations are included in the Money Transfer Segment's results. IME On June 17, 2015, the Company completed the acquisition of all of the capital stock of IME (M) Sdn Bhd and certain affiliated companies ("IME"). IME is a leading Malaysian-based money transfer provider and provides the Money Transfer Segment with immediate entry into the Asian and Middle East send markets. Under the terms of the purchase agreement, the sellers received purchase consideration of $78.9 million in cash, including estimated working capital adjustments, and 49,941 shares of Euronet common stock, with a fair value at date of acquisition of $3.0 million . A portion of the purchase consideration was placed in escrow at closing as security for the sellers' indemnification and other obligations under the purchase agreement. Any purchase consideration remaining in escrow will be released to the sellers at various defined dates over five years following the closing date, net of any pending indemnification or other claims under the purchase agreement. In the first quarter of 2016, the Company adjusted the purchase price allocation to included a net adjustment to goodwill of $1.3 million , which resulted from a working capital adjustment and the finalization of the estimated fair value of the assets acquired and liabilities assumed as of the acquisition date. The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date. (in thousands) As of June 17, 2015 Cash and cash equivalents $ 33,279 Other current assets 21,566 Intangible assets 36,250 Other long-term assets 5,327 Total assets acquired 96,422 Trade accounts payable (2,766 ) Accrued expenses and other current liabilities (2,743 ) Settlement obligations and customer deposits (30,540 ) Deferred tax liabilities (9,063 ) Other long-term liabilities (858 ) Total liabilities assumed (45,970 ) Goodwill 31,443 Net assets acquired $ 81,895 The intangible assets of IME are being amortized on a straight-line basis, and the estimated fair values consist of the following: (in thousands) Fair Value Estimated Useful Life Customer relationships $ 35,360 8 years Trade names 450 2 years Non-compete agreements 440 5 years Total intangible assets $ 36,250 None of the goodwill or intangible asset amounts are expected to be deductible for income tax purposes. Pro-forma results of operations, assuming this acquisition was made at the beginning of the earliest period presented, have not been presented because the effect of this acquisition was not material to the Company's results of operations. Additionally, the cumulative effect of the IME acquisitions was not material to the Company's results of operations. The net assets of IME and its results of operations are included in the Money Transfer Segment's results. |
Restricted Cash (Note)
Restricted Cash (Note) | 12 Months Ended |
Dec. 31, 2016 | |
RESTRICTED CASH [Abstract] | |
Restricted Assets Disclosure [Text Block] | Restricted Cash The restricted cash balances as of December 31, 2016 and 2015 were as follows: As of December 31, (in thousands) 2016 2015 Cash held in trust and/or cash held on behalf of others $ 64,438 $ 37,121 Collateral on bank credit arrangements and other 13,236 8,191 Total $ 77,674 $ 45,312 Cash held in trust and/or cash held on behalf of others is in connection with the administration of the customer collection and vendor remittance activities by certain subsidiaries within the Company's epay and EFT Processing Segments. Amounts collected on behalf of certain mobile phone operators and/or merchants are deposited into a restricted cash account. The bank credit arrangements primarily represent cash collateral on deposit with commercial banks to cover guarantees. |
Property and Equipment, Net (No
Property and Equipment, Net (Note) | 12 Months Ended |
Dec. 31, 2016 | |
PROPERTY AND EQUIPMENT, NET [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment, Net The components of property and equipment, net of accumulated depreciation and amortization as of December 31, 2016 and 2015 are as follows: As of December 31, (in thousands) 2016 2015 ATMs $ 222,183 $ 176,221 POS terminals 40,336 44,113 Vehicles and office equipment 61,923 55,031 Computers and software 138,249 122,106 Land and buildings 1,924 2,008 464,615 399,479 Less accumulated depreciation and amortization (262,470 ) (242,111 ) Total $ 202,145 $ 157,368 Depreciation and amortization expense related to property and equipment, including property and equipment recorded under capital leases, for the years ended December 31, 2016 , 2015 and 2014 was $48.5 million , $40.2 million and $42.0 million , respectively. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets, Net (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET | Goodwill and Acquired Intangible Assets, Net Goodwill represents the excess of the purchase price of the acquired business over the estimated fair value of the underlying net tangible and intangible assets acquired. The following table summarizes intangible assets as of December 31, 2016 and 2015 : As of December 31, 2016 As of December 31, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 199,842 $ (107,820 ) $ 174,219 $ (96,144 ) Trademarks and trade names 53,396 (21,598 ) 55,706 (19,323 ) Software 58,696 (18,291 ) 65,634 (13,820 ) Non-compete agreements 3,744 (2,638 ) 3,508 (1,808 ) Total $ 315,678 $ (150,347 ) $ 299,067 $ (131,095 ) The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2016 and 2015 : (in thousands) Acquired Intangible Assets Goodwill Total Intangible Assets Balance as of January 1, 2015 $ 158,267 $ 599,863 $ 758,130 Increases (decreases): Acquisitions 50,497 143,461 193,958 Amortization (23,879 ) — (23,879 ) Other (primarily changes in foreign currency exchange rates) (16,913 ) (58,146 ) (75,059 ) Balance as of December 31, 2015 167,972 685,178 853,150 Increases (decreases): Acquisitions 33,921 29,871 63,792 Amortization (25,503 ) — (25,503 ) Other (primarily changes in foreign currency exchange rates) (11,059 ) (25,336 ) (36,395 ) Balance as of December 31, 2016 $ 165,331 $ 689,713 $ 855,044 The Company performs its annual goodwill impairment test during the fourth quarter of each year. The annual goodwill impairment test completed during the fourth quarter of 2016 resulted in no impairment charges. In performing the annual goodwill impairment test, management must apply judgment in determining the estimated fair value of a business and uses all available information to make these fair value determinations, including discounted projected future cash flow analysis using discount rates commensurate with the risks involved in the assets, together with comparable sales prices that the Company or another purchaser would likely pay for the respective assets. Of the total goodwill balance of $689.7 million as of December 31, 2016 , $454.1 million relates to the Money Transfer Segment, $153.5 million relates to the epay Segment and the remaining $82.1 million relates to the EFT Processing Segment. Amortization expense for intangible assets with finite lives was $25.5 million , $23.9 million and $24.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Estimated annual amortization expense, before income taxes, on intangible assets with finite lives as of December 31, 2016 , is expected to total $23.7 million for 2017 , $21.6 million for 2018 , $20.7 million for 2019 , $20.0 million for 2020 and $19.0 million for 2021 . |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities (Note) | 12 Months Ended |
Dec. 31, 2016 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
Other Liabilities Disclosure [Text Block] | Accrued Expenses and Other Current Liabilities The balances as of December 31, 2016 and 2015 were as follows: As of December 31, (in thousands) 2016 2015 Accrued expenses $ 210,275 $ 125,366 Accrued amounts due to mobile operators and other content providers 121,505 71,762 Money transfer settlement obligations 219,601 159,854 Derivative liabilities 63,772 25,891 Total $ 615,153 $ 382,873 |
Debt Obligations (Note)
Debt Obligations (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS | Debt Obligations Debt obligations consist of the following as of December 31, 2016 and 2015 : As of December 31, (in thousands) 2016 2015 Credit Facility: Term loan, due 2019 $ 60,000 $ 67,031 Revolving credit agreements, due 2019 159,963 7,701 219,963 74,732 Convertible Debt: 1.50% convertible notes, unsecured, due 2044 358,293 347,878 Other obligations 23,892 5,731 Total debt obligations $ 602,148 $ 428,341 Unamortized debt issuance costs (8,324 ) (10,809 ) Carrying value of debt $ 593,824 $ 417,532 Short-term debt obligations and current maturities of long-term debt obligations (32,161 ) (12,060 ) Long-term debt obligations $ 561,663 $ 405,472 As of December 31, 2016 , aggregate annual maturities of long-term debt are $9.0 million in 2017 , $14.2 million in 2018 , $197.5 million in 2019 , $402.5 million in 2020 and none thereafter. This maturity schedule reflects the term loan and revolving credit facilities maturing in 2019 and the convertible notes maturing in 2020, coinciding with the terms of the initial put option by holders of the notes. Credit Facility The Company has a revolving bank credit facility with a syndicate of financial institutions which expires April 9, 2019 . The senior secured credit facility (the "Credit Facility") provides an aggregate amount of $675 million , consisting of a $590 million five-year revolving credit facility, a $10 million five-year India revolving credit facility and a $75 million five-year term loan which has been reduced to $60.0 million as of December 31, 2016 through principal amortization payments. The revolving credit facility allows for borrowings in U.S. dollars, euro, British pound sterling, Australian dollars and/or Indian rupees. The revolving credit facility contains a $200 million sublimit for the issuance of letters of credit and a $25 million sublimit for swingline loans. Fees and interest on borrowings vary based upon the Company's consolidated total leverage ratio (as defined in the amended and restated credit agreement) and will be based, in the case of letter of credit fees, on a margin, and in the case of interest, on a margin over London Inter-Bank Offered Rate (“LIBOR”) or a margin over the base rate, as selected by the Company, with the applicable margin ranging from 1.375% to 2.375% (or 0.375% to 1.375% for base rate loans). The base rate is the highest of (i) the Bank of America prime rate, (ii) the Federal Funds rate plus 0.50% or (iii) the Fixed LIBOR rate plus 1.00%. The term loan is subject to scheduled quarterly amortization payments, as set forth in the amended and restated credit agreement. The maturity date for the Credit Facility is April 9, 2019 , at which time the outstanding principal balance and all accrued interest will be due and payable in full. The weighted average interest rates of the Company's borrowings under the term loan and revolving credit facility were 2.1% and 2.4% , respectively, as of December 31, 2016 , and 1.8% and 10.1% , respectively as of December 31, 2015 . The weighted average interest rate under the revolving credit facility for 2015 was higher than the Term Loan A due to the higher borrowing rate related to the India credit facility. As of December 31, 2016 and 2015 , the Company had stand-by letters of credit/bank guarantees outstanding against the revolving credit facility of $44.9 million and $42.0 million , respectively. Stand-by letters of credit/bank guarantees reduce the Company's borrowing capacity under the revolving credit facility and are generally used to secure trade credit and performance obligations. The Company pays an interest rate for stand-by letters of credit/bank guarantees at a rate that may adjust each quarter based upon the Company's consolidated total leverage ratio. As of December 31, 2016 and 2015 , the stand-by letters of credit interest charges was 1.4% per annum. The amended and restated credit agreement contains customary affirmative and negative covenants, events of default and financial covenants, including: (i) a Consolidated Total Leverage Ratio not to exceed 4.0 to 1.0; and (ii) a Consolidated Fixed Charge Coverage Ratio of not less than 1.5 to 1.0. Subject to meeting certain leverage ratio and liquidity requirements as contained in the amended and restated credit agreement, the Company is permitted to pay dividends, repurchase common stock and repurchase subordinated debt. The Company and certain subsidiaries have guaranteed the repayment of obligations under the Credit Facility and have granted pledges of the shares of certain subsidiaries along with a security interest in certain other personal property collateral of the Company and certain subsidiaries. Convertible Debt On October 30, 2014, the Company completed the sale of $402.5 million of Convertible Senior Notes due 2044 (“Convertible Notes”). The Convertible Notes have an interest rate of 1.5% per annum payable semi-annually in April and October, and are convertible into shares of Euronet Common Stock at a conversion price of approximately $72.18 per share if certain conditions are met (relating to the closing prices of Euronet Common Stock exceeding certain thresholds for specified periods). Holders of the Convertible Notes have the option to require the Company to purchase their notes at par on October 1, 2020, and have additional options to require the Company to purchase their notes at par on October 1, 2024, 2029, 2034, and 2039, or upon a change in control of the Company. In connection with the issuance of the Convertible Notes, the Company recorded $10.7 million in debt issuance costs, which are being amortized through October 1, 2020. In accordance with ASC 470-20-30-27, proceeds from the issuance of convertible debt is allocated between debt and equity components so that debt is discounted to reflect the Company's nonconvertible debt borrowing rate. ASC 470-20-35-13 requires the debt discount to be amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. The allocation resulted in an increase to additional paid in capital of $66.1 million . Contractual interest expense was $6.0 million , $6.0 million and $0.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Discount accretion was $10.4 million , $9.9 million and $1.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 and 2015 , the unamortized discounts were $44.2 million and $54.6 million , respectively. The discount will be amortized through October 1, 2020. The effective interest rate was 4.7% for the years ended December 31, 2016 and 2015 . Other obligations Certain of the Company's subsidiaries have available lines of credit and overdraft credit facilities that generally provide for short-term borrowings that are used from time to time for working capital purposes. As of December 31, 2016 and 2015 , borrowings under these arrangements were $23.9 million and $5.7 million , respectively. As of December 31, 2016 , there was $23.3 million due in 2017 under these other obligation arrangements. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | Derivative Instruments and Hedging Activities The Company is exposed to foreign currency exchange risk resulting from (i) the collection of funds or the settlement of money transfer transactions in currencies other than the U.S. dollar, (ii) derivative contracts written to its customers in connection with providing cross-currency money transfer services and (iii) certain foreign currency denominated other asset and liability positions. The Company enters into foreign currency derivative contracts, primarily foreign currency forwards and cross-currency swaps, to minimize its exposure related to fluctuations in foreign currency exchange rates. As a matter of Company policy, the derivative instruments used in these activities are economic hedges and are not designated as hedges under ASC 815 , primarily due to either the relatively short duration of the contract term or the effects of fluctuations in currency exchange rates are reflected concurrently in earnings for both the derivative instrument and the transaction and have an offsetting effect. Foreign currency exchange contracts - Ria Operations and Corporate In the United States, the Company uses short-duration foreign currency forward contracts, generally with maturities up to 14 days , to offset the fluctuation in foreign currency exchange rates on the collection of money transfer funds between initiation of a transaction and its settlement. Due to the short duration of these contracts and the Company’s credit profile, the Company is generally not required to post collateral with respect to these foreign currency forward contracts. Most derivative contracts executed with counterparties in the U.S. are governed by an International Swaps and Derivatives Association agreement that includes standard netting arrangements; therefore, asset and liability positions from forward contracts and all other foreign exchange transactions with the same counterparty are net settled upon maturity. As of December 31, 2016 , the Company had foreign currency forward contracts outstanding in the U.S. with a notional value of $165.1 million , primarily in Australian dollars, Canadian dollars, British pounds, euros and Mexican pesos. In addition, the Company uses forward contracts, typically with maturities from a few days to less than one year, to offset foreign exchange rate fluctuations on certain short-term borrowings that are payable in currencies other than the U.S dollar. As of December 31, 2016 , the Company had foreign currency forward contracts outstanding with a notional value of $106.5 million , primarily in British pounds, euros and Polish zloty. Foreign currency exchange contracts - HiFX Operations HiFX writes derivative instruments, primarily foreign currency forward contracts and cross-currency swaps, mostly with counterparties comprised of individuals and small-to-medium size businesses and derives a currency margin from this activity as part of its operations. HiFX aggregates its foreign currency exposures arising from customer contracts and hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties. Foreign exchange revenues from HiFX's total portfolio of positions were $66.0 million , $62.8 million and $37.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. All of the derivative contracts used in the Company' s HiFX operations are economic hedges and are not designated as hedges under ASC 815 . The duration of these derivative contracts is generally less than one year. The fair value of HiFX's total portfolio of positions can change significantly from period to period based on, among other factors, market movements and changes in customer contract positions. HiFX manages counterparty credit risk (the risk that counterparties will default and not make payments according to the terms of the agreements) on an individual counterparty basis. It mitigates this risk by entering into contracts with collateral posting requirements and/or by performing financial assessments prior to contract execution, conducting periodic evaluations of counterparty performance and maintaining a diverse portfolio of qualified counterparties. HiFX does not expect any significant losses from counterparty defaults. The aggregate equivalent U.S. dollar notional amounts of foreign currency derivative customer contracts held by the Company in its HiFX operations as of December 31, 2016 was approximately $1.3 billion . The significant majority of customer contracts are written in major currencies such as the euro, U.S. dollar, British pound, Australian dollar and New Zealand dollar. Balance Sheet Presentation The following table summarizes the fair value of the derivative instruments as recorded in the Consolidated Balance Sheets as of the dates below: Asset Derivatives Liability Derivatives Fair Value Fair Value (in thousands) Balance Sheet Location December 31, 2016 December 31, 2015 Balance Sheet Location December 31, 2016 December 31, 2015 Derivatives not designated as hedging instruments Foreign currency exchange contracts Other current assets $ 75,307 $ 37,034 Other current liabilities $ (63,772 ) $ (25,891 ) The following tables summarize the gross and net fair value of derivative assets and liabilities as of December 31, 2016 and 2015 (in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2016 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Derivatives subject to a master netting arrangement or similar agreement $ 75,307 $ — $ 75,307 $ (49,752 ) $ (7,562 ) $ 17,993 As of December 31, 2015 Derivatives subject to a master netting arrangement or similar agreement $ 37,034 $ — $ 37,034 $ (19,786 ) $ (6,415 ) $ 10,833 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Derivatives subject to a master netting arrangement or similar agreement $ (63,772 ) $ — $ (63,772 ) $ 49,752 $ 1,106 $ (12,914 ) As of December 31, 2015 Derivatives subject to a master netting arrangement or similar agreement $ (25,891 ) $ — $ (25,891 ) $ 19,786 $ 1,741 $ (4,364 ) Income Statement Presentation The following tables summarize the location and amount of gains on derivatives in the Consolidated Statements of Income for the years ended December 31, 2016 , 2015 and 2014 : Amount of Gain Recognized in Income on Derivative Contracts (a) Location of Gain (Loss) Recognized in Income on Derivative Contracts Year Ended December 31, (in thousands) 2016 2015 2014 Foreign currency exchange contracts - Ria Operations Foreign currency exchange gain, net $ 143 $ 1,026 $ 2,300 (a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its HiFX operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above. See Note 17, Financial Instruments and Fair Value Measurements, for the determination of the fair values of derivatives. |
Leases (Note)
Leases (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases Capital leases The Company leases certain of its ATMs, computer equipment and vehicles under capital lease agreements that expire between the years of 2017 and 2021 and bear interest at rates between 0.6% and 12.8% . The lessors for these leases hold a security interest in the equipment leased under the respective capital lease agreements. Lease installments are paid on a monthly, quarterly or semi-annual basis. Certain leases contain a bargain purchase option at the conclusion of the lease period. The gross amount of the assets and related accumulated amortization recorded within property and equipment and subject to capital leases as of December 31, 2016 and 2015 were as follows: As of December 31, (in thousands) 2016 2015 ATMs $ 15,838 $ 10,307 Other 2,038 1,587 Subtotal 17,876 11,894 Less accumulated amortization (5,892 ) (4,618 ) Total $ 11,984 $ 7,276 Non-cash financing and investing activities for the years ended December 31, 2016 , 2015 and 2014 represented c apital lease obligations of $5.8 million , $6.4 million and $2.2 million , respectively, incurred when the Company entered into leases primarily for new ATMs, to upgrade ATMs or for data center computer equipment. Operating leases The Company has non-cancelable operating leases that expire between the years of 2017 and 2031 . Certain of these leases contain renewal options and escalation provisions. The Company recognizes rent expense under the straight-line method over the term of the lease. Rent expense for the years ended December 31, 2016 , 2015 and 2014 amounted to $80.0 million , $63.0 million and $57.0 million , respectively. Future minimum lease payments Future minimum lease payments under the capital leases and the non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2016 are: (in thousands) Capital Leases Operating Leases Year ending December 31, 2017 $ 3,917 $ 49,947 2018 3,544 44,409 2019 2,502 33,715 2020 1,148 25,601 2021 403 16,022 Thereafter — 15,877 Total minimum lease payments 11,514 $ 185,571 Less amounts representing interest (1,252 ) Present value of net minimum capital lease payments 10,262 Less current portion of obligations under capital leases (3,293 ) Obligations under capital leases, less current portion $ 6,969 |
Income Taxes (Note)
Income Taxes (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Income Taxes The sources of income before income taxes for the years ended December 31, 2016 , 2015 and 2014 are presented as follows: Year Ended December 31, (in thousands) 2016 2015 2014 Income before taxes: United States $ 41,804 $ 10,686 $ 7,337 Foreign 191,089 130,408 134,166 Total income before income taxes $ 232,893 $ 141,094 $ 141,503 The Company's income tax expense for the years ended December 31, 2016 , 2015 and 2014 consisted of the following: Year Ended December 31, (in thousands) 2016 2015 2014 Current tax expense (benefit): U.S. $ (2,886 ) $ 1,277 $ 133 Foreign 59,515 45,150 44,780 Total current 56,629 46,427 44,913 Deferred tax expense (benefit): U.S. 9,908 2,037 628 Foreign (7,742 ) (5,862 ) (5,526 ) Total deferred 2,166 (3,825 ) (4,898 ) Total tax expense $ 58,795 $ 42,602 $ 40,015 The following is a reconciliation of the federal statutory income tax rate of 35% to the effective income tax rate for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (dollar amounts in thousands) 2016 2015 2014 U.S. federal income tax expense at applicable statutory rate $ 81,513 $ 49,383 $ 49,526 Tax effect of: State income tax expense (benefit) at statutory rates 1,341 894 (985 ) Non-deductible expenses 3,482 4,947 4,943 Share-based compensation (1 ) (684 ) (266 ) Other permanent differences (4,929 ) (5,505 ) (5,563 ) Difference between U.S. federal and foreign tax rates (18,432 ) (13,615 ) (13,677 ) Provision in excess of statutory rates 2,490 2,400 955 Change in federal and foreign valuation allowance (8,163 ) 1,724 4,357 Other 1,494 3,058 725 Total income tax expense $ 58,795 $ 42,602 $ 40,015 Effective tax rate 25.2 % 30.2 % 28.3 % The tax effect of temporary differences and carryforwards that give rise to deferred tax assets and liabilities from continuing operations are as follows: As of December 31, (in thousands) 2016 2015 Deferred tax assets: Tax loss carryforwards $ 34,858 $ 38,335 Share-based compensation 9,252 6,618 Accrued expenses 16,970 15,826 Property and equipment 10,947 6,723 Goodwill and intangible amortization 15,635 20,467 Intercompany notes 12,654 15,365 Accrued revenue 21,005 11,502 Other 12,517 11,369 Gross deferred tax assets 133,838 126,205 Valuation allowance (37,255 ) (48,566 ) Net deferred tax assets 96,583 77,639 Deferred tax liabilities: Intangibles related to purchase accounting (27,974 ) (30,722 ) Goodwill and intangible amortization (14,457 ) (7,615 ) Accrued expenses (24,124 ) (13,563 ) Intercompany notes (2,559 ) (2,587 ) Accrued interest (37,514 ) (29,604 ) Capitalized research and development (9,520 ) (5,014 ) Property and equipment (2,029 ) (5,428 ) Accrued revenue (4,668 ) (4,155 ) Other (4,180 ) (4,413 ) Total deferred tax liabilities (127,025 ) (103,101 ) Net deferred tax liabilities $ (30,442 ) $ (25,462 ) Subsequently recognized tax benefits relating to the valuation allowance for deferred tax assets as of December 31, 2016 are expected to be allocated to income taxes in the Consolidated Statements of Income with the following exception. A $37 million tax benefit of net operating losses generated from share-based compensation has been excluded from the amounts disclosed for tax loss carryforwards and valuation allowances to the extent the benefit would be recognized in equity if realized. As of December 31, 2016 , and 2015 , the Company's U.S. federal and foreign tax loss carryforwards were $231.9 million and $229.2 million , respectively, and U.S. state tax loss carryforwards were $88.1 million and $88.7 million , respectively. In assessing the Company's ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will only realize the benefits of these deductible differences, net of the existing valuation allowances, as of December 31, 2016 . As of December 31, 2016 , the Company had U.S. federal and foreign tax net operating loss carryforwards of $231.9 million , which will expire as follows: (in thousands) Gross Tax Effected Year ending December 31, 2017 $ 1,012 $ 251 2018 350 85 2019 2,421 606 2020 6,777 1,474 2021 5,179 1,173 Thereafter 188,277 59,988 Unlimited 27,868 6,471 Total $ 231,884 $ 70,048 In addition, the Company's state tax net operating loss carryforwards of $88.1 million will expire periodically from 2017 through 2036 . No provision has been made in the accounts as of December 31, 2016 for U.S. federal and state income taxes which would be payable if the gross undistributed earnings of the foreign subsidiaries were distributed to the Company since management has determined that the earnings are permanently reinvested. Gross undistributed earnings reinvested indefinitely in foreign subsidiaries aggregated $997.7 million as of December 31, 2016 . The determination of the amount of unrecognized deferred U.S. income tax liabilities and foreign tax credits, if any, is not practicable to calculate at this time. Accounting for uncertainty in income taxes A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2016 and 2015 is as follows: Year Ended December 31, (in thousands) 2016 2015 Beginning balance $ 16,370 $ 15,028 Additions based on tax positions related to the current year 5,847 3,620 Reductions for tax positions of prior years (255 ) (998 ) Settlements (642 ) (918 ) Statute of limitations expiration (3,332 ) (362 ) Ending balance $ 17,988 $ 16,370 As of December 31, 2016 and 2015 , approximately $15.1 million and $11.5 million , respectively, of the unrecognized tax benefits would impact the Company's provision for income taxes and effective income tax rate, if recognized. Total estimated accrued interest and penalties related to the underpayment of income taxes was $2.1 million and $3.1 million as of December 31, 2016 and 2015 , respectively. The following income tax years remain open in the Company's major jurisdictions as of December 31, 2016 : Jurisdictions Periods U.S. (Federal) 2013 through 2016 Spain 2009 through 2016 Australia 2010 through 2016 U.K. 2009 through 2016 Germany 2009 through 2016 The application of ASC 740-10-25 and -30 requires significant judgment in assessing the outcome of future income tax examinations and their potential impact on the Company's estimated effective income tax rate and the value of deferred tax assets, such as those related to the Company's net operating loss carryforwards. It is reasonably possible that the balance of gross unrecognized tax benefits could significantly change within the next twelve months as a result of the resolution of audit examinations and expirations of certain statutes of limitations and, accordingly, materially affect the Company's operating results. At this time, it is not possible to estimate the range of change due to the uncertainty of potential outcomes. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Valuation and Qualifying Accounts Accounts receivable balances are stated net of allowance for doubtful accounts. Historically, the Company has not experienced significant write-offs. The Company records allowances for doubtful accounts when it is probable that the accounts receivable balance will not be collected. The following table provides a summary of the allowance for doubtful accounts balances and activity for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands) 2016 2015 2014 Beginning balance-allowance for doubtful accounts $ 19,140 $ 20,546 $ 22,079 Additions-charged to expense 6,556 8,209 11,156 Amounts written off (6,839 ) (7,862 ) (10,573 ) Other (primarily changes in foreign currency exchange rates) (488 ) (1,753 ) (2,116 ) Ending balance-allowance for doubtful accounts $ 18,369 $ 19,140 $ 20,546 |
Stock Plans (Note)
Stock Plans (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock Plans The Company has share-based compensation plans (“SCP”) that allow it to grant restricted shares, or options to purchase shares, of Common Stock to certain current and prospective key employees, directors and consultants of the Company. These awards generally vest over periods ranging from three to five years from the date of grant, are generally exercisable during the shorter of a ten-year term or the term of employment with the Company. With the exception of certain awards made to the Company's employees in Germany and Singapore, awards under the SCP are settled through the issuance of new shares under the provisions of the SCP. For Company employees in Germany and Singapore, certain awards are settled through the issuance of treasury shares, which also reduces the number of shares available for future issuance under the SCP. As of December 31, 2016 , the Company has approximately 3.9 million in total shares remaining available for issuance under the SCP. Share-based compensation expense was $15.0 million , $12.8 million and $12.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, and was recorded in salaries and benefits expense in the accompanying Consolidated Statements of Income. The Company recorded a tax benefit of $1.0 million , $0.7 million and $0.8 million during the years ended December 31, 2016 , 2015 and 2014 , respectively, for the portion of this expense that relates to foreign tax jurisdictions in which an income tax benefit is expected to be derived. Stock options Summary stock options activity is presented in the table below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) Balance at December 31, 2015 (1,907,094 shares exercisable) 3,226,221 $ 31.40 Granted 336,472 $ 73.69 Exercised (215,378 ) $ 19.02 Forfeited/Canceled (36,339 ) $ 58.43 Balance at December 31, 2016 3,310,976 $ 36.20 5.9 $ 121,073 Exercisable at December 31, 2016 2,154,790 $ 21.95 4.5 $ 108,910 Vested and expected to vest at December 31, 2016 3,124,174 $ 34.38 5.7 $ 119,818 Options outstanding that are expected to vest are net of estimated future forfeitures. The Company received cash of $4.1 million , $7.8 million and $9.1 million in connection with stock options exercised in the years ended December 31, 2016 , 2015 and 2014 , respectively. The intrinsic value of these options exercised was $12.3 million , $22.8 million and $18.2 million in the years ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 , unrecognized compensation expense related to nonvested stock options that are expected to vest totaled $19.4 million and will be recognized over the next 5 years, with an overall weighted-average period of 3.8 years. The following table provides the fair value of options granted under the SCP during 2016 , 2015 and 2014 , together with a description of the assumptions used to calculate the fair value using the Black-Scholes-Merton option-pricing model: Year ended December 31, 2016 2015 2014 Volatility 33.3 % 32.7 % 32.8 % Risk-free interest rate - weighted average 2.0 % 1.7 % 1.7 % Risk-free interest rate - range 1.29% to 2.01% 1.71% to 1.75% 1.67% to 1.88% Dividend yield — % — % — % Assumed forfeitures 8.0 % 8.0 % 8.0 % Expected lives 5.5 years 5.4 years 5.5 years Weighted-average fair value (per share) $ 25.29 $ 24.29 $ 18.57 Restricted stock Restricted stock awards vest based on the achievement of time-based service conditions and/or performance-based conditions. For certain awards, vesting is based on the achievement of more than one condition of an award with multiple time-based and/or performance-based conditions. Summary restricted stock activity is presented in the table below: Number of Shares Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2015 572,828 $ 47.54 Granted 125,259 $ 73.86 Vested (190,511 ) $ 32.09 Forfeited (12,708 ) $ 57.13 Nonvested at December 31, 2016 494,868 $ 59.90 The fair value of shares vested in the years ended December 31, 2016 , 2015 and 2014 was $13.3 million , $19.9 million and $14.9 million , respectively. As of December 31, 2016 , there was $10.3 million of total unrecognized compensation cost related to unvested time-based restricted stock, which is expected to be recognized over a weighted-average period of 3.8 years. As of December 31, 2016 , there was $8.6 million of total unrecognized compensation costs related to unvested performance-based restricted stock, which is expected to be recognized based on Company performance over a weighted-average period of 1.8 years. The weighted average grant date fair value of restricted stock granted during the years ended December 31, 2016 , 2015 and 2014 was $73.86 , $72.52 and $53.12 per share, respectively. Employee stock purchase plan The Company has a qualified Employee Stock Purchase Plan (the “ESPP”), which allows qualified employees (as defined by the plan documents) to participate in the purchase of rights to purchase designated shares of the Company's Common Stock at a price equal to the lower of 85% of the closing price at the beginning or end of each quarterly offering period. The Company reserved 1,000,000 shares of Common Stock for purchase under the ESPP. Pursuant to the ESPP, during the years ended December 31, 2016 , 2015 and 2014 , the Company issued 34,658 , 54,421 and 50,470 rights, respectively, to purchase shares of Common Stock at a weighted average price per share of $59.69 , $52.62 and $38.04 , respectively. The grant date fair value of the option to purchase shares at the lower of the closing price at the beginning or end of the quarterly period, plus the actual total discount provided, are recorded as compensation expense. Total compensation expense recorded was $0.5 million , $0.7 million , and $0.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The following table provides the weighted-average fair value of the ESPP stock purchase rights during the years ended December 31, 2016 , 2015 and 2014 and the assumptions used to calculate the fair value using the Black-Scholes-Merton option-pricing model: Year Ended December 31, 2016 2015 2014 Volatility - weighted average 36.3 % 30.6 % 32.6 % Volatility - range 20.0% to 50.1% 25.9% to 41.9% 26.6% to 43.4% Risk-free interest rate - weighted average 0.24 % 0.01 % 0.03 % Risk-free interest rate - range 0.22% to 0.29% 0.00% to 0.03% 0.02% to 0.05% Dividend yield — % — % — % Expected lives 3 months 3 months 3 months Weighted-average fair value (per share) $ 14.42 $ 12.44 $ 9.16 |
Segment Information (Note)
Segment Information (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | Business Segment Information Euronet’s reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting (“ASC 280”) . The Company currently operates in the following three reportable operating segments: 1) Through the EFT Processing Segment, the Company processes transactions for a network of ATMs and POS terminals across Europe, the Middle East and Asia Pacific. The Company provides comprehensive electronic payment solutions consisting of ATM cash withdrawal services, ATM network participation, outsourced ATM and POS management solutions, credit and debit card outsourcing, dynamic currency conversion and other value added services. Through this segment, the Company also offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. 2) Through the epay Segment, the Company provides distribution, processing and collection services for prepaid mobile airtime and other electronic payment products in Europe, the Middle East, Asia Pacific, the United States and South America. 3) Through the Money Transfer Segment, the Company provides global money transfer services under the brand names, Ria, HiFX, IME and xe. Ria and IME provide global consumer-to-consumer money transfer services through a network of sending agents, Company-owned stores and Company-owned websites, disbursing money transfers through a worldwide correspondent network. HiFX offers account-to-account international payment services to high-income individuals and small-to-medium sized businesses. xe is a provider of foreign currency exchange information and offers money transfers on its currency data websites. The Company also offers customers bill payment services, payment alternatives such as money orders and prepaid debit cards, comprehensive check cashing services, foreign currency exchange services and mobile top-up. The Company provides cash management solutions and foreign currency risk management services to small-to-medium sized businesses under the brand name HiFM. In addition, the Company accounts for non-operating activity, share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in its administrative division, “Corporate Services, Eliminations and Other.” These services are not directly identifiable with the Company’s reportable operating segments. The following tables present the Company’s reportable segment results for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, 2016 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 464,254 $ 693,986 $ 801,919 $ (1,544 ) $ 1,958,615 Operating expenses: Direct operating costs 224,793 528,774 422,508 (1,530 ) 1,174,545 Salaries and benefits 51,822 51,378 155,471 29,749 288,420 Selling, general and administrative 30,399 34,517 93,219 7,213 165,348 Depreciation and amortization 40,084 11,075 29,195 175 80,529 Total operating expenses 347,098 625,744 700,393 35,607 1,708,842 Operating income (expense) $ 117,156 $ 68,242 $ 101,526 $ (37,151 ) $ 249,773 Other income (expense) Interest income 1,696 Interest expense (28,332 ) Foreign currency exchange loss, net (10,200 ) Other gains 19,956 Total other expense, net (16,880 ) Income before income taxes $ 232,893 Segment assets as of December 31, 2016 $ 786,166 $ 733,514 $ 1,136,722 $ 56,470 $ 2,712,872 Property and equipment, net as of December 31, 2016 $ 139,161 $ 23,939 $ 38,954 $ 91 $ 202,145 For the Year Ended December 31, 2015 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 379,523 $ 708,373 $ 685,635 $ (1,269 ) $ 1,772,262 Operating expenses: Direct operating costs 182,136 542,747 358,154 (1,188 ) 1,081,849 Salaries and benefits 45,364 49,752 137,077 26,969 259,162 Selling, general and administrative 25,822 38,272 85,096 7,195 156,385 Depreciation and amortization 31,807 11,163 26,650 405 70,025 Total operating expenses 285,129 641,934 606,977 33,381 1,567,421 Operating income (expense) $ 94,394 $ 66,439 $ 78,658 $ (34,650 ) $ 204,841 Other income (expense) Interest income 2,170 Interest expense (24,814 ) Foreign currency exchange loss, net (41,418 ) Other gains 315 Total other expense, net (63,747 ) Income before income taxes $ 141,094 Segment assets as of December 31, 2015 $ 469,351 $ 646,000 $ 1,040,737 $ 36,626 $ 2,192,714 Property and equipment, net as of December 31, 2015 $ 99,798 $ 24,834 $ 32,591 $ 145 $ 157,368 For the Year Ended December 31, 2014 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 358,636 $ 783,781 $ 523,150 $ (1,417 ) $ 1,664,150 Operating expenses: Direct operating costs 163,590 607,866 263,253 (1,230 ) 1,033,479 Salaries and benefits 47,148 56,402 115,419 24,251 243,220 Selling, general and administrative 25,730 42,542 77,305 11,688 157,265 Depreciation and amortization 30,847 15,901 24,432 275 71,455 Total operating expenses 267,315 722,711 480,409 34,984 1,505,419 Operating income (expense) $ 91,321 $ 61,070 $ 42,741 $ (36,401 ) $ 158,731 Other income (expense) Interest income 2,549 Interest expense (12,330 ) Foreign currency exchange loss, net (5,646 ) Other losses, net (1,801 ) Total other expense, net (17,228 ) Income before income taxes $ 141,503 Segment assets as of December 31, 2014 $ 390,394 $ 753,962 $ 835,977 $ 58,114 $ 2,038,447 Property and equipment, net as of December 31, 2014 $ 72,749 $ 24,859 $ 27,528 $ 171 $ 125,307 Total revenues for the years ended December 31, 2016 , 2015 and 2014 , and property and equipment and total assets as of December 31, 2016 and 2015 , summarized by geographic location, were as follows: Revenues Property and Equipment, net Total Assets For the year ended December 31, as of December 31, as of December 31, (in thousands) 2016 2015 2014 2016 2015 2016 2015 United States $ 548,877 $ 529,467 $ 440,166 $ 25,837 $ 24,693 $ 373,303 $ 350,583 Germany 409,590 377,170 389,060 16,852 14,946 404,733 347,893 United Kingdom 131,826 124,485 124,839 15,279 5,600 422,298 315,347 Poland 115,269 105,129 113,837 60,027 57,287 187,686 106,691 Spain 82,921 62,086 59,949 13,796 9,756 95,304 74,598 Australia 77,198 77,643 89,430 3,153 2,434 82,377 89,538 India 75,243 78,783 72,736 7,907 5,518 66,741 62,409 Italy 72,591 56,896 58,970 7,285 3,596 110,888 88,683 Malaysia 53,787 28,518 — 3,471 3,293 129,023 114,547 New Zealand 40,890 56,735 32,967 2,810 2,382 203,300 163,574 Other 350,423 275,350 282,196 45,728 27,863 637,219 478,851 Total foreign 1,409,738 1,242,795 1,223,984 176,308 132,675 2,339,569 1,842,131 Total $ 1,958,615 $ 1,772,262 $ 1,664,150 $ 202,145 $ 157,368 $ 2,712,872 $ 2,192,714 Revenues are attributed to countries based on location of the customer, with the exception of software sales made by the Company's software subsidiary, which are attributed to the U.S. |
Fair Value Measurements (Note)
Fair Value Measurements (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | Financial Instruments and Fair Value Measurements Concentrations of credit risk The Company's credit risk primarily relates to trade accounts receivable and cash and cash equivalents. The EFT Processing Segment's customer base includes the most significant international card organizations and certain banks in its markets. The epay Segment's customer base is diverse and includes several major retailers and/or distributors in markets that they operate. The Money Transfer Segment trade accounts receivable are primarily due from independent agents that collect cash from customers on the Company's behalf and generally remit the cash within one week. The Company performs ongoing evaluations of its customers' financial condition and limits the amount of credit extended, or purchases credit enhancement protection, when deemed necessary, but generally requires no collateral. See Note 14, Valuation and Qualifying Accounts, for further disclosure. The Company invests excess cash not required for use in operations primarily in high credit quality, short-term duration securities that the Company believes bear minimal risk. Fair value measurements Fair value measurements used in the consolidated financial statements are based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: • Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. • Level 3 – Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the inputs that market participants would use in pricing. The following table details financial assets measured and recorded at fair value on a recurring basis: As of December 31, 2016 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 75,307 $ — $ 75,307 Liabilities Foreign currency exchange contracts Other current liabilities $ — (63,772 ) $ — $ (63,772 ) As of December 31, 2015 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 37,034 $ — $ 37,034 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (25,891 ) $ — $ (25,891 ) The carrying amounts of cash and cash equivalents, trade accounts receivable, trade accounts payable and short-term debt obligations approximate fair values due to their short maturities. The carrying values of the Company’s term loan due 2019 and revolving credit agreements approximate fair values because interest is based on the London Inter-Bank Offered Rate ("LIBOR") that resets at various intervals of less than one year. The Company estimates the fair value of the convertible notes using quoted prices in inactive markets for identical liabilities (Level 2). As of December 31, 2016 and 2015 , the fair values of the convertible notes were $475.1 million and $509.7 million , respectively, with carrying values of $358.3 million and $347.9 million , respectively. |
Litigation and Contingencies (N
Litigation and Contingencies (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | Litigation and Contingencies From time to time, the Company is a party to legal and regulatory proceedings arising in the ordinary course of its business. Currently, there are no legal proceedings or regulatory findings that management believes, either individually or in the aggregate, would have a material adverse effect upon the consolidated financial statements of the Company. In accordance with U.S. GAAP, the Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case |
Commitments (Note)
Commitments (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
GUARANTEES | Commitments As of December 31, 2016 , the Company had $68.2 million of stand-by letters of credit/bank guarantees issued on its behalf, of which $2.9 million are collateralized by cash deposits held by the respective issuing banks. Under certain circumstances, the Company grants guarantees in support of obligations of subsidiaries. As of December 31, 2016 , the Company granted off balance sheet guarantees for cash in various ATM networks amounting to $17.5 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $4.3 million over the terms of the agreements with the customers. We have other guarantees with maximum future potential payment amounts totaling approximately $395.2 million , which consist primarily of payment guarantees and guarantees for trade credit. Each of the Company's subsidiaries, once they reach a certain size, is required under the Credit Facility to provide a guarantee of all or a portion of the outstanding obligations under the Credit Facility depending upon whether the subsidiary is a domestic or foreign entity. From time to time, the Company enters into agreements with unaffiliated parties that contain indemnification provisions, the terms of which may vary depending on the negotiated terms of each respective agreement. The amount of such potential obligations is generally not stated in the agreements. Euronet's liability under such indemnification provisions may be mitigated by relevant insurance coverage and may be subject to time and materiality limitations, monetary caps and other conditions and defenses. Such indemnification obligations include the following: • In connection with contracts with financial institutions in the EFT Processing Segment, the Company is responsible for damage to ATMs and theft of ATM network cash that, generally, is not recorded on the Company’s Consolidated Balance Sheets. As of December 31, 2016 , the balance of cash used in the Company's ATM networks for which the Company was responsible was approximately $340.0 million . The Company maintains insurance policies to mitigate this exposure; • In connection with contracts with financial institutions in the EFT Processing Segment, the Company is responsible for losses suffered by its customers and other parties as a result of the breach of its computer systems, including in particular, losses arising from fraudulent transactions made using information stolen through its processing systems. The Company maintains insurance policies to mitigate this exposure; • In connection with the license of proprietary systems to customers, the Company provides certain warranties and infringement indemnities to the licensee, which generally warrant that such systems do not infringe on intellectual property owned by third parties and that the systems will perform in accordance with their specifications; • Euronet has entered into purchase and service agreements with vendors and consulting agreements with providers of consulting services, pursuant to which the Company has agreed to indemnify certain of such vendors and consultants, respectively, against third-party claims arising from the Company’s use of the vendor’s product or the services of the vendor or consultant; • In connection with acquisitions and dispositions of subsidiaries, operating units and business assets, the Company has entered into agreements containing indemnification provisions, which can be generally described as follows: (i) in connection with acquisitions of operating units or assets made by Euronet, the Company has agreed to indemnify the seller against third party claims made against the seller relating to the operating unit or asset and arising after the closing of the transaction, and (ii) in connection with dispositions made by Euronet, Euronet has agreed to indemnify the buyer against damages incurred by the buyer due to the buyer’s reliance on representations and warranties relating to the subject subsidiary, operating unit or business assets in the disposition agreement if such representations or warranties were untrue when made; and • Euronet has entered into agreements with certain third parties, including banks that provide fiduciary and other services to Euronet or to the Company’s benefit plans. Under such agreements, the Company has agreed to indemnify such service providers for third-party claims relating to carrying out their respective duties under such agreements. The Company is also required to meet minimum capitalization and cash requirements of various regulatory authorities in the jurisdictions in which the Company has money transfer operations. The Company has obtained surety bonds in compliance with money transfer licensing requirements of the applicable governmental authorities. To date, the Company is not aware of any significant claims made by the indemnified parties or third parties to guarantee agreements with the Company and, accordingly, no liabilities were recorded as of December 31, 2016 or 2015 . |
Related Party Transactions (Not
Related Party Transactions (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions The Company leases airplanes from companies partially owned by Mr. Michael J. Brown, Euronet's Chief Executive Officer, President and Chairman of the Board of Directors. The airplanes are leased for business use on a per flight hour basis at competitive commercial rates with no minimum usage requirement. Euronet incurred expenses of $0.3 million , $0.3 million and $0.4 million during the years ended December 31, 2016 , 2015 and 2014 , respectively, for the use of these airplanes. In June 2014, the Company signed an ATM operating agreement with Rontec Ltd., a U.K. company in which Gerald Ronson holds a majority of the shares. Mr. Ronson is the father-in-law of Paul Althasen, one of the Company's directors. This is a commercial agreement under which the Company leases ATM sites from Rontec Ltd. at rates which it considers to be competitive commercial rates. The Company paid $0.1 million under this agreement in each of 2016, 2015 and 2014. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) (Note) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Data [Abstract] | |
Quarterly Financial Information [Text Block] | Selected Quarterly Data (Unaudited) (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter For the Year Ended December 31, 2016 Revenues $ 437,894 $ 476,867 $ 524,025 $ 519,829 Operating income $ 41,889 $ 59,310 $ 90,468 $ 58,106 Net income $ 29,084 $ 55,577 $ 60,782 $ 28,655 Net income attributable to Euronet Worldwide, Inc. $ 29,094 $ 55,677 $ 60,733 $ 28,911 Earnings per common share: Basic $ 0.55 $ 1.07 $ 1.16 $ 0.55 Diluted $ 0.53 $ 1.04 $ 1.11 $ 0.54 For the Year Ended December 31, 2015 Revenues $ 395,162 $ 425,148 $ 481,373 $ 470,579 Operating income $ 32,163 $ 47,180 $ 70,274 $ 55,224 Net income $ 7,125 $ 26,521 $ 31,324 $ 33,522 Net income attributable to Euronet Worldwide, Inc. $ 7,178 $ 26,809 $ 31,334 $ 33,487 Earnings per common share: Basic $ 0.14 $ 0.52 $ 0.60 $ 0.63 Diluted $ 0.13 $ 0.50 $ 0.57 $ 0.61 |
Significant Accounting Policies
Significant Accounting Policies and Practices (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currencies Assets and liabilities denominated in currencies other than the functional currency of a subsidiary are remeasured at rates of exchange on the balance sheet date. Resulting gains and losses on foreign currency transactions are included in the Consolidated Statements of Income. The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated to U.S. dollars using (i) exchange rates in effect at period end for assets and liabilities, and (ii) weighted average exchange rates during the period for revenues and expenses. Adjustments resulting from translation of such financial statements are reflected in accumulated other comprehensive income (loss) as a separate component of consolidated equity. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents The Company considers all highly liquid investments, with an original maturity of three months or less, and certificates of deposit, which may be withdrawn at any time at the discretion of the Company without penalty, to be cash equivalents. |
Inventory, Policy [Policy Text Block] | Inventory - PINs and other Inventory - PINs and other is valued at the lower of cost or market value and primarily represents prepaid personal identification number (“PIN”) inventory for prepaid mobile airtime related to the epay Segment. PIN inventory is generally managed on a specific identification basis that approximates first in, first out for the respective denomination of prepaid mobile airtime sold. Inventory also includes vouchers, merchandise for physical reward fulfillment and other electronic payment products. Additionally, from time to time, Inventory - PINs and other may include ATMS, POS terminals, and mobile phone handsets held by the Company for resale. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Property and equipment acquired in acquisitions have been recorded at estimated fair values as of the acquisition date. Depreciation is generally calculated using the straight-line method over the estimated useful lives of the respective assets. Depreciation and amortization rates are generally as follows: ATMs or ATM upgrades 5 - 7 years Computers and software 3 - 5 years POS terminals 3 - 5 years Vehicles and office equipment 3 - 10 years Leasehold improvements Over the lesser of the lease term or estimated useful life |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and other intangible assets The Company accounts for goodwill and other intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Intangibles - Goodwill and Other (“ASC 350”). ASC 350 requires that the Company test for impairment on an annual basis and whenever events or circumstances dictate. Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment. ASC 350 provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the existing two-step quantitative impairment test (described below), otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The Company has a policy for its annual review of goodwill to perform the qualitative assessment for all reporting units not subjected directly to the two-step quantitative impairment test. Under the qualitative assessment, various events and circumstances (or factors) that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators). These factors are then classified by the type of impact they would have on the estimated fair value using positive, neutral, and adverse categories based on current business conditions. Furthermore, the Company considers the results of the most recent two-step quantitative impairment test completed for a reporting unit and compares, among other factors, the weighted average cost of capital ("WACC") between the current and prior years for each reporting unit. Under the two-step quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. The Company uses weighted results from the discounted cash flow model ("DCF model") and guideline public company method ("Market Approach model") to estimate the current fair value of its reporting units when testing for impairment, as management believes forecasted cash flows and EBITDA are the best indicator of such fair value. A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including sales volumes and gross margins, tax rates, capital spending, discount rates and working capital changes. Most of these assumptions vary significantly among the reporting units. Significant assumptions in the Market Approach model are projected EBITDA, selected market multiple, and the estimated control premium. In the event the estimated fair value of a reporting unit is less than the carrying value, additional analysis is required. The additional analysis would compare the carrying amount of the reporting unit's goodwill with the implied fair value of that goodwill. The implied fair value of goodwill is the excess of the fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of that unit as if the reporting unit was acquired in a business combination and the fair value of the reporting unit represented the purchase price. If the carrying value of goodwill exceeds its implied fair value, an impairment loss equal to such excess would be recognized. The Company completed its annual goodwill impairment test in the fourth quarter of 2016. It determined, after performing a qualitative review of each reporting unit, that it is more likely than not that the fair value of each of our reporting units exceeds the respective carrying amounts. Accordingly, there was no indication of impairment, and the two-step goodwill impairment test was not performed. Other Intangible Assets - In accordance with ASC 350, intangible assets with finite lives are amortized over their estimated useful lives. Unless otherwise noted, amortization is calculated using the straight-line method over the estimated useful lives of the assets as follows: Non-compete agreements 2 - 5 years Trademarks and trade names 2 - 20 years Software 3 - 10 years Customer relationships 6 - 20 years The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment of long-lived assets was recorded during 2016, 2015 or 2014. See Note 8, Goodwill and Acquired Intangible Assets, Net, for additional information regarding the impairment of goodwill and other intangible assets. |
Other assets policy [Policy Text Block] | Other assets Other assets include investments in unconsolidated affiliates, capitalized software development costs and capitalized payments for new or renewed contracts, contract renewals and customer conversion costs. Euronet capitalizes initial payments for new or renewed contracts to the extent recoverable through future operations, contractual minimums and/or penalties in the case of early termination. The Company's accounting policy is to limit the amount of capitalized costs for a given contract to the lesser of the estimated ongoing net future cash flows related to the contract or the termination fees the Company would receive in the event of early termination of the contract by the customer. The Company accounts for investments in affiliates using the equity method of accounting when it has the ability to exercise significant influence over the affiliate, but does not have a controlling interest. Equity losses in affiliates are generally recognized until the Company's investment is zero. As of December 31, 2016 and 2015, the Company had no material investments in unconsolidated affiliates. |
Debt, Policy [Policy Text Block] | Convertible notes The Company accounts for its convertible debt instruments that may be settled in cash upon conversion in accordance with ASC Topic 470, Debt (“ASC 470”), which requires the proceeds from the issuance of such convertible debt instruments to be allocated between debt and equity components so that debt is discounted to reflect the Company's nonconvertible debt borrowing rate. Further, the Company applies ASC 470-20-35-13, which requires the debt discount to be amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. |
Consolidation, Policy [Policy Text Block] | Noncontrolling interests The Company accounts for noncontrolling interests in its consolidated financial statements according to ASC Topic 810, Consolidations (“ASC 810”), which requires noncontrolling interests to be reported as a component of equity. |
Business Combinations Policy [Policy Text Block] | Business combinations The Company accounts for business combinations in accordance with ASC Topic 805, Business Combinations (“ASC 805”), which requires most identifiable assets, liabilities, noncontrolling interests and goodwill acquired in a business combination to be recorded at “full fair value” at the acquisition date. Transaction-related costs are expensed in the period incurred. |
Income Tax, Policy [Policy Text Block] | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with ASC Topic 740, Income Taxes (“ASC 740”), the Company's policy is to record estimated interest and penalties related to the underpayment of income taxes as income tax expense in the Consolidated Statements of Income. See Note 13, Taxes, for further discussion regarding these provisions. |
Presentation of taxes collected and remitted to government authorities policy [Policy Text Block] | Presentation of taxes collected and remitted to governmental authorities The Company presents taxes collected and remitted to governmental authorities on a net basis in the accompanying Consolidated Statements of Income. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value measurements The Company applies the provisions of ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), regarding fair value measurements for assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. The provisions apply whenever other accounting pronouncements require or permit fair value measurements. See Note 17, Financial Instruments and Fair Value Measurements, for the required fair value disclosures. |
Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block] | Accounting for derivative instruments and hedging activities The Company accounts for derivative instruments and hedging activities in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”), which requires that all derivative instruments be recognized as either assets or liabilities on the balance sheet at fair value. Primarily in the Money Transfer Segment, the Company enters into foreign currency derivative contracts, mainly forward contracts, to offset foreign currency exposure related to money transfer settlement assets and liabilities in currencies other than the U.S. dollar, derivative contracts written to its customers arising from its cross-currency money transfer services and certain assets and liability positions denominated in currencies other than the U.S. dollar . These contracts are considered derivative instruments under the provisions of ASC 815; however, the Company does not designate such instruments as hedges for accounting purposes. Accordingly, changes in the value of these contracts are recognized immediately as a component of foreign currency exchange gain (loss), net in the Consolidated Statements of Income. Cash flows resulting from derivative instruments are included in operating activities in the Company's Consolidated Statements of Cash Flows. The Company enters into derivative instruments with highly credit-worthy financial institutions and does not use derivative instruments for trading or speculative purposes. See Note 11, Derivative Instruments and Hedging Activities, for further discussion of derivative instruments. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collection is reasonably assured. The majority of the Company's revenues are comprised of monthly recurring management fees and transaction-based fees. A description of the major components of revenue by business segment is as follows: EFT Processing - Revenues in the EFT Processing Segment are primarily derived from transaction and management fees and foreign currency exchange margin from owned and outsourced ATM, POS and card processing networks and from the sale of EFT software solutions for electronic payment and transaction delivery systems, and fees or margin earned from value added services, including dynamic currency conversion. Transaction-based fees include charges for cash withdrawals, debit or credit card transactions, balance inquiries, transactions not completed because the relevant card issuer does not give authorization and prepaid mobile airtime recharges. Outsourcing services are generally billed on the basis of a fixed monthly fee per ATM, plus a transaction-based fee. Transaction-based fees are recognized at the time the transactions are processed and outsourcing management fees are recognized ratably over the contract period. Certain of the Company's non-cancelable customer contracts provide for the receipt of up-front fees from the customer and/or decreasing or increasing fee schedules over the agreement term for substantially the same level of services to be provided by the Company. The Company recognizes revenue under these contracts based on proportional performance of services over the term of the contract. This generally results in “straight-line” (i.e., consistent value per period) revenue recognition of the contracts' total cash flows, including any up-front payment received from the customer. Revenues from the sale of EFT software solutions represent software license fees, professional installation and customization fees, ongoing software maintenance fees, hardware sales and transaction fees. The Company recognizes professional service fee revenue in accordance with the provisions of ASC Topic 985, Software (“ASC 985”) and ASC Topic 605, Revenue Recognition (“ASC 605”) . ASC 985 generally requires revenue earned on software arrangements involving multiple elements to be allocated to each element based on the relative fair values of those elements. Revenues from software licensing agreement contracts are recognized over the professional services portion of the contract term using the percentage-of-completion method, following the guidance in ASC 605, as prescribed by ASC 985. Software maintenance revenue is recognized over the contractual period or as the maintenance-related service is performed. Revenues from the sale of hardware are generally recognized when title passes to the customer. epay - Revenue generated in the epay Segment is primarily derived from commissions or processing fees associated with distribution and/or processing of prepaid mobile airtime and other electronic payment products. These fees and commissions are received from mobile phone and other telecommunication operators, top-up distributors, other product vendors or distributors or from retailers. In accordance with ASC 605, commissions received are recognized as revenue during the period in which the Company provides the service. The portion of the commission that is paid to retailers is generally recorded as a direct operating cost. However, in circumstances where the Company is not the primary obligor in the distribution of the electronic payment products, those commissions are recorded as a reduction of revenue. In selling certain products, the Company is the primary obligor in the arrangements; accordingly, the gross sales value of the products are recorded as revenue and the purchase cost as direct operating cost. Transactions are processed through a network of POS terminals and direct connections to the electronic payment systems of retailers. Transaction processing fees are recognized at the time the transactions are processed. Money Transfer - In accordance with ASC 605, revenues for money transfer and other services represent a transaction fee in addition to a margin earned from purchasing currency at wholesale exchange rates and selling the currency to customers at retail exchange rates. Revenues and the associated direct operating cost are recognized at the time the transaction is processed. The Company has origination and distribution agents in place, which each earn a fee for the respective service. These fees are reflected as direct operating costs. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation The Company follows the provisions of ASC Topic 718, Compensation - Stock Compensation (“ASC 718”), for equity classified awards, which requires the determination of the fair value of the share-based compensation at the grant date and subsequent recognition of the related expense over the period in which the share-based compensation is earned (“requisite service period”). The amount of future compensation expense related to awards of nonvested shares or nonvested share units (“restricted stock”) is based on the market price for Euronet Common Stock at the grant date. The grant date is the date at which all key terms and conditions of the grant have been determined and the Company becomes contingently obligated to transfer equity to the employee who renders the requisite service, generally the date at which grants are approved by the Company's Board of Directors or Compensation Committee thereof. Share-based compensation expense for awards with only service conditions is generally recognized as expense on a “straight-line” basis over the requisite service period. For awards that vest based on achieving periodic performance conditions, expense is recognized on a “graded attribution method.” The graded attribution method results in expense recognition on a straight-line basis over the requisite service period for each separately vesting portion of an award. The Company has elected to use the “with and without method” when calculating the income tax benefit associated with its share-based payment arrangements. See Note 15, Stock Plans, for further disclosure. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently issued accounting pronouncements In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The ASU simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The amendments of this ASU are effective for reporting periods beginning after December 15, 2019. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business . The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash , which provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. Restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. Other than the revised statement of cash flows presentation of restricted cash, the adoption of this ASU is not expected to have an impact on the Company’s consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . The amendments in this ASU state that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory, such as intellectual property and property and equipment, when the transfer occurs. This is a change from current GAAP, which requires companies to defer the income tax effects of intercompany transfers of assets until the asset has been sold to an outside party or otherwise recognized (i.e., depreciation, amortization, or impairment). The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which addresses eight specific issues on how certain cash receipts and cash payments are presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is evaluating the new guidance, but does not expect it to have a significant impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) , which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718) : Improvements to Employee Share-Based Payment Accounting , which addresses how companies account for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the statement of income when the awards vest or are settled, and to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity. The ASU also addresses such areas as an accounting policy election for forfeitures and the amount an employer can withhold to cover income taxes and still qualify for equity classification. The amendments in this ASU will be effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815), Contingent Put and Call Options in Debt Instruments . The new standard clarifies that an entity is required to assess whether the economic characteristics and risks of embedded put or call options are clearly and closely related to those of their debt hosts only in accordance with the four-step decision sequence in ASC 815, Derivatives and Hedging. For contingently exercisable put or call options, an entity does not have to assess whether the event that triggers the ability to exercise a put or call option is related to interest rates or credit risk of the entity. The ASU does not change the existing criteria for determining when bifurcation of an embedded put or call option in a debt instrument is required. The amendments of this ASU are effective for annual periods beginning after December 15, 2016, with early adoption permitted. Entities are required to apply the guidance to existing debt instruments using a modified retrospective transition method as of the period of adoption. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-04, Recognition of Breakage for Certain Prepaid Stored-Value Products . The new standard specifies that liabilities within its scope are considered to be financial liabilities, and amends the guidance in ASC 405-20, Extinguishments of Liabilities , by directing entities to derecognize prepaid stored-value product liabilities based on expected breakage in proportion to the pattern of rights expected to be exercised by the consumer. Derecognition for breakage is permitted only to the extent that it is probable that a significant reversal of recognized breakage will not subsequently occur. The new standard is consistent with the breakage guidance in the new revenue standard. The ASU is effective for annual periods beginning after December 15, 2017, and is applied either using a modified retrospective transition method or retrospectively. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a significant impact on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which will update the existing guidance on accounting for leases and require new qualitative and quantitative disclosures about the Company’s leasing activities. The new standard requires lessees to account for all leases on the balance sheet, except for certain short-term leases that have a maximum possible lease term of 12 months. The accounting for lessors is largely unchanged from the previous accounting guidance, except for leverage lease accounting which is not permitted for leases entered into or modified after the effective date of the new standard. The new standard is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods, with early adoption permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that the Company may elect to apply. The Company is currently evaluating the expected impact of the adoption of this standard on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company does not expect that the adoption of this standard will have a significant impact on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In July 2015, the FASB approved a one-year deferral of the effective date of the new revenue recognition standard. The new standard will become effective for the Company on January 1, 2018.The standard permits the use of either the full retrospective or modified retrospective transition method. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue versus Net) . In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing . In May 2016, the FASB issued ASU 2016-11, Revenue from Contracts with Customers (Topic 606) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of ASU 2014-09 and 2014-16, and ASU 2016-12, Revenue from Contracts with Customers (Topic 606) - Narrow Scope Improvements and Practical Expedient s. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (Topic 606) . These ASUs clarify the implementation guidance on a few narrow areas, make minor corrections and adds some practical expedients to the guidance in Topic 606. The Company has performed a review of the requirements of the new revenue standards and is in the process of reviewing customer contracts under the new standard. The Company plans to adopt these ASUs on January 1, 2018 and expects to apply the modified retrospective transition method, which would result in an adjustment to the opening balance of retained earnings for the cumulative effect, as appropriate, of initially applying the standards at the date of initial application. The Company is currently evaluating what effect, if any, the new revenue standards will have on its consolidated financial statements and related disclosures. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table provides the computation of diluted weighted average number of common shares outstanding: Year Ended December 31, 2016 2015 2014 Computation of diluted weighted average shares outstanding: Basic weighted average shares outstanding 52,276,951 52,274,573 51,757,867 Incremental shares from assumed exercise of stock options and vesting of restricted stock 1,705,224 1,783,199 2,143,173 Incremental shares from assumed conversion of convertible debentures 18,904 18,904 — Diluted weighted average shares outstanding 54,001,079 54,076,676 53,901,040 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
YourCash [Member] | ||
Business Acquisition [Line Items] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date. (in thousands) As of October 3, 2016 Cash and cash equivalents $ 5,223 Restricted cash 12,351 Other current assets 2,394 Property and equipment 12,514 Intangible assets 24,571 Total assets acquired 57,053 Trade accounts payable (3,323 ) Short-term borrowings (12,535 ) Accrued expenses and other current liabilities (5,077 ) Deferred tax liabilities (5,462 ) Other long-term liabilities (475 ) Total liabilities assumed (26,872 ) Goodwill 32,429 Net assets acquired $ 62,610 | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The intangible assets of YourCash are being amortized on a straight-line basis, and the estimated fair values consist of the following: (in thousands) Fair Value Estimated Useful Life Customer relationships $ 23,506 14 - 20 years Trade names 428 2 years Non-compete agreements 637 3 years Total intangible assets $ 24,571 | |
XE [Member] | ||
Business Acquisition [Line Items] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date. (in thousands) As of July 2, 2015 Cash and cash equivalents $ 1,872 Other current assets 1,294 Intangible assets 19,269 Other long-term assets 341 Deferred tax assets 161 Total assets acquired 22,937 Trade accounts payable (26 ) Accrued expenses and other current liabilities (11,824 ) Other long-term liabilities (571 ) Total liabilities assumed (12,421 ) Goodwill 109,460 Net assets acquired $ 119,976 | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The intangible assets of xe are being amortized on a straight-line basis, and the estimated fair values consist of the following: (in thousands) Fair Value Estimated Useful Life Proprietary software $ 2,051 5 years Customer relationships 13,765 8 years Trade names 3,237 20 years Non-compete agreements 216 3 years Total intangible assets $ 19,269 | |
IME [Member] | ||
Business Acquisition [Line Items] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date. (in thousands) As of June 17, 2015 Cash and cash equivalents $ 33,279 Other current assets 21,566 Intangible assets 36,250 Other long-term assets 5,327 Total assets acquired 96,422 Trade accounts payable (2,766 ) Accrued expenses and other current liabilities (2,743 ) Settlement obligations and customer deposits (30,540 ) Deferred tax liabilities (9,063 ) Other long-term liabilities (858 ) Total liabilities assumed (45,970 ) Goodwill 31,443 Net assets acquired $ 81,895 | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The intangible assets of IME are being amortized on a straight-line basis, and the estimated fair values consist of the following: (in thousands) Fair Value Estimated Useful Life Customer relationships $ 35,360 8 years Trade names 450 2 years Non-compete agreements 440 5 years Total intangible assets $ 36,250 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
RESTRICTED CASH [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | The restricted cash balances as of December 31, 2016 and 2015 were as follows: As of December 31, (in thousands) 2016 2015 Cash held in trust and/or cash held on behalf of others $ 64,438 $ 37,121 Collateral on bank credit arrangements and other 13,236 8,191 Total $ 77,674 $ 45,312 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PROPERTY AND EQUIPMENT, NET [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The components of property and equipment, net of accumulated depreciation and amortization as of December 31, 2016 and 2015 are as follows: As of December 31, (in thousands) 2016 2015 ATMs $ 222,183 $ 176,221 POS terminals 40,336 44,113 Vehicles and office equipment 61,923 55,031 Computers and software 138,249 122,106 Land and buildings 1,924 2,008 464,615 399,479 Less accumulated depreciation and amortization (262,470 ) (242,111 ) Total $ 202,145 $ 157,368 |
Goodwill and Acquired Intangi34
Goodwill and Acquired Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Acquired Intangible Assets Net [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table summarizes intangible assets as of December 31, 2016 and 2015 : As of December 31, 2016 As of December 31, 2015 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 199,842 $ (107,820 ) $ 174,219 $ (96,144 ) Trademarks and trade names 53,396 (21,598 ) 55,706 (19,323 ) Software 58,696 (18,291 ) 65,634 (13,820 ) Non-compete agreements 3,744 (2,638 ) 3,508 (1,808 ) Total $ 315,678 $ (150,347 ) $ 299,067 $ (131,095 ) |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2016 and 2015 : (in thousands) Acquired Intangible Assets Goodwill Total Intangible Assets Balance as of January 1, 2015 $ 158,267 $ 599,863 $ 758,130 Increases (decreases): Acquisitions 50,497 143,461 193,958 Amortization (23,879 ) — (23,879 ) Other (primarily changes in foreign currency exchange rates) (16,913 ) (58,146 ) (75,059 ) Balance as of December 31, 2015 167,972 685,178 853,150 Increases (decreases): Acquisitions 33,921 29,871 63,792 Amortization (25,503 ) — (25,503 ) Other (primarily changes in foreign currency exchange rates) (11,059 ) (25,336 ) (36,395 ) Balance as of December 31, 2016 $ 165,331 $ 689,713 $ 855,044 |
Accrued Expenses and Other Cu35
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | The balances as of December 31, 2016 and 2015 were as follows: As of December 31, (in thousands) 2016 2015 Accrued expenses $ 210,275 $ 125,366 Accrued amounts due to mobile operators and other content providers 121,505 71,762 Money transfer settlement obligations 219,601 159,854 Derivative liabilities 63,772 25,891 Total $ 615,153 $ 382,873 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt obligations consist of the following as of December 31, 2016 and 2015 : As of December 31, (in thousands) 2016 2015 Credit Facility: Term loan, due 2019 $ 60,000 $ 67,031 Revolving credit agreements, due 2019 159,963 7,701 219,963 74,732 Convertible Debt: 1.50% convertible notes, unsecured, due 2044 358,293 347,878 Other obligations 23,892 5,731 Total debt obligations $ 602,148 $ 428,341 Unamortized debt issuance costs (8,324 ) (10,809 ) Carrying value of debt $ 593,824 $ 417,532 Short-term debt obligations and current maturities of long-term debt obligations (32,161 ) (12,060 ) Long-term debt obligations $ 561,663 $ 405,472 |
Derivative Instruments and He37
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the fair value of the derivative instruments as recorded in the Consolidated Balance Sheets as of the dates below: Asset Derivatives Liability Derivatives Fair Value Fair Value (in thousands) Balance Sheet Location December 31, 2016 December 31, 2015 Balance Sheet Location December 31, 2016 December 31, 2015 Derivatives not designated as hedging instruments Foreign currency exchange contracts Other current assets $ 75,307 $ 37,034 Other current liabilities $ (63,772 ) $ (25,891 ) |
Offsetting Assets and Liabilities [Table Text Block] | The following tables summarize the gross and net fair value of derivative assets and liabilities as of December 31, 2016 and 2015 (in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2016 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Derivatives subject to a master netting arrangement or similar agreement $ 75,307 $ — $ 75,307 $ (49,752 ) $ (7,562 ) $ 17,993 As of December 31, 2015 Derivatives subject to a master netting arrangement or similar agreement $ 37,034 $ — $ 37,034 $ (19,786 ) $ (6,415 ) $ 10,833 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Derivatives subject to a master netting arrangement or similar agreement $ (63,772 ) $ — $ (63,772 ) $ 49,752 $ 1,106 $ (12,914 ) As of December 31, 2015 Derivatives subject to a master netting arrangement or similar agreement $ (25,891 ) $ — $ (25,891 ) $ 19,786 $ 1,741 $ (4,364 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following tables summarize the location and amount of gains on derivatives in the Consolidated Statements of Income for the years ended December 31, 2016 , 2015 and 2014 : Amount of Gain Recognized in Income on Derivative Contracts (a) Location of Gain (Loss) Recognized in Income on Derivative Contracts Year Ended December 31, (in thousands) 2016 2015 2014 Foreign currency exchange contracts - Ria Operations Foreign currency exchange gain, net $ 143 $ 1,026 $ 2,300 (a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its HiFX operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Capital Leased Asssets [Table Text Block] | The gross amount of the assets and related accumulated amortization recorded within property and equipment and subject to capital leases as of December 31, 2016 and 2015 were as follows: As of December 31, (in thousands) 2016 2015 ATMs $ 15,838 $ 10,307 Other 2,038 1,587 Subtotal 17,876 11,894 Less accumulated amortization (5,892 ) (4,618 ) Total $ 11,984 $ 7,276 |
Future minimum lease payments for operating and capital leases [Table Text Block] | Future minimum lease payments under the capital leases and the non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2016 are: (in thousands) Capital Leases Operating Leases Year ending December 31, 2017 $ 3,917 $ 49,947 2018 3,544 44,409 2019 2,502 33,715 2020 1,148 25,601 2021 403 16,022 Thereafter — 15,877 Total minimum lease payments 11,514 $ 185,571 Less amounts representing interest (1,252 ) Present value of net minimum capital lease payments 10,262 Less current portion of obligations under capital leases (3,293 ) Obligations under capital leases, less current portion $ 6,969 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The sources of income before income taxes for the years ended December 31, 2016 , 2015 and 2014 are presented as follows: Year Ended December 31, (in thousands) 2016 2015 2014 Income before taxes: United States $ 41,804 $ 10,686 $ 7,337 Foreign 191,089 130,408 134,166 Total income before income taxes $ 232,893 $ 141,094 $ 141,503 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Company's income tax expense for the years ended December 31, 2016 , 2015 and 2014 consisted of the following: Year Ended December 31, (in thousands) 2016 2015 2014 Current tax expense (benefit): U.S. $ (2,886 ) $ 1,277 $ 133 Foreign 59,515 45,150 44,780 Total current 56,629 46,427 44,913 Deferred tax expense (benefit): U.S. 9,908 2,037 628 Foreign (7,742 ) (5,862 ) (5,526 ) Total deferred 2,166 (3,825 ) (4,898 ) Total tax expense $ 58,795 $ 42,602 $ 40,015 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the federal statutory income tax rate of 35% to the effective income tax rate for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (dollar amounts in thousands) 2016 2015 2014 U.S. federal income tax expense at applicable statutory rate $ 81,513 $ 49,383 $ 49,526 Tax effect of: State income tax expense (benefit) at statutory rates 1,341 894 (985 ) Non-deductible expenses 3,482 4,947 4,943 Share-based compensation (1 ) (684 ) (266 ) Other permanent differences (4,929 ) (5,505 ) (5,563 ) Difference between U.S. federal and foreign tax rates (18,432 ) (13,615 ) (13,677 ) Provision in excess of statutory rates 2,490 2,400 955 Change in federal and foreign valuation allowance (8,163 ) 1,724 4,357 Other 1,494 3,058 725 Total income tax expense $ 58,795 $ 42,602 $ 40,015 Effective tax rate 25.2 % 30.2 % 28.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effect of temporary differences and carryforwards that give rise to deferred tax assets and liabilities from continuing operations are as follows: As of December 31, (in thousands) 2016 2015 Deferred tax assets: Tax loss carryforwards $ 34,858 $ 38,335 Share-based compensation 9,252 6,618 Accrued expenses 16,970 15,826 Property and equipment 10,947 6,723 Goodwill and intangible amortization 15,635 20,467 Intercompany notes 12,654 15,365 Accrued revenue 21,005 11,502 Other 12,517 11,369 Gross deferred tax assets 133,838 126,205 Valuation allowance (37,255 ) (48,566 ) Net deferred tax assets 96,583 77,639 Deferred tax liabilities: Intangibles related to purchase accounting (27,974 ) (30,722 ) Goodwill and intangible amortization (14,457 ) (7,615 ) Accrued expenses (24,124 ) (13,563 ) Intercompany notes (2,559 ) (2,587 ) Accrued interest (37,514 ) (29,604 ) Capitalized research and development (9,520 ) (5,014 ) Property and equipment (2,029 ) (5,428 ) Accrued revenue (4,668 ) (4,155 ) Other (4,180 ) (4,413 ) Total deferred tax liabilities (127,025 ) (103,101 ) Net deferred tax liabilities $ (30,442 ) $ (25,462 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | December 31, 2016 , the Company had U.S. federal and foreign tax net operating loss carryforwards of $231.9 million , which will expire as follows: (in thousands) Gross Tax Effected Year ending December 31, 2017 $ 1,012 $ 251 2018 350 85 2019 2,421 606 2020 6,777 1,474 2021 5,179 1,173 Thereafter 188,277 59,988 Unlimited 27,868 6,471 Total $ 231,884 $ 70,048 |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2016 and 2015 is as follows: Year Ended December 31, (in thousands) 2016 2015 Beginning balance $ 16,370 $ 15,028 Additions based on tax positions related to the current year 5,847 3,620 Reductions for tax positions of prior years (255 ) (998 ) Settlements (642 ) (918 ) Statute of limitations expiration (3,332 ) (362 ) Ending balance $ 17,988 $ 16,370 |
Summary of Income Tax Examinations [Table Text Block] | Jurisdictions Periods U.S. (Federal) 2013 through 2016 Spain 2009 through 2016 Australia 2010 through 2016 U.K. 2009 through 2016 Germany 2009 through 2016 |
Valuation and Qualifying Acco40
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block] | The following table provides a summary of the allowance for doubtful accounts balances and activity for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (in thousands) 2016 2015 2014 Beginning balance-allowance for doubtful accounts $ 19,140 $ 20,546 $ 22,079 Additions-charged to expense 6,556 8,209 11,156 Amounts written off (6,839 ) (7,862 ) (10,573 ) Other (primarily changes in foreign currency exchange rates) (488 ) (1,753 ) (2,116 ) Ending balance-allowance for doubtful accounts $ 18,369 $ 19,140 $ 20,546 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Summary stock options activity is presented in the table below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) Balance at December 31, 2015 (1,907,094 shares exercisable) 3,226,221 $ 31.40 Granted 336,472 $ 73.69 Exercised (215,378 ) $ 19.02 Forfeited/Canceled (36,339 ) $ 58.43 Balance at December 31, 2016 3,310,976 $ 36.20 5.9 $ 121,073 Exercisable at December 31, 2016 2,154,790 $ 21.95 4.5 $ 108,910 Vested and expected to vest at December 31, 2016 3,124,174 $ 34.38 5.7 $ 119,818 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table provides the fair value of options granted under the SCP during 2016 , 2015 and 2014 , together with a description of the assumptions used to calculate the fair value using the Black-Scholes-Merton option-pricing model: Year ended December 31, 2016 2015 2014 Volatility 33.3 % 32.7 % 32.8 % Risk-free interest rate - weighted average 2.0 % 1.7 % 1.7 % Risk-free interest rate - range 1.29% to 2.01% 1.71% to 1.75% 1.67% to 1.88% Dividend yield — % — % — % Assumed forfeitures 8.0 % 8.0 % 8.0 % Expected lives 5.5 years 5.4 years 5.5 years Weighted-average fair value (per share) $ 25.29 $ 24.29 $ 18.57 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Summary restricted stock activity is presented in the table below: Number of Shares Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2015 572,828 $ 47.54 Granted 125,259 $ 73.86 Vested (190,511 ) $ 32.09 Forfeited (12,708 ) $ 57.13 Nonvested at December 31, 2016 494,868 $ 59.90 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The following table provides the weighted-average fair value of the ESPP stock purchase rights during the years ended December 31, 2016 , 2015 and 2014 and the assumptions used to calculate the fair value using the Black-Scholes-Merton option-pricing model: Year Ended December 31, 2016 2015 2014 Volatility - weighted average 36.3 % 30.6 % 32.6 % Volatility - range 20.0% to 50.1% 25.9% to 41.9% 26.6% to 43.4% Risk-free interest rate - weighted average 0.24 % 0.01 % 0.03 % Risk-free interest rate - range 0.22% to 0.29% 0.00% to 0.03% 0.02% to 0.05% Dividend yield — % — % — % Expected lives 3 months 3 months 3 months Weighted-average fair value (per share) $ 14.42 $ 12.44 $ 9.16 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present the Company’s reportable segment results for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, 2016 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 464,254 $ 693,986 $ 801,919 $ (1,544 ) $ 1,958,615 Operating expenses: Direct operating costs 224,793 528,774 422,508 (1,530 ) 1,174,545 Salaries and benefits 51,822 51,378 155,471 29,749 288,420 Selling, general and administrative 30,399 34,517 93,219 7,213 165,348 Depreciation and amortization 40,084 11,075 29,195 175 80,529 Total operating expenses 347,098 625,744 700,393 35,607 1,708,842 Operating income (expense) $ 117,156 $ 68,242 $ 101,526 $ (37,151 ) $ 249,773 Other income (expense) Interest income 1,696 Interest expense (28,332 ) Foreign currency exchange loss, net (10,200 ) Other gains 19,956 Total other expense, net (16,880 ) Income before income taxes $ 232,893 Segment assets as of December 31, 2016 $ 786,166 $ 733,514 $ 1,136,722 $ 56,470 $ 2,712,872 Property and equipment, net as of December 31, 2016 $ 139,161 $ 23,939 $ 38,954 $ 91 $ 202,145 For the Year Ended December 31, 2015 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 379,523 $ 708,373 $ 685,635 $ (1,269 ) $ 1,772,262 Operating expenses: Direct operating costs 182,136 542,747 358,154 (1,188 ) 1,081,849 Salaries and benefits 45,364 49,752 137,077 26,969 259,162 Selling, general and administrative 25,822 38,272 85,096 7,195 156,385 Depreciation and amortization 31,807 11,163 26,650 405 70,025 Total operating expenses 285,129 641,934 606,977 33,381 1,567,421 Operating income (expense) $ 94,394 $ 66,439 $ 78,658 $ (34,650 ) $ 204,841 Other income (expense) Interest income 2,170 Interest expense (24,814 ) Foreign currency exchange loss, net (41,418 ) Other gains 315 Total other expense, net (63,747 ) Income before income taxes $ 141,094 Segment assets as of December 31, 2015 $ 469,351 $ 646,000 $ 1,040,737 $ 36,626 $ 2,192,714 Property and equipment, net as of December 31, 2015 $ 99,798 $ 24,834 $ 32,591 $ 145 $ 157,368 For the Year Ended December 31, 2014 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 358,636 $ 783,781 $ 523,150 $ (1,417 ) $ 1,664,150 Operating expenses: Direct operating costs 163,590 607,866 263,253 (1,230 ) 1,033,479 Salaries and benefits 47,148 56,402 115,419 24,251 243,220 Selling, general and administrative 25,730 42,542 77,305 11,688 157,265 Depreciation and amortization 30,847 15,901 24,432 275 71,455 Total operating expenses 267,315 722,711 480,409 34,984 1,505,419 Operating income (expense) $ 91,321 $ 61,070 $ 42,741 $ (36,401 ) $ 158,731 Other income (expense) Interest income 2,549 Interest expense (12,330 ) Foreign currency exchange loss, net (5,646 ) Other losses, net (1,801 ) Total other expense, net (17,228 ) Income before income taxes $ 141,503 Segment assets as of December 31, 2014 $ 390,394 $ 753,962 $ 835,977 $ 58,114 $ 2,038,447 Property and equipment, net as of December 31, 2014 $ 72,749 $ 24,859 $ 27,528 $ 171 $ 125,307 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Total revenues for the years ended December 31, 2016 , 2015 and 2014 , and property and equipment and total assets as of December 31, 2016 and 2015 , summarized by geographic location, were as follows: Revenues Property and Equipment, net Total Assets For the year ended December 31, as of December 31, as of December 31, (in thousands) 2016 2015 2014 2016 2015 2016 2015 United States $ 548,877 $ 529,467 $ 440,166 $ 25,837 $ 24,693 $ 373,303 $ 350,583 Germany 409,590 377,170 389,060 16,852 14,946 404,733 347,893 United Kingdom 131,826 124,485 124,839 15,279 5,600 422,298 315,347 Poland 115,269 105,129 113,837 60,027 57,287 187,686 106,691 Spain 82,921 62,086 59,949 13,796 9,756 95,304 74,598 Australia 77,198 77,643 89,430 3,153 2,434 82,377 89,538 India 75,243 78,783 72,736 7,907 5,518 66,741 62,409 Italy 72,591 56,896 58,970 7,285 3,596 110,888 88,683 Malaysia 53,787 28,518 — 3,471 3,293 129,023 114,547 New Zealand 40,890 56,735 32,967 2,810 2,382 203,300 163,574 Other 350,423 275,350 282,196 45,728 27,863 637,219 478,851 Total foreign 1,409,738 1,242,795 1,223,984 176,308 132,675 2,339,569 1,842,131 Total $ 1,958,615 $ 1,772,262 $ 1,664,150 $ 202,145 $ 157,368 $ 2,712,872 $ 2,192,714 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table details financial assets measured and recorded at fair value on a recurring basis: As of December 31, 2016 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 75,307 $ — $ 75,307 Liabilities Foreign currency exchange contracts Other current liabilities $ — (63,772 ) $ — $ (63,772 ) As of December 31, 2015 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 37,034 $ — $ 37,034 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (25,891 ) $ — $ (25,891 ) |
Selected Quarterly Data (Unau44
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Data [Abstract] | |
Summary Of Quarterly Financial Information [Table Text Block] | (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter For the Year Ended December 31, 2016 Revenues $ 437,894 $ 476,867 $ 524,025 $ 519,829 Operating income $ 41,889 $ 59,310 $ 90,468 $ 58,106 Net income $ 29,084 $ 55,577 $ 60,782 $ 28,655 Net income attributable to Euronet Worldwide, Inc. $ 29,094 $ 55,677 $ 60,733 $ 28,911 Earnings per common share: Basic $ 0.55 $ 1.07 $ 1.16 $ 0.55 Diluted $ 0.53 $ 1.04 $ 1.11 $ 0.54 For the Year Ended December 31, 2015 Revenues $ 395,162 $ 425,148 $ 481,373 $ 470,579 Operating income $ 32,163 $ 47,180 $ 70,274 $ 55,224 Net income $ 7,125 $ 26,521 $ 31,324 $ 33,522 Net income attributable to Euronet Worldwide, Inc. $ 7,178 $ 26,809 $ 31,334 $ 33,487 Earnings per common share: Basic $ 0.14 $ 0.52 $ 0.60 $ 0.63 Diluted $ 0.13 $ 0.50 $ 0.57 $ 0.61 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies and Practices Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | ATMs [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Computers and software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | POS Terminals [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Vehicles and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | ATMs [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Maximum [Member] | Computers and software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | POS Terminals [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Vehicles and Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary of Significant Accoun46
Summary of Significant Accounting Policies and Practices Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | Noncompete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 2 years |
Minimum [Member] | Trademarks and Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 2 years |
Minimum [Member] | Computer Software, Intangible Asset [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 3 years |
Minimum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 6 years |
Maximum [Member] | Noncompete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 5 years |
Maximum [Member] | Trademarks and Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 20 years |
Maximum [Member] | Computer Software, Intangible Asset [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 10 years |
Maximum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 20 years |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (45,175) | $ (67,756) | $ (87,675) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 800 |
Stockholders' Equity Computatio
Stockholders' Equity Computation of diluted weighted average shares outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted average shares outstanding - basic | 52,276,951 | 52,274,573 | 51,757,867 |
Weighted average number diluted shares outstanding adjustment | 1,705,224 | 1,783,199 | 2,143,173 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 18,904 | 18,904 | 0 |
Weighted average shares outstanding - diluted | 54,001,079 | 54,076,676 | 53,901,040 |
Antidilutive securities excluded from computation of earnings per share, amount | 616,000 | 568,000 | 585,000 |
Stockholders' Equity Share Repu
Stockholders' Equity Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 28, 2016 | Jan. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 18,904 | 18,904 | 0 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 75,569 | $ 85 | $ 64,512 | ||
2016 Share Repurchase Plan [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury Stock, Shares, Acquired | 1,100,000 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 75,600 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 65.74 | ||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 5,000,000 | ||||
Share Repurchase Plan [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 125,000 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,000,000 |
Stockholders' Equity Preferred
Stockholders' Equity Preferred Stock (Details) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred Stock [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Acquisitions (Details)
Acquisitions (Details) | Oct. 03, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Jul. 02, 2015USD ($) | Jun. 17, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 689,713,000 | $ 685,178,000 | $ 599,863,000 | ||||
IME [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 33,279,000 | ||||||
Business Acquisition, Purchase Price Allocation, Deferred Income Taxes, Asset (Liability), Net | (9,063,000) | ||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $ 78,900,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 49,941 | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 3,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 36,250,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 5,327,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 96,422,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (858,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 21,566,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (2,766,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (2,743,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Settlement Obligations and Customer Deposits | (30,540,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (45,970,000) | ||||||
Goodwill | 31,443,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 81,895,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 1,300,000 | ||||||
YourCash [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Effective Date of Acquisition | Oct. 3, 2016 | ||||||
Number of ATMs in operation at acquired entity | 5,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 5,223,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash | 12,351,000 | ||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 62,600,000 | ||||||
Escrow Deposit | 7,200,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 24,571,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 57,053,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (475,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 2,394,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (3,323,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquire and Liabilities Assumed, Short-term Borrowings | (12,535,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (5,077,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (5,462,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (26,872,000) | ||||||
Goodwill | 32,429,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 62,610,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 12,514,000 | ||||||
Business Combination Deferred Consideration | 3,200,000 | ||||||
XE [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 1,872,000 | ||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $ 79,900,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 642,912 | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 40,100,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 19,269,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 341,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 22,937,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (571,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 1,294,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (26,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (11,824,000) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (12,421,000) | ||||||
Goodwill | 109,460,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 119,976,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 161,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 3,900,000 | ||||||
Trade Names [Member] | IME [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 450,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||||||
Trade Names [Member] | YourCash [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 428,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||||||
Trade Names [Member] | XE [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,237,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||
Noncompete Agreements [Member] | IME [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 440,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||
Noncompete Agreements [Member] | YourCash [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 637,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||||||
Noncompete Agreements [Member] | XE [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 216,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||||||
Software Development [Member] | XE [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,051,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||
Customer-Related Intangible Assets [Member] | IME [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 35,360,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | ||||||
Customer-Related Intangible Assets [Member] | YourCash [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 23,506,000 | ||||||
Customer-Related Intangible Assets [Member] | XE [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 13,765,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | ||||||
Minimum [Member] | Customer-Related Intangible Assets [Member] | YourCash [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | ||||||
Maximum [Member] | Customer-Related Intangible Assets [Member] | YourCash [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $ 77,674 | $ 45,312 |
Cash held in trust or on behalf of others [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | 64,438 | 37,121 |
Collateral on bank credit arrangements and other [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $ 13,236 | $ 8,191 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 464,615 | $ 399,479 | |
Property and equipment, accumulated depreciation | (262,470) | (242,111) | |
Property and Equipment, net | 202,145 | 157,368 | $ 125,307 |
Depreciation, Depletion and Amortization | 48,500 | 40,200 | $ 42,000 |
ATMs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 222,183 | 176,221 | |
POS Terminals [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 40,336 | 44,113 | |
Vehicles and Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 61,923 | 55,031 | |
Computers and software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 138,249 | 122,106 | |
Land and buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,924 | $ 2,008 |
Goodwill and Acquired Intangi54
Goodwill and Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Customer Relationships, Gross | $ 199,842 | $ 174,219 | |
Finite lived trademarks and trade names | 53,396 | 55,706 | |
Finite-Lived Computer Software, Gross | 58,696 | 65,634 | |
Finite-Lived Noncompete Agreements, Gross | 3,744 | 3,508 | |
Finite-Lived Intangible Assets, Gross | 315,678 | 299,067 | |
Acquired intangible assets, accumulated amortization | (150,347) | (131,095) | |
Future Amortization Expense, Year One | 23,700 | ||
Future Amortization Expense, Year Two | 21,600 | ||
Future Amortization Expense, Year Three | 20,700 | ||
Future Amortization Expense, Year Four | 20,000 | ||
Future Amortization Expense, Year Five | 19,000 | ||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | |||
Finite-Lived Intangible Assets, Net | 165,331 | 167,972 | $ 158,267 |
Finite-lived intangible assets acquired during period | 33,921 | 50,497 | |
Finite-Lived Intangible Assets, Amortization Expense | (25,503) | (23,879) | (24,433) |
Finite-lived intangible assets, other changes | (11,059) | (16,913) | |
Goodwill | 689,713 | 685,178 | 599,863 |
Goodwill, Acquired During Period | 29,871 | 143,461 | |
Goodwill, Other Changes | (25,336) | (58,146) | |
Total intangible assets, net, including goodwill | 855,044 | 853,150 | $ 758,130 |
Total intangible assets acquired during period | 63,792 | 193,958 | |
Total intangible assets amortization expense | (25,503) | (23,879) | |
Total intangible assets, other changes | (36,395) | (75,059) | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, accumulated amortization | (107,820) | (96,144) | |
Trademarks and Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, accumulated amortization | (21,598) | (19,323) | |
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, accumulated amortization | (18,291) | (13,820) | |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, accumulated amortization | (2,638) | $ (1,808) | |
Money Transfer Segment [Member] | |||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | |||
Goodwill | 454,100 | ||
Epay Segment [Member] | |||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | |||
Goodwill | 153,500 | ||
Eft Processing Segment [Member] | |||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | |||
Goodwill | $ 82,100 |
Accrued Expenses and Other Cu55
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | ||
Accrued expenses, current | $ 210,275 | $ 125,366 |
Accrued amounts due to mobile operators and other content providers | 121,505 | 71,762 |
Money transfer settlement obligations | 219,601 | 159,854 |
Derivative Liability, Current | 63,772 | 25,891 |
Accrued expenses and other current liabilities | $ 615,153 | $ 382,873 |
Debt Obligations (Details)
Debt Obligations (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 30, 2014USD ($)$ / shares | Apr. 09, 2014USD ($) | Aug. 18, 2011USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 66,100 | |||||
Term Loan, Due 2016 | $ 60,000 | $ 67,031 | ||||
Revolving Credit Agreements, due 2016 | 159,963 | 7,701 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 219,963 | 74,732 | ||||
Convertible Debt | 358,293 | 347,878 | ||||
Total Debt Obligations | 602,148 | 428,341 | ||||
Unamortized Debt Issuance Expense | (8,324) | (10,809) | ||||
Carrying value of debt | 593,824 | 417,532 | ||||
Long-term Debt, Current Maturities | (32,161) | (12,060) | ||||
Long-term Debt, Excluding Current Maturities | 561,663 | $ 405,472 | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 9,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 14,200 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 197,500 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 402,500 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 675,000 | |||||
Long-term Debt, Weighted Average Interest Rate | 2.15% | 1.80% | ||||
Line of Credit Facility, Interest Rate at Period End | 2.40% | 10.10% | ||||
Debt Instrument, Interest Rate Terms | The base rate is the highest of (i) the Bank of America prime rate, (ii) the Federal Funds rate plus 0.50% or (iii) the Fixed LIBOR rate plus 1.00%. | |||||
Letter of credit, interest rate at period end | 1.38% | |||||
Letters of Credit Outstanding, Amount | $ 68,200 | |||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 72.18 | |||||
Debt Instrument, Face Amount | $ 402,500 | |||||
Other debt obligations | 23,892 | $ 5,731 | ||||
Other debt, current | 23,300 | |||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | |||||
1.5% Issue [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs, Gross | $ 10,700 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |||||
Debt Instrument, Unamortized Discount | 44,200 | 54,600 | ||||
Amortization of Debt Discount (Premium) | 10,400 | $ 9,900 | $ 1,600 | |||
Debt Instrument, Convertible, Effective Interest Rate | 4.70% | |||||
Debt Instrument, Convertible, Interest Expense | 6,000 | $ 6,000 | $ 900 | |||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term Loan, Due 2016 | $ 75,000 | |||||
Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of Credit Outstanding, Amount | $ 44,900 | $ 42,000 | ||||
Line of credit - India [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 590,000 | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated Fixed Charge Coverage Ratio | 1.5 | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated Total Leverage Ratio | 4 | |||||
Letter of Credit [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||||
Swingline loans [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||||
LIBOR [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||
LIBOR [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.375% | |||||
Base rate [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | |||||
Base rate [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities Derivative Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | $ (63,772) | $ (25,891) | |
Derivative Asset, Fair Value, Gross Asset | 75,307 | 37,034 | |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 75,307 | 37,034 | |
Derivative Asset, Not Offset, Policy Election Deduction | (49,752) | (19,786) | |
Derivative, Collateral, Obligation to Return Cash | (7,562) | (6,415) | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 17,993 | 10,833 | |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (63,772) | (25,891) | |
Derivative Liability, Not Offset, Policy Election Deduction | 49,752 | 19,786 | |
Derivative, Collateral, Right to Reclaim Cash | 1,106 | 1,741 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (12,914) | (4,364) | |
Ria Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 165,100 | ||
Corporate Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 106,500 | ||
HiFX Operations [Member] | Trading Revenue [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Trading Activity, Gain | 66,000 | $ 62,800 | $ 37,300 |
HiFX Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 1,300,000 | ||
Maximum [Member] | Ria Operations [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Foreign currency forward contract term | 14 days |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 75,307 | $ 37,034 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $ (63,772) | $ (25,891) |
Derivative Instruments and He59
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Ria Operations [Member] | Foreign Currency Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 143 | $ 1,026 | $ 2,300 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leased Assets [Line Items] | |||
Capital Leased Assets, Gross | $ 17,876 | $ 11,894 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (5,892) | (4,618) | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Other Property, Plant, and Equipment, Net | 11,984 | 7,276 | |
Capital Lease Obligations Incurred | 5,800 | 6,400 | $ 2,200 |
Operating Leases, Rent Expense | 80,000 | 63,000 | $ 57,000 |
Capital Leases, Future Minimum Payments Due, Current | 3,917 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 3,544 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 2,502 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 1,148 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 403 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 0 | ||
Capital Leases, Future Minimum Payments Due | 11,514 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (1,252) | ||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 10,262 | ||
Capital Lease Obligations, Current | (3,293) | (1,991) | |
Capital Lease Obligations, Noncurrent | 6,969 | 4,147 | |
Operating Leases, Future Minimum Payments Due, Current | 49,947 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 44,409 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 33,715 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 25,601 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 16,022 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 15,877 | ||
Operating Leases, Future Minimum Payments Due | 185,571 | ||
ATMs [Member] | |||
Leased Assets [Line Items] | |||
Capital Leased Assets, Gross | 15,838 | 10,307 | |
Other leased assets [Member] | |||
Leased Assets [Line Items] | |||
Capital Leased Assets, Gross | $ 2,038 | $ 1,587 | |
Minimum [Member] | Capital Lease Obligations [Member] | |||
Leased Assets [Line Items] | |||
Lease Expiration Date | Dec. 31, 2017 | ||
Maximum [Member] | Capital Lease Obligations [Member] | |||
Leased Assets [Line Items] | |||
Lease Expiration Date | Dec. 31, 2021 | ||
Capital Lease Obligations [Member] | Minimum [Member] | |||
Leased Assets [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.60% | ||
Capital Lease Obligations [Member] | Maximum [Member] | |||
Leased Assets [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 12.80% | ||
Property Subject to Operating Lease [Member] | Minimum [Member] | |||
Leased Assets [Line Items] | |||
Lease Expiration Date | Dec. 31, 2017 | ||
Property Subject to Operating Lease [Member] | Maximum [Member] | |||
Leased Assets [Line Items] | |||
Lease Expiration Date | Dec. 31, 2031 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Income before income taxes | $ 232,893 | $ 141,094 | $ 141,503 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Income Tax Expense (Benefit) | 56,629 | 46,427 | 44,913 |
Deferred Income Tax Expense (Benefit) | 2,166 | (3,825) | (4,898) |
Income tax expense | $ 58,795 | $ 42,602 | $ 40,015 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Income Tax Expense, Income Tax Reconciliation [Abstract] | |||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $ 81,513 | $ 49,383 | $ 49,526 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 1,341 | 894 | (985) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other | 3,482 | 4,947 | 4,943 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost | (1) | (684) | (266) |
Effective Income tax reconciliation, other permanent differences | (4,929) | (5,505) | (5,563) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | (18,432) | (13,615) | (13,677) |
Effective Income Tax Reconciliation, Tax Contingencies, Foreign | 2,490 | 2,400 | 955 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | (8,163) | 1,724 | 4,357 |
Effective Income Tax Rate Reconciliation, Other Adjustments | $ 1,494 | $ 3,058 | $ 725 |
Effective Income Tax Rate, Continuing Operations | 25.20% | 30.20% | 28.30% |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 34,858 | $ 38,335 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 9,252 | 6,618 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 16,970 | 15,826 | |
Deferred tax assets, property, plant and equipment | 10,947 | 6,723 | |
Deferred tax assets, goodwill and intangible assets | 15,635 | 20,467 | |
Deferred tax assets, intercompany notes | 12,654 | 15,365 | |
Deferred tax assets, accrued revenue | 21,005 | 11,502 | |
Deferred Tax Assets, Other | 12,517 | 11,369 | |
Deferred Tax Assets, Gross | 133,838 | 126,205 | |
Deferred Tax Assets, Valuation Allowance | (37,255) | (48,566) | |
Deferred Tax Assets, Net | 96,583 | 77,639 | |
Deferred Tax Liabilities, Goodwill and Intangible Assets, Intangible Assets | (27,974) | (30,722) | |
Deferred Tax Liabilities, Goodwill and Intangible Assets, Goodwill | (14,457) | (7,615) | |
Deferred tax liabilities, accrued expenses | (24,124) | (13,563) | |
Deferred tax liabilities, intercompany notes | (2,559) | (2,587) | |
Deferred tax liabilities, accrued interest | (37,514) | (29,604) | |
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | (9,520) | (5,014) | |
Deferred Tax Liabilities, Property, Plant and Equipment | (2,029) | (5,428) | |
Deferred tax liabilities, accrued revenue | (4,668) | (4,155) | |
Deferred Tax Liabilities, Other | (4,180) | (4,413) | |
Deferred Tax Liabilities, Gross | (127,025) | (103,101) | |
Deferred Tax Liabilities | (30,442) | (25,462) | |
Excluded tax benefit of share-based compensation net operating losses | 37,000 | ||
Undistributed earnings of foreign subsidiaries indefinitely reinvested | 997,700 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits Period Start | 16,370 | 15,028 | |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 5,847 | 3,620 | |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (255) | (998) | |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | (642) | (918) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (3,332) | (362) | |
Unrecognized Tax Benefits Period End | 17,988 | 16,370 | $ 15,028 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 15,100 | 11,500 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2,100 | 3,100 | |
UNITED STATES | |||
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Income (Loss) before Income Taxes, United States | 41,804 | 10,686 | 7,337 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Income Tax Expense (Benefit) | (2,886) | 1,277 | 133 |
Deferred Income Tax Expense (Benefit) | 9,908 | 2,037 | 628 |
Other Credit Derivatives [Member] | |||
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Income before Income Taxes, Foreign | 191,089 | 130,408 | 134,166 |
Foreign Tax Authority [Member] | |||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Income Tax Expense (Benefit) | 59,515 | 45,150 | 44,780 |
Deferred Income Tax Expense (Benefit) | (7,742) | (5,862) | $ (5,526) |
US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 231,884 | 229,200 | |
Operating Loss Carryforward, Tax Effected | 70,048 | ||
State and Local Jurisdiction [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 88,100 | $ 88,700 | |
Expiring in One Year [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 1,012 | ||
Operating Loss Carryforward, Tax Effected | 251 | ||
Expiring in Two Years [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 350 | ||
Operating Loss Carryforward, Tax Effected | 85 | ||
Expiring in Three Years [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 2,421 | ||
Operating Loss Carryforward, Tax Effected | 606 | ||
Expiring in Four Years [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 6,777 | ||
Operating Loss Carryforward, Tax Effected | 1,474 | ||
Expiring in Five Years [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 5,179 | ||
Operating Loss Carryforward, Tax Effected | 1,173 | ||
Expiring in More than Five Years [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 188,277 | ||
Operating Loss Carryforward, Tax Effected | 59,988 | ||
Not Subject to Expiration [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 27,868 | ||
Operating Loss Carryforward, Tax Effected | $ 6,471 |
Valuation and Qualifying Acco62
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for doubtful accounts receivable, period start | $ 19,140 | $ 20,546 | $ 22,079 |
Additions-charged to expense | 6,556 | 8,209 | 11,156 |
Amounts written off | (6,839) | (7,862) | (10,573) |
Other (primarily changes in foreign currency exchange rates) | (488) | (1,753) | (2,116) |
Allowance for doubtful accounts receivable, period end | $ 18,369 | $ 19,140 | $ 20,546 |
Stock Plans (Details)
Stock Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,900,000 | ||
Allocated Share-based Compensation Expense | $ 15,000 | $ 12,800 | $ 12,900 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,000 | $ 700 | 800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,310,976 | 3,226,221 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period [Line Items] | 336,472 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (215,378) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (36,339) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,154,790 | 1,804,760 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 3,124,174 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 36.20 | $ 31.40 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 73.69 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 19.02 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 58.43 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | 21.95 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 34.38 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 11 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 8 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 121,073 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 108,910 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 119,818 | ||
Proceeds from Stock Options Exercised | 4,100 | $ 7,800 | 9,100 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 12,300 | $ 22,800 | $ 18,200 |
employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, total period for recognition | 3 years 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 36.30% | 30.60% | 32.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 33.30% | 32.70% | 32.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 months | 3 months | 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 25.29 | $ 24.29 | $ 18.57 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Share-based compensation arrangements by share-based payment award, per share, ESPP grant date fair value | $ 14.42 | $ 12.44 | $ 9.16 |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 500 | $ 700 | $ 500 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateWeightedAverage | 0.24% | 0.01% | 0.03% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Shares reserved for employee stock purchase plan | 1,000,000 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 34,658 | 54,421 | 50,470 |
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased | $ 59.69 | $ 52.62 | $ 38.04 |
Employee Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 20.00% | 25.90% | 26.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.22% | 0.00% | 0.02% |
Employee Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 50.10% | 41.90% | 43.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.29% | 0.03% | 0.05% |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 494,868 | 572,828 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 125,259 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (190,511) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (12,708) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 59.90 | $ 47.54 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 73.86 | $ 72.52 | $ 53.12 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 32.09 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 57.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 13,300 | $ 19,900 | $ 14,900 |
Performance-based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 8,600 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months | ||
Time-based restricted stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 10,300 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years 9 months | ||
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 19,400 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateWeightedAverage | 2.00% | 1.70% | 1.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Share-base compensation arrangement by share-based payment award, FV assumptions, forfeitures | 8.00% | 8.00% | 8.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 6 months | 5 years 5 months | 5 years 6 months |
Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.29% | 1.71% | 1.67% |
Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.01% | 1.75% | 1.88% |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 519,829 | $ 524,025 | $ 476,867 | $ 437,894 | $ 470,579 | $ 481,373 | $ 425,148 | $ 395,162 | $ 1,958,615 | $ 1,772,262 | $ 1,664,150 |
Direct operating costs | 1,174,545 | 1,081,849 | 1,033,479 | ||||||||
Salaries and benefits | 288,420 | 259,162 | 243,220 | ||||||||
Selling, general and administrative | 165,348 | 156,385 | 157,265 | ||||||||
Depreciation and amortization | 80,529 | 70,025 | 71,455 | ||||||||
Total operating expenses | 1,708,842 | 1,567,421 | 1,505,419 | ||||||||
Operating income | 58,106 | $ 90,468 | $ 59,310 | $ 41,889 | 55,224 | $ 70,274 | $ 47,180 | $ 32,163 | 249,773 | 204,841 | 158,731 |
Interest income | 1,696 | 2,170 | 2,549 | ||||||||
Interest expense | (28,332) | (24,814) | (12,330) | ||||||||
Other gains | 19,956 | 315 | (1,801) | ||||||||
Foreign currency exchange (loss) gain, net | (10,200) | (41,418) | (5,646) | ||||||||
Other expense, net | (16,880) | (63,747) | (17,228) | ||||||||
Income before income taxes | 232,893 | 141,094 | 141,503 | ||||||||
Property and Equipment, net | 202,145 | 157,368 | 202,145 | 157,368 | 125,307 | ||||||
Total Assets | 2,712,872 | 2,192,714 | 2,712,872 | 2,192,714 | 2,038,447 | ||||||
Eft Processing Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 464,254 | 379,523 | 358,636 | ||||||||
Direct operating costs | 224,793 | 182,136 | 163,590 | ||||||||
Salaries and benefits | 51,822 | 45,364 | 47,148 | ||||||||
Selling, general and administrative | 30,399 | 25,822 | 25,730 | ||||||||
Depreciation and amortization | 40,084 | 31,807 | 30,847 | ||||||||
Total operating expenses | 347,098 | 285,129 | 267,315 | ||||||||
Operating income | 117,156 | 94,394 | 91,321 | ||||||||
Property and Equipment, net | 139,161 | 99,798 | 139,161 | 99,798 | 72,749 | ||||||
Total Assets | 786,166 | 469,351 | 786,166 | 469,351 | 390,394 | ||||||
Epay Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 693,986 | 708,373 | 783,781 | ||||||||
Direct operating costs | 528,774 | 542,747 | 607,866 | ||||||||
Salaries and benefits | 51,378 | 49,752 | 56,402 | ||||||||
Selling, general and administrative | 34,517 | 38,272 | 42,542 | ||||||||
Depreciation and amortization | 11,075 | 11,163 | 15,901 | ||||||||
Total operating expenses | 625,744 | 641,934 | 722,711 | ||||||||
Operating income | 68,242 | 66,439 | 61,070 | ||||||||
Property and Equipment, net | 23,939 | 24,834 | 23,939 | 24,834 | 24,859 | ||||||
Total Assets | 733,514 | 646,000 | 733,514 | 646,000 | 753,962 | ||||||
Money Transfer Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 801,919 | 685,635 | 523,150 | ||||||||
Direct operating costs | 422,508 | 358,154 | 263,253 | ||||||||
Salaries and benefits | 155,471 | 137,077 | 115,419 | ||||||||
Selling, general and administrative | 93,219 | 85,096 | 77,305 | ||||||||
Depreciation and amortization | 29,195 | 26,650 | 24,432 | ||||||||
Total operating expenses | 700,393 | 606,977 | 480,409 | ||||||||
Operating income | 101,526 | 78,658 | 42,741 | ||||||||
Property and Equipment, net | 38,954 | 32,591 | 38,954 | 32,591 | 27,528 | ||||||
Total Assets | 1,136,722 | 1,040,737 | 1,136,722 | 1,040,737 | 835,977 | ||||||
Unallocated Amount to Segment, Intersegment Eliminations and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (1,544) | (1,269) | (1,417) | ||||||||
Direct operating costs | (1,530) | (1,188) | (1,230) | ||||||||
Salaries and benefits | 29,749 | 26,969 | 24,251 | ||||||||
Selling, general and administrative | 7,213 | 7,195 | 11,688 | ||||||||
Depreciation and amortization | 175 | 405 | 275 | ||||||||
Total operating expenses | 35,607 | 33,381 | 34,984 | ||||||||
Operating income | (37,151) | (34,650) | (36,401) | ||||||||
Property and Equipment, net | 91 | 145 | 91 | 145 | 171 | ||||||
Total Assets | 56,470 | 36,626 | 56,470 | 36,626 | 58,114 | ||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 548,877 | 529,467 | 440,166 | ||||||||
Property and Equipment, net | 25,837 | 24,693 | 25,837 | 24,693 | |||||||
Total Assets | 373,303 | 350,583 | 373,303 | 350,583 | |||||||
Foreign Tax Authority [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,409,738 | 1,242,795 | 1,223,984 | ||||||||
Property and Equipment, net | 176,308 | 132,675 | 176,308 | 132,675 | |||||||
Total Assets | 2,339,569 | 1,842,131 | 2,339,569 | 1,842,131 | |||||||
AUSTRALIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 77,198 | 77,643 | 89,430 | ||||||||
Property and Equipment, net | 3,153 | 2,434 | 3,153 | 2,434 | |||||||
Total Assets | 82,377 | 89,538 | 82,377 | 89,538 | |||||||
UNITED KINGDOM | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 131,826 | 124,485 | 124,839 | ||||||||
Property and Equipment, net | 15,279 | 5,600 | 15,279 | 5,600 | |||||||
Total Assets | 422,298 | 315,347 | 422,298 | 315,347 | |||||||
GERMANY | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 409,590 | 377,170 | 389,060 | ||||||||
Property and Equipment, net | 16,852 | 14,946 | 16,852 | 14,946 | |||||||
Total Assets | 404,733 | 347,893 | 404,733 | 347,893 | |||||||
POLAND | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 115,269 | 105,129 | 113,837 | ||||||||
Property and Equipment, net | 60,027 | 57,287 | 60,027 | 57,287 | |||||||
Total Assets | 187,686 | 106,691 | 187,686 | 106,691 | |||||||
SPAIN | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 82,921 | 62,086 | 59,949 | ||||||||
Property and Equipment, net | 13,796 | 9,756 | 13,796 | 9,756 | |||||||
Total Assets | 95,304 | 74,598 | 95,304 | 74,598 | |||||||
NEW ZEALAND | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 40,890 | 56,735 | 32,967 | ||||||||
Property and Equipment, net | 2,810 | 2,382 | 2,810 | 2,382 | |||||||
Total Assets | 203,300 | 163,574 | 203,300 | 163,574 | |||||||
ITALY | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 72,591 | 56,896 | 58,970 | ||||||||
Property and Equipment, net | 7,285 | 3,596 | 7,285 | 3,596 | |||||||
Total Assets | 110,888 | 88,683 | 110,888 | 88,683 | |||||||
MALAYSIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 53,787 | 28,518 | 0 | ||||||||
Property and Equipment, net | 3,471 | 3,293 | 3,471 | 3,293 | |||||||
Total Assets | 129,023 | 114,547 | 129,023 | 114,547 | |||||||
INDIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 75,243 | 78,783 | 72,736 | ||||||||
Property and Equipment, net | 7,907 | 5,518 | 7,907 | 5,518 | |||||||
Total Assets | 66,741 | 62,409 | 66,741 | 62,409 | |||||||
Other geographic locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 350,423 | 275,350 | $ 282,196 | ||||||||
Property and Equipment, net | 45,728 | 27,863 | 45,728 | 27,863 | |||||||
Total Assets | $ 637,219 | $ 478,851 | $ 637,219 | $ 478,851 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt | $ 358,293,000 | $ 347,878,000 |
Convertible Debt, Fair Value Disclosures | 475,100,000 | 509,700,000 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 75,307,000 | 37,034,000 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | (63,772,000) | (25,891,000) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 75,307,000 | 37,034,000 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | (63,772,000) | (25,891,000) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 0 | $ 0 |
Commitments (Details)
Commitments (Details) $ in Millions | Dec. 31, 2016USD ($) |
Guarantor Obligations [Line Items] | |
Letters of Credit Outstanding, Amount | $ 68.2 |
Guarantee Type, Various ATM Cash [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 17.5 |
Performance Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 4.3 |
Indemnification Agreement [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 340 |
Guarantee Type, Other [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 395.2 |
Cash and Cash Equivalents [Member] | |
Guarantor Obligations [Line Items] | |
Pledged Assets, Not Separately Reported, Other | $ 2.9 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 0.3 | $ 0.3 | $ 0.4 |
Rontec Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 0.1 | $ 0.1 | $ 0.1 |
Selected Quarterly Data (Unau68
Selected Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Quarterly Data [Abstract] | |||||||||||
Revenues (quarterly) | $ 519,829 | $ 524,025 | $ 476,867 | $ 437,894 | $ 470,579 | $ 481,373 | $ 425,148 | $ 395,162 | $ 1,958,615 | $ 1,772,262 | $ 1,664,150 |
Operating income (loss) (quarterly) | 58,106 | 90,468 | 59,310 | 41,889 | 55,224 | 70,274 | 47,180 | 32,163 | 249,773 | 204,841 | 158,731 |
Net income (loss) | 28,655 | 60,782 | 55,577 | 29,084 | 33,522 | 31,324 | 26,521 | 7,125 | 174,098 | 98,492 | 101,488 |
Net income attributable to Euronet Worldwide, Inc. (quarterly) | $ 28,911 | $ 60,733 | $ 55,677 | $ 29,094 | $ 33,487 | $ 31,334 | $ 26,809 | $ 7,178 | $ 174,415 | $ 98,808 | $ 101,648 |
Earnings (loss) per share, basic (quarterly) | $ 0.55 | $ 1.16 | $ 1.07 | $ 0.55 | $ 0.63 | $ 0.60 | $ 0.52 | $ 0.14 | $ 3.34 | $ 1.89 | $ 1.96 |
Earnings (loss) per share, diluted (quarterly) | $ 0.54 | $ 1.11 | $ 1.04 | $ 0.53 | $ 0.61 | $ 0.57 | $ 0.50 | $ 0.13 | $ 3.23 | $ 1.83 | $ 1.89 |