Document and Entity Information
Document and Entity Information Document - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Feb. 28, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | ||||
Entity File Number | 001-31648 | |||
Entity Shell Company | false | |||
Document Annual Report | true | |||
Entity Small Business | false | |||
City Area Code | (913) | |||
Local Phone Number | 327-4200 | |||
Entity Address, Address Line One | 3500 College Boulevard | |||
Entity Address, City or Town | Leawood, | |||
Entity Address, State or Province | KS | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Registrant Name | EURONET WORLDWIDE INC | |||
Entity Central Index Key | 0001029199 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Type | 10-K | |||
Document Period End Date | Dec. 31, 2019 | |||
Document Fiscal Year Focus | 2019 | |||
Document Fiscal Period Focus | FY | |||
Amendment Flag | false | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Public Float | $ 8,800 | |||
Entity Common Stock, Shares Outstanding | 53,519,855 | |||
Entity Tax Identification Number | 74-2806888 | |||
Entity Address, Postal Zip Code | 66211 | |||
Entity Emerging Growth Company | false | |||
Document Transition Report | false | |||
1.375% Senior Notes due 2026 [Member] | ||||
Entity Information [Line Items] | ||||
Title of 12(b) Security | 1.375% Senior Notes due 2026 | |||
Trading Symbol | EEFT26 | |||
Security Exchange Name | NASDAQ | |||
Common Stock [Member] | ||||
Entity Information [Line Items] | ||||
Title of 12(b) Security | Common Stock | |||
Trading Symbol | EEFT | |||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
SettlementAssetsCashandCashEquivalent | $ 282,188 | $ 273,948 |
SettlementAssetsRestrictedCash | 49,168 | 45,358 |
Current assets: | ||
Cash and cash equivalents | 786,081 | 385,031 |
Restricted cash | 83,469 | 76,595 |
CashinATM | 665,641 | 395,378 |
Settlement Assets Account Receivable | 574,410 | 491,102 |
Settlement Assets Prepaid expenses and other current assets | 107,301 | 105,052 |
Settlement assets | 1,013,067 | 915,460 |
Trade accounts receivable, net | 201,935 | 202,514 |
Prepaid expenses and other current assets | 217,707 | 157,967 |
Total current assets | 2,918,732 | 2,087,587 |
Operating Lease, Right-of-Use Asset | 377,543 | |
Property and equipment, net of accumulated depreciation of $410,243 at December 31, 2019 and $373,180 at December 31, 2018 | 359,980 | 291,869 |
Goodwill | 743,823 | 704,197 |
Acquired intangible assets, net of accumulated amortization of $204,853 at December 31, 2019 and $190,920 at December 31, 2018 | 141,847 | 114,485 |
Other assets, net of accumulated amortization of $46,788 at December 31, 2019 and $50,821 at December 31, 2018 | 115,741 | 123,017 |
Total assets | 4,657,666 | 3,321,155 |
Settlement Obligations Trade Accounts Payable | 504,667 | 456,005 |
Settlement Liabilities Other Accruals | 508,400 | 459,455 |
Current liabilities: | ||
Trade accounts payable | 81,743 | 72,908 |
Settlement Liabilities, Current | 1,013,067 | 915,460 |
Accrued expenses and other current liabilities | 294,557 | 252,557 |
Operating Lease, Liability, Current | 127,353 | 0 |
Short-term debt obligations and current maturities of long-term debt obligations | 6,089 | 38,017 |
Income taxes payable | 52,583 | 40,159 |
Deferred revenue | 58,588 | 59,293 |
Total current liabilities | 1,633,980 | 1,378,394 |
Debt obligations, net of current portion | 1,090,939 | 589,782 |
Operating Lease, Liability, Noncurrent | 241,977 | |
Deferred income taxes | 56,067 | 57,145 |
Other long-term liabilities | 55,361 | 62,992 |
Total liabilities | 3,078,324 | 2,088,313 |
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; 62,775,762 issued at December 31, 2019 and 59,897,309 issued at December 31, 2018 | 1,256 | 1,198 |
Additional paid-in capital | 1,190,058 | 1,104,264 |
Treasury stock, at cost, 8,554,908 shares at December 31, 2019 and 8,077,311 shares at December 31, 2018 | (463,704) | (391,551) |
Retained earnings (Accumulated deficit) | 1,016,554 | 669,805 |
Accumulated other comprehensive loss | (164,890) | (151,043) |
Total Euronet Worldwide, Inc. stockholders' equity | 1,579,274 | 1,232,673 |
Noncontrolling interests | 68 | 169 |
Total equity | 1,579,342 | 1,232,842 |
Total liabilities and equity | $ 4,657,666 | $ 3,321,155 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts receivable | $ 27,938 | $ 24,287 |
Property and equipment, accumulated depreciation | 410,243 | 373,180 |
Acquired intangible assets, accumulated amortization | 204,853 | 190,920 |
Other assets, accumulated amortization | $ 46,788 | $ 50,821 |
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 | 62,775,761 | 59,897,309 |
Treasury stock, shares | 8,554,908 | 8,077,311 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||||||||||||
Revenues | $ 693,747 | $ 786,986 | $ 691,867 | $ 577,509 | $ 649,385 | $ 714,505 | $ 622,224 | $ 550,515 | $ 2,750,109 | $ 2,536,629 | $ 2,252,422 | |
Operating expenses: | ||||||||||||
Direct operating costs | 1,556,483 | 1,488,406 | 1,356,250 | |||||||||
Salaries and benefits | 394,744 | 360,432 | 310,787 | |||||||||
Selling, general and administrative | 211,944 | 216,807 | 190,302 | |||||||||
Goodwill and Intangible Asset Impairment | 0 | 7,049 | 34,056 | $ 34,056 | ||||||||
Depreciation and amortization | 111,744 | 106,021 | 95,030 | |||||||||
Total operating expenses | 2,274,915 | 2,178,715 | 1,986,425 | |||||||||
Operating income | 107,213 | 193,990 | 117,897 | 56,094 | 71,160 | 150,913 | 90,369 | 45,472 | 475,194 | 357,914 | 265,997 | |
Other income (expense): | ||||||||||||
Interest income | 1,969 | 1,320 | 2,443 | |||||||||
Interest expense | (36,237) | (37,573) | (32,571) | |||||||||
(Loss) income from unconsolidated affiliates | 0 | (117) | 48 | |||||||||
Other gains, net | (9,820) | 27 | 118 | |||||||||
Foreign currency exchange (loss) gain, net | 2,701 | (26,655) | 20,300 | |||||||||
Other expense, net | (41,387) | (62,998) | (9,662) | |||||||||
Income before income taxes | 433,807 | 294,916 | 256,335 | |||||||||
Income tax expense | (87,112) | (62,785) | (99,395) | |||||||||
Net income | 106,570 | 137,541 | 68,005 | 34,579 | 59,894 | 102,257 | 43,636 | 26,344 | 346,695 | 232,131 | 156,940 | |
Less: Net (income) loss attributable to noncontrolling interests | 54 | 720 | (95) | |||||||||
Net income attributable to Euronet Worldwide, Inc. | $ 106,446 | $ 137,607 | $ 68,153 | $ 34,543 | $ 59,991 | $ 102,723 | $ 43,724 | $ 26,413 | $ 346,749 | $ 232,851 | $ 156,845 | |
Earnings per share attributable to Euronet Worldwide, Inc. stockholders - basic | $ 1.96 | $ 2.53 | $ 1.28 | $ 0.67 | $ 1.16 | $ 2.01 | $ 0.85 | $ 0.51 | $ 6.49 | $ 4.52 | $ 2.99 | |
Earnings per share attributable to Euronet Worldwide, Inc. stockholders - diluted | $ 1.91 | $ 2.46 | $ 1.25 | $ 0.62 | $ 1.10 | $ 1.89 | $ 0.82 | $ 0.49 | $ 6.31 | $ 4.26 | $ 2.85 | |
Weighted average shares outstanding - basic | 53,449,834 | 51,487,557 | 52,523,272 | |||||||||
Weighted average shares outstanding - diluted | 54,913,887 | 54,627,747 | 55,116,327 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 346,695 | $ 232,131 | $ 156,940 |
Other comprehensive income (loss), net of tax: | |||
Translation adjustment | (13,894) | (56,656) | 116,401 |
Comprehensive income | 332,801 | 175,475 | 273,341 |
Comprehensive (income) loss attributable to noncontrolling interests | 101 | 791 | (292) |
Comprehensive income attributable to Euronet Worldwide, Inc. | $ 332,902 | $ 176,266 | $ 273,049 |
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] | Accounting Standards Update 2016-09, Excess Tax Benefit Component [Member] |
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 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 504,757 | |||||||
Treasury Stock, Shares, Acquired | ||||||||
No. of Shares Outstanding Period End at Dec. 31, 2017 | 52,808,158 | |||||||
No. of Shares Outstanding Period End at Dec. 31, 2016 | 52,303,401 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Euronet Worldwide, Inc. | $ 156,845 | 156,845 | ||||||
Stock issued under employee stock plans, value | 8,415 | $ 10 | 10,104 | (1,699) | ||||
Share-based compensation | 15,618 | 15,618 | ||||||
Net income (loss) | 156,940 | |||||||
Net income (loss) attributable to noncontrolling interests | 95 | 95 | ||||||
Other Comprehensive Income (Loss) | 116,401 | 116,204 | 197 | |||||
Repurchase of shares | 0 | |||||||
Stockholders' Equity, Other | 1,547 | 620 | (340) | $ 1,267 | ||||
Total Euronet Worldwide, Inc stockholders' equity at Dec. 31, 2017 | $ 1,199,478 | $ 1,178 | 1,072,005 | (217,161) | 436,954 | (94,458) | 960 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,039,480 | |||||||
Treasury Stock, Shares, Acquired | (2,032,599) | |||||||
Stock Issued During Period, Shares, Other | 4,959 | |||||||
No. of Shares Outstanding Period End at Dec. 31, 2018 | 51,819,998 | |||||||
No. of Shares Outstanding Period End at Dec. 31, 2017 | 52,808,158 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Euronet Worldwide, Inc. | $ 232,851 | 232,851 | ||||||
Stock issued under employee stock plans, value | 16,264 | $ 20 | 15,634 | 610 | ||||
Share-based compensation | 16,764 | 16,764 | ||||||
Net income (loss) | 232,131 | |||||||
Net income (loss) attributable to noncontrolling interests | (720) | (720) | ||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 71,659 | |||||||
Other Comprehensive Income (Loss) | (56,656) | (56,585) | (71) | |||||
Repurchase of shares | (175,000) | (175,000) | ||||||
Stockholders' Equity, Other | (139) | (139) | ||||||
Total Euronet Worldwide, Inc stockholders' equity at Dec. 31, 2018 | 1,232,842 | $ 1,198 | 1,104,264 | (391,551) | 669,805 | (151,043) | 169 | |
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | $ (20,467) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 405,617 | |||||||
Treasury Stock, Shares, Acquired | (493,010) | |||||||
Stock Issued During Period, Shares, Other | ||||||||
No. of Shares Outstanding Period End at Dec. 31, 2019 | 54,220,854 | |||||||
No. of Shares Outstanding Period End at Dec. 31, 2018 | 51,819,998 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Euronet Worldwide, Inc. | $ 346,749 | 346,749 | ||||||
Stock issued under employee stock plans, value | 11,947 | $ 8 | 13,216 | (1,277) | ||||
Share-based compensation | 21,439 | 21,439 | ||||||
Net income (loss) | 346,695 | |||||||
Net income (loss) attributable to noncontrolling interests | (54) | (54) | ||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 71,659 | |||||||
Other Comprehensive Income (Loss) | (13,894) | (13,847) | (47) | |||||
Repurchase of shares | $ (70,876) | (70,876) | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 2,500,000 | 2,488,249 | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 50 | |||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments | (20,517) | |||||||
Stockholders' Equity, Other | $ (3) | (3) | ||||||
Total Euronet Worldwide, Inc stockholders' equity at Dec. 31, 2019 | $ 1,579,342 | $ 1,256 | $ 1,190,058 | $ (463,704) | $ 1,016,554 | $ (164,890) | $ 68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 106,570 | $ 34,579 | $ 59,894 | $ 26,344 | $ 346,695 | $ 232,131 | $ 156,940 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 111,744 | 106,021 | 95,030 | |||||
Share-based compensation | 21,439 | 16,764 | 15,618 | |||||
Unrealized foreign exchange (gain) loss, net | (2,701) | 26,655 | (20,300) | |||||
Goodwill and Intangible Asset Impairment | 0 | 7,049 | 34,056 | $ 34,056 | ||||
Deferred income taxes | 17,113 | 2,425 | (10,861) | |||||
Loss on early retirement of debt | 9,831 | 0 | 0 | |||||
Loss (income) from unconsolidated affiliates | 0 | 117 | (48) | |||||
Accretion of convertible debt discount and amortization of debt issuance costs | 17,088 | 14,121 | 13,504 | |||||
Changes in working capital, net of amounts acquired: | ||||||||
Income taxes payable, net | 13,177 | (13,317) | 23,183 | |||||
Trade accounts receivable | (87,882) | 26,497 | (198,089) | |||||
Prepaid expenses and other current assets | (68,945) | (29,066) | 35,451 | |||||
Trade accounts payable | 53,550 | 45,562 | 3,840 | |||||
Deferred revenue | 132 | 9,349 | 3,724 | |||||
Accrued expenses and other current liabilities | 98,459 | (37,595) | 106,350 | |||||
Changes in noncurrent assets and liabilities | (25,212) | (9,480) | 27,878 | |||||
Net cash provided by operating activities | 504,488 | 397,233 | 286,276 | |||||
Cash flows from investing activities: | ||||||||
Acquisitions, net of cash acquired | (94,187) | (12,854) | 0 | |||||
Purchases of property and equipment | (131,287) | (112,484) | (97,235) | |||||
Purchases of other long-term assets | (7,274) | (8,528) | (6,039) | |||||
Other, net | 3,721 | 1,583 | 1,416 | |||||
Net cash used in investing activities | (229,027) | (132,283) | (101,858) | |||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of shares | 14,979 | 18,608 | 10,990 | |||||
Repurchase of shares | (74,456) | (177,855) | (3,065) | |||||
Borrowings from revolving credit agreements | 2,498,298 | 5,773,294 | 2,409,203 | |||||
Repayments of revolving credit agreements | (2,714,203) | (5,560,089) | (2,566,621) | |||||
Repayments of long-term debt obligations | (446,702) | (52,199) | (8,907) | |||||
Repayments of capital lease obligations | (6,474) | (6,137) | (4,883) | |||||
Net borrowing (repayments of) from short-term debt obligations | (32,091) | 9,472 | 1,853 | |||||
Proceeds from Issuance of Long-term Debt | 1,194,900 | 0 | 0 | |||||
Payments of Debt Issuance Costs | 17,947 | 3,071 | 0 | |||||
Other, net | (6) | 1 | 281 | |||||
Net cash provided by (used in) financing activities | 416,298 | 2,024 | (161,149) | |||||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (5,332) | (36,540) | 65,161 | |||||
Increase in cash and cash equivalents and restricted cash | 686,427 | 230,434 | 88,430 | |||||
Cash and cash equivalents and restricted cash at beginning of period | $ 1,130,952 | $ 900,518 | 1,130,952 | 900,518 | 812,088 | |||
Cash and cash equivalents and restricted cash at end of period | 1,817,379 | 1,130,952 | 1,817,379 | 1,130,952 | 900,518 | $ 812,088 | ||
Cash and cash equivalents | 786,081 | 385,031 | 786,081 | 385,031 | 280,128 | |||
Restricted Cash | 34,301 | 31,237 | 34,301 | 31,237 | 32,185 | |||
CashinATM | 665,641 | 395,378 | 665,641 | 395,378 | 253,847 | |||
SettlementAssetsCashandCashEquivalent | 282,188 | 273,948 | 282,188 | 273,948 | 285,169 | |||
SettlementAssetsRestrictedCash | $ 49,168 | $ 45,358 | 49,168 | 45,358 | 49,189 | |||
Interest paid during the period | 13,125 | 23,554 | 20,457 | |||||
Income taxes paid during the period | 74,086 | 84,382 | 48,644 | |||||
Other Significant Noncash Transaction, Value of Consideration Received | $ 0 | $ 0 | $ 0 |
Organzation (Note)
Organzation (Note) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | |
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. 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. Settlement Assets and Obligations As of December 31, 2019, we have recast our Consolidated Balance Sheets to include three new balance sheet captions entitled Settlement assets, Settlement obligations, and ATM cash. The historically reported Cash and cash equivalents and Restricted cash are now presented in Cash and cash equivalents, Restricted cash, ATM cash, or part of Settlement assets. ATM cash represents cash included within the ATM network. Settlement assets represents funds received or to be received from agents for unsettled money transfers and due from merchants or unsettled prepaid transactions. Settlement assets consist of cash and cash equivalents, restricted cash, receivables and prepaid expenses and other current assets. Settlement obligations consist of money transfers, payables to agents and content providers. Amounts presented in Cash and cash equivalents as recast represents cash available from operations. Prior year amounts have been recast to conform to current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices (Note) | 12 Months Ended |
Dec. 31, 2019 | |
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. ATM Cash ATM cash represents cash within the ATM network either included within ATMs, within dedicated accounts, or in-transit to ATMs. Settlement Assets and Obligations Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. The Company records corresponding settlement obligations relating to amounts payable. Settlement assets consist of cash and cash equivalents, restricted cash, receivables and prepaid expenses and other current assets. Cash received by Euronet agents and merchants generally become available to the Company within two weeks after initial receipt by the business partner. Receivables, net from business partners represent funds collected by such business partners, but in transit to the Company. Euronet has a large and diverse business partner base, thereby reducing the credit risk of the Company from any one business partner. In addition, the Company performs ongoing credit evaluations of its business partners’ financial condition and credit worthiness. Inventories represent prepaid cards and prepaid pin numbers that are used to settle amounts due to content providers. Settlement obligations consist of money transfers, payables to agents and content providers. Money transfer payables represent amounts to be paid to transferees when they request funds. Most agents typically settle with transferees first then obtain reimbursement from the Company. Money order payables represent amounts not yet presented for payment. Due to the agent funding and settlement process, payables to agents represent amounts due to agents for money transfers that have not been settled with transferees. (in thousands) As of December 31, 2019 As of December 31, 2018 Settlement assets: Settlement cash and cash equivalents $ 282,188 $ 273,948 Settlement restricted cash 49,168 45,358 Account receivables 574,410 491,102 Prepaid expenses and other current assets 107,301 105,052 Total settlement assets $ 1,013,067 $ 915,460 Settlement obligations: Trade account payables $ 504,667 $ 456,005 Accrued expenses and other current liabilities 508,400 459,455 Total settlement obligations $ 1,013,067 $ 915,460 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 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 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 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 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 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 income approach or 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. If the carrying value of goodwill exceeds its 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 2019. 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, except for one reporting unit. Accordingly, there was an indication of impairment, and the quantitative goodwill impairment test was performed. The quantitative goodwill impairment test showed that there was no indication for impairment for the affected reporting unit. 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. During 2019, the company did not identify an impairment. During 2018, the Company recorded a non-cash impairment charge of $7.0 million related to certain trade names as a result of combining HiFX into xe in order to operate the businesses under one brand name, xe. During 2017, the Company recorded a non-cash impairment charge of $2.3 million related to certain customer relationships as a result of the closure of the Pure Commerce office in South Korea. See Note 8, Goodwill and Acquired Intangible Assets, Net, to the Consolidated Financial Statements 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. ASC Topic 340, Other Assets and Deferred Costs (“ASC 340”) requires the deferral of incremental costs to obtain customer contracts, known as contract assets, which are then amortized to expense as part of selling, general and administrative expense over the respective periods of expected benefit. Deferred contract costs are reported on our balance sheet within current or non-current other assets based on the expected life of the related contract. At December 31, 2019 and 2018 , we had $43.7 million , and $32.1 million , respectively, of deferred contract costs related to the fulfillment of future contract obligations. For the years ended December 31, 2019 , 2018 and 2017, we had $6.9 million , $6.3 million and $7.2 million of amortization related to these costs, respectively. 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, 2019 and 2018, 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, to the Consolidated Financial Statements 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, to the Consolidated Financial Statements 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, to the Consolidated Financial Statements for further discussion of derivative instruments. 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. Revenue recognition The Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales and usage-based taxes are excluded from revenues. 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 and domestic and international surcharge. 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. These fees can be variable based on transaction volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. 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. 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 digital media products. These fees and commissions are received from mobile operators, content vendors or distributors or from retailers. In accordance with ASC 606, commissions 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 principle 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 principle 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 606, 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. Revenues In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”), and subsequently modified the standard with several ASUs. The Company adopted the standard on January 1, 2018 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting under Topic 605. The Company completed its review of customer contracts relative to the requirements of Topic 606 and concluded that revenues from certain customer contracts in the epay Segment should be recorded differently under the principal versus agent guidance of Topic 606. With respect to those contracts, the Company concluded that it earns a commission from content providers for distributing and processing their prepaid mobile airtime and other electronic payment products, but it is not the principal for the products themselves. As a result, the impact of the change in accounting principle was a reduction of $88.5 million in both revenues and direct operating expenses for the year ended December 31, 2018, with no impact on reported net income. Deferred Revenues - The Company records deferred revenues when cash payments are received or due in advance of its performance. The decrease in the deferred revenue balance for the year ended December 31, 2019 is primarily driven by $41.4 million of revenues recognized that were included in the deferred revenue balance as of December 31, 2018, largely offset by $40.7 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations. Disaggregation of Revenues - The following table presents the Company's revenues disaggregated by segment and region. The Company believes disaggregation by segment and region best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation of revenues by segment and region is based on management's assessment of segment performance together with allocation of financial resources, both capital and operating support costs, on a segment and regional level. Both segments and regions benefit from synergies achieved through concentration of operations and are influenced by macro-economic, regulatory and political factors in the respective segment and region. The Company recognizes foreign exchange revenues from derivative instruments in its xe operations in accordance with ASC Topic 815 and not ASC Topic 606. These revenues are not significant to the Company's consolidated revenues and are included in the following tables. For the Year Ended December 31, 2019 (in thousands) EFT Processing epay Money Transfer Total Europe $ 724,163 $ 524,907 $ 373,302 $ 1,622,372 North America 35,461 151,016 573,016 759,493 Asia Pacific 129,060 76,491 124,934 330,485 Other 28 16,915 24,974 41,917 Eliminations — — — (4,158 ) Total $ 888,712 $ 769,329 $ 1,096,226 $ 2,750,109 For the Year Ended December 31, 2018 (in thousands) EFT Processing epay Money Transfer Total Europe $ 608,993 $ 491,282 $ 328,592 $ 1,428,867 North America 32,306 165,930 569,005 767,241 Asia Pacific 112,294 71,242 127,057 310,593 Other 58 15,330 18,308 33,696 Eliminations — — — (3,768 ) Total $ 753,651 $ 743,784 $ 1,042,962 $ 2,536,629 (1) As noted above, prior period amounts have not been adjusted under the modified retrospective method. For the Year Ended December 31, 2017 (in thousands) EFT epay Money Total Europe $ 501,161 $ 561,232 $ 262,280 $ 1,324,673 North America 31,469 63,148 513,868 608,485 Asia Pacific 101,787 91,516 101,005 294,308 Other 142 18,102 9,705 27,949 Eliminations — — — (2,993 ) Total $ 634,559 $ 733,998 $ 886,858 $ 2,252,422 (1) As noted above, prior period amounts have not been adjusted under the modified retrospective method. Recently issued accounting pronouncements The Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), as amended, as of January 1, 2019, using the modified retrospective approach and comparative periods were not restated. The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients” which permits the Company not to reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected to combine lease and non-lease components and to include short term leases with an initial term of 12 months or less on the Consolidated Balance Sheets. In addition, the Company elected the hindsight practical expedient to determine the lease term for existing leases. The election of the hindsight practical expedient resulted in, for substantially all leases in effect on January 1, 2019, the lease term for implementation of this pronouncement, as the period from January 1, 2019 through the lease’s contractual termination date, rather than the actual lease life as set out in the lease agreement. Lease lives for lease agreements committed to on January 1, 2019 and, thereafter, are included based on the lease’s commencement date and termination date. In the application of hindsight, the Company evaluated the performance of all the leases and the associated markets in relation to the Company’s operations, which resulted in the determination that the exercise of renewal options would not be reasonably certain in determining the expected lease term. Adoption of the new standard resulted in the recognition of additional operating right of use lease assets and lease liabilities of approximately $269.9 million , as of January 1, 2019. In June 2016, the Financial Accounting Standards Board ("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. The adoption of this standard did not have a significant impact on the Company's consolidated financial statements and related disclosures. |
Stockholders' Equity (Note)
Stockholders' Equity (Note) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Computation of diluted weighted average shares outstanding: Basic weighted average shares outstanding 53,449,834 51,487,557 52,523,272 Incremental shares from assumed exercise of stock options and vesting of restricted stock 1,464,053 1,499,713 1,793,375 Incremental shares from assumed conversion of convertible debentures — 1,640,477 799,680 Diluted weighted average shares outstanding 54,913,887 54,627,747 55,116,327 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, 2019 , 2018 and 2017 of approximately 380,000 , 458,000 and 798,000 , respectively. The Company issued new Convertible Senior Notes ("Convertible Notes") due March 2049 on March 18, 2019 and retired the existing convertible notes ("Retired Convertible Notes") that would have matured in 2044 on May 28, 2019. The Company's Convertible Notes currently have, and the Retired Convertible Notes had, a settlement feature requiring the Company upon conversion to settle the principal amount of the debt and any conversion value in excess of the principal value ("conversion premium"), for cash or shares of the Company's common stock or a combination thereof, at the Company's option. The Company has stated its intent to settle any conversion of these notes by paying cash for the principal value and issuing common stock for any conversion premium. Accordingly, the Convertible Notes and the Retired Convertible Notes were included in the calculation of diluted earnings per share if their inclusion was dilutive. The dilutive effect increases the more the market price exceeds the conversion price. The Retired Convertible Notes had a dilutive effect for the years ended December 31, 2018 and 2017 as the $ 102.38 and $84.27 market price per share of Common Stock as of December 31, 2018 and 2017 exceeded the $ 72.18 conversion price per share. The Convertible Notes would only have a dilutive effect if the market price per share of common stock exceeds the conversion price of $ 188.73 per share. Therefore, according to ASC Topic 260, Earnings per Share (“ASC 260”) , there was no dilutive effect of the assumed conversion of the debentures as of December 31, 2019 , whereas the dilutive effect was 1,640,477 and 799,680 shares for the years ended December 31, 2018 and 2017 , respectively. See Note 10, Debt Obligations, to the Consolidated Financial Statements for more information about the convertible notes. Share repurchases The Company's Board of Directors has authorized a stock repurchase program ("Repurchase Program"), allowing Euronet to repurchase up to $375 million in value or 10.0 million shares of stock through March 31, 2020. On March 11, 2019, in connection with the issuance of the Convertible Notes, the Board of Directors authorized an additional repurchase program of $120 million in value of the Company's common stock through March 11, 2021. On February 26, 2020, the Company put a repurchase program in place to repurchase up to $250 million in value, but not more than five million shares of common stock through February 28, 2022. Repurchases under either 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. For the year ended December 31, 2019 , the Company repurchased $70.9 million in value of Euronet Common Stock under the Repurchase Program. For the year ended December 31, 2018, the company repurchased $175 million in value of Euronet common stock under the Repurchase Program. No repurchases were made during 2017. 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. Accumulated other comprehensive loss As of December 31, 2019 and 2018 , accumulated other comprehensive loss consists entirely of foreign currency translation adjustments. The Company recorded a foreign currency translation loss of $13.9 million , a loss of $56.7 million and a gain of $116.4 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. There were no reclassifications of foreign currency translation into the Consolidated Statements of Income for the years ended December 31, 2019 , 2018 , and 2017 . Dividends No dividends was paid on any class of the Company's stock during 2019 , 2018 , and 2017 . |
Acquisitions (Note)
Acquisitions (Note) | 12 Months Ended |
Dec. 31, 2019 | |
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. 2019 Acquisitions On November 30, 2019 , the Company completed the acquisition of a North American based ATM operator with approximately 1,800 ATMs. The purchase price was $92.5 million in cash. Approximately $10.1 million of the cash consideration was placed in escrow accounts to satisfy indemnification and working capital obligations of the seller, pursuant to the terms of the purchase agreement. The purchase price was preliminarily allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their respective fair values at the date of acquisition. The acquisition has been accounted for as business combinations in accordance with U.S. GAAP and the results of operations have been included from the date of acquisition in the EFT Processing Segment. The historical revenue and earnings were not significant for the purpose of presenting pro forma information for the current or prior-year periods. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date. (in thousands) As of November 30, 2019 Cash and cash equivalents $ 5,325 Trade accounts receivable 2,167 Other current assets 798 Property and equipment 16,542 Intangible assets 39,000 Total assets acquired $ 63,832 Trade accounts payable $ (6,790 ) Accrued expenses and other current liabilities (80 ) Total liabilities assumed $ (6,870 ) Goodwill 35,540 Net assets acquired $ 92,502 The Company acquired customer relationship intangible assets with a preliminary fair value of $39.0 million , which are being amortized on a straight-line basis over 20 years. Goodwill, with a preliminary value of $35.5 million , arising from the acquisition was included in the EFT Processing Segment and was attributable to expected growth opportunities in the United States. Goodwill and intangible assets associated with this acquisition are deductible for tax purposes. Other The Company completed three acquisitions for immaterial amounts. 2018 Acquisitions The Company completed the acquisitions of two small European businesses for an immaterial amount of cash consideration, completing one acquisition in the first quarter of 2018 and completing the other acquisition in the second quarter of 2018. The acquisitions have been accounted for as business combinations in accordance with U.S. GAAP and the results of operations have been included from the respective dates of acquisition in the EFT Processing Segment. |
Restricted Cash (Note)
Restricted Cash (Note) | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash [Abstract] | |
Restricted Assets Disclosure [Text Block] | Restricted Cash The restricted cash balances as of December 31, 2019 and 2018 were as follows: As of December 31, (in thousands) 2019 2018 Cash held in trust and/or cash held on behalf of others $ 34,301 $ 31,237 Restricted cash $ 34,301 $ 31,237 Cash held in trust and/or cash held on behalf of others $ 44,366 $ 35,926 Collateral on bank credit arrangements and other 4,802 9,432 Restricted cash included within settlement assets $ 49,168 $ 45,358 Total Restricted Cash $ 83,469 $ 76,595 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, 2019 | |
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, 2019 and 2018 are as follows: As of December 31, (in thousands) 2019 2018 ATMs $ 474,611 $ 378,009 POS terminals 38,235 36,521 Vehicles and office equipment 64,970 66,117 Computers and software 191,172 183,150 Land and buildings 1,235 1,252 770,223 665,049 Less accumulated depreciation (410,243 ) (373,180 ) Total $ 359,980 $ 291,869 Depreciation and amortization expense related to property and equipment, including property and equipment recorded under finance leases, for the years ended December 31, 2019 , 2018 and 2017 was $83.5 million , $75.1 million and $63.4 million , respectively. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets, Net (Note) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : As of December 31, 2019 As of December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 240,027 $ (139,319 ) $ 199,581 $ (133,863 ) Trademarks and trade names 45,347 (28,123 ) 45,233 (25,837 ) Software 59,244 (35,362 ) 58,515 (29,420 ) Non-compete agreements 2,082 (2,049 ) 2,076 (1,800 ) Total $ 346,700 $ (204,853 ) $ 305,405 $ (190,920 ) The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2019 and 2018 : (in thousands) Acquired Intangible Assets Goodwill Total Intangible Assets Balance as of January 1, 2018 $ 150,543 $ 717,386 $ 867,929 Increases (decreases): Acquisitions — 20,742 20,742 Impairment (7,049 ) — (7,049 ) Amortization (22,562 ) — (22,562 ) Other (primarily changes in foreign currency exchange rates) (6,447 ) (33,931 ) (40,378 ) Balance as of December 31, 2018 114,485 704,197 818,682 Increases (decreases): Acquisitions 46,246 35,305 81,551 Impairment — — — Amortization (20,374 ) — (20,374 ) Other (primarily changes in foreign currency exchange rates) 1,490 4,321 5,811 Balance as of December 31, 2019 $ 141,847 $ 743,823 $ 885,670 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 2019 resulted in no impairment charges. During the fourth quarter of 2018, the Company recorded a $7.0 million non-cash impairment charge for acquired intangible assets, specifically the HiFX trade name, related to rebranding the HiFX business to xe. Of the total goodwill balance of $743.8 million as of December 31, 2019 , $474.7 million relates to the Money Transfer Segment, $128.9 million relates to the epay Segment and the remaining $140.2 million relates to the EFT Processing Segment. Amortization expense for intangible assets with finite lives was $20.4 million , $22.6 million and $24.5 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Estimated annual amortization expense, before income taxes, on intangible assets with finite lives as of December 31, 2019 , is expected to total $23.1 million for 2020 , $22.2 million for 2021 , $21.1 million for 2022 , $16.3 million for 2023 and $9.8 million for 2024 . |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities (Note) | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
Other Liabilities Disclosure [Text Block] | Accrued Expenses and Other Current Liabilities The balances as of December 31, 2019 and 2018 were as follows: As of December 31, (in thousands) 2019 2018 Accrued expenses $ 246,699 $ 210,997 Derivative liabilities 41,935 36,102 Current portion of finance lease obligations 5,919 5,458 Deferred income taxes 4 — Total $ 294,557 $ 252,557 |
Debt Obligations (Note)
Debt Obligations (Note) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS | Debt Obligations Debt obligations consist of the following as of December 31, 2019 and 2018 : As of December 31, (in thousands) 2019 2018 Credit Facility: Revolving credit agreements $ — $ 215,725 Convertible Debt: 0.75% convertible notes, unsecured, due 2049 436,965 — 1.50% convertible notes, unsecured, due 2044 — 379,859 1.375% Senior Notes, due 2026 673,440 — Other obligations 6,215 38,513 Total debt obligations $ 1,116,620 $ 634,097 Unamortized debt issuance costs (19,592 ) (6,298 ) Carrying value of debt $ 1,097,028 $ 627,799 Short-term debt obligations and current maturities of long-term debt obligations (6,089 ) (38,017 ) Long-term debt obligations $ 1,090,939 $ 589,782 As of December 31, 2019 , aggregate annual maturities of long-term debt are $6.1 million in 2020, $0.1 million due in 2021 , no maturities between 2022 and 2024 , and $1.2 billion thereafter. This maturity schedule reflects the revolving credit facility maturing in 2023 the Convertible Notes maturing in 2025, coinciding with the terms of the initial put option by holders of the Convertible Notes. It also reflects the maturing of the 1.375% Senior Note of €600 million ( $673.4 million ) due in 2026. Credit Facility In the early fourth quarter of 2018, the Company early retired the senior secured revolving bank credit facility (the "Credit Facility") with a syndicate of financial institutions. The Credit Facility was subsequently replaced by a new unsecured credit agreement for $1.0 billion that expires on October 17, 2023 . Fees and interest on borrowings are based upon the Company's corporate credit rating and are 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 1.125% to 2.0% (or 0.175% to 1.0% for base rate loans). The unsecured credit agreement allows for borrowings in Australian Dollars, British Pounds Sterling, Canadian Dollars, Czech Koruna, Danish Krone, Euros, Hungarian Forints, Japanese Yen, New Zealand Dollars, Norwegian Krone, Polish Zlotys, Swedish Krona, Swiss Francs, and U.S. Dollars. The revolving credit facility contains a $200 million sublimit for the issuance of letters of credit, a $50 million sublimit for U.S. Dollar swingline loans, and a $90 million sublimit for certain foreign currencies swingline loans. The retired Credit Facility provided 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. Fees and interest on borrowings varied based upon the Company's consolidated total leverage ratio (as defined in the amended and restated credit agreement) and were based, in the case of letter of credit fees, on a margin, and in the case of interest, on a margin over 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 was subject to scheduled quarterly amortization payments, as set forth in the amended and restated credit agreement. As of December 31, 2019 and 2018 , the Company had stand-by letters of credit/bank guarantees outstanding against the revolving credit facilities of $53.0 million and $47.1 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. As of December 31, 2019 and 2018 , the stand-by letters of credit interest charges were each 1.1% per annum, respectively. The unsecured credit agreement contains customary affirmative and negative covenants, events of default and financial covenants, including: (i) as of the end of each fiscal quarter ended on March 31, September 30 and December 31, a Consolidated Total Leverage Ratio not to be greater than 3.5 to1.0; (ii) as of the end of each fiscal quarter ended on June 30, a Consolidated Total Leverage Ratio not to be greater than 4.0 to1.0; provided that, not more than two times prior to the expiration date, that a Material Acquisition has been consummated, for any period of four consecutive fiscal quarters following such Material Acquisition, the Consolidated Total Leverage Ratio will be not greater than 4.0 to1.0 for fiscal quarters ended on March 31, September 30 and December 31 and not greater than 4.5 to1.0 for fiscal quarters ended on June 30; provided, further, that following such four consecutive fiscal quarters for which the maximum Consolidated Total Leverage Ratio is increased, the maximum Consolidated Total Leverage Ratio shall revert to the levels set forth in clauses (i) and (ii) above for not fewer than two fiscal quarters before a subsequent Increase Notice is delivered to the syndicate of financial institutions; and (iii) a Consolidated Interest Coverage Ratio not less than 4.0 to 1.0. Subject to meeting certain leverage ratio and liquidity requirements as contained in the unsecured credit agreement, the Company is permitted to pay dividends, repurchase common stock and repurchase subordinated debt. The Company was in compliance with all debt covenants, as of December 31, 2019. The Company and certain subsidiaries have guaranteed the repayment of obligations under the credit agreement. Uncommited Line of Credit During 2019, the Company entered into an Uncommitted Loan Agreement with Bank of America which may provide Euronet up to $100.0 million under an uncommitted line of credit. Interest on borrowings is equal to LIBOR plus 0.65% and the agreement expires September 4, 2020. As of December 31, 2019 , no amounts were outstanding under the line of credit. Convertible Debt On March 18, 2019, the Company completed the sale of $525.0 million of Convertible Senior Notes ("Convertible Notes"). The Convertible Notes mature in March 2049 unless redeemed or converted prior to such date, and are convertible into shares of Euronet Common Stock at a conversion price of approximately $ 188.73 per share if certain conditions are met (relating to the closing price 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 on each of March 15, 2025, March 15, 2029, March 15, 2034, March 15, 2039 and March 15, 2044 at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the relevant repurchase date. In connection with the issuance of the Convertible Notes, the Company recorded $12.8 million in debt issuance costs, which are being amortized through March 1, 2025. The Company may not redeem the Notes prior to September 20, 2022. The Company may redeem for cash all or any portion of the Convertible Notes, at its option, (i) on or after September 20, 2022 if the closing sale price of the Company's Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (ii) on or after March 20, 2025 and prior to the maturity date, regardless of the foregoing sale price condition, in each case at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Convertible Notes. In addition, if a fundamental change, as defined in the Indenture, occurs prior to the maturity date, holders may require the Company to repurchase for cash all or part of their Convertible Notes at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. As of December 31, 2019 the conversion threshold was not met and the Convertible Notes were not convertible during the first quarter of 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 $99.7 million for the Convertible Notes. The Company used $94.2 million of the net proceeds from the issuance of the new debt to repurchase $49 million aggregate principal amount of the Company's 1.5% Convertible Senior Notes due 2044 (the "Retired Convertible Notes") from a limited number of holders in privately negotiated transactions. On March 18, 2019, the Company provided a notice of redemption to the trustee of the indenture governing the Retired Convertible Notes (the "Existing Indenture"), pursuant to which the Company would redeem all of the remaining principal amount outstanding of the Retired Convertible Notes on May 28, 2019 (the "Redemption Date") for cash at a redemption price equal to 100% of the principal amount of the Retired Convertible Notes redeemed plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date. The issuance of the Convertible Notes and the conversion of the Retired Convertible Notes, resulted in a $ 25.6 million recognition and a $34.2 million reversal of deferred tax liabilities within the additional paid-in capital as of December 31, 2019, respectively. Prior to the Redemption Date, approximately $352.4 million principal amount of the Retired Convertible Notes were submitted for conversion. The Company elected to settle the conversion of such Retired Convertible Notes through a combination of cash and stock. The Company paid cash equal to $1,000 for each $1,000 principal amount of Retired Convertible Notes submitted for conversion and satisfied the remainder of the conversion obligation by issuing shares of the Company's Common Stock valued at $147.24 per share. As a result, the Company paid cash of $352.4 million and issued approximately 2.5 million shares of its Common Stock. In accordance with ASC 470, the Company recognized a loss of $9.8 million on the conversion and redemption for the year ended December 31, 2019, representing the difference between the fair value of the Retired Convertible Notes converted and the carrying value of the bonds at the time of conversion. The Company is using the remainder of the net proceeds from the issuance of the Convertible Notes to finance the further growth of the business . Contractual interest expense for the Retired Convertible Notes was $1.5 million and $6.0 million for the year ended December 31, 2019 and 2018, respectively. Accretion expense was $4.6 million for the year ended December 31, 2019 and $11.5 million for the year ended December 31, 2018 . Contractual interest expense for the Convertible Notes was $3.1 million for the year ended December 31, 2019. Accretion expense was $11.6 million for the year ended December 31, 2019. The effective interest rate was 4.4% for the year ended December 31, 2019. As of December 31, 2019, the unamortized discount was $88.0 million and will be amortized through March 2025. 1.375% Senior Notes due 2026 On May 22, 2019, the Company completed the sale of €600 million ( $669.9 million ) aggregate principal amount of Senior Notes that expire on May 2026 (the “Senior Notes”). The Senior Notes accrue interest at a rate of 1.375% per year, payable annually in arrears commencing May 22, 2020, until maturity or earlier redemption. As of December 31, 2019, the Company has outstanding €600 million ( $673.4 million ) principal amount of the Senior Notes. In addition, the Company may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest. 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, 2019 and 2018 , borrowings under these arrangements were $6.2 million and $38.5 million , respectively. As of December 31, 2019 , there was $6.2 million due in 2020 under these other obligation arrangements. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Note) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 , the Company had foreign currency forward contracts outstanding in the U.S. with a notional value of $159.0 million and $251.1 million , respectively. The foreign currency forward contracts consist 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, 2019 and 2018 , the Company had foreign currency forward contracts outstanding with a notional value of $43 million and $64.3 million , respectively, primarily in euros. Foreign currency exchange contracts - xe Operations xe, 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. xe 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 xe's total portfolio of positions were $18.9 million , $69.2 million and $72.5 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. All of the derivative contracts used in the Company' s xe 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 xe'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. xe 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. xe 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 xe operations as of December 31, 2019 and 2018 , was approximately $1.2 billion and $1.8 billion , respectively. 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, 2019 December 31, 2018 Balance Sheet Location December 31, 2019 December 31, 2018 Derivatives not designated as hedging instruments Foreign currency exchange contracts Other current assets $ 54,765 $ 44,637 Other current liabilities $ (41,935 ) $ (36,102 ) The following tables summarize the gross and net fair value of derivative assets and liabilities as of December 31, 2019 and 2018 (in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2019 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 $ 54,765 $ — $ 54,765 $ (34,935 ) $ (7,362 ) $ 12,468 As of December 31, 2018 Derivatives subject to a master netting arrangement or similar agreement $ 44,637 $ — $ 44,637 $ (25,187 ) $ (9,918 ) $ 9,532 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2019 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 $ (41,935 ) $ — $ (41,935 ) $ 34,935 $ 827 $ (6,173 ) As of December 31, 2018 Derivatives subject to a master netting arrangement or similar agreement $ (36,102 ) $ — $ (36,102 ) $ 25,187 $ 2,048 $ (8,867 ) 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, 2019 , 2018 and 2017 : 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) 2019 2018 2017 Foreign currency exchange contracts - Ria Operations Foreign currency exchange gain, net $ 62 $ 173 $ 175 (a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe 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. |
Income Taxes (Note)
Income Taxes (Note) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Income Taxes The sources of income before income taxes for the years ended December 31, 2019 , 2018 and 2017 are presented as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Income before taxes: United States $ 44,290 $ 35,467 $ 55,117 Foreign 389,517 259,449 201,218 Total income before income taxes $ 433,807 $ 294,916 $ 256,335 The Company's income tax expense for the years ended December 31, 2019 , 2018 and 2017 consisted of the following: Year Ended December 31, (in thousands) 2019 2018 2017 Current tax expense (benefit): U.S. $ (4,885 ) $ (8,711 ) $ 29,620 Foreign 83,792 70,244 79,475 Total current 78,907 61,533 109,095 Deferred tax expense (benefit): U.S. (8,424 ) 6,871 14,056 Foreign 16,629 (5,619 ) (23,756 ) Total deferred 8,205 1,252 (9,700 ) Total tax expense $ 87,112 $ 62,785 $ 99,395 The following is a reconciliation of the federal statutory income tax rates of 21% for the years ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017 to the effective income tax rate for the same years: Year Ended December 31, (dollar amounts in thousands) 2019 2018 2017 U.S. federal income tax expense at applicable statutory rate $ 91,099 $ 61,932 $ 89,684 Tax effect of: State income tax expense (benefit) at statutory rates 5,101 1,680 968 Non-deductible expenses 2,896 3,457 5,648 Share-based compensation (2,875 ) (13,750 ) (4,845 ) Other permanent differences (864 ) (6,141 ) 8,458 Difference between U.S. federal and foreign tax rates 12,281 9,843 (24,270 ) Provision in excess of statutory rates 3,565 3,737 8,426 Change in federal and foreign valuation allowance 2,144 3,075 (30,224 ) Impairment of goodwill and acquired intangibles assets — 83 8,248 GILTI, net of tax credits 6,471 14,111 — U.S. Tax Reform - transition tax and rate change (25,728 ) (12,262 ) 41,597 Tax credits (4,500 ) — — Other (2,478 ) (2,980 ) (4,295 ) Total income tax expense $ 87,112 $ 62,785 $ 99,395 Effective tax rate 20.1 % 21.3 % 38.8 % We calculate our provision for federal, state and international income taxes based on current tax law. On December 22, 2017, the U.S. enacted into law what is informally called the Tax Cuts and Jobs Act of 2017 ("U.S. Tax Reform"). The most significant provisions of U.S. Tax Reform are the transition tax on previously undistributed foreign earnings of foreign subsidiaries, the reduction of the U.S. corporate statutory income tax rate from 35% to 21% beginning on January 1, 2018, and new taxes on certain foreign sourced earnings. In 2017, the Company initially recorded a net provisional tax expense of $41.6 million resulting from the enactment of U.S. Tax Reform. In the fourth quarter of 2018, the Company adjusted its accounting for the tax effects of U.S. Tax Reform. The net provisional tax expense was decreased in that period by approximately $ 12.3 million to $29.3 million largely due to changes in the transition tax calculations. In the fourth quarter of 2019 after additional regulatory guidance was issued by applicable taxing authorities, the Company elected to claim U.S. tax credits on foreign tax paid on foreign source income, which reduced the net tax expense by $25.7 million . 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) 2019 2018 Deferred tax assets: Tax loss carryforwards $ 34,357 $ 30,689 Share-based compensation 7,366 7,395 Accrued expenses 19,048 17,242 Property and equipment 8,602 16,377 Goodwill and intangible amortization 8,143 10,619 Intercompany notes 5,977 6,913 Accrued revenue 24,721 36,273 Tax credits 65,063 — Lease accounting 89,965 — Other 15,379 11,876 Gross deferred tax assets 278,621 137,384 Valuation allowance (83,184 ) (21,857 ) Net deferred tax assets 195,437 115,527 Deferred tax liabilities: Intangible assets related to purchase accounting (16,379 ) (22,877 ) Goodwill and intangible amortization (20,806 ) (16,115 ) Accrued expenses (29,084 ) (28,274 ) Intercompany notes (10,498 ) (14,034 ) Accrued interest (27,902 ) (32,372 ) Capitalized research and development (6,048 ) (8,299 ) Property and equipment (15,467 ) (8,408 ) Accrued revenue (4,727 ) (4,388 ) Lease accounting (89,965 ) — Other (8,997 ) (5,841 ) Total deferred tax liabilities (229,873 ) (140,608 ) Net deferred tax liabilities $ (34,436 ) $ (25,081 ) Subsequently recognized tax benefits relating to the valuation allowance for deferred tax assets as of December 31, 2019 are expected to be allocated to income taxes in the Consolidated Statements of Income. As of December 31, 2019 , and 2018 , the Company's foreign tax loss carryforwards were $ 119.1 million and $109.8 million , respectively, and U.S. state tax loss carryforwards were $97.6 million and $91.8 million , respectively. In 2019, the Company has recognized $59.1 million in U.S. foreign tax credits which are largely not expected to be utilized in future periods. 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, 2019 . As of December 31, 2019 , the Company had foreign tax net operating loss carryforwards of $119.1 million , which will expire as follows: (in thousands) Gross Tax Effected Year ending December 31, 2020 $ 1,274 $ 315 2021 3,790 934 2022 2,800 720 2023 2,577 605 2024 8,713 2,152 Thereafter 39,040 9,851 Unlimited 60,935 14,427 Total $ 119,129 $ 29,004 In addition, the Company's state tax net operating loss carryforwards of $97.6 million will expire periodically from 2020 through 2039 , U.S. foreign tax credit carryforwards of $59.1 million that will expire periodically from 2021 through 2027, U.S. research and expenditure credit carryforwards of $3.2 million that will expire over an indefinite number of years, and foreign tax credits of $2.8 million that will expire over an indefinite number of years. While U.S. tax expense has been recognized as a result of the transition tax and Global Intangible Low-Taxed Income ("GILTI") provisions of U.S. Tax Reform, the Company has not provided additional deferred taxes with respect to items such as certain foreign exchange gains or losses, foreign withholding taxes or additional state taxes, if any, on undistributed earnings attributable to foreign subsidiaries and it is not practical to determine the income tax liability that would be payable if such earnings were not reinvested indefinitely. Gross undistributed earnings reinvested indefinitely in foreign subsidiaries aggregated approximately $1,810 million as of December 31, 2019 . Accounting for uncertainty in income taxes A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2019 and 2018 is as follows: Year Ended December 31, (in thousands) 2019 2018 Beginning balance $ 30,915 $ 28,537 Additions based on tax positions related to the current year 15,569 4,787 Additions for tax positions of prior years 6 966 Reductions for tax positions of prior years (1,703 ) (1,705 ) Settlements — (807 ) Statute of limitations expiration (252 ) (863 ) Ending balance $ 44,535 $ 30,915 As of December 31, 2019 and 2018 , approximately $42.7 million and $28.0 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 $5.2 million and $4.4 million as of December 31, 2019 and 2018 , respectively. The following income tax years remain open in the Company's major jurisdictions as of December 31, 2019 : Jurisdictions Periods U.S. (Federal) 2014 through 2019 Germany 2016 through 2019 Greece 2014 through 2019 Spain 2014 through 2019 U.K. 2009 through 2019 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, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Valuation and Qualifying Accounts Trade accounts receivable balances and accounts receivable included within the settlement assets 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, 2019 , 2018 and 2017 : Year Ended December 31, (in thousands) 2019 2018 2017 Beginning balance-allowance for doubtful accounts $ 24,287 $ 20,958 $ 18,369 Additions-charged to expense 10,095 8,653 6,631 Amounts written off (6,179 ) (4,079 ) (5,944 ) Other (primarily changes in foreign currency exchange rates) (265 ) (1,245 ) 1,902 Ending balance-allowance for doubtful accounts $ 27,938 $ 24,287 $ 20,958 |
Stock Plans (Note)
Stock Plans (Note) | 12 Months Ended |
Dec. 31, 2019 | |
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, Singapore and Malaysia, awards under the SCP are settled through the issuance of new shares under the provisions of the SCP. For Company employees in Germany, Singapore and Malaysia, 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, 2019 , the Company has approximately 2.1 million in total shares remaining available for issuance under the SCP. Share-based compensation expense was $21.4 million , $16.8 million and $15.6 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, and was recorded in salaries and benefits expense in the accompanying Consolidated Statements of Income. The Company recorded a tax benefit of $4.9 million , $2.7 million and $2.3 million during the years ended December 31, 2019 , 2018 and 2017 , 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, 2018 (1,637,801 shares exercisable) 2,562,570 $ 57.10 Granted 795,274 $ 145.92 Exercised (295,420 ) $ 44.22 Forfeited/Canceled (46,287 ) $ 89.67 Expired (362 ) Balance at December 31, 2019 3,015,775 $ 81.29 6.2 $ 230,052 Exercisable at December 31, 2019 1,653,340 $ 46.36 4.1 $ 183,846 Vested and expected to vest at December 31, 2019 2,383,821 $ 66.65 5.4 $ 216,739 Options outstanding that are expected to vest are net of estimated future forfeitures. The Company received cash of $13.1 million , $17.1 million and $9.5 million in connection with stock options exercised in the years ended December 31, 2019 , 2018 and 2017 , respectively. The intrinsic value of these options exercised was $30.6 million , $73.0 million and $23.2 million in the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , unrecognized compensation expense related to nonvested stock options that are expected to vest totaled $23.9 million and will be recognized over the next 5 years, with an overall weighted-average period of 3.4 years. The following table provides the fair value of options granted under the SCP during 2019 , 2018 and 2017 , 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, 2019 2018 2017 Volatility 29.3 % 29.8 % 28.8 % Risk-free interest rate - weighted average 2.1 % 2.8 % 2.2 % Risk-free interest rate - range (a) (a) .022 Dividend yield — % — % — % Assumed forfeitures 8.0 % 8.0 % 8.0 % Expected lives 5.2 years 5.6 years 5.5 years Weighted-average fair value (per share) $ 43.96 $ 37.16 $ 28.59 (a) At the date of grant, the risk fee rate for stock options awarded in 2019 and 2018 was 1.7% and 2.8%, respectively. 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, 2018 371,841 $ 85.78 Granted 254,631 $ 145.93 Vested (115,740 ) $ 78.77 Forfeited (16,784 ) $ 92.44 Nonvested at December 31, 2019 493,948 $ 118.20 The fair value of shares vested in the years ended December 31, 2019 , 2018 and 2017 was $16.6 million , $14.2 million and $13.1 million , respectively. As of December 31, 2019 , there was $11.4 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 3.3 years. As of December 31, 2019 , there was $11.2 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, 2019 , 2018 and 2017 was $145.93 , $107.88 and $91.28 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, 2019 , 2018 and 2017 , the Company issued 16,713 , 21,872 and 21,547 rights, respectively, to purchase shares of Common Stock at a weighted average price per share of $110.37 , $71.08 and $69.06 , 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 $0.4 million , $0.4 million , and $0.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The following table provides the weighted-average fair value of the ESPP stock purchase rights during the years ended December 31, 2019 , 2018 and 2017 and the assumptions used to calculate the fair value using the Black-Scholes-Merton option-pricing model: Year Ended December 31, 2019 2018 2017 Volatility - weighted average 24.3 % 30.1 % 18.4 % Volatility - range 20.3% to 28.1% 23.5% to 36.7% 14.6% to 27.2% Risk-free interest rate - weighted average 2.07 % 2.01 % 0.89 % Risk-free interest rate - range 1.55% to 2.44% 1.73% to 2.45% 0.51% to 1.39% Dividend yield — % — % — % Expected lives 3 months 3 months 3 months Weighted-average fair value (per share) $ 25.87 $ 17.22 $ 15.81 |
Segment Information (Note)
Segment Information (Note) | 12 Months Ended |
Dec. 31, 2019 | |
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, domestic and international surcharge 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 U.S. and South America. 3) Through the Money Transfer Segment, the Company provides global money transfer services under the brand names, Ria, IME, and xe. Ria, AFEX 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. xe offers account-to-account international payment services to high-income individuals and small-to-medium sized businesses. xe is also a provider of foreign currency exchange information. 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. Furthermore, xe provides cash management solutions and foreign currency risk management services to small-to-medium sized businesses. 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, 2019 , 2018 and 2017 : For the Year Ended December 31, 2019 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 888,712 $ 769,329 $ 1,096,226 $ (4,158 ) $ 2,750,109 Operating expenses: Direct operating costs 397,132 576,757 586,730 (4,136 ) 1,556,483 Salaries and benefits 87,603 61,540 208,792 36,809 394,744 Selling, general and administrative 35,518 35,054 133,068 8,304 211,944 Acquired intangible assets impairment — — — — — Depreciation and amortization 71,819 6,774 32,846 305 111,744 Total operating expenses 592,072 680,125 961,436 41,282 2,274,915 Operating income (expense) $ 296,640 $ 89,204 $ 134,790 $ (45,440 ) $ 475,194 Other income (expense) Interest income 1,969 Interest expense (36,237 ) Loss from unconsolidated affiliates — Loss on early retirement of debt — Foreign currency exchange loss, net 2,701 Other gains, net (9,820 ) Total other expense, net (41,387 ) Income before income taxes $ 433,807 Segment assets as of December 31, 2019 $ 1,914,144 $ 962,671 $ 1,560,136 $ 220,715 $ 4,657,666 Property and equipment, net as of December 31, 2019 $ 266,872 $ 41,539 $ 51,519 $ 50 $ 359,980 For the Year Ended December 31, 2018 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 753,651 $ 743,784 $ 1,042,962 $ (3,768 ) $ 2,536,629 Operating expenses: Direct operating costs 366,977 564,252 560,930 (3,753 ) 1,488,406 Salaries and benefits 75,791 57,748 194,808 32,085 360,432 Selling, general and administrative 46,925 35,749 125,647 8,486 216,807 Goodwill and acquired intangible assets impairment — — 7,049 — 7,049 Depreciation and amortization 66,713 7,038 32,002 268 106,021 Total operating expenses 556,406 664,787 920,436 37,086 2,178,715 Operating income (expense) $ 197,245 $ 78,997 $ 122,526 $ (40,854 ) $ 357,914 Other income (expense) Interest income 1,320 Interest expense (37,573 ) Income from unconsolidated affiliates (117 ) Foreign currency exchange gain, net (26,655 ) Other gains, net 27 Total other expense, net (62,998 ) Income before income taxes $ 294,916 Segment assets as of December 31, 2018 $ 1,220,141 $ 780,220 $ 1,310,775 $ 10,019 $ 3,321,155 Property and equipment, net as of December 31, 2018 $ 215,106 $ 31,172 $ 45,517 $ 74 $ 291,869 For the Year Ended December 31, 2017 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 634,559 $ 733,998 $ 886,858 $ (2,993 ) $ 2,252,422 Operating expenses: Direct operating costs 318,875 564,032 476,322 (2,979 ) 1,356,250 Salaries and benefits 61,683 54,459 168,371 26,274 310,787 Selling, general and administrative 33,158 36,014 108,022 13,108 190,302 Goodwill impairment 2,286 31,770 — — 34,056 Depreciation and amortization 55,660 9,622 29,598 150 95,030 Total operating expenses 471,662 695,897 782,313 36,553 1,986,425 Operating income (expense) $ 162,897 $ 38,101 $ 104,545 $ (39,546 ) $ 265,997 Other income (expense) Interest income 2,443 Interest expense (32,571 ) Income from unconsolidated affiliates 48 Foreign currency exchange loss, net 20,300 Other gains, net 118 Total other expense, net (9,662 ) Income before income taxes $ 256,335 Segment assets as of December 31, 2017 $ 1,040,135 $ 695,990 $ 1,255,765 $ 148,139 $ 3,140,029 Property and equipment, net as of December 31, 2017 $ 196,451 $ 28,135 $ 43,564 $ 153 $ 268,303 Total revenues for the years ended December 31, 2019 , 2018 and 2017 , and property and equipment and total assets as of December 31, 2019 and 2018 , 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) 2019 2018 2017 2019 2018 2019 2018 United States $ 716,576 $ 721,977 $ 572,383 $ 49,904 $ 29,499 $ 717,894 $ 493,428 Germany 518,146 476,122 495,778 35,824 25,302 660,730 508,062 Spain 189,104 155,619 115,473 55,240 39,238 371,882 198,082 United Kingdom 135,006 133,132 136,977 22,420 20,525 520,549 519,918 Italy 130,929 103,691 89,276 20,663 15,238 210,910 157,314 Poland 130,104 126,513 128,672 42,916 50,359 222,582 155,821 India 113,146 92,468 82,389 27,281 19,554 163,125 89,923 France 94,352 75,466 56,027 1,508 1,037 96,636 76,687 Greece 79,716 71,007 71,197 11,753 11,267 111,339 58,419 Malaysia 74,948 76,380 56,287 2,629 2,802 114,796 103,043 Australia 51,686 58,039 77,777 1,992 2,051 62,844 61,215 New Zealand 47,611 48,881 47,091 3,137 2,718 237,076 196,869 Other 468,785 397,334 323,095 84,713 72,279 1,167,303 702,374 Total foreign 2,033,533 1,814,652 1,680,039 310,076 262,370 3,939,772 2,827,727 Total $ 2,750,109 $ 2,536,629 $ 2,252,422 $ 359,980 $ 291,869 $ 4,657,666 $ 3,321,155 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, 2019 | |
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, 2019 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 54,765 $ — $ 54,765 Liabilities Foreign currency exchange contracts Other current liabilities $ — (41,935 ) $ — $ (41,935 ) As of December 31, 2018 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 44,637 $ — $ 44,637 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (36,102 ) $ — $ (36,102 ) 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 revolving credit agreements approximate fair values because interest is based on 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, 2019 , the fair values of the Convertible Notes and Senior Notes were $569.4 million and $668.2 million , respectively, with carrying values of $437 million and $673.4 million , respectively. |
Litigation and Contingencies (N
Litigation and Contingencies (Note) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | Litigation and Contingencies |
Commitments (Note)
Commitments (Note) | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees [Abstract] | |
GUARANTEES | Commitments As of December 31, 2019 , the Company had $79.6 million of stand-by letters of credit/bank guarantees issued on its behalf, of which $3.7 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, 2019 , the Company granted off balance sheet guarantees for cash in various ATM networks amounting to $12.5 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $49.6 million over the terms of the agreements with the customers. From time to time, the Company enters into agreements with commercial counterparties 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, 2019 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $489 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, 2019 or 2018 . |
Related Party Transactions (Not
Related Party Transactions (Note) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions The Company leases an airplane from a company owned by Mr. Michael J. Brown, Euronet's Chief Executive Officer, President and Chairman of the Board of Directors. The airplane is 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, 2019 , 2018 and 2017 , respectively, for the use of this airplane. 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 $50 thousand , $38 thousand and $49 thousand under this agreement in each of 2019, 2018 and 2017, respectively. |
Significant Accounting Policies
Significant Accounting Policies and Practices (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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. |
ATM Cash [Policy Text Block] | ATM Cash ATM cash represents cash within the ATM network either included within ATMs, within dedicated accounts, or in-transit to ATMs. |
Settlement Assets and Liabilities [Policy Text Block] | Settlement Assets and Obligations Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. The Company records corresponding settlement obligations relating to amounts payable. Settlement assets consist of cash and cash equivalents, restricted cash, receivables and prepaid expenses and other current assets. Cash received by Euronet agents and merchants generally become available to the Company within two weeks after initial receipt by the business partner. Receivables, net from business partners represent funds collected by such business partners, but in transit to the Company. Euronet has a large and diverse business partner base, thereby reducing the credit risk of the Company from any one business partner. In addition, the Company performs ongoing credit evaluations of its business partners’ financial condition and credit worthiness. Inventories represent prepaid cards and prepaid pin numbers that are used to settle amounts due to content providers. Settlement obligations consist of money transfers, payables to agents and content providers. Money transfer payables represent amounts to be paid to transferees when they request funds. Most agents typically settle with transferees first then obtain reimbursement from the Company. Money order payables represent amounts not yet presented for payment. Due to the agent funding and settlement process, payables to agents represent amounts due to agents for money transfers that have not been settled with transferees. (in thousands) As of December 31, 2019 As of December 31, 2018 Settlement assets: Settlement cash and cash equivalents $ 282,188 $ 273,948 Settlement restricted cash 49,168 45,358 Account receivables 574,410 491,102 Prepaid expenses and other current assets 107,301 105,052 Total settlement assets $ 1,013,067 $ 915,460 Settlement obligations: Trade account payables $ 504,667 $ 456,005 Accrued expenses and other current liabilities 508,400 459,455 Total settlement obligations $ 1,013,067 $ 915,460 |
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 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 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 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 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 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 income approach or 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. If the carrying value of goodwill exceeds its 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 2019. 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, except for one reporting unit. Accordingly, there was an indication of impairment, and the quantitative goodwill impairment test was performed. The quantitative goodwill impairment test showed that there was no indication for impairment for the affected reporting unit. 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. During 2019, the company did not identify an impairment. During 2018, the Company recorded a non-cash impairment charge of $7.0 million related to certain trade names as a result of combining HiFX into xe in order to operate the businesses under one brand name, xe. During 2017, the Company recorded a non-cash impairment charge of $2.3 million related to certain customer relationships as a result of the closure of the Pure Commerce office in South Korea. See Note 8, Goodwill and Acquired Intangible Assets, Net, to the Consolidated Financial Statements 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. ASC Topic 340, Other Assets and Deferred Costs (“ASC 340”) requires the deferral of incremental costs to obtain customer contracts, known as contract assets, which are then amortized to expense as part of selling, general and administrative expense over the respective periods of expected benefit. Deferred contract costs are reported on our balance sheet within current or non-current other assets based on the expected life of the related contract. At December 31, 2019 and 2018 , we had $43.7 million , and $32.1 million , respectively, of deferred contract costs related to the fulfillment of future contract obligations. For the years ended December 31, 2019 , 2018 and 2017, we had $6.9 million , $6.3 million and $7.2 million of amortization related to these costs, respectively. 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, 2019 and 2018, 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, to the Consolidated Financial Statements 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, to the Consolidated Financial Statements 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, to the Consolidated Financial Statements for further discussion of derivative instruments. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition The Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales and usage-based taxes are excluded from revenues. 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 and domestic and international surcharge. 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. These fees can be variable based on transaction volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. 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. 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 digital media products. These fees and commissions are received from mobile operators, content vendors or distributors or from retailers. In accordance with ASC 606, commissions 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 principle 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 principle 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 606, 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. Revenues In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”), and subsequently modified the standard with several ASUs. The Company adopted the standard on January 1, 2018 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting under Topic 605. The Company completed its review of customer contracts relative to the requirements of Topic 606 and concluded that revenues from certain customer contracts in the epay Segment should be recorded differently under the principal versus agent guidance of Topic 606. With respect to those contracts, the Company concluded that it earns a commission from content providers for distributing and processing their prepaid mobile airtime and other electronic payment products, but it is not the principal for the products themselves. As a result, the impact of the change in accounting principle was a reduction of $88.5 million in both revenues and direct operating expenses for the year ended December 31, 2018, with no impact on reported net income. Deferred Revenues - The Company records deferred revenues when cash payments are received or due in advance of its performance. The decrease in the deferred revenue balance for the year ended December 31, 2019 is primarily driven by $41.4 million of revenues recognized that were included in the deferred revenue balance as of December 31, 2018, largely offset by $40.7 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations. Disaggregation of Revenues - The following table presents the Company's revenues disaggregated by segment and region. The Company believes disaggregation by segment and region best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation of revenues by segment and region is based on management's assessment of segment performance together with allocation of financial resources, both capital and operating support costs, on a segment and regional level. Both segments and regions benefit from synergies achieved through concentration of operations and are influenced by macro-economic, regulatory and political factors in the respective segment and region. The Company recognizes foreign exchange revenues from derivative instruments in its xe operations in accordance with ASC Topic 815 and not ASC Topic 606. These revenues are not significant to the Company's consolidated revenues and are included in the following tables. For the Year Ended December 31, 2019 (in thousands) EFT Processing epay Money Transfer Total Europe $ 724,163 $ 524,907 $ 373,302 $ 1,622,372 North America 35,461 151,016 573,016 759,493 Asia Pacific 129,060 76,491 124,934 330,485 Other 28 16,915 24,974 41,917 Eliminations — — — (4,158 ) Total $ 888,712 $ 769,329 $ 1,096,226 $ 2,750,109 For the Year Ended December 31, 2018 (in thousands) EFT Processing epay Money Transfer Total Europe $ 608,993 $ 491,282 $ 328,592 $ 1,428,867 North America 32,306 165,930 569,005 767,241 Asia Pacific 112,294 71,242 127,057 310,593 Other 58 15,330 18,308 33,696 Eliminations — — — (3,768 ) Total $ 753,651 $ 743,784 $ 1,042,962 $ 2,536,629 (1) As noted above, prior period amounts have not been adjusted under the modified retrospective method. For the Year Ended December 31, 2017 (in thousands) EFT epay Money Total Europe $ 501,161 $ 561,232 $ 262,280 $ 1,324,673 North America 31,469 63,148 513,868 608,485 Asia Pacific 101,787 91,516 101,005 294,308 Other 142 18,102 9,705 27,949 Eliminations — — — (2,993 ) Total $ 634,559 $ 733,998 $ 886,858 $ 2,252,422 (1) As noted above, prior period amounts have not been adjusted under the modified retrospective method. |
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 The Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), as amended, as of January 1, 2019, using the modified retrospective approach and comparative periods were not restated. The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients” which permits the Company not to reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected to combine lease and non-lease components and to include short term leases with an initial term of 12 months or less on the Consolidated Balance Sheets. In addition, the Company elected the hindsight practical expedient to determine the lease term for existing leases. The election of the hindsight practical expedient resulted in, for substantially all leases in effect on January 1, 2019, the lease term for implementation of this pronouncement, as the period from January 1, 2019 through the lease’s contractual termination date, rather than the actual lease life as set out in the lease agreement. Lease lives for lease agreements committed to on January 1, 2019 and, thereafter, are included based on the lease’s commencement date and termination date. In the application of hindsight, the Company evaluated the performance of all the leases and the associated markets in relation to the Company’s operations, which resulted in the determination that the exercise of renewal options would not be reasonably certain in determining the expected lease term. Adoption of the new standard resulted in the recognition of additional operating right of use lease assets and lease liabilities of approximately $269.9 million , as of January 1, 2019. In June 2016, the Financial Accounting Standards Board ("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. The adoption of this standard did not have a significant impact on the Company's consolidated financial statements and related disclosures. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Practices Recently Issued and Adopted Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Schedule of Revenues by Segment by Region [Table Text Block] | For the Year Ended December 31, 2019 (in thousands) EFT Processing epay Money Transfer Total Europe $ 724,163 $ 524,907 $ 373,302 $ 1,622,372 North America 35,461 151,016 573,016 759,493 Asia Pacific 129,060 76,491 124,934 330,485 Other 28 16,915 24,974 41,917 Eliminations — — — (4,158 ) Total $ 888,712 $ 769,329 $ 1,096,226 $ 2,750,109 For the Year Ended December 31, 2018 (in thousands) EFT Processing epay Money Transfer Total Europe $ 608,993 $ 491,282 $ 328,592 $ 1,428,867 North America 32,306 165,930 569,005 767,241 Asia Pacific 112,294 71,242 127,057 310,593 Other 58 15,330 18,308 33,696 Eliminations — — — (3,768 ) Total $ 753,651 $ 743,784 $ 1,042,962 $ 2,536,629 (1) As noted above, prior period amounts have not been adjusted under the modified retrospective method. For the Year Ended December 31, 2017 (in thousands) EFT epay Money Total Europe $ 501,161 $ 561,232 $ 262,280 $ 1,324,673 North America 31,469 63,148 513,868 608,485 Asia Pacific 101,787 91,516 101,005 294,308 Other 142 18,102 9,705 27,949 Eliminations — — — (2,993 ) Total $ 634,559 $ 733,998 $ 886,858 $ 2,252,422 (1) As noted above, prior period amounts have not been adjusted under the modified retrospective method. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Practices Settlement assets and obligation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Settlement Assets and Liabilities [Line Items] | |
Settlement Assets and Liabilities [Table Text Block] | (in thousands) As of December 31, 2019 As of December 31, 2018 Settlement assets: Settlement cash and cash equivalents $ 282,188 $ 273,948 Settlement restricted cash 49,168 45,358 Account receivables 574,410 491,102 Prepaid expenses and other current assets 107,301 105,052 Total settlement assets $ 1,013,067 $ 915,460 Settlement obligations: Trade account payables $ 504,667 $ 456,005 Accrued expenses and other current liabilities 508,400 459,455 Total settlement obligations $ 1,013,067 $ 915,460 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Computation of diluted weighted average shares outstanding: Basic weighted average shares outstanding 53,449,834 51,487,557 52,523,272 Incremental shares from assumed exercise of stock options and vesting of restricted stock 1,464,053 1,499,713 1,793,375 Incremental shares from assumed conversion of convertible debentures — 1,640,477 799,680 Diluted weighted average shares outstanding 54,913,887 54,627,747 55,116,327 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) As of November 30, 2019 Cash and cash equivalents $ 5,325 Trade accounts receivable 2,167 Other current assets 798 Property and equipment 16,542 Intangible assets 39,000 Total assets acquired $ 63,832 Trade accounts payable $ (6,790 ) Accrued expenses and other current liabilities (80 ) Total liabilities assumed $ (6,870 ) Goodwill 35,540 Net assets acquired $ 92,502 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash [Abstract] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | The restricted cash balances as of December 31, 2019 and 2018 were as follows: As of December 31, (in thousands) 2019 2018 Cash held in trust and/or cash held on behalf of others $ 34,301 $ 31,237 Restricted cash $ 34,301 $ 31,237 Cash held in trust and/or cash held on behalf of others $ 44,366 $ 35,926 Collateral on bank credit arrangements and other 4,802 9,432 Restricted cash included within settlement assets $ 49,168 $ 45,358 Total Restricted Cash $ 83,469 $ 76,595 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 are as follows: As of December 31, (in thousands) 2019 2018 ATMs $ 474,611 $ 378,009 POS terminals 38,235 36,521 Vehicles and office equipment 64,970 66,117 Computers and software 191,172 183,150 Land and buildings 1,235 1,252 770,223 665,049 Less accumulated depreciation (410,243 ) (373,180 ) Total $ 359,980 $ 291,869 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : As of December 31, 2019 As of December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 240,027 $ (139,319 ) $ 199,581 $ (133,863 ) Trademarks and trade names 45,347 (28,123 ) 45,233 (25,837 ) Software 59,244 (35,362 ) 58,515 (29,420 ) Non-compete agreements 2,082 (2,049 ) 2,076 (1,800 ) Total $ 346,700 $ (204,853 ) $ 305,405 $ (190,920 ) |
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, 2019 and 2018 : (in thousands) Acquired Intangible Assets Goodwill Total Intangible Assets Balance as of January 1, 2018 $ 150,543 $ 717,386 $ 867,929 Increases (decreases): Acquisitions — 20,742 20,742 Impairment (7,049 ) — (7,049 ) Amortization (22,562 ) — (22,562 ) Other (primarily changes in foreign currency exchange rates) (6,447 ) (33,931 ) (40,378 ) Balance as of December 31, 2018 114,485 704,197 818,682 Increases (decreases): Acquisitions 46,246 35,305 81,551 Impairment — — — Amortization (20,374 ) — (20,374 ) Other (primarily changes in foreign currency exchange rates) 1,490 4,321 5,811 Balance as of December 31, 2019 $ 141,847 $ 743,823 $ 885,670 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | The balances as of December 31, 2019 and 2018 were as follows: As of December 31, (in thousands) 2019 2018 Accrued expenses $ 246,699 $ 210,997 Derivative liabilities 41,935 36,102 Current portion of finance lease obligations 5,919 5,458 Deferred income taxes 4 — Total $ 294,557 $ 252,557 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt obligations consist of the following as of December 31, 2019 and 2018 : As of December 31, (in thousands) 2019 2018 Credit Facility: Revolving credit agreements $ — $ 215,725 Convertible Debt: 0.75% convertible notes, unsecured, due 2049 436,965 — 1.50% convertible notes, unsecured, due 2044 — 379,859 1.375% Senior Notes, due 2026 673,440 — Other obligations 6,215 38,513 Total debt obligations $ 1,116,620 $ 634,097 Unamortized debt issuance costs (19,592 ) (6,298 ) Carrying value of debt $ 1,097,028 $ 627,799 Short-term debt obligations and current maturities of long-term debt obligations (6,089 ) (38,017 ) Long-term debt obligations $ 1,090,939 $ 589,782 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 December 31, 2018 Balance Sheet Location December 31, 2019 December 31, 2018 Derivatives not designated as hedging instruments Foreign currency exchange contracts Other current assets $ 54,765 $ 44,637 Other current liabilities $ (41,935 ) $ (36,102 ) |
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, 2019 and 2018 (in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2019 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 $ 54,765 $ — $ 54,765 $ (34,935 ) $ (7,362 ) $ 12,468 As of December 31, 2018 Derivatives subject to a master netting arrangement or similar agreement $ 44,637 $ — $ 44,637 $ (25,187 ) $ (9,918 ) $ 9,532 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet As of December 31, 2019 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 $ (41,935 ) $ — $ (41,935 ) $ 34,935 $ 827 $ (6,173 ) As of December 31, 2018 Derivatives subject to a master netting arrangement or similar agreement $ (36,102 ) $ — $ (36,102 ) $ 25,187 $ 2,048 $ (8,867 ) |
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, 2019 , 2018 and 2017 : 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) 2019 2018 2017 Foreign currency exchange contracts - Ria Operations Foreign currency exchange gain, net $ 62 $ 173 $ 175 (a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe 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, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under the operating leases as of December 31, 2019 are: As of December 31, 2019 Maturity of Lease Liabilities (in thousands) Operating Leases 2020 $ 125,231 2021 90,330 2022 64,279 2023 44,113 2024 25,467 Thereafter 43,105 Total lease payments $ 392,525 Less: imputed interest (23,195 ) Present value of lease liabilities $ 369,330 Future minimum lease payments under the non-cancelable operating leases (with initial lease terms in excess of one year) as of December 31, 2018 were: (in thousands) Operating Leases Year ending December 31, 2019 $ 80,803 2020 65,590 2021 49,052 2022 37,823 2023 30,192 Thereafter 48,191 Total minimum lease payments $ 311,651 |
Lease, Cost [Table Text Block] | Lease expense recognized in the Consolidated Statements of Income is summarized as follows: Lease Expense (in thousands) Income Statement Classification Year ended December 31, 2019 Operating lease expense Selling, general and administrative and Direct operating costs $ 130,487 Variable lease expense Selling, general and administrative and Direct operating costs 43,907 Total lease expense $ 174,394 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Lease Term and Discount Rate of Operating Leases As of December 31, 2019 Weighted- average remaining lease term (years) 4.4 Weighted- average discount rate 3.1 % |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table presents supplemental cash flow and non-cash information related to leases: Other Information (in thousands) Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (a) $ 129,609 Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: ROU assets obtained in exchange for new operating lease liabilities $ 229,107 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
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, 2019 , 2018 and 2017 are presented as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Income before taxes: United States $ 44,290 $ 35,467 $ 55,117 Foreign 389,517 259,449 201,218 Total income before income taxes $ 433,807 $ 294,916 $ 256,335 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Company's income tax expense for the years ended December 31, 2019 , 2018 and 2017 consisted of the following: Year Ended December 31, (in thousands) 2019 2018 2017 Current tax expense (benefit): U.S. $ (4,885 ) $ (8,711 ) $ 29,620 Foreign 83,792 70,244 79,475 Total current 78,907 61,533 109,095 Deferred tax expense (benefit): U.S. (8,424 ) 6,871 14,056 Foreign 16,629 (5,619 ) (23,756 ) Total deferred 8,205 1,252 (9,700 ) Total tax expense $ 87,112 $ 62,785 $ 99,395 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the federal statutory income tax rates of 21% for the years ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017 to the effective income tax rate for the same years: Year Ended December 31, (dollar amounts in thousands) 2019 2018 2017 U.S. federal income tax expense at applicable statutory rate $ 91,099 $ 61,932 $ 89,684 Tax effect of: State income tax expense (benefit) at statutory rates 5,101 1,680 968 Non-deductible expenses 2,896 3,457 5,648 Share-based compensation (2,875 ) (13,750 ) (4,845 ) Other permanent differences (864 ) (6,141 ) 8,458 Difference between U.S. federal and foreign tax rates 12,281 9,843 (24,270 ) Provision in excess of statutory rates 3,565 3,737 8,426 Change in federal and foreign valuation allowance 2,144 3,075 (30,224 ) Impairment of goodwill and acquired intangibles assets — 83 8,248 GILTI, net of tax credits 6,471 14,111 — U.S. Tax Reform - transition tax and rate change (25,728 ) (12,262 ) 41,597 Tax credits (4,500 ) — — Other (2,478 ) (2,980 ) (4,295 ) Total income tax expense $ 87,112 $ 62,785 $ 99,395 Effective tax rate 20.1 % 21.3 % 38.8 % |
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) 2019 2018 Deferred tax assets: Tax loss carryforwards $ 34,357 $ 30,689 Share-based compensation 7,366 7,395 Accrued expenses 19,048 17,242 Property and equipment 8,602 16,377 Goodwill and intangible amortization 8,143 10,619 Intercompany notes 5,977 6,913 Accrued revenue 24,721 36,273 Tax credits 65,063 — Lease accounting 89,965 — Other 15,379 11,876 Gross deferred tax assets 278,621 137,384 Valuation allowance (83,184 ) (21,857 ) Net deferred tax assets 195,437 115,527 Deferred tax liabilities: Intangible assets related to purchase accounting (16,379 ) (22,877 ) Goodwill and intangible amortization (20,806 ) (16,115 ) Accrued expenses (29,084 ) (28,274 ) Intercompany notes (10,498 ) (14,034 ) Accrued interest (27,902 ) (32,372 ) Capitalized research and development (6,048 ) (8,299 ) Property and equipment (15,467 ) (8,408 ) Accrued revenue (4,727 ) (4,388 ) Lease accounting (89,965 ) — Other (8,997 ) (5,841 ) Total deferred tax liabilities (229,873 ) (140,608 ) Net deferred tax liabilities $ (34,436 ) $ (25,081 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | December 31, 2019 , the Company had foreign tax net operating loss carryforwards of $119.1 million , which will expire as follows: (in thousands) Gross Tax Effected Year ending December 31, 2020 $ 1,274 $ 315 2021 3,790 934 2022 2,800 720 2023 2,577 605 2024 8,713 2,152 Thereafter 39,040 9,851 Unlimited 60,935 14,427 Total $ 119,129 $ 29,004 |
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, 2019 and 2018 is as follows: Year Ended December 31, (in thousands) 2019 2018 Beginning balance $ 30,915 $ 28,537 Additions based on tax positions related to the current year 15,569 4,787 Additions for tax positions of prior years 6 966 Reductions for tax positions of prior years (1,703 ) (1,705 ) Settlements — (807 ) Statute of limitations expiration (252 ) (863 ) Ending balance $ 44,535 $ 30,915 |
Summary of Income Tax Examinations [Table Text Block] | Jurisdictions Periods U.S. (Federal) 2014 through 2019 Germany 2016 through 2019 Greece 2014 through 2019 Spain 2014 through 2019 U.K. 2009 through 2019 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, 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, 2019 , 2018 and 2017 : Year Ended December 31, (in thousands) 2019 2018 2017 Beginning balance-allowance for doubtful accounts $ 24,287 $ 20,958 $ 18,369 Additions-charged to expense 10,095 8,653 6,631 Amounts written off (6,179 ) (4,079 ) (5,944 ) Other (primarily changes in foreign currency exchange rates) (265 ) (1,245 ) 1,902 Ending balance-allowance for doubtful accounts $ 27,938 $ 24,287 $ 20,958 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 (1,637,801 shares exercisable) 2,562,570 $ 57.10 Granted 795,274 $ 145.92 Exercised (295,420 ) $ 44.22 Forfeited/Canceled (46,287 ) $ 89.67 Expired (362 ) Balance at December 31, 2019 3,015,775 $ 81.29 6.2 $ 230,052 Exercisable at December 31, 2019 1,653,340 $ 46.36 4.1 $ 183,846 Vested and expected to vest at December 31, 2019 2,383,821 $ 66.65 5.4 $ 216,739 |
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 2019 , 2018 and 2017 , 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, 2019 2018 2017 Volatility 29.3 % 29.8 % 28.8 % Risk-free interest rate - weighted average 2.1 % 2.8 % 2.2 % Risk-free interest rate - range (a) (a) .022 Dividend yield — % — % — % Assumed forfeitures 8.0 % 8.0 % 8.0 % Expected lives 5.2 years 5.6 years 5.5 years Weighted-average fair value (per share) $ 43.96 $ 37.16 $ 28.59 |
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, 2018 371,841 $ 85.78 Granted 254,631 $ 145.93 Vested (115,740 ) $ 78.77 Forfeited (16,784 ) $ 92.44 Nonvested at December 31, 2019 493,948 $ 118.20 |
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, 2019 , 2018 and 2017 and the assumptions used to calculate the fair value using the Black-Scholes-Merton option-pricing model: Year Ended December 31, 2019 2018 2017 Volatility - weighted average 24.3 % 30.1 % 18.4 % Volatility - range 20.3% to 28.1% 23.5% to 36.7% 14.6% to 27.2% Risk-free interest rate - weighted average 2.07 % 2.01 % 0.89 % Risk-free interest rate - range 1.55% to 2.44% 1.73% to 2.45% 0.51% to 1.39% Dividend yield — % — % — % Expected lives 3 months 3 months 3 months Weighted-average fair value (per share) $ 25.87 $ 17.22 $ 15.81 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 and 2017 : For the Year Ended December 31, 2019 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 888,712 $ 769,329 $ 1,096,226 $ (4,158 ) $ 2,750,109 Operating expenses: Direct operating costs 397,132 576,757 586,730 (4,136 ) 1,556,483 Salaries and benefits 87,603 61,540 208,792 36,809 394,744 Selling, general and administrative 35,518 35,054 133,068 8,304 211,944 Acquired intangible assets impairment — — — — — Depreciation and amortization 71,819 6,774 32,846 305 111,744 Total operating expenses 592,072 680,125 961,436 41,282 2,274,915 Operating income (expense) $ 296,640 $ 89,204 $ 134,790 $ (45,440 ) $ 475,194 Other income (expense) Interest income 1,969 Interest expense (36,237 ) Loss from unconsolidated affiliates — Loss on early retirement of debt — Foreign currency exchange loss, net 2,701 Other gains, net (9,820 ) Total other expense, net (41,387 ) Income before income taxes $ 433,807 Segment assets as of December 31, 2019 $ 1,914,144 $ 962,671 $ 1,560,136 $ 220,715 $ 4,657,666 Property and equipment, net as of December 31, 2019 $ 266,872 $ 41,539 $ 51,519 $ 50 $ 359,980 For the Year Ended December 31, 2018 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 753,651 $ 743,784 $ 1,042,962 $ (3,768 ) $ 2,536,629 Operating expenses: Direct operating costs 366,977 564,252 560,930 (3,753 ) 1,488,406 Salaries and benefits 75,791 57,748 194,808 32,085 360,432 Selling, general and administrative 46,925 35,749 125,647 8,486 216,807 Goodwill and acquired intangible assets impairment — — 7,049 — 7,049 Depreciation and amortization 66,713 7,038 32,002 268 106,021 Total operating expenses 556,406 664,787 920,436 37,086 2,178,715 Operating income (expense) $ 197,245 $ 78,997 $ 122,526 $ (40,854 ) $ 357,914 Other income (expense) Interest income 1,320 Interest expense (37,573 ) Income from unconsolidated affiliates (117 ) Foreign currency exchange gain, net (26,655 ) Other gains, net 27 Total other expense, net (62,998 ) Income before income taxes $ 294,916 Segment assets as of December 31, 2018 $ 1,220,141 $ 780,220 $ 1,310,775 $ 10,019 $ 3,321,155 Property and equipment, net as of December 31, 2018 $ 215,106 $ 31,172 $ 45,517 $ 74 $ 291,869 For the Year Ended December 31, 2017 (in thousands) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 634,559 $ 733,998 $ 886,858 $ (2,993 ) $ 2,252,422 Operating expenses: Direct operating costs 318,875 564,032 476,322 (2,979 ) 1,356,250 Salaries and benefits 61,683 54,459 168,371 26,274 310,787 Selling, general and administrative 33,158 36,014 108,022 13,108 190,302 Goodwill impairment 2,286 31,770 — — 34,056 Depreciation and amortization 55,660 9,622 29,598 150 95,030 Total operating expenses 471,662 695,897 782,313 36,553 1,986,425 Operating income (expense) $ 162,897 $ 38,101 $ 104,545 $ (39,546 ) $ 265,997 Other income (expense) Interest income 2,443 Interest expense (32,571 ) Income from unconsolidated affiliates 48 Foreign currency exchange loss, net 20,300 Other gains, net 118 Total other expense, net (9,662 ) Income before income taxes $ 256,335 Segment assets as of December 31, 2017 $ 1,040,135 $ 695,990 $ 1,255,765 $ 148,139 $ 3,140,029 Property and equipment, net as of December 31, 2017 $ 196,451 $ 28,135 $ 43,564 $ 153 $ 268,303 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Total revenues for the years ended December 31, 2019 , 2018 and 2017 , and property and equipment and total assets as of December 31, 2019 and 2018 , 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) 2019 2018 2017 2019 2018 2019 2018 United States $ 716,576 $ 721,977 $ 572,383 $ 49,904 $ 29,499 $ 717,894 $ 493,428 Germany 518,146 476,122 495,778 35,824 25,302 660,730 508,062 Spain 189,104 155,619 115,473 55,240 39,238 371,882 198,082 United Kingdom 135,006 133,132 136,977 22,420 20,525 520,549 519,918 Italy 130,929 103,691 89,276 20,663 15,238 210,910 157,314 Poland 130,104 126,513 128,672 42,916 50,359 222,582 155,821 India 113,146 92,468 82,389 27,281 19,554 163,125 89,923 France 94,352 75,466 56,027 1,508 1,037 96,636 76,687 Greece 79,716 71,007 71,197 11,753 11,267 111,339 58,419 Malaysia 74,948 76,380 56,287 2,629 2,802 114,796 103,043 Australia 51,686 58,039 77,777 1,992 2,051 62,844 61,215 New Zealand 47,611 48,881 47,091 3,137 2,718 237,076 196,869 Other 468,785 397,334 323,095 84,713 72,279 1,167,303 702,374 Total foreign 2,033,533 1,814,652 1,680,039 310,076 262,370 3,939,772 2,827,727 Total $ 2,750,109 $ 2,536,629 $ 2,252,422 $ 359,980 $ 291,869 $ 4,657,666 $ 3,321,155 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 54,765 $ — $ 54,765 Liabilities Foreign currency exchange contracts Other current liabilities $ — (41,935 ) $ — $ (41,935 ) As of December 31, 2018 (in thousands) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 44,637 $ — $ 44,637 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (36,102 ) $ — $ (36,102 ) |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 Revenues $ 550,515 $ 622,224 $ 714,505 $ 649,385 Operating income $ 45,472 $ 90,369 $ 150,913 $ 71,160 Net income (loss) $ 26,344 $ 43,636 $ 102,257 $ 59,894 Net income (loss) attributable to Euronet Worldwide, Inc. $ 26,413 $ 43,724 $ 102,723 $ 59,991 Earnings (loss) per common share: Basic $ 0.51 $ 0.85 $ 2.01 $ 1.16 Diluted $ 0.49 $ 0.82 $ 1.89 $ 1.10 For the Year Ended December 31, 2019 Revenues $ 577,509 $ 691,867 $ 786,986 $ 693,747 Operating income $ 56,094 $ 117,897 $ 193,990 $ 107,213 Net income $ 34,579 $ 68,005 $ 137,541 $ 106,570 Net income attributable to Euronet Worldwide, Inc. $ 34,543 $ 68,153 $ 137,607 $ 106,446 Earnings per common share: Basic $ 0.67 $ 1.28 $ 2.53 $ 1.96 Diluted $ 0.62 $ 1.25 $ 2.46 $ 1.91 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Practices Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 Accoun_5
Summary of Significant Accounting Policies and Practices Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Practices Goodwill and aquired intangible asset impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 7,049 | $ 2,300 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Practices Recently issued and adopted accounting pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ 504,488 | $ 397,233 | $ 286,276 | |||||||||
Goodwill, Impairment Loss | 0 | 0 | ||||||||||
Impairment of Intangible Assets, Finite-lived | 0 | 7,049 | 2,300 | |||||||||
Deferred Tax Assets, Gross | $ 278,621 | $ 137,384 | 278,621 | 137,384 | ||||||||
Deferred Tax Assets, Valuation Allowance | 83,184 | 21,857 | 83,184 | 21,857 | ||||||||
Revenues | 693,747 | $ 786,986 | $ 691,867 | $ 577,509 | 649,385 | $ 714,505 | $ 622,224 | $ 550,515 | 2,750,109 | 2,536,629 | 2,252,422 | |
Restricted cash | 83,469 | $ 76,595 | 83,469 | 76,595 | ||||||||
Deferred Revenue, Additions | 41,400 | |||||||||||
Deferred Revenue, Revenue Recognized | 40,700 | |||||||||||
Operating Lease, Right-of-Use Asset | $ 377,543 | 377,543 | ||||||||||
Accounting Standards Update 2014-09 [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 88,500 | |||||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Operating Lease, Right-of-Use Asset | $ 269,900 | |||||||||||
Eft Processing Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 888,712 | 753,651 | 634,559 | |||||||||
Epay Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 769,329 | 743,784 | 733,998 | |||||||||
Money Transfer Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Impairment of Intangible Assets, Finite-lived | 0 | |||||||||||
Revenues | 1,096,226 | 1,042,962 | 886,858 | |||||||||
Consolidation, Eliminations [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | (4,158) | (3,768) | (2,993) | |||||||||
Europe [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 1,622,372 | 1,428,867 | 1,324,673 | |||||||||
Europe [Member] | Eft Processing Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 724,163 | 608,993 | 501,161 | |||||||||
Europe [Member] | Epay Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 524,907 | 491,282 | 561,232 | |||||||||
Europe [Member] | Money Transfer Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 373,302 | 328,592 | 262,280 | |||||||||
North America [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 759,493 | 767,241 | 608,485 | |||||||||
North America [Member] | Eft Processing Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 35,461 | 32,306 | 31,469 | |||||||||
North America [Member] | Epay Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 151,016 | 165,930 | 63,148 | |||||||||
North America [Member] | Money Transfer Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 573,016 | 569,005 | 513,868 | |||||||||
Asia Pacific [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 330,485 | 310,593 | 294,308 | |||||||||
Asia Pacific [Member] | Eft Processing Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 129,060 | 112,294 | 101,787 | |||||||||
Asia Pacific [Member] | Epay Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 76,491 | 71,242 | 91,516 | |||||||||
Asia Pacific [Member] | Money Transfer Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 124,934 | 127,057 | 101,005 | |||||||||
Other geographic locations [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 41,917 | 33,696 | 27,949 | |||||||||
Other geographic locations [Member] | Eft Processing Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 28 | 58 | 142 | |||||||||
Other geographic locations [Member] | Epay Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | 16,915 | 15,330 | 18,102 | |||||||||
Other geographic locations [Member] | Money Transfer Segment [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Revenues | $ 24,974 | $ 18,308 | $ 9,705 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies and Practices Other Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Capitalized Contract Cost, Gross | $ 43.7 | $ 32.1 | |
Capitalized Contract Cost, Amortization | $ 6.9 | $ 6.3 | $ 7.2 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 18, 2019 | Oct. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Share Price | $ 102.38 | $ 84.27 | |||
Debt Instrument, Convertible, Conversion Price | $ 147.24 | $ 188.73 | $ 72.18 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (13,894) | $ (56,656) | $ 116,401 |
Stockholders' Equity Computatio
Stockholders' Equity Computation of diluted weighted average shares outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted average shares outstanding - basic | 53,449,834 | 51,487,557 | 52,523,272 |
Weighted average number diluted shares outstanding adjustment | 1,464,053 | 1,499,713 | 1,793,375 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 1,640,477 | 799,680 |
Weighted average shares outstanding - diluted | 54,913,887 | 54,627,747 | 55,116,327 |
Antidilutive securities excluded from computation of earnings per share, amount | 380,000 | 458,000 | 798,000 |
Stockholders' Equity Share Repu
Stockholders' Equity Share Repurchases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 27, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 1,640,477 | 799,680 | |
Treasury Stock, Value, Acquired, Cost Method | $ 70,876 | $ 175,000 | $ 0 | |
Share Repurchase Plan [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 70,900 | $ 175,000 | ||
Stock Repurchase Program, Authorized Amount | $ 375,000 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000,000 |
Stockholders' Equity Preferred
Stockholders' Equity Preferred Stock (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Preferred Stock [Abstract] | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 1,640,477 | 799,680 |
Acquisitions (Details)
Acquisitions (Details) $ in Thousands | Nov. 30, 2019USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||
Indefinite-lived Intangible Assets Acquired | $ 39,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 5,325 | |||
Business Acquisition, Effective Date of Acquisition | Nov. 30, 2019 | |||
Number of ATMs in operation at acquired entity | item | 1,800 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 2,167 | |||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 92,500 | |||
Escrow Deposit | 10,100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 39,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 63,832 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 798 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 6,790 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 80 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 6,870 | |||
Goodwill | 35,540 | $ 743,823 | $ 704,197 | $ 717,386 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 92,502 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 16,542 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 83,469 | $ 76,595 | |
SettlementAssetsRestrictedCash | 49,168 | 45,358 | $ 49,189 |
Restricted Cash | 34,301 | 31,237 | $ 32,185 |
Cash held in trust or on behalf of others [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | 34,301 | 31,237 | |
Collateral on bank credit arrangements and other [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
SettlementAssetsRestrictedCash | 4,802 | 9,432 | |
Cash held in trust or on behalf of others [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
SettlementAssetsRestrictedCash | $ 44,366 | $ 35,926 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 770,223 | $ 665,049 | |
Property and equipment, accumulated depreciation | (410,243) | (373,180) | |
Property and Equipment, net | 359,980 | 291,869 | $ 268,303 |
Depreciation, Depletion and Amortization | 83,500 | 75,100 | 63,400 |
ATMs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 474,611 | 378,009 | |
POS Terminals [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 38,235 | 36,521 | |
Vehicles and Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 64,970 | 66,117 | |
Computers and software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 191,172 | 183,150 | |
Land and buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 1,235 | 1,252 | |
Money Transfer Segment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, net | 51,519 | 45,517 | 43,564 |
Eft Processing Segment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, net | 266,872 | 215,106 | 196,451 |
Epay Segment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, net | $ 41,539 | $ 31,172 | $ 28,135 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Customer Relationships, Gross | $ 240,027 | $ 199,581 | |||
Finite lived trademarks and trade names | 45,347 | 45,233 | |||
Finite-Lived Computer Software, Gross | 59,244 | 58,515 | |||
Finite-Lived Noncompete Agreements, Gross | 2,082 | 2,076 | |||
Finite-Lived Intangible Assets, Gross | 346,700 | 305,405 | |||
Acquired intangible assets, accumulated amortization | (204,853) | (190,920) | |||
Future Amortization Expense, Year One | 23,100 | ||||
Future Amortization Expense, Year Two | 22,200 | ||||
Future Amortization Expense, Year Three | 21,100 | ||||
Future Amortization Expense, Year Four | 16,300 | ||||
Future Amortization Expense, Year Five | 9,800 | ||||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | |||||
Finite-Lived Intangible Assets, Net | 141,847 | 114,485 | $ 150,543 | ||
Finite-lived intangible assets acquired during period | 46,246 | 0 | |||
Finite-Lived Intangible Assets, Amortization Expense | (20,374) | (22,562) | (24,500) | ||
Finite-lived intangible assets, other changes | 1,490 | (6,447) | |||
Goodwill | 743,823 | 704,197 | 717,386 | $ 35,540 | |
Goodwill, Acquired During Period | 35,305 | 20,742 | |||
Goodwill, Impairment Loss | 0 | 0 | |||
Goodwill and Intangible Asset Impairment | 0 | 7,049 | 34,056 | $ 34,056 | |
Goodwill, Other Changes | 4,321 | (33,931) | |||
Total intangible assets, net, including goodwill | 885,670 | 818,682 | 867,929 | ||
Total intangible assets acquired during period | 81,551 | 20,742 | |||
Impairment of Intangible Assets, Finite-lived | 0 | (7,049) | $ (2,300) | ||
Total intangible assets amortization expense | (20,374) | (22,562) | |||
Total intangible assets, other changes | 5,811 | (40,378) | |||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, accumulated amortization | (139,319) | (133,863) | |||
Trademarks and Trade Names [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, accumulated amortization | (28,123) | (25,837) | |||
Computer Software, Intangible Asset [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, accumulated amortization | (35,362) | (29,420) | |||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, accumulated amortization | (2,049) | (1,800) | |||
Money Transfer Segment [Member] | |||||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | |||||
Goodwill | 474,700 | ||||
Goodwill and Intangible Asset Impairment | 7,049 | 0 | |||
Impairment of Intangible Assets, Finite-lived | 0 | ||||
Epay Segment [Member] | |||||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | |||||
Goodwill | 128,900 | ||||
Goodwill and Intangible Asset Impairment | 0 | 0 | 31,770 | ||
Eft Processing Segment [Member] | |||||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | |||||
Goodwill | 140,200 | ||||
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 | $ 2,286 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | ||
Accrued expenses, current | $ 246,699 | $ 210,997 |
Derivative Liability, Current | 41,935 | 36,102 |
Capital Lease Obligations, Current | 5,919 | 5,458 |
Deferred Tax Liabilities, Net, Current | 4 | 0 |
Accrued expenses and other current liabilities | $ 294,557 | $ 252,557 |
Debt Obligations (Details)
Debt Obligations (Details) $ / shares in Units, € in Millions, shares in Millions | 2 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019USD ($)Rate | Mar. 31, 2019USD ($) | Oct. 16, 2018 | Dec. 31, 2019USD ($)$ / sharesRateshares | Dec. 31, 2018USD ($) | May 28, 2019USD ($) | May 22, 2019USD ($) | May 22, 2019EUR (€) | Mar. 18, 2019USD ($)$ / shares | Oct. 17, 2018USD ($) | Oct. 30, 2014$ / shares | Apr. 09, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Convertible Debt | $ 94,200,000 | $ 352,400,000 | ||||||||||||
Repayments of Debt | 49,000,000 | |||||||||||||
Revolving Credit Agreements, due 2019 | $ 215,725,000 | $ 0 | 0 | $ 215,725,000 | ||||||||||
Convertible Debt | 673,400,000 | 673,400,000 | ||||||||||||
Total Debt Obligations | 634,097,000 | 1,116,620,000 | 1,116,620,000 | 634,097,000 | ||||||||||
Unamortized Debt Issuance Expense | (6,298,000) | (19,592,000) | (19,592,000) | (6,298,000) | ||||||||||
Carrying value of debt | 627,799,000 | 1,097,028,000 | 1,097,028,000 | 627,799,000 | ||||||||||
Long-term Debt, Current Maturities | (38,017,000) | (6,089,000) | (6,089,000) | (38,017,000) | ||||||||||
Long-term Debt, Excluding Current Maturities | 589,782,000 | 1,090,939,000 | 1,090,939,000 | 589,782,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 6,100,000 | 6,100,000 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 100,000 | 100,000 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | 0 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | 0 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 0 | $ 0 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 675,000,000 | |||||||||||||
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 | 1.10% | 1.10% | ||||||||||||
Letters of Credit Outstanding, Amount | $ 79,600,000 | $ 79,600,000 | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 147.24 | $ 147.24 | $ 188.73 | $ 72.18 | ||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||||||
Other debt obligations | 38,513,000 | $ 6,215,000 | $ 6,215,000 | 38,513,000 | ||||||||||
Other debt, current | 6,200,000 | 6,200,000 | ||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,200,000,000 | $ 1,200,000,000 | ||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 100.00% | |||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 71,659,000 | |||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | Rate | 1.375% | |||||||||||||
Long-term Debt | 0 | 673,440,000 | $ 673,440,000 | 0 | $ 669,900,000 | € 600 | ||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares | 2.5 | |||||||||||||
Gain (Loss) on Extinguishment of Debt, before Tax | $ 9,800,000 | |||||||||||||
Due 2049 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 99,700,000 | |||||||||||||
Convertible Debt | $ 436,965,000 | $ 436,965,000 | ||||||||||||
Debt Issuance Costs, Gross | 12,800,000 | |||||||||||||
Debt Instrument, Face Amount | $ 525,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | ||||||||||||
Debt Instrument, Unamortized Discount | $ 88,000,000 | |||||||||||||
Debt Instrument, Convertible, Effective Interest Rate | 4.40% | |||||||||||||
Debt Instrument, Convertible, Interest Expense | $ 3,100,000 | 11,600,000 | ||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 25,600,000 | |||||||||||||
Due 2044 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments | 34,200,000 | |||||||||||||
Convertible Debt | 379,859,000 | 379,859,000 | ||||||||||||
Amortization of Debt Discount (Premium) | 4,600,000 | $ 11,500,000 | ||||||||||||
Debt Instrument, Convertible, Effective Interest Rate | 4.70% | |||||||||||||
Debt Instrument, Convertible, Interest Expense | 1,500,000 | $ 6,000,000 | ||||||||||||
Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term Loan, Due 2019 | 75,000,000 | |||||||||||||
Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Letters of Credit Outstanding, Amount | $ 47,100,000 | $ 53,000,000 | 53,000,000 | $ 47,100,000 | ||||||||||
Line of credit - India [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 590,000,000 | |||||||||||||
Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Consolidated Fixed Charge Coverage Ratio | 400.00% | |||||||||||||
Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Consolidated Total Leverage Ratio | 350.00% | |||||||||||||
Letter of Credit [Member] | Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | 200,000,000 | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | 1.375% | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.375% | ||||||||||||
Base rate [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.175% | 0.375% | ||||||||||||
Base rate [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.375% | ||||||||||||
Unsecured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | |||||||||||||
BofA LoC [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | $ 100,000,000 | ||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus 0.65% | |||||||||||||
United States of America, Dollars | Swingline loans [Member] | Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | $ 50,000,000 | ||||||||||||
Euro Member Countries, Euro | Swingline loans [Member] | Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 90,000,000 | $ 90,000,000 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities Derivative Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | $ (41,935) | $ (36,102) | |
Derivative Asset, Fair Value, Gross Asset | 54,765 | 44,637 | |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 54,765 | 44,637 | |
Derivative Asset, Not Offset, Policy Election Deduction | (34,935) | (25,187) | |
Derivative, Collateral, Obligation to Return Cash | (7,362) | (9,918) | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 12,468 | 9,532 | |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (41,935) | (36,102) | |
Derivative Liability, Not Offset, Policy Election Deduction | 34,935 | 25,187 | |
Derivative, Collateral, Right to Reclaim Cash | 827 | 2,048 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (6,173) | (8,867) | |
Ria Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 159,000 | 251,100 | |
Corporate Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 43,000 | 64,300 | |
xe Operations [Member] [Domain] | Trading Revenue [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Trading Activity, Gain | 18,900 | ||
HiFX Operations [Member] | Trading Revenue [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Trading Activity, Gain | 69,200 | $ 72,500 | |
HiFX Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 1,200,000 | $ 1,800,000 | |
Maximum [Member] | Ria Operations [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Foreign currency forward contract term | 14 days |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 54,765 | $ 44,637 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $ (41,935) | $ (36,102) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 62 | $ 173 | $ 175 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leased Assets [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 125,231 | |
Operating Lease, Payments, Use | $ 129,609 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 4 months 24 days | |
Operating Leases, Rent Expense, Net | $ 130,487 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 90,330 | |
Capital Lease Obligations, Current | (5,919) | $ (5,458) |
Operating Leases, Future Minimum Payments Due, Current | 80,803 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 65,590 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 49,052 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 37,823 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 30,192 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 43,105 | 48,191 |
Operating Leases, Future Minimum Payments Due | $ 311,651 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 64,279 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 44,113 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 25,467 | |
Lessee, Operating Lease, Liability, Payments, Due | 392,525 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (23,195) | |
Operating Lease, Liability | 369,330 | |
Variable Lease, Cost | 43,907 | |
Operating Lease, Expense | $ 174,394 | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.10% | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 229,107 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Income before income taxes | $ 433,807 | $ 294,916 | $ 256,335 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Income Tax Expense (Benefit) | 78,907 | 61,533 | 109,095 |
Deferred Income Tax Expense (Benefit) | 8,205 | 1,252 | (9,700) |
Income tax expense | $ 87,112 | 62,785 | $ 99,395 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | 35.00% | |
Income Tax Expense, Income Tax Reconciliation [Abstract] | |||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $ 91,099 | 61,932 | $ 89,684 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 5,101 | 1,680 | 968 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other | 2,896 | 3,457 | 5,648 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost | (2,875) | (13,750) | (4,845) |
Effective Income tax reconciliation, other permanent differences | (864) | (6,141) | 8,458 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 12,281 | 9,843 | (24,270) |
Effective Income Tax Reconciliation, Tax Contingencies, Foreign | 3,565 | 3,737 | 8,426 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 2,144 | 3,075 | (30,224) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 0 | 83 | 8,248 |
effective income tax rate reconciliation, global intangible low-taxed income | 6,471 | 14,111 | 0 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (12,262) | 41,597 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (4,500) | 0 | 0 |
Effective Income Tax Rate Reconciliation, Other Adjustments | $ (2,478) | $ (2,980) | $ (4,295) |
Effective Income Tax Rate, Continuing Operations | 20.10% | 21.30% | 38.80% |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 34,357 | $ 30,689 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 7,366 | 7,395 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 19,048 | 17,242 | |
Deferred tax assets, property, plant and equipment | 8,602 | 16,377 | |
Deferred tax assets, goodwill and intangible assets | 8,143 | 10,619 | |
Deferred tax assets, intercompany notes | 5,977 | 6,913 | |
Deferred tax assets, accrued revenue | 24,721 | 36,273 | |
DeferredtaxassetTaxCredits | 65,063 | 0 | |
DeferredtaxassetLeaseAccounting | 89,965 | 0 | |
Deferred Tax Assets, Other | 15,379 | 11,876 | |
Deferred Tax Assets, Gross | 278,621 | 137,384 | |
Deferred Tax Assets, Valuation Allowance | (83,184) | (21,857) | |
Deferred Tax Assets, Net | 195,437 | 115,527 | |
Deferred Tax Liabilities, Goodwill and Intangible Assets, Intangible Assets | (16,379) | (22,877) | |
Deferred Tax Liabilities, Goodwill and Intangible Assets, Goodwill | (20,806) | (16,115) | |
Deferred tax liabilities, accrued expenses | (29,084) | (28,274) | |
Deferred tax liabilities, intercompany notes | (10,498) | (14,034) | |
Deferred tax liabilities, accrued interest | (27,902) | (32,372) | |
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | (6,048) | (8,299) | |
Deferred Tax Liabilities, Property, Plant and Equipment | (15,467) | (8,408) | |
Deferred tax liabilities, accrued revenue | (4,727) | (4,388) | |
DeferredtaxliabilityLeaseAccounting | (89,965) | 0 | |
Deferred Tax Liabilities, Other | (8,997) | (5,841) | |
Deferred Tax Liabilities, Gross | (229,873) | (140,608) | |
Deferred Tax Liabilities | (34,436) | (25,081) | |
Undistributed earnings of foreign subsidiaries indefinitely reinvested | 1,810,000 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits Period Start | 30,915 | 28,537 | |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 15,569 | 4,787 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 6 | 966 | |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (1,703) | (1,705) | |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | (807) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (252) | (863) | |
Unrecognized Tax Benefits Period End | 44,535 | 30,915 | $ 28,537 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 42,700 | 28,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 5,200 | 4,400 | |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 3,200 | ||
Tax Cut and Jobs Act of 2017, Final Accounting, Adjustment to Income Tax Expense (Benefit) | (25,728) | 25,700 | |
UNITED STATES | |||
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Income (Loss) before Income Taxes, United States | 44,290 | 35,467 | 55,117 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Income Tax Expense (Benefit) | (4,885) | (8,711) | 29,620 |
Deferred Income Tax Expense (Benefit) | (8,424) | 6,871 | 14,056 |
Non-US [Member] | |||
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Income before Income Taxes, Foreign | 389,517 | 259,449 | 201,218 |
Foreign Tax Authority [Member] | |||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Income Tax Expense (Benefit) | 83,792 | 70,244 | 79,475 |
Deferred Income Tax Expense (Benefit) | 16,629 | (5,619) | $ (23,756) |
US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 119,129 | 109,800 | |
Operating Loss Carryforward, Tax Effected | 29,004 | ||
State and Local Jurisdiction [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 97,600 | 91,800 | |
Expiring in One Year [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 1,274 | ||
Operating Loss Carryforward, Tax Effected | 315 | ||
Expiring in Two Years [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 3,790 | ||
Operating Loss Carryforward, Tax Effected | 934 | ||
Expiring in Three Years [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 2,800 | ||
Operating Loss Carryforward, Tax Effected | 720 | ||
Expiring in Four Years [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 2,577 | ||
Operating Loss Carryforward, Tax Effected | 605 | ||
Expiring in Five Years [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 8,713 | ||
Operating Loss Carryforward, Tax Effected | 2,152 | ||
Expiring in More than Five Years [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 59,100 | ||
Expiring in More than Five Years [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 39,040 | ||
Operating Loss Carryforward, Tax Effected | 9,851 | ||
Not Subject to Expiration [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 2,800 | ||
Not Subject to Expiration [Member] | US Federal and Foreign [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Operating Loss Carryforwards | 60,935 | ||
Operating Loss Carryforward, Tax Effected | $ 14,427 | ||
transition tax effect [Domain] | |||
Income Tax Expense, Income Tax Reconciliation [Abstract] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 29,300 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for doubtful accounts receivable, period start | $ 24,287 | $ 20,958 | $ 18,369 |
Additions-charged to expense | 10,095 | 8,653 | 6,631 |
Amounts written off | (6,179) | (4,079) | (5,944) |
Other (primarily changes in foreign currency exchange rates) | (265) | (1,245) | 1,902 |
Allowance for doubtful accounts receivable, period end | $ 27,938 | $ 24,287 | $ 20,958 |
Stock Plans (Details)
Stock Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | 2,100,000 | ||
Allocated Share-based Compensation Expense | $ 21,400 | $ 16,800 | $ 15,600 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 4,900 | $ 2,700 | 2,300 |
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 | 3,015,775 | 2,562,570 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period [Line Items] | 795,274 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (295,420) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (46,287) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,653,340 | 2,206,415 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 2,383,821 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 81.29 | $ 57.10 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 145.92 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 44.22 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 89.67 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | 46.36 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 66.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 4 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 230,052 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 183,846 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 216,739 | ||
Proceeds from Stock Options Exercised | 13,100 | $ 17,100 | 9,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 30,600 | $ 73,000 | $ 23,200 |
employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, total period for recognition | 3 years 4 months 24 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 | 24.30% | 30.10% | 18.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.30% | 29.80% | 28.80% |
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 | $ 43.96 | $ 37.16 | $ 28.59 |
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 | $ 25.87 | $ 17.22 | $ 15.81 |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 400 | $ 400 | $ 400 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateWeightedAverage | 2.07% | 2.01% | 0.89% |
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 | 16,713 | 21,872 | 21,547 |
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased | $ 110.37 | $ 71.08 | $ 69.06 |
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 | 23.50% | 14.60% | 20.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.73% | 0.51% | 0.22% |
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 | 36.70% | 27.20% | 50.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.45% | 1.39% | 0.29% |
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 | 493,948 | 371,841 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 254,631 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (115,740) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (16,784) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 118.20 | $ 85.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 145.93 | $ 107.88 | $ 91.28 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 78.77 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 92.44 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 16,600 | $ 14,200 | $ 13,100 |
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 | $ 11,200 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
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 | $ 11,400 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years 3 months 18 days | ||
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 | $ 23,900 | ||
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 | 2.10% | 2.80% | 2.20% |
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 2 months 12 days | 5 years 7 months 6 days | 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 | 2.80% | 2.20% | 1.29% |
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 | 2.80% | 2.20% | 2.01% |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 693,747 | $ 786,986 | $ 691,867 | $ 577,509 | $ 649,385 | $ 714,505 | $ 622,224 | $ 550,515 | $ 2,750,109 | $ 2,536,629 | $ 2,252,422 | |
Direct operating costs | 1,556,483 | 1,488,406 | 1,356,250 | |||||||||
Salaries and benefits | 394,744 | 360,432 | 310,787 | |||||||||
Selling, general and administrative | 211,944 | 216,807 | 190,302 | |||||||||
Goodwill and Intangible Asset Impairment | 0 | 7,049 | 34,056 | $ 34,056 | ||||||||
Impairment of Intangible Assets, Finite-lived | 0 | 7,049 | 2,300 | |||||||||
Depreciation and amortization | 111,744 | 106,021 | 95,030 | |||||||||
Total operating expenses | 2,274,915 | 2,178,715 | 1,986,425 | |||||||||
Operating income | 107,213 | $ 193,990 | $ 117,897 | $ 56,094 | 71,160 | $ 150,913 | $ 90,369 | $ 45,472 | 475,194 | 357,914 | 265,997 | |
Interest income | 1,969 | 1,320 | 2,443 | |||||||||
Interest expense | (36,237) | (37,573) | (32,571) | |||||||||
Income from unconsolidated affiliates | 0 | (117) | 48 | |||||||||
Gain (Loss) on Extinguishment of Debt | 0 | |||||||||||
Foreign currency exchange (loss) gain, net | 2,701 | (26,655) | 20,300 | |||||||||
Other gains | (9,820) | 27 | 118 | |||||||||
Other expense, net | (41,387) | (62,998) | (9,662) | |||||||||
Income before income taxes | 433,807 | 294,916 | 256,335 | |||||||||
Property and Equipment, net | 359,980 | 291,869 | 359,980 | 291,869 | 268,303 | |||||||
Total Assets | 4,657,666 | 3,321,155 | 4,657,666 | 3,321,155 | 3,140,029 | |||||||
Eft Processing Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 888,712 | 753,651 | 634,559 | |||||||||
Direct operating costs | 397,132 | 366,977 | 318,875 | |||||||||
Salaries and benefits | 87,603 | 75,791 | 61,683 | |||||||||
Selling, general and administrative | 35,518 | 46,925 | 33,158 | |||||||||
Goodwill and Intangible Asset Impairment | 0 | 0 | 2,286 | |||||||||
Depreciation and amortization | 71,819 | 66,713 | 55,660 | |||||||||
Total operating expenses | 592,072 | 556,406 | 471,662 | |||||||||
Operating income | 296,640 | 197,245 | 162,897 | |||||||||
Property and Equipment, net | 266,872 | 215,106 | 266,872 | 215,106 | 196,451 | |||||||
Total Assets | 1,914,144 | 1,220,141 | 1,914,144 | 1,220,141 | 1,040,135 | |||||||
Epay Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 769,329 | 743,784 | 733,998 | |||||||||
Direct operating costs | 576,757 | 564,252 | 564,032 | |||||||||
Salaries and benefits | 61,540 | 57,748 | 54,459 | |||||||||
Selling, general and administrative | 35,054 | 35,749 | 36,014 | |||||||||
Goodwill and Intangible Asset Impairment | 0 | 0 | 31,770 | |||||||||
Depreciation and amortization | 6,774 | 7,038 | 9,622 | |||||||||
Total operating expenses | 680,125 | 664,787 | 695,897 | |||||||||
Operating income | 89,204 | 78,997 | 38,101 | |||||||||
Property and Equipment, net | 41,539 | 31,172 | 41,539 | 31,172 | 28,135 | |||||||
Total Assets | 962,671 | 780,220 | 962,671 | 780,220 | 695,990 | |||||||
Money Transfer Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,096,226 | 1,042,962 | 886,858 | |||||||||
Direct operating costs | 586,730 | 560,930 | 476,322 | |||||||||
Salaries and benefits | 208,792 | 194,808 | 168,371 | |||||||||
Selling, general and administrative | 133,068 | 125,647 | 108,022 | |||||||||
Goodwill and Intangible Asset Impairment | 7,049 | 0 | ||||||||||
Impairment of Intangible Assets, Finite-lived | 0 | |||||||||||
Depreciation and amortization | 32,846 | 32,002 | 29,598 | |||||||||
Total operating expenses | 961,436 | 920,436 | 782,313 | |||||||||
Operating income | 134,790 | 122,526 | 104,545 | |||||||||
Property and Equipment, net | 51,519 | 45,517 | 51,519 | 45,517 | 43,564 | |||||||
Total Assets | 1,560,136 | 1,310,775 | 1,560,136 | 1,310,775 | 1,255,765 | |||||||
Unallocated Amount to Segment, Intersegment Eliminations and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (4,158) | (3,768) | (2,993) | |||||||||
Direct operating costs | (4,136) | (3,753) | (2,979) | |||||||||
Salaries and benefits | 36,809 | 32,085 | 26,274 | |||||||||
Selling, general and administrative | 8,304 | 8,486 | 13,108 | |||||||||
Goodwill and Intangible Asset Impairment | 0 | 0 | $ 0 | |||||||||
Depreciation and amortization | 305 | 268 | 150 | |||||||||
Total operating expenses | 41,282 | 37,086 | 36,553 | |||||||||
Operating income | (45,440) | (40,854) | (39,546) | |||||||||
Property and Equipment, net | 50 | 74 | 50 | 74 | 153 | |||||||
Total Assets | 220,715 | 10,019 | 220,715 | 10,019 | 148,139 | |||||||
UNITED STATES | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 716,576 | 721,977 | 572,383 | |||||||||
Property and Equipment, net | 49,904 | 29,499 | 49,904 | 29,499 | ||||||||
Total Assets | 717,894 | 493,428 | 717,894 | 493,428 | ||||||||
Non-US [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,033,533 | 1,814,652 | 1,680,039 | |||||||||
Property and Equipment, net | 310,076 | 262,370 | 310,076 | 262,370 | ||||||||
Total Assets | 3,939,772 | 2,827,727 | 3,939,772 | 2,827,727 | ||||||||
AUSTRALIA | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 51,686 | 58,039 | 77,777 | |||||||||
Property and Equipment, net | 1,992 | 2,051 | 1,992 | 2,051 | ||||||||
Total Assets | 62,844 | 61,215 | 62,844 | 61,215 | ||||||||
GREECE | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 79,716 | 71,007 | 71,197 | |||||||||
Property and Equipment, net | 11,753 | 11,267 | 11,753 | 11,267 | ||||||||
Total Assets | 111,339 | 58,419 | 111,339 | 58,419 | ||||||||
UNITED KINGDOM | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 135,006 | 133,132 | 136,977 | |||||||||
Property and Equipment, net | 22,420 | 20,525 | 22,420 | 20,525 | ||||||||
Total Assets | 520,549 | 519,918 | 520,549 | 519,918 | ||||||||
GERMANY | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 518,146 | 476,122 | 495,778 | |||||||||
Property and Equipment, net | 35,824 | 25,302 | 35,824 | 25,302 | ||||||||
Total Assets | 660,730 | 508,062 | 660,730 | 508,062 | ||||||||
POLAND | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 130,104 | 126,513 | 128,672 | |||||||||
Property and Equipment, net | 42,916 | 50,359 | 42,916 | 50,359 | ||||||||
Total Assets | 222,582 | 155,821 | 222,582 | 155,821 | ||||||||
SPAIN | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 189,104 | 155,619 | 115,473 | |||||||||
Property and Equipment, net | 55,240 | 39,238 | 55,240 | 39,238 | ||||||||
Total Assets | 371,882 | 198,082 | 371,882 | 198,082 | ||||||||
NEW ZEALAND | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 47,611 | 48,881 | 47,091 | |||||||||
Property and Equipment, net | 3,137 | 2,718 | 3,137 | 2,718 | ||||||||
Total Assets | 237,076 | 196,869 | 237,076 | 196,869 | ||||||||
Other countries [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 468,785 | 397,334 | 323,095 | |||||||||
ITALY | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 130,929 | 103,691 | 89,276 | |||||||||
Property and Equipment, net | 20,663 | 15,238 | 20,663 | 15,238 | ||||||||
Total Assets | 210,910 | 157,314 | 210,910 | 157,314 | ||||||||
MALAYSIA | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 74,948 | 76,380 | 56,287 | |||||||||
Property and Equipment, net | 2,629 | 2,802 | 2,629 | 2,802 | ||||||||
Total Assets | 114,796 | 103,043 | 114,796 | 103,043 | ||||||||
FRANCE | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 94,352 | 75,466 | 56,027 | |||||||||
Property and Equipment, net | 1,508 | 1,037 | 1,508 | 1,037 | ||||||||
Total Assets | 96,636 | 76,687 | 96,636 | 76,687 | ||||||||
INDIA | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 113,146 | 92,468 | 82,389 | |||||||||
Property and Equipment, net | 27,281 | 19,554 | 27,281 | 19,554 | ||||||||
Total Assets | 163,125 | 89,923 | 163,125 | 89,923 | ||||||||
Other geographic locations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 41,917 | 33,696 | 27,949 | |||||||||
Property and Equipment, net | 84,713 | 72,279 | 84,713 | 72,279 | ||||||||
Total Assets | $ 1,167,303 | $ 702,374 | 1,167,303 | 702,374 | ||||||||
Other geographic locations [Member] | Eft Processing Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 28 | 58 | 142 | |||||||||
Other geographic locations [Member] | Epay Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 16,915 | 15,330 | 18,102 | |||||||||
Other geographic locations [Member] | Money Transfer Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 24,974 | $ 18,308 | $ 9,705 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 54,765,000 | $ 44,637,000 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | (41,935,000) | (36,102,000) |
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 | 54,765,000 | 44,637,000 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | (41,935,000) | (36,102,000) |
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 |
0.75% Issue [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt | 437,000,000 | |
Convertible Debt, Fair Value Disclosures | $ 569,400,000 | $ 668,200,000 |
Commitments (Details)
Commitments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Guarantor Obligations [Line Items] | |
Letters of Credit Outstanding, Amount | $ 79.6 |
Guarantee Type, Various ATM Cash [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 12.5 |
Performance Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 49.6 |
Indemnification Agreement [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 489 |
Cash and Cash Equivalents [Member] | |
Guarantor Obligations [Line Items] | |
Pledged Assets, Not Separately Reported, Other | $ 3.7 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 300 | $ 300 | $ 400 |
Rontec Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 50 | $ 38 | $ 49 |
Selected Quarterly Data (Unau_2
Selected Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Data [Abstract] | |||||||||||
Revenues | $ 693,747 | $ 786,986 | $ 691,867 | $ 577,509 | $ 649,385 | $ 714,505 | $ 622,224 | $ 550,515 | $ 2,750,109 | $ 2,536,629 | $ 2,252,422 |
Operating income (loss) (quarterly) | 107,213 | 193,990 | 117,897 | 56,094 | 71,160 | 150,913 | 90,369 | 45,472 | 475,194 | 357,914 | 265,997 |
Net income (loss) | 106,570 | 137,541 | 68,005 | 34,579 | 59,894 | 102,257 | 43,636 | 26,344 | 346,695 | 232,131 | 156,940 |
Net income attributable to Euronet Worldwide, Inc. (quarterly) | $ 106,446 | $ 137,607 | $ 68,153 | $ 34,543 | $ 59,991 | $ 102,723 | $ 43,724 | $ 26,413 | $ 346,749 | $ 232,851 | $ 156,845 |
Earnings (loss) per share, basic (quarterly) | $ 1.96 | $ 2.53 | $ 1.28 | $ 0.67 | $ 1.16 | $ 2.01 | $ 0.85 | $ 0.51 | $ 6.49 | $ 4.52 | $ 2.99 |
Earnings (loss) per share, diluted (quarterly) | $ 1.91 | $ 2.46 | $ 1.25 | $ 0.62 | $ 1.10 | $ 1.89 | $ 0.82 | $ 0.49 | $ 6.31 | $ 4.26 | $ 2.85 |