Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-16111 | |
Entity Registrant Name | GLOBAL PAYMENTS INC | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-2567903 | |
Entity Address, Address Line One | 3550 Lenox Road | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30326 | |
City Area Code | 770 | |
Local Phone Number | 829-8000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 255,249,780 | |
Entity Central Index Key | 0001123360 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | GPN | |
Security Exchange Name | NYSE | |
4.875% Senior Notes due 2031 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.875% Senior Notes due 2031 | |
Trading Symbol | GPN31A | |
Security Exchange Name | NYSE |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues | $ 2,420,187 | $ 2,292,447 |
Operating expenses: | ||
Cost of service | 922,390 | 947,753 |
Selling, general and administrative | 1,045,545 | 1,043,126 |
Loss on business disposition | 0 | 244,833 |
Total operating expenses | 1,967,935 | 2,235,712 |
Operating income | 452,252 | 56,735 |
Interest and other income | 35,928 | 11,153 |
Interest and other expense | (162,147) | (122,945) |
Total nonoperating income (expense) | (126,219) | (111,792) |
Income (loss) before income taxes and equity in income of equity method investments | 326,033 | (55,057) |
Income tax expense (benefit) | 19,382 | (31,399) |
Income (loss) before equity in income of equity method investments | 306,651 | (23,658) |
Equity in income of equity method investments, net of tax | 16,411 | 19,238 |
Net income (loss) | 323,062 | (4,420) |
Net income attributable to noncontrolling interests | (9,755) | (6,621) |
Net income (loss) attributable to Global Payments | $ 313,307 | $ (11,041) |
Earnings (loss) per share attributable to Global Payments: | ||
Basic earnings (loss) per share (in USD per share) | $ 1.22 | $ (0.04) |
Diluted earnings (loss) per share (in USD per share) | $ 1.22 | $ (0.04) |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 323,062 | $ (4,420) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (84,360) | 37,450 |
Income tax (expense) benefit related to foreign currency translation adjustments | 2,694 | (187) |
Net unrealized gains (losses) on hedging activities | 29,116 | (48,051) |
Reclassification of net unrealized (gains) losses on hedging activities to interest expense | (2,662) | 1,386 |
Income tax (expense) benefit related to hedging activities | (6,388) | 10,950 |
Other, net of tax | 0 | (22) |
Other comprehensive income (loss) | (61,600) | 1,526 |
Comprehensive income (loss) | 261,462 | (2,894) |
Comprehensive income (loss) attributable to noncontrolling interests | (13,332) | 12,995 |
Comprehensive income (loss) attributable to Global Payments | $ 274,794 | $ (15,889) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 2,167,616 | $ 2,088,887 |
Accounts receivable, net | 1,054,193 | 1,120,078 |
Settlement processing assets | 5,617,576 | 4,097,417 |
Prepaid expenses and other current assets | 830,548 | 767,377 |
Total current assets | 9,669,933 | 8,073,759 |
Goodwill | 26,728,023 | 26,743,523 |
Other intangible assets, net | 9,797,023 | 10,168,046 |
Property and equipment, net | 2,200,366 | 2,190,005 |
Deferred income taxes | 80,241 | 111,712 |
Notes receivable | 731,429 | 713,123 |
Other noncurrent assets | 2,567,735 | 2,570,018 |
Total assets | 51,774,750 | 50,570,186 |
Current liabilities: | ||
Settlement lines of credit | 1,095,901 | 981,244 |
Current portion of long-term debt | 1,579,357 | 620,585 |
Accounts payable and accrued liabilities | 2,630,789 | 2,824,979 |
Settlement processing obligations | 5,209,972 | 3,698,921 |
Total current liabilities | 10,516,019 | 8,125,729 |
Long-term debt | 15,565,705 | 15,692,297 |
Deferred income taxes | 2,062,885 | 2,242,105 |
Other noncurrent liabilities | 643,996 | 722,540 |
Total liabilities | 28,788,605 | 26,782,671 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 143,069 | 507,965 |
Equity: | ||
Preferred stock, no par value; 5,000,000 shares authorized and none issued | 0 | 0 |
Common stock, no par value; 400,000,000 shares authorized at March 31, 2024 and December 31, 2023; $255,130,560 issued and outstanding at March 31, 2024 and 260,382,746 issued and outstanding at December 31, 2023 | 0 | 0 |
Paid-in capital | 18,806,396 | 19,800,953 |
Retained earnings | 3,706,873 | 3,457,182 |
Accumulated other comprehensive loss | (297,438) | (258,925) |
Total Global Payments shareholders’ equity | 22,215,831 | 22,999,210 |
Nonredeemable noncontrolling interests | 627,245 | 280,340 |
Total equity | 22,843,076 | 23,279,550 |
Total liabilities, redeemable noncontrolling interests and equity | $ 51,774,750 | $ 50,570,186 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Common stock authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock issued (in shares) | 255,130,560 | 260,382,746 |
Common stock outstanding (in shares) | 255,130,560 | 260,382,746 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 323,062 | $ (4,420) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment | 117,919 | 105,983 |
Amortization of acquired intangibles | 343,217 | 301,267 |
Amortization of capitalized contract costs | 32,883 | 29,336 |
Share-based compensation expense | 40,117 | 89,566 |
Provision for operating losses and credit losses | 19,409 | 29,859 |
Noncash lease expense | 15,397 | 15,810 |
Deferred income taxes | (111,886) | (160,040) |
Equity in income of equity method investments, net of tax | (16,411) | (19,238) |
Facilities exit charges | 0 | 5,164 |
Loss on business disposition | 0 | 244,833 |
Other, net | (5,619) | 10,521 |
Changes in operating assets and liabilities, net of the effects of business combinations: | ||
Accounts receivable | 50,934 | 30,767 |
Settlement processing assets and obligations, net | (24,689) | 248,710 |
Prepaid expenses and other assets | (120,774) | (119,479) |
Accounts payable and other liabilities | (247,242) | (209,113) |
Net cash provided by operating activities | 416,317 | 599,526 |
Cash flows from investing activities: | ||
Business combinations and other acquisitions, net of cash and restricted cash acquired | (2,557) | (4,046,785) |
Capital expenditures | (145,441) | (162,195) |
Other, net | 0 | 2,187 |
Net cash used in investing activities | (147,998) | (4,206,793) |
Cash flows from financing activities: | ||
Net borrowings from (repayments of) settlement lines of credit | 133,228 | (281,411) |
Net borrowings from (repayments of) commercial paper notes | (1,093,043) | 1,048,620 |
Proceeds from long-term debt | 4,609,000 | 4,708,140 |
Repayments of long-term debt | (2,628,548) | (1,555,954) |
Payments of debt issuance costs | (29,391) | (11,593) |
Repurchases of common stock | (800,048) | (202,785) |
Proceeds from stock issued under share-based compensation plans | 11,031 | 6,103 |
Common stock repurchased - share-based compensation plans | (41,140) | (28,323) |
Distributions to noncontrolling interests | (4,748) | (6,218) |
Contributions from noncontrolling interests | 89 | 0 |
Purchase of capped calls related to issuance of convertible notes | (256,250) | 0 |
Dividends paid | (63,616) | (65,750) |
Net cash provided by (used in) financing activities | (163,436) | 3,610,829 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (34,035) | 18,584 |
Increase in cash, cash equivalents and restricted cash | 70,848 | 22,146 |
Cash, cash equivalents and restricted cash, beginning of the period | 2,256,875 | 2,215,606 |
Cash, cash equivalents and restricted cash, end of the period | $ 2,327,723 | $ 2,237,752 |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Total Global Payments Shareholders’ Equity | Number of Shares | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Nonredeemable Noncontrolling Interests | Total Equity |
Balance at beginning of period (in shares) at Dec. 31, 2022 | 263,082,000 | |||||||
Balance at beginning of period at Dec. 31, 2022 | $ 22,303,506 | $ 19,978,095 | $ 2,731,380 | $ (405,969) | $ 236,704 | $ 22,540,210 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ (4,420) | (11,041) | (11,041) | 6,621 | (4,420) | |||
Other comprehensive loss | $ 1,526 | (4,848) | (4,848) | 6,374 | 1,526 | |||
Stock issued under share-based compensation plans (in shares) | 1,014,000 | |||||||
Stock issued under share-based compensation plans | 6,103 | 6,103 | 6,103 | |||||
Common stock repurchased - share-based compensation plans (in shares) | (266,000) | |||||||
Common stock repurchased - share-based compensation plans | (30,189) | (30,189) | (30,189) | |||||
Share-based compensation expense | 89,566 | 89,566 | 89,566 | |||||
Issuance of share-based awards in connection with a business combination | 2,484 | 2,484 | 2,484 | |||||
Repurchase of common stock (in shares) | (2,058,902) | (2,059,000) | ||||||
Repurchases of common stock | $ (206,600) | (206,553) | (206,553) | (206,553) | ||||
Distributions to noncontrolling interests | (6,218) | (6,218) | ||||||
Cash dividends declared | (65,750) | (65,750) | (65,750) | |||||
Balance at end of period (in shares) at Mar. 31, 2023 | 261,771,000 | |||||||
Balance at end of period at Mar. 31, 2023 | 22,083,278 | 19,839,506 | 2,654,589 | (410,817) | 243,481 | 22,326,759 | ||
Redeemable Noncontrolling Interests | ||||||||
Redeemable noncontrolling interests acquired in a business combination | 556,070 | |||||||
Ending balance at Mar. 31, 2023 | 556,070 | |||||||
Balance at beginning of period (in shares) at Dec. 31, 2023 | 260,383,000 | |||||||
Balance at beginning of period at Dec. 31, 2023 | 23,279,550 | 22,999,210 | 19,800,953 | 3,457,182 | (258,925) | 280,340 | 23,279,550 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 323,062 | 313,307 | 313,307 | 7,693 | 321,000 | |||
Other comprehensive loss | $ (61,600) | (38,513) | (38,513) | (15,001) | (53,514) | |||
Stock issued under share-based compensation plans (in shares) | 1,132,000 | |||||||
Stock issued under share-based compensation plans | 11,031 | 11,031 | 11,031 | |||||
Common stock repurchased - share-based compensation plans (in shares) | (322,000) | |||||||
Common stock repurchased - share-based compensation plans | (42,663) | (42,663) | (42,663) | |||||
Share-based compensation expense | 40,117 | 40,117 | 40,117 | |||||
Repurchase of common stock (in shares) | (6,061,999) | (6,062,000) | ||||||
Repurchases of common stock | $ (808,400) | (808,365) | (808,365) | (808,365) | ||||
Distributions to noncontrolling interests | (4,748) | (4,748) | ||||||
Contributions from noncontrolling interests | 89 | 89 | ||||||
Reclassification of redeemable noncontrolling interest to nonredeemable noncontrolling interest | 358,872 | 358,872 | ||||||
Purchase of capped calls related to issuance of convertible notes, net of taxes of $61,573 | (194,677) | (194,677) | (194,677) | |||||
Cash dividends declared | (63,616) | (63,616) | (63,616) | |||||
Balance at end of period (in shares) at Mar. 31, 2024 | 255,131,000 | |||||||
Balance at end of period at Mar. 31, 2024 | 22,843,076 | $ 22,215,831 | $ 18,806,396 | $ 3,706,873 | $ (297,438) | $ 627,245 | $ 22,843,076 | |
Beginning balance at Dec. 31, 2023 | 507,965 | |||||||
Redeemable Noncontrolling Interests | ||||||||
Net income | 2,062 | |||||||
Other comprehensive loss | (8,086) | |||||||
Reclassification of redeemable noncontrolling interest to nonredeemable noncontrolling interest | (358,872) | |||||||
Ending balance at Mar. 31, 2024 | $ 143,069 |
UNAUDITED CONSOLIDATED STATEM_5
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends per share (in USD per share) | $ 0.25 | $ 0.25 |
Capped calls issuance taxes | $ 61,573 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business, consolidation and presentation - We are a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world. We operate in two reportable segments: Merchant Solutions and Issuer Solutions. As described in "Note 3—Business Disposition," during the second quarter of 2023, we completed the sale of the consumer portion of our Netspend business, which comprised our former Consumer Solutions segment. Our consolidated financial statements include the results of our former Consumer Solutions segment for periods prior to disposition. See "Note 15—Segment Information" for further information. Global Payments Inc. and its consolidated subsidiaries are referred to herein collectively as "Global Payments," the "Company," "we," "our" or "us," unless the context requires otherwise. These unaudited consolidated financial statements include our accounts and those of our majority-owned subsidiaries, and all intercompany balances and transactions have been eliminated in consolidation. Investments in entities that we do not control are accounted for using the equity or cost method, based on whether or not we have the ability to exercise significant influence over operating and financial policies. These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated balance sheet as of December 31, 2023 was derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 but does not include all disclosures required by GAAP for annual financial statements. In the opinion of our management, all known adjustments necessary for a fair presentation of the results of the interim periods have been made. These adjustments consist of normal recurring accruals and estimates that affect the carrying amount of assets and liabilities. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. Use of estimates - The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. In particular, uncertainty resulting from global events and other macroeconomic conditions are difficult to predict at this time, and the ultimate effect could result in additional charges related to the recoverability of assets, including financial assets, long-lived assets and goodwill and other losses. These unaudited consolidated financial statements reflect the financial statement effects based upon management’s estimates and assumptions utilizing the most currently available information. SEC Rule Changes - On March 6, 2024, the SEC adopted final rules that require disclosure of certain climate-related information, including disclosures relating to material climate-related risks, targets or goals, risk management and governance activities and greenhouse gas emissions. In addition, the rules require disclosure of certain climate-related financial metrics in the notes to the audited financial statements. The new disclosures are required on a prospective basis and a phased-in compliance period becomes effective for us beginning with our Annual Report on Form 10-K for the year ending December 31, 2025. However, pending the resolution of legal challenges that were subsequently filed against these rules, in April 2024, the SEC stayed the effectiveness of the rules. Therefore, the enforceability of these rules or the timing of their effectiveness is uncertain. Recently issued accounting pronouncements not yet adopted ASU 2023-09 - In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvement to Income Tax Disclosures," which is intended to enhance the transparency and decision usefulness of income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis with the option to apply the standard retrospectively. We are evaluating how the enhanced disclosure requirements of ASU 2023-09 will affect our presentation, and we will include the incremental disclosures upon the effective date. ASU 2023-07 - In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, " which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, inclusion of all annual disclosures in interim periods and disclosure of the title and position of the chief operating decision maker. The amendments in this update are effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are evaluating how the enhanced disclosure requirements of ASU 2023-07 will affect our presentation, and we will include the incremental disclosures upon the effective date. |
ACQUISITION
ACQUISITION | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITION | ACQUISITION EVO Payments, Inc. On March 24, 2023, we acquired all of the outstanding common stock of EVO Payments, Inc. (“EVO”). EVO is a payment technology and services provider, offering payment solutions to merchants ranging from small and middle market enterprises to multinational companies and organizations across the Americas and Europe. The acquisition aligns with our technology-enabled payments strategy, expands our geographic presence in attractive markets and augments our business-to-business software and payment solutions business. Total purchase consideration was $4.3 billion, which consisted of the following (in thousands): Cash paid to EVO shareholders (1) $ 3,273,951 Cash paid for equity awards attributable to purchase consideration (2) 58,510 Value of replacement awards attributable to purchase consideration (3) 2,484 Total purchase consideration transferred to EVO shareholders 3,334,945 Repayment of EVO's unsecured revolving credit facility (including accrued interest and fees) 665,557 Payment of certain acquiree transaction costs and other liabilities on behalf of EVO (4) 269,118 Total purchase consideration $ 4,269,620 (1) Holders of EVO common stock, convertible preferred stock and common units received $34 for each share of EVO common stock held at the effective time of the transaction. (2) Pursuant to the merger agreement, we cash settled vested options and certain unvested equity awards of EVO equity award holders. (3) Pursuant to the merger agreement, we granted equity awards for approximately 0.3 million shares of Global Payments common stock to certain EVO equity award holders. Each such replacement award is subject to the same terms and conditions (including vesting and exercisability) that applied to the corresponding EVO equity award. We apportioned the fair value of the replacement awards between purchase consideration (the portion attributable to pre-acquisition services in relation to the total vesting term of the award) and amounts to be recognized in periods following the acquisition as share-based compensation expense over the requisite service period of the replacement awards. (4) Certain acquiree transaction costs and liabilities, including amounts outstanding under EVO’s tax receivable agreement, were required to be repaid by us upon consummation of the acquisition. The cash portion of the purchase consideration was funded through cash on hand and borrowings under our revolving credit facility. We accounted for the EVO acquisition as a business combination, which generally requires that we recognize the assets acquired and liabilities assumed at fair value as of the acquisition date. The final estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed, including a reconciliation to the total purchase consideration, were as follows (in thousands): Final Amounts at Cash and cash equivalents $ 324,859 Accounts receivable 51,470 Settlement processing assets 134,712 Deferred income tax assets 1,734 Property and equipment 72,100 Identifiable intangible assets 1,478,995 Other assets 148,567 Accounts payable and accrued liabilities (289,360) Settlement lines of credit (7,587) Settlement processing obligations (163,535) Deferred income tax liabilities (253,221) Other liabilities (61,207) Total identifiable net assets 1,437,527 Redeemable noncontrolling interests (471,119) Goodwill 3,303,212 Total purchase consideration $ 4,269,620 During the three months ended March 31, 2024, we made measurement-period adjustments that increased the amount of goodwill by $19.9 million, primarily related to deferred income taxes as a result of finalizing the evaluation of the differences in the bases of assets and liabilities for financial reporting and tax purposes. The effects of the measurement-period adjustments on our consolidated statement of income for the three months ended March 31, 2024 were not material. Goodwill arising from the acquisition was included in the Merchant Solutions segment and was attributable to expected growth opportunities, potential synergies from combining the acquired business into our existing businesses and an assembled workforce. We expect that approximately $1.2 billion of the goodwill from this acquisition will be deductible for income tax purposes. The following table reflects the estimated acquisition-date fair values of the identified intangible assets of EVO and their respective weighted-average estimated amortization periods: Estimated Fair Value Weighted-Average Estimated Amortization Periods (in thousands) (years) Customer-related intangible assets $ 916,000 11 Contract-based intangible assets 470,000 12 Acquired technologies 86,995 7 Trademarks and trade names 6,000 2 Total estimated identifiable intangible assets $ 1,478,995 11 |
BUSINESS DISPOSITIONS
BUSINESS DISPOSITIONS | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
BUSINESS DISPOSITIONS | BUSINESS DISPOSITION Consumer Business - On April 26, 2023, we completed the sale of the consumer portion of our Netspend business for approximately $1 billion, subject to certain closing adjustments. The consumer business comprised our former Consumer Solutions segment prior to disposition and had been presented as held for sale with certain adjustments to report the disposal group at fair value less costs to sell in our consolidated balance sheet since June 30, 2022. In connection with the sale, we provided $675 million of seller financing as described below. We recognized charges within net loss on business disposition in our consolidated statements of income of $244.8 million during the three months ended March 31, 2023 to reduce the disposal group to estimated fair value less costs to sell. The loss during the three months ended March 31, 2023 included the effects of incremental negotiated closing adjustments, changes in the estimated fair value of the seller financing and the effects of the final tax structure of the transaction. Notes Receivable and Allowance for Credit Losses In connection with the sale of our consumer business, we provided seller financing consisting of the following: (1) a first lien seven-year secured term loan facility with an aggregate principal amount of $350 million bearing interest at a fixed annual rate of 9.0%, including 3.5% payable quarterly in cash and 5.5% settled quarterly via the issuance of additional paid-in-kind ("PIK") notes with the same terms as the original notes until December 2024, after which interest will be payable quarterly in cash along with quarterly principal payments of $4.375 million with the remaining balance due at maturity; and (2) a second lien twenty-five year secured term loan facility with an aggregate principal amount of $325 million bearing interest at a fixed annual rate of 13.0% PIK due at maturity. In connection with the sale of our gaming business in April 2023, we also provided seller financing consisting of an unsecured promissory note due April 1, 2030 with an aggregate principal amount of $32 million bearing interest at a fixed annual rate of 11.0%. We recognized interest income of $21.5 million on the notes during the three months ended March 31, 2024, as a component of interest and other income in the consolidated statements of income. As of March 31, 2024 and December 31, 2023 , there was an aggregate principal amount of $771.2 million and $753.5 million, respectively, outstanding on the notes, including PIK, and the notes are presented net of the allowance for credit losses of $15.2 million within notes receivable in our consolidated balance sheet. The estimated fair value of the notes receivable was $750.4 million an d $735.6 million as of March 31, 2024 and December 31, 2023, respectively . The estimated fair value of notes receivable was based on a discounted cash flow approach and is considered to be a Level 3 measurement of the valuation hierarchy. |
REVENUES
REVENUES | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES The following tables present a disaggregation of our revenues from contracts with customers by geography for each of our reportable segments for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Merchant Issuer Intersegment Total (in thousands) Americas $ 1,522,732 $ 458,605 $ (6,214) $ 1,975,123 Europe 251,051 133,702 — 384,753 Asia Pacific 60,311 10,428 (10,428) 60,311 $ 1,834,094 $ 602,735 $ (16,642) $ 2,420,187 Three Months Ended March 31, 2023 Merchant Issuer Consumer Intersegment Total (in thousands) Americas $ 1,365,894 $ 443,345 $ 143,709 $ (17,321) $ 1,935,627 Europe 176,098 117,104 — — 293,202 Asia Pacific 63,618 10,458 — (10,458) 63,618 $ 1,605,610 $ 570,907 $ 143,709 $ (27,779) $ 2,292,447 The following table presents a disaggregation of our Merchant Solutions segment revenues by distribution channel for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Relationship-led $ 903,345 $ 795,680 Technology-enabled 930,749 809,930 $ 1,834,094 $ 1,605,610 ASC Topic 606, Revenues from Contracts with Customers ("ASC 606") requires that we determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the three months ended March 31, 2024 and 2023, substantially all of our revenues were recognized over time. Supplemental balance sheet information related to contracts from customers as of March 31, 2024 and December 31, 2023 was as follows: Balance Sheet Location March 31, 2024 December 31, 2023 (in thousands) Assets: Capitalized costs to obtain customer contracts, net Other noncurrent assets $ 362,863 $ 360,684 Capitalized costs to fulfill customer contracts, net Other noncurrent assets $ 206,109 $ 197,355 Liabilities: Contract liabilities, net (current) Accounts payable and accrued liabilities $ 210,670 $ 229,686 Contract liabilities, net (noncurrent) Other noncurrent liabilities $ 55,058 $ 54,246 Net contract assets were not material at March 31, 2024 or December 31, 2023. Revenue recognized for the three months ended March 31, 2024 and 2023 from contract liability balances at the beginning of each period was $92.3 million and $83.7 million, respectively. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations. The purpose of this disclosure is to provide additional information about the amounts and expected timing of revenue to be recognized from the remaining performance obligations in our existing contracts. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at March 31, 2024. However, as permitted, we have elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. Accordingly, the total amount of unsatisfied or partially unsatisfied performance obligations related to processing services is significantly higher than the amounts disclosed in the table below (in thousands): Year Ending December 31, 2024 $ 832,635 2025 961,551 2026 791,597 2027 608,447 2028 333,515 2029 157,722 2030 and thereafter 333,165 Total $ 4,018,632 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS As of March 31, 2024 and December 31, 2023, goodwill and other intangible assets consisted of the following: March 31, 2024 December 31, 2023 (in thousands) Goodwill $ 26,728,023 $ 26,743,523 Other intangible assets: Customer-related intangible assets $ 10,626,438 $ 10,653,036 Acquired technologies 3,001,611 3,005,576 Contract-based intangible assets 2,241,063 2,254,273 Trademarks and trade names 1,074,256 1,074,631 16,943,368 16,987,516 Less accumulated amortization: Customer-related intangible assets 4,055,254 3,866,686 Acquired technologies 2,129,982 2,047,330 Contract-based intangible assets 342,006 309,886 Trademarks and trade names 619,103 595,568 7,146,345 6,819,470 $ 9,797,023 $ 10,168,046 The following table sets forth the changes by reportable segment in the carrying amount of goodwill for the three months ended March 31, 2024: Merchant Issuer Total (in thousands) Balance at December 31, 2023 $ 17,226,828 $ 9,516,695 $ 26,743,523 Effect of foreign currency translation (31,534) (3,893) (35,427) Measurement period adjustments 19,927 — 19,927 Balance at March 31, 2024 $ 17,215,221 $ 9,512,802 $ 26,728,023 Accumulated impairment losses for goodwill were $357.9 million as of March 31, 2024 and December 31, 2023. |
LONG-TERM DEBT AND LINES OF CRE
LONG-TERM DEBT AND LINES OF CREDIT | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT AND LINES OF CREDIT | LONG-TERM DEBT AND LINES OF CREDIT As of March 31, 2024 and December 31, 2023, long-term debt consisted of the following: March 31, 2024 December 31, 2023 (in thousands) 1.500% senior notes due November 15, 2024 $ 499,377 $ 499,143 2.650% senior notes due February 15, 2025 998,535 998,172 1.200% senior notes due March 1, 2026 1,096,327 1,095,848 4.800% senior notes due April 1, 2026 772,600 775,425 2.150% senior notes due January 15, 2027 746,509 746,196 4.950% senior notes due August 15, 2027 496,689 496,444 4.450% senior notes due June 1, 2028 468,308 469,406 3.200% senior notes due August 15, 2029 1,241,534 1,241,169 5.300% senior notes due August 15, 2029 496,237 496,063 2.900% senior notes due May 15, 2030 992,830 992,537 2.900% senior notes due November 15, 2031 743,604 743,394 5.400% senior notes due August 15, 2032 743,113 742,908 4.150% senior notes due August 15, 2049 740,947 740,860 5.950% senior notes due August 15, 2052 738,676 738,576 4.875% senior notes due March 17, 2031 854,652 873,747 1.000% convertible notes due August 15, 2029 1,455,560 1,453,493 1.500% convertible notes due March 1, 2031 1,967,242 — Revolving credit facility 1,598,000 1,570,000 Commercial paper notes 274,954 1,371,639 Finance lease liabilities 20,965 24,525 Other borrowings 198,403 243,337 Total long-term debt 17,145,062 16,312,882 Less current portion 1,579,357 620,585 Long-term debt, excluding current portion $ 15,565,705 $ 15,692,297 The carrying amounts of our senior notes and convertible notes in the table above are presented net of unamortized discount and unamortized debt issuance costs, as applicable. At March 31, 2024, the unamortized discount on senior notes and convertible notes was $44.2 million, and unamortized debt issuance costs on senior notes and convertible notes were $107.4 million. At December 31, 2023, the unamortized discount on senior notes and convertible notes was $46.1 million and unamortized debt issuance costs on senior notes and convertible notes were $78.4 million. The portion of unamortized debt issuance costs related to revolving credit facilities is included in other noncurrent assets. At March 31, 2024 and December 31, 2023, unamortized debt issuance costs on the unsecured revolving credit facility were $17.2 million and $18.5 million, respectively. At March 31, 2024, future maturities of long-term debt (excluding finance lease liabilities) are as follows by year (in thousands): Year Ending December 31, 2024 $ 565,228 2025 1,049,065 2026 1,885,419 2027 3,157,893 2028 462,962 2029 3,250,128 2030 and thereafter 6,863,884 Total $ 17,234,579 Convertible Notes 1.500% convertible notes due March 1, 2031 On February 23, 2024, we issued $2.0 billion in aggregate principal amount of 1.500% convertible unsecured senior notes due March 2031 through a private placement. The net proceeds from this offering were approximately $1.97 billion reflecting debt issuance costs of $33.5 million, which were capitalized and reflected as a reduction of the related carrying amount of the convertible notes in our consolidated balance sheet. Interest on the convertible notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2024, to the holders of record on the preceding February 15 and August 15, respectively. Prior to December 1, 2030, the notes are convertible at the option of the holders only under certain conditions, including: (i) if the last reported sale price of our common stock has been at least 130% of the conversion price for at least 20 trading days within the last 30 consecutive trading days of the immediately preceding calendar quarter; (ii) for a five business day period following a ten-day consecutive trading period where the trading price of the notes is less than 98% of the product of the last reported sale price of our common stock and the conversion rate; (iii) if we call any or all of the notes for redemption; or (iv) upon the occurrence of certain corporate events. On or after December 1, 2030, the notes are convertible at the option of the holders at any time until the second scheduled trading day prior to the maturity date. The conversion rate for the notes is initially 6.371 shares of common stock per $1,000 in principal amount of the notes (which is equal to an initial conversion price of approximately $156.96 per share), subject to customary adjustments upon the occurrence of certain events. Upon conversion, the principal amount of, and interest due on, the convertible notes are required to be settled in cash and any other amounts may be settled in shares, cash or a combination of shares and cash at our election. We may not redeem the notes prior to March 6, 2028. On or after March 6, 2028, we have the option to redeem all or any portion of the notes for cash if the last reported sale price of our common stock has been at least 130% of the conversion price for at least 20 trading days within the last 30 consecutive trading day period at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest. If certain corporate events that constitute a fundamental change (as defined in the indenture governing the notes) occur, any holder of the notes may require that we repurchase all or a portion of their notes for cash at a purchase price equal to 100% of the principal amount of the notes to be repurchased plus accrued and unpaid interest. In addition, if certain corporate events that constitute a make-whole fundamental change (as defined in the indenture governing the notes) occur, then the conversion rate will in certain circumstances be increased. The notes include customary covenants for notes of this type, as well as customary events of default, which may result in the acceleration of the maturity of the convertible notes. In connection with the issuance of the notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes and other financial institutions to cover, subject to customary adjustments, the number of shares of common stock initially underlying the notes. The economic effect of the capped call transactions is to hedge the potential dilutive effect upon the conversion of the notes, or offset our cash obligation if the cash settlement option is elected, for amounts in excess of the principal amount of converted notes subject to a cap. The initial cap price of the capped call transactions is $228.90 per share. The capped call transactions meet the accounting criteria to be reflected in stockholders’ equity and not accounted for as derivatives. The cost of $256.3 million incurred in connection with the capped call transactions was reflected as a reduction to paid-in-capital in our consolidated balance sheet at March 31, 2024, net of applicable income taxes. 1.000% convertible notes due August 15, 2029 We have $1.5 billion in aggregate principal amount of 1.000% convertible notes due August 2029, which were issued during 2022 in a private placement pursuant to an investment agreement with Silver Lake Partners. Interest on the convertible notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2023, to the holders of record on the preceding February 1 and August 1, respectively. The convertible notes mature on August 15, 2029, subject to earlier conversion or repurchase. The notes, which are currently convertible, are presented within long-term debt in our consolidated balance sheet based on our intent and ability to refinance on a long-term basis should a conversion event occur. Revolving Credit Facility Our revolving credit agreement provides for an unsubordinated unsecured $5.75 billion revolving credit facility that matures in August 2027. As of March 31, 2024, there were borrowings of $1,598.0 million outstanding under the revolving credit facility with an interest rate of 6.80%, and the total available commitments under the revolving credit facility were $3.4 billion. Commercial Paper We have a $2.0 billion commercial paper program under which we may issue senior unsecured commercial paper notes with maturities of up to 397 days from the date of issue. Commercial paper notes are expected to be issued at a discount from par, or they may bear interest, each at commercial paper market rates dictated by market conditions at the time of their issuance. The proceeds from issuances of commercial paper notes will be used primarily for general corporate purposes but may also be used for acquisitions, to pay dividends, for debt refinancing or for other purposes. As of March 31, 2024, we had net borrowings under our comm ercial paper program of $275.0 million outstanding, presented within long-term debt in our consolidated balance sheet based on our intent and ability to continually refinance on a long-term basis, with a weighted average annual interest rate of 6.01%. The commercial program is backstopped by our revolving credit agreement, in that the amount of commercial paper notes outstanding cannot exceed the undrawn portion of our revolving credit facility. As suc h, we could draw on the revolving credit facility to repay commercial paper notes that cannot be rolled over or refinanced with similar debt . Fair Value of Long-Term Debt As of March 31, 2024, our senior notes had a total carrying amount of $11.6 billion and an estimated fair value of $11.0 billion. As of March 31, 2024, our 1.500% convertible notes due March 1, 2031 had a total carrying amount of $2.0 billion and an estimated fair value of $2.1 billion. The estimated fair values were based on quoted market prices in active markets and are considered to be Level 1 measurements of the valuation hierarchy. As of March 31, 2024, our 1.000% convertible notes due August 15, 2029 had a total carrying amount of $1.5 billion and an estimated fair value of $1.7 billion. The estimated fair value of our convertible notes was based on a lattice pricing model and is considered to be a Level 3 measurement of the valuation hierarchy. The fair value of other long-term debt approximated its carrying amount at March 31, 2024. Compliance with Covenants The convertible notes include customary covenants and events of default for convertible notes of this type. The revolving credit agreement contains customary affirmative covenants and restrictive covenants, including, among others, financial covenants based on net leverage and interest coverage ratios, and customary events of default. The required leverage ratio was increased to 4.50 to 1.00 as a result of the acquisition of EVO and will gradually step-down over eight quarters to the original required ratio of 3.75 to 1.00. As of March 31, 2024, the required leverage ratio was 4.25 to 1.00, and the required interest coverage ratio was 3.00 to 1.00. We were in compliance with all applicable covenants as of March 31, 2024. Interest Expense Interest expense was $160.8 million and $119.0 million for the three months ended March 31, 2024 and 2023, respectively. |
DERIVATIVES AND HEDGING INSTRUM
DERIVATIVES AND HEDGING INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING INSTRUMENTS | DERIVATIVES AND HEDGING INSTRUMENTS Net Investment Hedge We have designated our aggregate €800 million Euro-denominated 4.875% senior notes due March 2031 as a hedge of our net investment in our Euro-denominated operations. The purpose of the net investment hedge is to reduce the volatility of our net investment in our Euro-denominated operations due to changes in foreign currency exchange rates. Investments in foreign operations with functional currencies other than the reporting currency are subject to foreign currency risk as the assets and liabilities of these subsidiaries are translated into the reporting currency at the period-end rate of exchange with the resulting foreign currency translation adjustment presented as a component of other comprehensive income and included in accumulated comprehensive income within equity in our consolidated balance sheets. Under net investment hedge accounting, the foreign currency remeasurement gains and losses associated with our Euro-denominated senior notes are presented within the same components of other comprehensive income and accumulated comprehensive income, partially offsetting the foreign currency translation adjustment for our foreign subsidiaries. We recognized a loss of $7.1 million and $18.2 million within foreign currency translation adjustments in other comprehensive income in our consolidated statements of comprehensive income during the three months ended March 31, 2024 and 2023, respectively. Interest Rate Swaps We have interest rate swap agreements with financial institutions to hedge changes in cash flows attributable to interest rate risk on a portion of our variable-rate debt instruments. In the first quarter of 2023, we entered into new interest rate swap agreements with an aggregate notional amount of $1.5 billion to convert eligible borrowings under our revolving credit facility from a floating term Secured Overnight Financing Rate to a fixed rate. Net amounts to be received or paid under the swap agreements are reflected as adjustments to interest expense. Since we have designated the interest rate swap agreements as cash flow hedges, unrealized gains or losses resulting from adjusting the swaps to fair value are recognized as components of other comprehensive income. The fair values of our interest rate swaps are determined based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date. These derivative instruments are classified within Level 2 of the valuation hierarchy. The table below presents information about our interest rate swaps, designated as cash flow hedges, included in the consolidated balance sheets: Fair Values Derivative Financial Instruments Balance Sheet Location Weighted-Average Fixed Rate of Interest at March 31, 2024 Range of Maturity Dates at March 31, 2024 March 31, 2024 December 31, 2023 (in thousands) Interest rate swaps (Notional of $1.5 billion at March 31, 2024) Other noncurrent liabilities 4.26 % April 17, 2027 - August 17, 2027 $ 3,258 $ 28,187 The table below presents the effects of our interest rate swaps on the consolidated statements of income and statements of comprehensive income for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Net unrealized gains (losses) recognized in other comprehensive income (loss) $ 29,116 $ (48,051) Net unrealized gains (losses) reclassified out of other comprehensive income (loss) to interest expense $ 2,662 $ (1,386) As of March 31, 2024, the amount of net unrealized gains in accumulated other comprehensive loss related to our interest rate swaps that is expected to be reclassified into interest expense during the next 12 months was $5.9 million. |
INCOME TAX
INCOME TAX | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | INCOME TAX For the three months ended March 31, 2024, our effective income tax rate of 5.9% differed favorably from the U.S. statutory rate primarily as a result of a change in the assessment of the need for a valuation allowance related to certain foreign tax credit carryforwards, foreign interest income not subject to tax, tax credits and the foreign-derived intangible income deduction. For the three months ended March 31, 2023, we reported a tax benefit in excess of the U.S. statutory tax rate. The tax benefit included the favorable effect of foreign interest income not subject to tax, tax credits and the foreign-derived intangible income deduction. In addition, the tax benefit on the loss on business disposition was tax effected at the applicable tax rate, whereas the earnings other than this discrete item were tax effected at the lower estimated annual effective tax rate. |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTERESTS | 3 Months Ended |
Mar. 31, 2024 | |
Temporary Equity Disclosure [Abstract] | |
REDEEMABLE NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS The portions of equity in our consolidated subsidiaries in Greece and Chile that are not attributable, directly or indirectly, to us, are redeemable upon the occurrence of an event that is not solely within our control. We own 51% of our subsidiary in Greece and 50.1% of our subsidiary in Chile. Under the shareholder agreements, the minority shareholders have the option to compel us to purchase their shares at a price per share based on the fair value of the shares, or under certain circumstances for our subsidiary in Greece, at a price determined by calculations stipulated in the shareholder agreement. The options have no expiration date. Because the exercise of each of these redemption options is not solely within our control, the redeemable noncontrolling interests are presented in the mezzanine section between total liabilities and shareholders’ equity, as temporary equity, in our consolidated balance sheet as of March 31, 2024. The redeemable noncontrolling interest for each subsidiary is reflected at the higher of: (i) the initial carrying amount, increased or decreased for the noncontrolling interest's share of comprehensive income (loss), capital contributions and distributions or (ii) the redemption price. The option held by the minority shareholder in Greece, which is redeemable at a price other than fair value, is considered probable of becoming redeemable on December 8, 2025. In determining the measurement method of redemption price, we have elected to accrete changes in the redemption price over the period from the date of issuance to the earliest redemption date of the instrument using the effective interest method, applied prospectively. We have also elected to recognize the entire amount of any redemption price adjustments in net income attributable to noncontrolling interests in our consolidated statements of income. In addition, we own 66% of our subsidiary in Poland. The redemption option held by the minority shareholder in Poland expired on January 1, 2024, and the redeemable noncontrolling interest was reclassified to nonredeemable noncontrolling interest in the consolidated balance sheet as of January 1, 2024. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY We repurchase our common stock mainly through open market repurchase plans and, at times, through accelerated share repurchase ("ASR") programs. During the three months ended March 31, 2024 and 2023, we repurchased and retired 6,061,999 and 2,058,902 shares of our common stock, respectively, at a cost, including commissions and applicable excise taxes, of $808.4 million and $206.6 million, or $133.35 and $100.33 per share, respectively. The share repurchase activity for the three months ended March 31, 2024 included the repurchase of 1,414,759 shares using a portion of the net proceeds from our offering of 1.500% convertible unsecured senior notes due March 2031 through privately negotiated transactions with purchasers of notes in the offering, or one of their respective affiliates. The purchase price per share of the common stock repurchased in such transactions equaled the closing price of the common stock on February 20, 2024, which was $130.80 per share. As of March 31, 2024, the remaining amount available under our share repurchase program was $1,471.9 million. On April 25, 2024, our board of directors declared a dividend of $0.25 per share payable on June 28, 2024 to common shareholders of record as of June 14, 2024. |
SHARE-BASED AWARDS AND STOCK OP
SHARE-BASED AWARDS AND STOCK OPTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED AWARDS AND STOCK OPTIONS | SHARE-BASED AWARDS AND STOCK OPTIONS The following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options: Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Share-based compensation expense $ 40,117 $ 89,566 Income tax benefit $ 9,366 $ 9,417 Share-Based Awards The following table summarizes the changes in unvested restricted stock and performance awards for the three months ended March 31, 2024: Shares Weighted-Average (in thousands) Unvested at December 31, 2023 2,481 $131.41 Granted 1,168 130.71 Vested (917) 142.99 Forfeited (49) 117.42 Unvested at March 31, 2024 2,683 $127.64 The total fair value of restricted stock and performance awards vested during the three months ended March 31, 2024 and March 31, 2023 was $131.1 million and $126.5 million, respectively. For restricted stock and performance awards, we recognized compensation expens e of $35.6 million and $75.2 million during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $262.6 million of unrecognized compensation expense related to unvested restricted stock and performance awards that we expect to recognize over a weighted-average period of 2.2 years. Stock Options The following table summarizes stock option activity for the three months ended March 31, 2024: Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (years) (in millions) Outstanding at December 31, 2023 921 $99.54 5.0 $32.1 Granted 154 130.09 Forfeited (1) 76.91 Exercised (169) 51.89 Outstanding at March 31, 2024 905 $113.67 5.7 $23.8 Options vested and exercisable at March 31, 2024 616 $111.85 4.0 $19.1 We recognized compensation expense for stock options of $2.8 million and $12.7 million during the three months ended March 31, 2024 and 2023, respectively. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2024 was $13.6 million. As of March 31, 2024, we had $11.2 million o f unrecognized compensation expense related to unvested stock options that we expect to recognize over a weighted-average period of 2.3 years . The weighted-average grant-date fair value of stock options granted, including replacement awards granted in connection with the EVO acquisition, during the three months ended March 31, 2024 and 2023 was $54.42 and $47.08, respectively. Fair value was estimated on the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions: Three Months Ended March 31, 2024 March 31, 2023 Risk-free interest rate 4.16% 3.86% Expected volatility 45% 45% Dividend yield 0.90% 0.81% Expected term (years) 5 5 The risk-free interest rate was based on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected life of the option from the date of the grant. Our assumption on expected volatility was based on our historical volatility. The dividend yield assumption was determined using our average stock price over the preceding year and the annualized amount of our most current quarterly dividend per share. We based our assumptions on the expected term of the options on our analysis of the historical exercise patterns of the options and our assumption on the future exercise pattern of options. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share ("EPS") was computed by dividing net income (loss) attributable to Global Payments by the weighted-average number of shares outstanding during the period. Earnings available to common shareholders is the same as reported net income (loss) attributable to Global Payments for all periods presented. Diluted EPS is computed by dividing net income attributable to Global Payments by the weighted-average number of shares outstanding during the period, including the effect of share-based awards, convertible notes or other potential securities that would have a dilutive effect on EPS. All stock options with an exercise price lower than the average market share price of our common stock for the period are assumed to have a dilutive effect on EPS. The dilutive share base for the three months ended March 31, 2024 excluded approximately 0.1 million shares related to stock options that would have an antidilutive effect on the computation of diluted earnings per share. Due to a net loss for the three months ended March 31, 2023, no incremental shares were included in the computation of diluted earnings per share because the effect would be antidilutive. Approximately 1.2 million shares related to stock options and share-based awards were therefore excluded from the dilutive share base for the three months ended March 31, 2023. The effect of the potential shares needed to settle the conversion spread on our convertible notes is included in diluted EPS if the effect is dilutive. The effect depends on the market share price of our common stock at the time of conversion and would be dilutive if the average market share price of our common stock for the period exceeds the conversion price. For the three months ended March 31, 2024, the convertible notes were not included in the computation of diluted EPS as the effect would have been anti-dilutive. Further, the effect of the related capped call transactions is not included in the computation of diluted EPS as it is always anti-dilutive. The following table sets forth the computation of diluted weighted-average number of shares outstanding for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Basic weighted-average number of shares outstanding 256,926 263,115 Plus: Dilutive effect of stock options and other share-based awards 662 — Diluted weighted-average number of shares outstanding 257,588 263,115 |
SUPPLEMENTAL BALANCE SHEET INFO
SUPPLEMENTAL BALANCE SHEET INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
SUPPLEMENTAL BALANCE SHEET INFORMATION | SUPPLEMENTAL BALANCE SHEET INFORMATION Cash, cash equivalents and restricted cash Cash and cash equivalents include cash on hand and all liquid investments with a maturity of three months or less when purchased. We regularly maintain cash balances with financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit or the equivalent outside the U.S. As of March 31, 2024, approximately 75% of our total balance of cash and cash equivalents was held within a small group of financial institutions, primarily large money center banks. Although we currently believe that the financial institutions with whom we do business will be able to fulfill their commitments to us, there is no assurance that those institutions will be able to continue to do so. We have not experienced any losses associated with our balances in such accounts for the three months ended March 31, 2024 and 2023. Restricted cash includes amounts that cannot be withdrawn or used for general operating activities under legal or regulatory restrictions. Restricted cash consists of amounts deposited by customers for prepaid card transactions and funds held as a liquidity reserve that are subject to local regulatory restrictions requiring appropriate segregation and restriction in their use. Restricted cash is included in prepaid expenses and other current assets in the consolidated balance sheets with a corresponding liability in accounts payable and accrued liabilities. A reconciliation of the amounts of cash and cash equivalents and restricted cash in the consolidated balance sheets to the amount in the consolidated statements of cash flows is as follows: March 31, 2024 December 31, 2023 (in thousands) Cash and cash equivalents $ 2,167,616 $ 2,088,887 Restricted cash 159,414 167,190 Cash included in assets held for sale 693 798 Cash, cash equivalents and restricted cash shown in the statements of cash flows $ 2,327,723 $ 2,256,875 Long-lived assets |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in the accumulated balances for each component of other comprehensive income (loss) were as follows for the three months ended March 31, 2024 and 2023: Foreign Currency Translation Gains (Losses) Unrealized Gains (Losses) on Hedging Activities Other Accumulated Other Comprehensive Loss (in thousands) Balance at December 31, 2023 $ (215,540) $ (40,859) $ (2,526) $ (258,925) Other comprehensive income (loss) (58,579) 20,066 — (38,513) Balance at March 31, 2024 $ (274,119) $ (20,793) $ (2,526) $ (297,438) Balance at December 31, 2022 $ (380,584) $ (22,420) $ (2,965) $ (405,969) Other comprehensive income (loss) 30,889 (35,715) — (4,848) Balance at March 31, 2023 $ (349,695) $ (58,135) $ (2,965) $ (410,817) Other comprehensive income (loss) attributable to noncontrolling interests, which relates only to foreign currency translation, was $(23.1) million and $6.4 million for the three months ended March 31, 2024 and 2023, respectively. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We operate in two reportable segments: Merchant Solutions and Issuer Solutions. As described in "Note 3 - Business Disposition," during the second quarter of 2023, we completed the sale of the consumer portion of our Netspend business, which comprised our former Consumer Solutions segment. Our former Consumer Solutions segment is presented below for periods prior to disposition. We evaluate performance and allocate resources based on the operating income of each operating segment. The operating income of each operating segment includes the revenues of the segment less expenses that are directly related to those revenues. Operating overhead, shared costs and share-based compensation costs are included in Corporate. Impairment of goodwill and gains or losses on business dispositions are not included in determining segment operating income. Interest and other income, interest and other expense, income tax expense and equity in income of equity method investments are not allocated to the individual segments. We do not evaluate the performance of or allocate resources to our operating segments using asset data. The accounting policies of the reportable operating segments are the same as those described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our summary of significant accounting policies in "Note 1—Basis of Presentation and Summary of Significant Accounting Policies." Information on segments and reconciliations to consolidated revenues, consolidated operating income and consolidated depreciation and amortization were as follows for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Revenues (1) : Merchant Solutions $ 1,834,094 $ 1,605,610 Issuer Solutions 602,735 570,907 Consumer Solutions — 143,709 Intersegment eliminations (16,642) (27,779) Consolidated revenues $ 2,420,187 $ 2,292,447 Operating income (loss) (1) : Merchant Solutions $ 580,438 $ 507,210 Issuer Solutions 106,097 82,810 Consumer Solutions — (5,798) Corporate (234,283) (282,654) Loss on business disposition — (244,833) Consolidated operating income $ 452,252 $ 56,735 Depreciation and amortization (1) : Merchant Solutions $ 292,333 $ 241,573 Issuer Solutions 163,974 160,853 Corporate 4,829 4,912 Consolidated depreciation and amortization $ 461,136 $ 407,338 (1) Revenues, operating income and depreciation and amortization reflect the effects of acquired businesses from the respective acquisition dates and the effects of divested businesses through the respective disposal dates. See “Note 2—Acquisition” and “Note 3—Business Disposition” for further discussion. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Matters We are party to a number of claims and lawsuits incidental to our business. In our opinion, the liabilities, if any, which may ultimately result from the outcome of such matters, individually or in the aggregate, are not expected to have a material adverse effect on our financial position, liquidity, results of operations or cash flows. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) Attributable to Parent | $ 313,307 | $ (11,041) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Business, consolidation and presentation | Business, consolidation and presentation - We are a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world. We operate in two reportable segments: Merchant Solutions and Issuer Solutions. As described in "Note 3—Business Disposition," during the second quarter of 2023, we completed the sale of the consumer portion of our Netspend business, which comprised our former Consumer Solutions segment. Our consolidated financial statements include the results of our former Consumer Solutions segment for periods prior to disposition. See "Note 15—Segment Information" for further information. Global Payments Inc. and its consolidated subsidiaries are referred to herein collectively as "Global Payments," the "Company," "we," "our" or "us," unless the context requires otherwise. These unaudited consolidated financial statements include our accounts and those of our majority-owned subsidiaries, and all intercompany balances and transactions have been eliminated in consolidation. Investments in entities that we do not control are accounted for using the equity or cost method, based on whether or not we have the ability to exercise significant influence over operating and financial policies. These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated balance sheet as of December 31, 2023 was derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 but does not include all disclosures required by GAAP for annual financial statements. In the opinion of our management, all known adjustments necessary for a fair presentation of the results of the interim periods have been made. These adjustments consist of normal recurring accruals and estimates that affect the carrying amount of assets and liabilities. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. |
Use of estimates | Use of estimates - The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. In particular, uncertainty resulting from global events and other macroeconomic conditions are difficult to predict at this time, and the ultimate effect could result in additional charges related to the recoverability of assets, including financial assets, long-lived assets and goodwill and other losses. These unaudited consolidated financial statements reflect the financial statement effects based upon management’s estimates and assumptions utilizing the most currently available information. |
Recently issued accounting pronouncements not yet adopted | Recently issued accounting pronouncements not yet adopted ASU 2023-09 - In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvement to Income Tax Disclosures," which is intended to enhance the transparency and decision usefulness of income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis with the option to apply the standard retrospectively. We are evaluating how the enhanced disclosure requirements of ASU 2023-09 will affect our presentation, and we will include the incremental disclosures upon the effective date. ASU 2023-07 - In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, " which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, inclusion of all annual disclosures in interim periods and disclosure of the title and position of the chief operating decision maker. The amendments in this update are effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are evaluating how the enhanced disclosure requirements of ASU 2023-07 will affect our presentation, and we will include the incremental disclosures upon the effective date. |
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash Cash and cash equivalents include cash on hand and all liquid investments with a maturity of three months or less when purchased. We regularly maintain cash balances with financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit or the equivalent outside the U.S. As of March 31, 2024, approximately 75% of our total balance of cash and cash equivalents was held within a small group of financial institutions, primarily large money center banks. Although we currently believe that the financial institutions with whom we do business will be able to fulfill their commitments to us, there is no assurance that those institutions will be able to continue to do so. We have not experienced any losses associated with our balances in such accounts for the three months ended March 31, 2024 and 2023. Restricted cash includes amounts that cannot be withdrawn or used for general operating activities under legal or regulatory restrictions. Restricted cash consists of amounts deposited by customers for prepaid card transactions and funds held as a liquidity reserve that are subject to local regulatory restrictions requiring appropriate segregation and restriction in their use. Restricted cash is included in prepaid expenses and other current assets in the consolidated balance sheets with a corresponding liability in accounts payable and accrued liabilities. |
ACQUISITION (Tables)
ACQUISITION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Consideration | Total purchase consideration was $4.3 billion, which consisted of the following (in thousands): Cash paid to EVO shareholders (1) $ 3,273,951 Cash paid for equity awards attributable to purchase consideration (2) 58,510 Value of replacement awards attributable to purchase consideration (3) 2,484 Total purchase consideration transferred to EVO shareholders 3,334,945 Repayment of EVO's unsecured revolving credit facility (including accrued interest and fees) 665,557 Payment of certain acquiree transaction costs and other liabilities on behalf of EVO (4) 269,118 Total purchase consideration $ 4,269,620 (1) Holders of EVO common stock, convertible preferred stock and common units received $34 for each share of EVO common stock held at the effective time of the transaction. (2) Pursuant to the merger agreement, we cash settled vested options and certain unvested equity awards of EVO equity award holders. (3) Pursuant to the merger agreement, we granted equity awards for approximately 0.3 million shares of Global Payments common stock to certain EVO equity award holders. Each such replacement award is subject to the same terms and conditions (including vesting and exercisability) that applied to the corresponding EVO equity award. We apportioned the fair value of the replacement awards between purchase consideration (the portion attributable to pre-acquisition services in relation to the total vesting term of the award) and amounts to be recognized in periods following the acquisition as share-based compensation expense over the requisite service period of the replacement awards. (4) |
Schedule of Major Classes of Assets Acquired and Liabilities Assumed | The final estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed, including a reconciliation to the total purchase consideration, were as follows (in thousands): Final Amounts at Cash and cash equivalents $ 324,859 Accounts receivable 51,470 Settlement processing assets 134,712 Deferred income tax assets 1,734 Property and equipment 72,100 Identifiable intangible assets 1,478,995 Other assets 148,567 Accounts payable and accrued liabilities (289,360) Settlement lines of credit (7,587) Settlement processing obligations (163,535) Deferred income tax liabilities (253,221) Other liabilities (61,207) Total identifiable net assets 1,437,527 Redeemable noncontrolling interests (471,119) Goodwill 3,303,212 Total purchase consideration $ 4,269,620 |
Schedule of Fair Values of Identified Intangible Assets Acquired and Respective Weighted-Average Estimated Amortization Periods | The following table reflects the estimated acquisition-date fair values of the identified intangible assets of EVO and their respective weighted-average estimated amortization periods: Estimated Fair Value Weighted-Average Estimated Amortization Periods (in thousands) (years) Customer-related intangible assets $ 916,000 11 Contract-based intangible assets 470,000 12 Acquired technologies 86,995 7 Trademarks and trade names 6,000 2 Total estimated identifiable intangible assets $ 1,478,995 11 |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present a disaggregation of our revenues from contracts with customers by geography for each of our reportable segments for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Merchant Issuer Intersegment Total (in thousands) Americas $ 1,522,732 $ 458,605 $ (6,214) $ 1,975,123 Europe 251,051 133,702 — 384,753 Asia Pacific 60,311 10,428 (10,428) 60,311 $ 1,834,094 $ 602,735 $ (16,642) $ 2,420,187 Three Months Ended March 31, 2023 Merchant Issuer Consumer Intersegment Total (in thousands) Americas $ 1,365,894 $ 443,345 $ 143,709 $ (17,321) $ 1,935,627 Europe 176,098 117,104 — — 293,202 Asia Pacific 63,618 10,458 — (10,458) 63,618 $ 1,605,610 $ 570,907 $ 143,709 $ (27,779) $ 2,292,447 The following table presents a disaggregation of our Merchant Solutions segment revenues by distribution channel for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Relationship-led $ 903,345 $ 795,680 Technology-enabled 930,749 809,930 $ 1,834,094 $ 1,605,610 |
Schedule of Contracts with Customers | Supplemental balance sheet information related to contracts from customers as of March 31, 2024 and December 31, 2023 was as follows: Balance Sheet Location March 31, 2024 December 31, 2023 (in thousands) Assets: Capitalized costs to obtain customer contracts, net Other noncurrent assets $ 362,863 $ 360,684 Capitalized costs to fulfill customer contracts, net Other noncurrent assets $ 206,109 $ 197,355 Liabilities: Contract liabilities, net (current) Accounts payable and accrued liabilities $ 210,670 $ 229,686 Contract liabilities, net (noncurrent) Other noncurrent liabilities $ 55,058 $ 54,246 |
Schedule of Remaining Performance Obligation | The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at March 31, 2024. However, as permitted, we have elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. Accordingly, the total amount of unsatisfied or partially unsatisfied performance obligations related to processing services is significantly higher than the amounts disclosed in the table below (in thousands): Year Ending December 31, 2024 $ 832,635 2025 961,551 2026 791,597 2027 608,447 2028 333,515 2029 157,722 2030 and thereafter 333,165 Total $ 4,018,632 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | As of March 31, 2024 and December 31, 2023, goodwill and other intangible assets consisted of the following: March 31, 2024 December 31, 2023 (in thousands) Goodwill $ 26,728,023 $ 26,743,523 Other intangible assets: Customer-related intangible assets $ 10,626,438 $ 10,653,036 Acquired technologies 3,001,611 3,005,576 Contract-based intangible assets 2,241,063 2,254,273 Trademarks and trade names 1,074,256 1,074,631 16,943,368 16,987,516 Less accumulated amortization: Customer-related intangible assets 4,055,254 3,866,686 Acquired technologies 2,129,982 2,047,330 Contract-based intangible assets 342,006 309,886 Trademarks and trade names 619,103 595,568 7,146,345 6,819,470 $ 9,797,023 $ 10,168,046 |
Schedule of Reportable Segment in Carrying Amount of Goodwill | The following table sets forth the changes by reportable segment in the carrying amount of goodwill for the three months ended March 31, 2024: Merchant Issuer Total (in thousands) Balance at December 31, 2023 $ 17,226,828 $ 9,516,695 $ 26,743,523 Effect of foreign currency translation (31,534) (3,893) (35,427) Measurement period adjustments 19,927 — 19,927 Balance at March 31, 2024 $ 17,215,221 $ 9,512,802 $ 26,728,023 |
LONG-TERM DEBT AND LINES OF C_2
LONG-TERM DEBT AND LINES OF CREDIT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | As of March 31, 2024 and December 31, 2023, long-term debt consisted of the following: March 31, 2024 December 31, 2023 (in thousands) 1.500% senior notes due November 15, 2024 $ 499,377 $ 499,143 2.650% senior notes due February 15, 2025 998,535 998,172 1.200% senior notes due March 1, 2026 1,096,327 1,095,848 4.800% senior notes due April 1, 2026 772,600 775,425 2.150% senior notes due January 15, 2027 746,509 746,196 4.950% senior notes due August 15, 2027 496,689 496,444 4.450% senior notes due June 1, 2028 468,308 469,406 3.200% senior notes due August 15, 2029 1,241,534 1,241,169 5.300% senior notes due August 15, 2029 496,237 496,063 2.900% senior notes due May 15, 2030 992,830 992,537 2.900% senior notes due November 15, 2031 743,604 743,394 5.400% senior notes due August 15, 2032 743,113 742,908 4.150% senior notes due August 15, 2049 740,947 740,860 5.950% senior notes due August 15, 2052 738,676 738,576 4.875% senior notes due March 17, 2031 854,652 873,747 1.000% convertible notes due August 15, 2029 1,455,560 1,453,493 1.500% convertible notes due March 1, 2031 1,967,242 — Revolving credit facility 1,598,000 1,570,000 Commercial paper notes 274,954 1,371,639 Finance lease liabilities 20,965 24,525 Other borrowings 198,403 243,337 Total long-term debt 17,145,062 16,312,882 Less current portion 1,579,357 620,585 Long-term debt, excluding current portion $ 15,565,705 $ 15,692,297 |
Schedule of Maturities of Long-Term Debt | At March 31, 2024, future maturities of long-term debt (excluding finance lease liabilities) are as follows by year (in thousands): Year Ending December 31, 2024 $ 565,228 2025 1,049,065 2026 1,885,419 2027 3,157,893 2028 462,962 2029 3,250,128 2030 and thereafter 6,863,884 Total $ 17,234,579 |
DERIVATIVES AND HEDGING INSTR_2
DERIVATIVES AND HEDGING INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Financial Instruments, Designated as Cash Flow Hedges | The table below presents information about our interest rate swaps, designated as cash flow hedges, included in the consolidated balance sheets: Fair Values Derivative Financial Instruments Balance Sheet Location Weighted-Average Fixed Rate of Interest at March 31, 2024 Range of Maturity Dates at March 31, 2024 March 31, 2024 December 31, 2023 (in thousands) Interest rate swaps (Notional of $1.5 billion at March 31, 2024) Other noncurrent liabilities 4.26 % April 17, 2027 - August 17, 2027 $ 3,258 $ 28,187 |
Schedule of Derivative Instrument Effects on Income | The table below presents the effects of our interest rate swaps on the consolidated statements of income and statements of comprehensive income for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Net unrealized gains (losses) recognized in other comprehensive income (loss) $ 29,116 $ (48,051) Net unrealized gains (losses) reclassified out of other comprehensive income (loss) to interest expense $ 2,662 $ (1,386) |
SHARE-BASED AWARDS AND STOCK _2
SHARE-BASED AWARDS AND STOCK OPTIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense | The following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options: Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Share-based compensation expense $ 40,117 $ 89,566 Income tax benefit $ 9,366 $ 9,417 |
Schedule of Changes in Unvested Restricted Stock Awards and Performance Awards | The following table summarizes the changes in unvested restricted stock and performance awards for the three months ended March 31, 2024: Shares Weighted-Average (in thousands) Unvested at December 31, 2023 2,481 $131.41 Granted 1,168 130.71 Vested (917) 142.99 Forfeited (49) 117.42 Unvested at March 31, 2024 2,683 $127.64 |
Schedule of Changes in Stock Option Activity | The following table summarizes stock option activity for the three months ended March 31, 2024: Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (years) (in millions) Outstanding at December 31, 2023 921 $99.54 5.0 $32.1 Granted 154 130.09 Forfeited (1) 76.91 Exercised (169) 51.89 Outstanding at March 31, 2024 905 $113.67 5.7 $23.8 Options vested and exercisable at March 31, 2024 616 $111.85 4.0 $19.1 |
Schedule of Fair Valuation Assumptions | Fair value was estimated on the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions: Three Months Ended March 31, 2024 March 31, 2023 Risk-free interest rate 4.16% 3.86% Expected volatility 45% 45% Dividend yield 0.90% 0.81% Expected term (years) 5 5 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted-Average Shares Outstanding | The following table sets forth the computation of diluted weighted-average number of shares outstanding for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Basic weighted-average number of shares outstanding 256,926 263,115 Plus: Dilutive effect of stock options and other share-based awards 662 — Diluted weighted-average number of shares outstanding 257,588 263,115 |
SUPPLEMENTAL BALANCE SHEET IN_2
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Reconciliation of Cash and Cash Equivalents | A reconciliation of the amounts of cash and cash equivalents and restricted cash in the consolidated balance sheets to the amount in the consolidated statements of cash flows is as follows: March 31, 2024 December 31, 2023 (in thousands) Cash and cash equivalents $ 2,167,616 $ 2,088,887 Restricted cash 159,414 167,190 Cash included in assets held for sale 693 798 Cash, cash equivalents and restricted cash shown in the statements of cash flows $ 2,327,723 $ 2,256,875 |
Schedule of Reconciliation of Restricted Cash | A reconciliation of the amounts of cash and cash equivalents and restricted cash in the consolidated balance sheets to the amount in the consolidated statements of cash flows is as follows: March 31, 2024 December 31, 2023 (in thousands) Cash and cash equivalents $ 2,167,616 $ 2,088,887 Restricted cash 159,414 167,190 Cash included in assets held for sale 693 798 Cash, cash equivalents and restricted cash shown in the statements of cash flows $ 2,327,723 $ 2,256,875 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The changes in the accumulated balances for each component of other comprehensive income (loss) were as follows for the three months ended March 31, 2024 and 2023: Foreign Currency Translation Gains (Losses) Unrealized Gains (Losses) on Hedging Activities Other Accumulated Other Comprehensive Loss (in thousands) Balance at December 31, 2023 $ (215,540) $ (40,859) $ (2,526) $ (258,925) Other comprehensive income (loss) (58,579) 20,066 — (38,513) Balance at March 31, 2024 $ (274,119) $ (20,793) $ (2,526) $ (297,438) Balance at December 31, 2022 $ (380,584) $ (22,420) $ (2,965) $ (405,969) Other comprehensive income (loss) 30,889 (35,715) — (4,848) Balance at March 31, 2023 $ (349,695) $ (58,135) $ (2,965) $ (410,817) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Information on segments and reconciliations to consolidated revenues, consolidated operating income and consolidated depreciation and amortization were as follows for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Revenues (1) : Merchant Solutions $ 1,834,094 $ 1,605,610 Issuer Solutions 602,735 570,907 Consumer Solutions — 143,709 Intersegment eliminations (16,642) (27,779) Consolidated revenues $ 2,420,187 $ 2,292,447 Operating income (loss) (1) : Merchant Solutions $ 580,438 $ 507,210 Issuer Solutions 106,097 82,810 Consumer Solutions — (5,798) Corporate (234,283) (282,654) Loss on business disposition — (244,833) Consolidated operating income $ 452,252 $ 56,735 Depreciation and amortization (1) : Merchant Solutions $ 292,333 $ 241,573 Issuer Solutions 163,974 160,853 Corporate 4,829 4,912 Consolidated depreciation and amortization $ 461,136 $ 407,338 (1) |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 2 |
ACQUISITION - Fair Value of Tot
ACQUISITION - Fair Value of Total Purchase Consideration (Details) - EVO Payments, Inc $ / shares in Units, $ in Thousands, shares in Millions | Mar. 24, 2023 USD ($) $ / shares shares |
Business Acquisition [Line Items] | |
Cash paid to EVO shareholders | $ 3,273,951 |
Cash paid for equity awards attributable to purchase consideration | 58,510 |
Value of replacement awards attributable to purchase consideration | 2,484 |
Total purchase consideration transferred to EVO shareholders | 3,334,945 |
Total purchase consideration | $ 4,269,620 |
Price paid per share (in USD per share) | $ / shares | $ 34 |
Equity awards issued (in shares) | shares | 0.3 |
Repayment of EVO's unsecured revolving credit facility (including accrued interest and fees) | |
Business Acquisition [Line Items] | |
Repayment of EVO's unsecured revolving credit facility (including accrued interest and fees) | $ 665,557 |
Payment of certain acquiree transaction expenses and other liabilities on behalf of EVO | |
Business Acquisition [Line Items] | |
Repayment of EVO's unsecured revolving credit facility (including accrued interest and fees) | $ 269,118 |
ACQUISITION - Schedule of Recog
ACQUISITION - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Business Acquisition [Line Items] | ||
Goodwill | $ 26,728,023 | $ 26,743,523 |
EVO Payments, Inc | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 324,859 | |
Accounts receivable | 51,470 | |
Settlement processing assets | 134,712 | |
Deferred income tax assets | 1,734 | |
Property and equipment | 72,100 | |
Identifiable intangible assets | 1,478,995 | |
Other assets | 148,567 | |
Accounts payable and accrued liabilities | (289,360) | |
Settlement lines of credit | (7,587) | |
Settlement processing obligations | (163,535) | |
Deferred income tax liabilities | (253,221) | |
Other liabilities | (61,207) | |
Total identifiable net assets | 1,437,527 | |
Redeemable noncontrolling interests | (471,119) | |
Goodwill | 3,303,212 | |
Total purchase consideration | $ 4,269,620 |
ACQUISITION - Narrative (Detail
ACQUISITION - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Business Acquisition [Line Items] | |
Measurement period adjustments | $ 19,927 |
Merchant Solutions | |
Business Acquisition [Line Items] | |
Measurement period adjustments | 19,927 |
EVO Payments, Inc | |
Business Acquisition [Line Items] | |
Measurement period adjustments | $ 19,900 |
Percent revenue of acquiree (less than) | 10% |
Percent operating income of acquiree (less than) | 10% |
EVO Payments, Inc | Merchant Solutions | |
Business Acquisition [Line Items] | |
Expected tax deductible goodwill acquired | $ 1,200,000 |
ACQUISITION - Fair Value of Int
ACQUISITION - Fair Value of Intangible Assets (Details) - EVO Payments, Inc $ in Thousands | Mar. 24, 2023 USD ($) |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 1,478,995 |
Weighted-Average Estimated Amortization Periods | 11 years |
Customer-related intangible assets | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 916,000 |
Weighted-Average Estimated Amortization Periods | 11 years |
Contract-based intangible assets | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 470,000 |
Weighted-Average Estimated Amortization Periods | 12 years |
Acquired technologies | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 86,995 |
Weighted-Average Estimated Amortization Periods | 7 years |
Trademarks and trade names | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 6,000 |
Weighted-Average Estimated Amortization Periods | 2 years |
BUSINESS DISPOSITIONS (Details)
BUSINESS DISPOSITIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 26, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Notes Receivable | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Interest income | $ 21,500 | |||
Aggregate principal amount | 771,200 | $ 753,500 | ||
Allowance for credit losses | 15,200 | 15,200 | ||
Estimated fair value | $ 750,400 | $ 735,600 | ||
Consumer Business | First Lien Secured Term Loan Facility | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Quarterly principal payments | $ 4,375 | |||
Sale | Consumer Business | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Business for consideration | 1,000,000 | |||
Reduction to fair value | $ 244,800 | |||
Sale | Consumer Business | Unsecured promissory note | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Seller financing | 675,000 | |||
Sale | Consumer Business | First Lien Secured Term Loan Facility | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Seller financing | $ 350,000 | |||
Seller financing term | 7 years | |||
Interest rate | 9% | |||
Interest rate, payable in cash | 3.50% | |||
Interest rate, paid in kind | 5.50% | |||
Sale | Consumer Business | Second Lien Secured Term Loan Facility | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Seller financing | $ 325,000 | |||
Seller financing term | 25 years | |||
Interest rate, paid in kind | 13% | |||
Sale | Consumer Business | Unsecured Promissory Note | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Seller financing | $ 32,000 | |||
Interest rate | 11% |
REVENUES - Disaggregation of Re
REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 2,420,187 | $ 2,292,447 |
Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,975,123 | 1,935,627 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 384,753 | 293,202 |
Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 60,311 | 63,618 |
Operating Segments | Merchant Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,834,094 | 1,605,610 |
Operating Segments | Merchant Solutions | Relationship-led | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 903,345 | 795,680 |
Operating Segments | Merchant Solutions | Technology-enabled | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 930,749 | 809,930 |
Operating Segments | Merchant Solutions | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,522,732 | 1,365,894 |
Operating Segments | Merchant Solutions | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 251,051 | 176,098 |
Operating Segments | Merchant Solutions | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 60,311 | 63,618 |
Operating Segments | Issuer Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 602,735 | 570,907 |
Operating Segments | Issuer Solutions | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 458,605 | 443,345 |
Operating Segments | Issuer Solutions | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 133,702 | 117,104 |
Operating Segments | Issuer Solutions | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 10,428 | 10,458 |
Operating Segments | Consumer Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 143,709 |
Operating Segments | Consumer Solutions | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 143,709 | |
Operating Segments | Consumer Solutions | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | |
Operating Segments | Consumer Solutions | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | |
Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (16,642) | (27,779) |
Intersegment Eliminations | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (6,214) | (17,321) |
Intersegment Eliminations | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Intersegment Eliminations | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ (10,428) | $ (10,458) |
REVENUES - Supplemental Balance
REVENUES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Disaggregation of Revenue [Line Items] | ||
Contract liabilities, net (current) | $ 210,670 | $ 229,686 |
Contract liabilities, net (noncurrent) | 55,058 | 54,246 |
Obtain Contract | ||
Disaggregation of Revenue [Line Items] | ||
Capitalized costs, net | 362,863 | 360,684 |
Fulfill Contract | ||
Disaggregation of Revenue [Line Items] | ||
Capitalized costs, net | $ 206,109 | $ 197,355 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized from contract liabilities balances at beginning of the period | $ 92.3 | $ 83.7 |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligations (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 4,018,632 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 832,635 |
Expected timing of satisfaction | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 961,551 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 791,597 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 608,447 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 333,515 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 157,722 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 333,165 |
Expected timing of satisfaction |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 26,728,023 | $ 26,743,523 |
Other intangible assets: | 16,943,368 | 16,987,516 |
Less accumulated amortization: | 7,146,345 | 6,819,470 |
Other intangible assets, net | 9,797,023 | 10,168,046 |
Customer-related intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets: | 10,626,438 | 10,653,036 |
Less accumulated amortization: | 4,055,254 | 3,866,686 |
Acquired technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets: | 3,001,611 | 3,005,576 |
Less accumulated amortization: | 2,129,982 | 2,047,330 |
Contract-based intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets: | 2,241,063 | 2,254,273 |
Less accumulated amortization: | 342,006 | 309,886 |
Trademarks and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets: | 1,074,256 | 1,074,631 |
Less accumulated amortization: | $ 619,103 | $ 595,568 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Roll-Forward (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, balance at beginning of period | $ 26,743,523 |
Effect of foreign currency translation | (35,427) |
Measurement period adjustments | 19,927 |
Goodwill, balance at end of period | 26,728,023 |
Merchant Solutions | |
Goodwill [Roll Forward] | |
Goodwill, balance at beginning of period | 17,226,828 |
Effect of foreign currency translation | (31,534) |
Measurement period adjustments | 19,927 |
Goodwill, balance at end of period | 17,215,221 |
Issuer Solutions | |
Goodwill [Roll Forward] | |
Goodwill, balance at beginning of period | 9,516,695 |
Effect of foreign currency translation | (3,893) |
Measurement period adjustments | 0 |
Goodwill, balance at end of period | $ 9,512,802 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Accumulated impairment losses for goodwill | $ 357.9 | $ 357.9 |
LONG-TERM DEBT AND LINES OF C_3
LONG-TERM DEBT AND LINES OF CREDIT - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Feb. 23, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||||
Finance lease liabilities | $ 20,965 | $ 24,525 | ||
Total long-term debt | 17,145,062 | 16,312,882 | ||
Less current portion | 1,579,357 | 620,585 | ||
Long-term debt, excluding current portion | 15,565,705 | 15,692,297 | ||
Commercial paper notes | Commercial paper notes | ||||
Debt Instrument [Line Items] | ||||
Short term debt | $ 274,954 | 1,371,639 | ||
Senior Notes | 1.500% senior notes due November 15, 2024 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 1.50% | |||
Gross long-term debt | $ 499,377 | 499,143 | ||
Senior Notes | 2.650% senior notes due February 15, 2025 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 2.65% | |||
Gross long-term debt | $ 998,535 | 998,172 | ||
Senior Notes | 1.200% senior notes due March 1, 2026 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 1.20% | |||
Gross long-term debt | $ 1,096,327 | 1,095,848 | ||
Senior Notes | 4.800% senior notes due April 1, 2026 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.80% | |||
Gross long-term debt | $ 772,600 | 775,425 | ||
Senior Notes | 2.150% senior notes due January 15, 2027 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 2.15% | |||
Gross long-term debt | $ 746,509 | 746,196 | ||
Senior Notes | 4.950% senior notes due August 15, 2027 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.95% | |||
Gross long-term debt | $ 496,689 | 496,444 | ||
Senior Notes | 4.450% senior notes due June 1, 2028 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.45% | |||
Gross long-term debt | $ 468,308 | 469,406 | ||
Senior Notes | 3.200% senior notes due August 15, 2029 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 3.20% | |||
Gross long-term debt | $ 1,241,534 | 1,241,169 | ||
Senior Notes | 5.300% senior notes due August 15, 2029 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 5.30% | |||
Gross long-term debt | $ 496,237 | 496,063 | ||
Senior Notes | 2.900% senior notes due May 15, 2030 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 2.90% | |||
Gross long-term debt | $ 992,830 | 992,537 | ||
Senior Notes | 2.900% senior notes due November 15, 2031 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 2.90% | |||
Gross long-term debt | $ 743,604 | 743,394 | ||
Senior Notes | 5.400% senior notes due August 15, 2032 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 5.40% | |||
Gross long-term debt | $ 743,113 | 742,908 | ||
Senior Notes | 4.150% senior notes due August 15, 2049 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.15% | |||
Gross long-term debt | $ 740,947 | 740,860 | ||
Senior Notes | 5.950% senior notes due August 15, 2052 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 5.95% | |||
Gross long-term debt | $ 738,676 | 738,576 | ||
Senior Notes | 4.875% senior notes due March 17, 2031 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.875% | |||
Gross long-term debt | $ 854,652 | 873,747 | ||
Convertible Notes | 1.000% convertible notes due August 15, 2029 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 1% | 1% | ||
Gross long-term debt | $ 1,455,560 | 1,453,493 | ||
Convertible Notes | 1.500% convertible notes due March 1, 2031 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 1.50% | 1.50% | ||
Gross long-term debt | $ 1,967,242 | 0 | ||
Revolving credit facility | Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Gross long-term debt | 1,598,000 | 1,570,000 | ||
Other borrowings | ||||
Debt Instrument [Line Items] | ||||
Gross long-term debt | $ 198,403 | $ 243,337 |
LONG-TERM DEBT AND LINES OF C_4
LONG-TERM DEBT AND LINES OF CREDIT - Narrative (Details) | 3 Months Ended | |||||
Feb. 23, 2024 USD ($) day $ / shares | Aug. 08, 2022 | Mar. 31, 2024 USD ($) consecutiveQuarter | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 17,234,579,000 | |||||
Minimum leverage ratio | 4.25 | |||||
Consecutive quarters | consecutiveQuarter | 8 | |||||
Minimum interest coverage ratio | 3 | |||||
Interest expense | $ 160,800,000 | $ 119,000,000 | ||||
Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Minimum leverage ratio | 4.50 | |||||
Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Minimum leverage ratio | 3.75 | |||||
Commercial paper notes | Commercial paper notes | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 2,000,000,000 | |||||
Debt term | 397 days | |||||
Weighted-average interest rate of short-term debt (as a percent) | 6.01% | |||||
Senior notes and convertible notes | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized discount | $ 44,200,000 | $ 46,100,000 | ||||
Unamortized debt issuance costs | 107,400,000 | 78,400,000 | ||||
Revolving credit facility | Revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Gross long-term debt | 1,598,000,000 | 1,570,000,000 | ||||
Revolving credit facility | Revolving credit facility | Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 5,750,000,000 | |||||
Effective interest rate (as a percent) | 6.80% | |||||
Revolving credit facility | Standby Letters of Credit | Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Available borrowings under credit facility | $ 3,400,000,000 | |||||
Convertible Notes | 1.500% convertible notes due March 1, 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (as a percent) | 1.50% | 1.50% | ||||
Principal amount | $ 2,000,000,000 | |||||
Proceeds from debt, net of issuance costs | 1,970,000,000 | |||||
Debt issuance costs | $ 33,500,000 | |||||
Convertible, conversion ratio | 0.006371 | |||||
Convertible, conversion price (USD per share) | $ / shares | $ 156.96 | |||||
Capped call cap price | $ / shares | $ 228.90 | |||||
Capped call transactions | $ 256,300,000 | |||||
Gross long-term debt | 1,967,242,000 | 0 | ||||
Long-term debt | 2,000,000,000 | |||||
Convertible Notes | 1.500% convertible notes due March 1, 2031 | Level 1 | ||||||
Debt Instrument [Line Items] | ||||||
Fair value of debt instrument | $ 2,100,000,000 | |||||
Convertible Notes | 1.500% convertible notes due March 1, 2031 | Conversion option one | ||||||
Debt Instrument [Line Items] | ||||||
Threshold percentage of stock price trigger | 130% | |||||
Threshold trading days | day | 20 | |||||
Threshold consecutive trading days | day | 30 | |||||
Redemption price, percentage | 100% | |||||
Convertible Notes | 1.500% convertible notes due March 1, 2031 | Conversion option two | ||||||
Debt Instrument [Line Items] | ||||||
Threshold percentage of stock price trigger | 98% | |||||
Threshold trading days | day | 5 | |||||
Threshold consecutive trading days | day | 10 | |||||
Convertible Notes | 1.000% convertible notes due August 15, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (as a percent) | 1% | 1% | ||||
Principal amount | $ 1,500,000,000 | |||||
Gross long-term debt | $ 1,455,560,000 | 1,453,493,000 | ||||
Long-term debt | 1,500,000,000 | |||||
Convertible Notes | 1.000% convertible notes due August 15, 2029 | Level 3 | ||||||
Debt Instrument [Line Items] | ||||||
Fair value of debt instrument | 1,700,000,000 | |||||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 11,600,000,000 | |||||
Senior Notes | Level 1 | ||||||
Debt Instrument [Line Items] | ||||||
Fair value of debt instrument | 11,000,000,000 | |||||
Commercial paper notes | Unsecured Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt issuance costs | $ 17,200,000 | $ 18,500,000 |
LONG-TERM DEBT AND LINES OF C_5
LONG-TERM DEBT AND LINES OF CREDIT - Maturities of Long-Term Debt (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 565,228 |
2025 | 1,049,065 |
2026 | 1,885,419 |
2027 | 3,157,893 |
2028 | 462,962 |
2029 | 3,250,128 |
2030 and thereafter | 6,863,884 |
Total | $ 17,234,579 |
DERIVATIVES AND HEDGING INSTR_3
DERIVATIVES AND HEDGING INSTRUMENTS - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2024 EUR (€) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Loss on foreign currency translation adjustments | $ 84,360 | $ (37,450) | |
Interest Rate Swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net unrealized gains expected to be reclassified during the next 12 months | 5,900 | ||
Interest Rate Swap | Cash Flow Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount of derivative | 1,500,000 | ||
Net investment hedge | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Loss on foreign currency translation adjustments | $ 7,100 | $ 18,200 | |
Senior Notes | 4.875% senior notes due March 17, 2031 | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Principal amount | € | € 800,000,000 | ||
Stated interest rate (as a percent) | 4.875% | 4.875% |
DERIVATIVES AND HEDGING INSTR_4
DERIVATIVES AND HEDGING INSTRUMENTS - Derivative Financial Instruments, Designated As Cash Flow Hedges (Details) - Other noncurrent liabilities - Interest rate swap - Net investment hedge - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount of derivative | $ 1,500,000,000 | |
Weighted-Average Fixed Rate of Interest at March 31, 2024 | 4.26% | |
Fair Values | $ 3,258,000 | $ 28,187,000 |
DERIVATIVES AND HEDGING INSTR_5
DERIVATIVES AND HEDGING INSTRUMENTS - Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Net unrealized gains (losses) recognized in other comprehensive income (loss) | $ 29,116 | $ (48,051) |
Net unrealized gains (losses) reclassified out of other comprehensive income (loss) to interest expense | $ 2,662 | $ (1,386) |
INCOME TAX (Details)
INCOME TAX (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Effective tax rate (as a percent) | 5.90% |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTERESTS (Details) | Mar. 31, 2024 |
Subsidiary in Greece | |
Noncontrolling Interest [Line Items] | |
Ownership percentage | 51% |
Subsidiary in Chile | |
Noncontrolling Interest [Line Items] | |
Ownership percentage | 50.10% |
Subsidiary in Poland | |
Noncontrolling Interest [Line Items] | |
Ownership percentage | 66% |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Apr. 25, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Feb. 23, 2024 | |
Class of Stock [Line Items] | ||||
Stock repurchased and retired (in shares) | 6,061,999 | 2,058,902 | ||
Value of stock repurchased and retired | $ 808.4 | $ 206.6 | ||
Average cost per share (in USD per share) | $ 133.35 | $ 100.33 | ||
Price per share (in USD per shares) | $ 130.80 | |||
Remaining authorized repurchase amount | $ 1,471.9 | |||
Repurchased with net proceeds from offering | ||||
Class of Stock [Line Items] | ||||
Stock repurchased and retired (in shares) | 1,414,759 | |||
1.500% convertible notes due March 1, 2031 | Convertible Notes | ||||
Class of Stock [Line Items] | ||||
Stated interest rate (as a percent) | 1.50% | 1.50% | ||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Dividends declared (in USD per share) | $ 0.25 |
SHARE-BASED AWARDS AND STOCK _3
SHARE-BASED AWARDS AND STOCK OPTIONS - Share-Based Compensation Expense and Income Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Share-based compensation expense | $ 40,117 | $ 89,566 |
Income tax benefit | $ 9,366 | $ 9,417 |
SHARE-BASED AWARDS AND STOCK _4
SHARE-BASED AWARDS AND STOCK OPTIONS - Share-Based Awards (Details) - Restricted Stock Awards and Performance Units shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Shares | |
Beginning balance (in shares) | shares | 2,481 |
Granted (in shares) | shares | 1,168 |
Vested (in shares) | shares | (917) |
Forfeited (in shares) | shares | (49) |
Ending balance (in shares) | shares | 2,683 |
Weighted-Average Grant-Date Fair Value | |
Beginning balance (in USD per share) | $ / shares | $ 131.41 |
Granted (in USD per share) | $ / shares | 130.71 |
Vested (in USD per share) | $ / shares | 142.99 |
Forfeited (in USD per share) | $ / shares | 117.42 |
Ending balance (in USD per share) | $ / shares | $ 127.64 |
SHARE-BASED AWARDS AND STOCK _5
SHARE-BASED AWARDS AND STOCK OPTIONS - Share-Based Awards - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 40,117 | $ 89,566 |
Restricted Stock Awards and Performance Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of share-based awards vested | 131,100 | 126,500 |
Share-based compensation expense | 35,600 | $ 75,200 |
Compensation not yet recognized | $ 262,600 | |
Weighted-average period of unrecognized compensation cost | 2 years 2 months 12 days |
SHARE-BASED AWARDS AND STOCK _6
SHARE-BASED AWARDS AND STOCK OPTIONS - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Options | ||
Forfeited (in shares) | (1) | |
Exercised (in shares) | (169) | |
Weighted-Average Exercise Price | ||
Forfeited (in USD per share) | $ 76.91 | |
Exercised (in USD per share) | $ 51.89 | |
Employee stock option | ||
Options | ||
Outstanding at beginning of period (in shares) | 921 | |
Granted (in shares) | 154 | |
Outstanding at end of period (in shares) | 905 | 921 |
Options vested and exercisable (in shares) | 616 | |
Weighted-Average Exercise Price | ||
Outstanding at beginning of period (in USD per share) | $ 99.54 | |
Granted (in USD per share) | 130.09 | |
Outstanding at end of period (in USD per share) | 113.67 | $ 99.54 |
Options vested and exercisable (in USD per share) | $ 111.85 | |
Weighted-Average Remaining Contractual Term | ||
Outstanding | 5 years 8 months 12 days | 5 years |
Options vested and exercisable | 4 years | |
Aggregate Intrinsic Value | ||
Outstanding | $ 23.8 | $ 32.1 |
Options vested and exercisable | $ 19.1 |
SHARE-BASED AWARDS AND STOCK _7
SHARE-BASED AWARDS AND STOCK OPTIONS - Stock Options - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 40,117 | $ 89,566 |
Employee stock option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 2,800 | $ 12,700 |
Aggregate intrinsic value of stock options exercised | 13,600 | |
Total unrecognized compensation cost | $ 11,200 | |
Weighted-average period of unrecognized compensation cost | 2 years 3 months 18 days | |
Weighted average grant date fair value for each option granted (in USD per share) | $ 54.42 | $ 47.08 |
SHARE-BASED AWARDS AND STOCK _8
SHARE-BASED AWARDS AND STOCK OPTIONS - Valuation Assumptions (Details) - Employee stock option | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 4.16% | 3.86% |
Expected volatility | 45% | 45% |
Dividend yield | 0.90% | 0.81% |
Expected term (years) | 5 years | 5 years |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0.1 | 1.2 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Weighted-Average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Basic weighted-average number of shares outstanding (in shares) | 256,926 | 263,115 |
Plus: Dilutive effect of stock options and other share-based awards (in shares) | 662 | 0 |
Diluted weighted-average number of shares outstanding (in shares) | 257,588 | 263,115 |
SUPPLEMENTAL BALANCE SHEET IN_3
SUPPLEMENTAL BALANCE SHEET INFORMATION - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lessee, Lease, Description [Line Items] | ||
Amount financed under vendor financing arrangement | $ 48 | |
Term of vendor financing arrangement | 5 years | |
Cash and Cash Equivalents | Financial Institution Concentration Risk | Eight Financial Institutions | ||
Lessee, Lease, Description [Line Items] | ||
Concentration risk | 75% |
SUPPLEMENTAL BALANCE SHEET IN_4
SUPPLEMENTAL BALANCE SHEET INFORMATION - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||||
Cash and cash equivalents | $ 2,167,616 | $ 2,088,887 | ||
Restricted cash | 159,414 | 167,190 | ||
Cash included in assets held for sale | 693 | 798 | ||
Cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 2,327,723 | $ 2,256,875 | $ 2,237,752 | $ 2,215,606 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 23,279,550 | |
Other comprehensive income (loss) | (61,600) | $ 1,526 |
Balance at end of period | 22,843,076 | |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (258,925) | (405,969) |
Other comprehensive income (loss) | (38,513) | (4,848) |
Balance at end of period | (297,438) | (410,817) |
Foreign Currency Translation Gains (Losses) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (215,540) | (380,584) |
Other comprehensive income (loss) | (58,579) | 30,889 |
Balance at end of period | (274,119) | (349,695) |
Unrealized Gains (Losses) on Hedging Activities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (40,859) | (22,420) |
Other comprehensive income (loss) | 20,066 | (35,715) |
Balance at end of period | (20,793) | (58,135) |
Other | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (2,526) | (2,965) |
Other comprehensive income (loss) | 0 | 0 |
Balance at end of period | $ (2,526) | $ (2,965) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Foreign currency translation adjustment, other comprehensive loss attributable to noncontrolling interests | $ (23.1) | $ 6.4 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 2 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 2,420,187 | $ 2,292,447 |
Operating income (loss) | 452,252 | 56,735 |
Loss on business disposition | 0 | (244,833) |
Depreciation and amortization | 461,136 | 407,338 |
Acquisition and integration expenses | 78,900 | 101,800 |
Operating segments | Merchant Solutions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,834,094 | 1,605,610 |
Operating income (loss) | 580,438 | 507,210 |
Depreciation and amortization | 292,333 | 241,573 |
Operating segments | Issuer Solutions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 602,735 | 570,907 |
Operating income (loss) | 106,097 | 82,810 |
Depreciation and amortization | 163,974 | 160,853 |
Operating segments | Consumer Solutions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 143,709 |
Operating income (loss) | 0 | (5,798) |
Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | (16,642) | (27,779) |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (234,283) | (282,654) |
Depreciation and amortization | $ 4,829 | $ 4,912 |