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Quarterly Financial Data (unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) Quarterly financial data for 2018 and 2017 was as follows:
(In millions, except per share data) |  |  |  |  |  |  |  |  |
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Full Year
2018 |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,440 |  |  | $ | 1,420 |  |  | $ | 1,412 |  |  | $ | 1,551 |  |  | $ | 5,823 |
Cost of processing and services | 568 |  |  | 560 |  |  | 568 |  |  | 628 |  |  | 2,324 |
Cost of product | 191 |  |  | 179 |  |  | 181 |  |  | 194 |  |  | 745 |
Selling, general and administrative expenses | 305 |  |  | 320 |  |  | 305 |  |  | 298 |  |  | 1,228 |
(Gain) loss on sale of business | (232 | ) |  | 3 |  |  | 2 |  |  | — |  |  | (227 | )
Total expenses | 832 |  |  | 1,062 |  |  | 1,056 |  |  | 1,120 |  |  | 4,070 |
Operating income | 608 |  |  | 358 |  |  | 356 |  |  | 431 |  |  | 1,753 |
Income from continuing operations (1) | 423 |  |  | 251 |  |  | 227 |  |  | 286 |  |  | 1,187 |
Net income | 423 |  |  | 251 |  |  | 227 |  |  | 286 |  |  | 1,187 |
Comprehensive income | 421 |  |  | 241 |  |  | 214 |  |  | 298 |  |  | 1,174 |
Net income per share - continuing operations: (2) |  |  |  |  |  |  |  |  |
Basic | $ | 1.02 |  |  | $ | 0.61 |  |  | $ | 0.56 |  |  | $ | 0.72 |  |  | $ | 2.93 |
Diluted | $ | 1.00 |  |  | $ | 0.60 |  |  | $ | 0.55 |  |  | $ | 0.71 |  |  | $ | 2.87 |
2017 |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,394 |  |  | $ | 1,386 |  |  | $ | 1,400 |  |  | $ | 1,516 |  |  | $ | 5,696 |
Cost of processing and services | 570 |  |  | 573 |  |  | 572 |  |  | 576 |  |  | 2,291 |
Cost of product | 182 |  |  | 175 |  |  | 174 |  |  | 202 |  |  | 733 |
Selling, general and administrative expenses | 277 |  |  | 276 |  |  | 284 |  |  | 313 |  |  | 1,150 |
Gain on sale of business | — |  |  | (10 | ) |  | — |  |  | — |  |  | (10 | )
Total expenses | 1,029 |  |  | 1,014 |  |  | 1,030 |  |  | 1,091 |  |  | 4,164 |
Operating income | 365 |  |  | 372 |  |  | 370 |  |  | 425 |  |  | 1,532 |
Income from continuing operations (1) | 247 |  |  | 221 |  |  | 232 |  |  | 532 |  |  | 1,232 |
Net income (1) | 247 |  |  | 221 |  |  | 232 |  |  | 546 |  |  | 1,246 |
Comprehensive income | 256 |  |  | 229 |  |  | 236 |  |  | 547 |  |  | 1,268 |
Net income per share - continuing operations: (2) |  |  |  |  |  |  |  |  |
Basic | $ | 0.58 |  |  | $ | 0.52 |  |  | $ | 0.55 |  |  | $ | 1.28 |  |  | $ | 2.92 |
Diluted | $ | 0.56 |  |  | $ | 0.51 |  |  | $ | 0.54 |  |  | $ | 1.25 |  |  | $ | 2.86 |
_____
(1) | During the third quarter of 2018 and the fourth quarter of 2017, the Company recognized discrete income tax expense of $19 million and income tax benefits of $275 million, respectively, associated with the Tax Act enacted in December 2017. Refer to Note 7 for more information regarding the Company’s income taxes.
(2) | Net income per share - continuing operations in each period is calculated using actual, unrounded amounts. All per share amounts are presented on a split-adjusted basis to retroactively reflect the two-for-one stock split that was completed in the first quarter of 2018.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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