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

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(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.