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QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) | 7 Months Ended
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Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) | SEVEN MONTHS ENDED DECEMBER 31, 2015 (UNAUDITED) The condensed consolidated statement of income for the seven months ended December 31, 2015 is as follows (in thousands, except per share data):
| Seven Months Ended December 31,
| 2015
Revenues | $ | 1,730,070 |
Operating expenses: |
Cost of service | 638,700 |
Selling, general and administrative | 784,823 |
| 1,423,523 |
Operating income | 306,547 |
Interest and other income | 2,886 |
Interest and other expense | (32,149 | )
| (29,263 | )
Income before income taxes | 277,284 |
Provision for income taxes | (70,089 | )
Net income | 207,195 |
Less: Net income attributable to noncontrolling interests | (12,351 | )
Net income attributable to Global Payments | $ | 194,844 |
Earnings per share attributable to Global Payments: |
Basic earnings per share | $ | 1.50 |
Diluted earnings per share | $ | 1.49 |
QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) Summarized quarterly results for the 2016 fiscal transition period and the fiscal years ended May 31, 2016 and 2015 are as follows (in thousands, except per share data):
| Quarter Ended
| August 31, 2016 |  | November 30, 2016
2016 Fiscal Transition Period |  |  |
Revenues | $ | 939,492 |  |  | $ | 941,821 |
Operating income | 121,106 |  |  | 105,267 |
Net income | 92,458 |  |  | 52,615 |
Net income attributable to Global Payments | 85,093 |  |  | 49,452 |
Basic earnings per share attributable to Global Payments | 0.55 |  |  | 0.32 |
Diluted earnings per share attributable to Global Payments | 0.55 |  |  | 0.32 |
| Quarter Ended
| August 31, 2015 |  | November 30, 2015 |  | February 29, 2016 |  | May 31, 2016
Fiscal Year Ended May 31, 2016 |  |  |  |  |  |  |
Revenues | $ | 748,796 |  |  | $ | 722,350 |  |  | $ | 679,940 |  |  | $ | 747,064 |
Operating income | 137,772 |  |  | 123,165 |  |  | 107,805 |  |  | 56,202 |
Net income | 93,048 |  |  | 83,078 |  |  | 72,912 |  |  | 41,179 |
Net income attributable to Global Payments | 86,646 |  |  | 78,771 |  |  | 69,061 |  |  | 37,188 |
Basic earnings per share attributable to Global Payments | 0.66 |  |  | 0.61 |  |  | 0.53 |  |  | 0.27 |
Diluted earnings per share attributable to Global Payments | 0.66 |  |  | 0.60 |  |  | 0.53 |  |  | 0.26 |
| Quarter Ended
| August 31, 2014 |  | November 30, 2014 |  | February 28, 2015 |  | May 31, 2015
Fiscal Year Ended May 31, 2015 |  |  |  |  |  |  |
Revenues | $ | 704,895 |  |  | $ | 697,291 |  |  | $ | 664,983 |  |  | $ | 706,549 |
Operating income | 124,398 |  |  | 123,984 |  |  | 104,615 |  |  | 103,600 |
Net income | 84,434 |  |  | 85,256 |  |  | 69,315 |  |  | 70,110 |
Net income attributable to Global Payments | 75,366 |  |  | 74,781 |  |  | 62,568 |  |  | 65,325 |
Basic earnings per share attributable to Global Payments | 0.55 |  |  | 0.55 |  |  | 0.47 |  |  | 0.50 |
Diluted earnings per share attributable to Global Payments | 0.55 |  |  | 0.55 |  |  | 0.46 |  |  | 0.49 |
The quarterly financial data in the table above for the 2016 fiscal transition period and the fiscal quarter ended May 31, 2016 include the results of Heartland from the date of the merger and reflect the refinancing and increase of our corporate credit facility. Additionally, operating income, net income, net income attributable to Global Payments and basic and diluted EPS, reflected incremental expenses associated with the integration of Heartland of $6.1 million, $45.2 million, $30.6 million and $36.6 million, respectively, during the quarterly fiscal periods ended February 29, 2016, May 31, 2016, August 31, 2016 and November 30, 2016. See "Note 2 - Acquisitions" in the notes to the accompanying consolidated financial statements for further discussion of the merger with Heartland. Net income, net income attributable to Global Payments and basic and diluted earnings per share in the table above reflect for the quarter ended August 31, 2016 reflect a gain of $41.2 million recorded in connection with the sale of our membership interests in Visa Europe. Operating income, net income, net income attributable to Global Payments and basic and diluted EPS for the fiscal quarter ended May 31, 2015 include the effects of employee termination costs of $6.3 million (pre-tax) and a $1.2 million (pre-tax) charge for a transaction tax associated with the acquisition of Realex. Net income, net income attributable to Global Payments and basic and diluted EPS for the fiscal quarter ended May 31, 2015 also include the effect of the reversal of interest expense of $3.6 million (pre-tax) that had been previously accrued related to a previously unrecognized tax benefit. An out-of-period immaterial correction related to the measurement of certain deferred tax assets was recorded in the fiscal quarter ended May 31, 2015 as a charge to income tax expense of $14.3 million ($6.8 million of which related to the fiscal quarter ended August 31, 2014). This charge was offset by a corresponding income tax benefit recorded in the fiscal quarter ended May 31, 2015 related to a change in judgment regarding the tax rate at which those same deferred tax assets were expected to be realized in conjunction with the recognition of the previously unrecognized tax benefit related to an uncertain tax position in a foreign jurisdiction. Both amounts are included in the foreign income taxes line of the reconciliation between the federal statutory rate and the effective tax rate for the fiscal year ended May 31, 2015 in "Note 9 - Income Tax."

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