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COMPARATIVE DATA FOR THE YEAR ENDED DECEMBER 31, 2016 AND THE SEVEN MONTHS ENDED DECEMBER 31, 2015 (UNAUDITED) | 12 Months Ended
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Dec. 31, 2017
Income Statement [Abstract] |
COMPARATIVE DATA FOR THE YEAR ENDED DECEMBER 31, 2016 AND THE SEVEN MONTHS ENDED DECEMBER 31, 2015 (UNAUDITED) | COMPARATIVE DATA FOR THE YEAR ENDED DECEMBER 31, 2016 AND THE SEVEN MONTHS ENDED DECEMBER 31, 2015 (UNAUDITED) The condensed consolidated statement of income for the year ended December 31, 2016 and the seven months ended December 31, 2015 is as follows (in thousands, except per share data):
| Year Ended December 31, |  | Seven Months Ended December 31,
| 2016 |  | 2015
Revenues | $ | 3,370,976 |  |  | $ | 1,730,070 |
Operating expenses: |  |  |
Cost of service | 1,603,532 |  |  | 638,700 |
Selling, general and administrative | 1,411,096 |  |  | 784,823 |
| 3,014,628 |  |  | 1,423,523 |
Operating income | 356,348 |  |  | 306,547 |
Interest and other income | 46,780 |  |  | 2,886 |
Interest and other expense | (146,156 | ) |  | (32,149 | )
| (99,376 | ) |  | (29,263 | )
Income before income taxes | 256,972 |  |  | 277,284 |
Provision for income taxes | (36,267 | ) |  | (70,089 | )
Net income | 220,705 |  |  | 207,195 |
Less: Net income attributable to noncontrolling interests | (18,952 | ) |  | (12,351 | )
Net income attributable to Global Payments | $ | 201,753 |  |  | $ | 194,844 |
Earnings per share attributable to Global Payments: |  |  |
Basic earnings per share | $ | 1.38 |  |  | $ | 1.50 |
Diluted earnings per share | $ | 1.37 |  |  | $ | 1.49 |
QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) Summarized quarterly results for the years ended December 31, 2017 and 2016 are as follows (in thousands, except per share data):
| Quarter Ended
| March 31, 2017 |  | June 30, 2017 |  | September 30, 2017 |  | December 31, 2017
Year Ended December 31, 2017 |  |  |  |  |  |  |
Revenues | $ | 919,762 |  |  | $ | 962,240 |  |  | $ | 1,038,907 |  |  | $ | 1,054,253 |
Operating income | 104,970 |  |  | 131,852 |  |  | 172,471 |  |  | 149,575 |
Net income | 52,959 |  |  | 72,443 |  |  | 118,362 |  |  | 250,305 |
Net income attributable to Global Payments | 48,813 |  |  | 66,909 |  |  | 110,740 |  |  | 241,962 |
Basic earnings per share attributable to Global Payments | 0.32 |  |  | 0.44 |  |  | 0.72 |  |  | 1.52 |
Diluted earnings per share attributable to Global Payments | 0.32 |  |  | 0.44 |  |  | 0.71 |  |  | 1.51 |
| Quarter Ended
| March 31, 2016 |  | June 30, 2016 |  | September 30, 2016 |  | December 31, 2016
Year Ended December 31, 2016 |  |  |  |  |  |  |
Revenues | $ | 626,259 |  |  | $ | 842,644 |  |  | $ | 951,885 |  |  | $ | 950,187 |
Operating income | 94,573 |  |  | 61,161 |  |  | 120,389 |  |  | 80,226 |
Net income | 63,447 |  |  | 67,133 |  |  | 62,224 |  |  | 27,902 |
Net income attributable to Global Payments | 59,911 |  |  | 62,233 |  |  | 55,510 |  |  | 24,101 |
Basic earnings per share attributable to Global Payments | 0.46 |  |  | 0.42 |  |  | 0.36 |  |  | 0.16 |
Diluted earnings per share attributable to Global Payments | 0.46 |  |  | 0.42 |  |  | 0.36 |  |  | 0.16 |
The quarterly financial data in the table above reflect the effects of acquisitions and borrowings to fund certain of those acquisitions. Notably, we acquired Heartland during the quarter ended June 30, 2016 and ACTIVE Network during the quarter ended September 30, 2017. Additionally, our consolidated results reflected incremental expenses associated with the acquisition and integration of Heartland and ACTIVE Network. See "Note 2—Acquisitions" for further discussion of our acquisitions. Acquisition and integration expenses were $26.1 million, $21.9 million, $21.5 million and $25.1 million for the quarters ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively. Acquisition and integration expenses were $8.5 million, $50.5 million, $34.0 million, and $49.1 million for the quarters ended March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively. Results for the quarter ended June 30, 2016 reflect a gain of $41.2 million recorded in connection with the sale of our membership interests in Visa Europe. See "Note 6—Other Assets" for further discussion of this transaction. Results for the quarter ended December 31, 2017 reflect the effects of a net income tax benefit of $158.7 million in connection with the 2017 U.S. Tax Act, which was enacted on December 22, 2017. See "Note 9—Income Tax" for further discussion of the new tax legislation.

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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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