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QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (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, 2018 and 2017 are as follows (in thousands, except per share data):
| Quarter Ended
| March 31, 2018 |  | June 30, 2018 |  | September 30, 2018 |  | December 31, 2018
Year Ended December 31, 2018 |  |  |  |  |  |  |
Revenues | $ | 794,977 |  |  | $ | 833,164 |  |  | $ | 857,670 |  |  | $ | 880,555 |
Operating income | 156,170 |  |  | 190,737 |  |  | 223,162 |  |  | 166,986 |
Net income | 97,586 |  |  | 117,729 |  |  | 186,029 |  |  | 83,323 |
Net income attributable to Global Payments | 91,399 |  |  | 109,069 |  |  | 176,370 |  |  | 75,215 |
Basic earnings per share attributable to Global Payments | 0.57 |  |  | 0.69 |  |  | 1.12 |  |  | 0.48 |
Diluted earnings per share attributable to Global Payments | 0.57 |  |  | 0.68 |  |  | 1.11 |  |  | 0.47 |
| 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 |
As more fully described in "Note 1—Basis of Presentation and Summary of Significant Accounting Policies" and "Note 3—Revenues" we adopted a new revenue accounting standard on January 1, 2018 that results in revenue being presented net of certain fees that we pay to third parties, including payment networks. This change in presentation affected our reported revenues and operating expenses during each of the quarterly periods in the year ended December 31, 2018 by the same amount and had no effect on operating income. The quarterly financial data in the table above reflect the effects of acquisitions and borrowings to fund certain of those acquisitions. Notably, we acquired ACTIVE Network during the quarter ended September 30, 2017, AdvancedMD during the quarter ended September 30, 2018 and SICOM during the quarter ended December 31, 2018. Additionally, our consolidated results reflected incremental expenses associated with the acquisition and integration of acquired businesses. See "Note 2—Acquisitions" for further discussion of our acquisitions. Acquisition and integration expenses were $18.3 million, $8.1 million, $8.2 million and $21.7 million for the quarters ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. 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. 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. Results for the quarter ended September 30, 2018 reflect the effects of a net income tax benefit of $23.3 million in connection with adjustments made to accounting estimates associated with the 2017 U.S. Tax Act. See "Note 10—Income Tax" for further discussion of the recently enacted U.S. 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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