QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)

Summarized quarterly results for the years ended December 31, 2019 and 2018 were as follows:



	Quarters Ended
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019

	(in thousands, except per share data)

Revenues	$	883,039	$	935,152	$	1,105,941	$	1,987,760
Operating income	199,492		221,726		174,037		196,162
Net income	119,205		130,039		105,731		114,301
Net income attributable to Global Payments	112,341		120,458		95,044		102,770
Basic earnings per share attributable to Global Payments	0.71		0.77		0.54		0.34
Diluted earnings per share attributable to Global Payments	0.71		0.77		0.54		0.34

	Quarters Ended
	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018

	(in thousands, except per share data)

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

The quarterly financial data in the table above reflect the effects of business combinations and borrowings to fund certain of those business combinations. Notably, we completed our merger with TSYS during the quarter ended September 30, 2019. 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 $5.3 million, $14.2 million, $100.8 million and $135.3 million for the quarters ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively. Acquisition and integration expenses were $18.3 million, $8.1 million, $8.2 million and $21.5 million for the quarters ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively.

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 as further discussed in "Note 9—Income Tax."