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BUSINESS DISPOSITIONS AND DISCONTINUED OPERATIONS | 3 Months Ended
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Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract] |
BUSINESS DISPOSITIONS AND DISCONTINUED OPERATIONS | BUSINESS DISPOSITIONS AND DISCONTINUED OPERATIONS Discontinued Operations We completed the sale of our Issuer Solution business on January 9, 2026, simultaneously with the acquisition of Worldpay. We analyzed quantitative and qualitative factors relevant to the Issuer Solutions disposal group and determined that the accounting criteria to be classified as held for sale and a discontinued operation were met. Accordingly, the operating results of our Issuer Solutions business have been reflected as discontinued operations for all periods presented through the completed divestiture date. The assets and liabilities of the Issuer Solutions disposal group are presented separately on our consolidated balance sheet as of December 31, 2025. Our consolidated statements of cash flows include cash flows from discontinued operations for all periods presented through the completed divestiture date. Unless otherwise indicated, all disclosures in the notes to the consolidated financial statements reflect only our continuing operations. The following table presents the major classes of line items constituting income from discontinued operations, net of tax, in our consolidated statements of income for the three months ended March 31, 2026 and 2025:
| Three Months Ended |  |
| March 31, 2026 |  | March 31, 2025 |  |  |  |
| (in thousands) |  |  |  |
Revenues | $ | 54,259 |  |  | $ | 598,514 |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |
Cost of service | 28,980 |  |  | 432,534 |  |  |  |  |
Selling, general and administrative | 28,194 |  |  | 67,054 |  |  |  |  |
Gain on business disposition | (22,174) |  |  | — |  |  |  |  |
| 35,000 |  |  | 499,588 |  |  |  |  |
Operating income | 19,259 |  |  | 98,926 |  |  |  |  |
Interest and other income (expense), net | 1,688 |  |  | (7,221) |  |  |  |  |
Income from discontinued operations before income taxes and equity in income of equity method investments | 20,947 |  |  | 91,705 |  |  |  |  |
Income tax expense | 1,607,197 |  |  | 14,909 |  |  |  |  |
Income (loss) from discontinued operations before equity in income of equity method investments | (1,586,250) |  |  | 76,796 |  |  |  |  |
Equity in income of equity method investments | 23 |  |  | 38 |  |  |  |  |
Income (loss) from discontinued operations, net of tax | $ | (1,586,227) |  |  | $ | 76,834 |  |  |  |  |
The following table presents the carrying amounts of the major classes of assets and liabilities of discontinued operations as of December 31, 2025:
|  |  | December 31, 2025
|  |  | (in thousands)
Cash and cash equivalents |  |  | $ | 403,689 |
Accounts receivable, net |  |  | 333,142 |
Prepaid expenses and other current assets |  |  | 466,703 |
Current assets of discontinued operations |  |  | 1,203,534 |
Goodwill |  |  | 9,284,218 |
Other intangible assets, net |  |  | 4,201,245 |
Property and equipment, net |  |  | 1,111,243 |
Other noncurrent assets |  |  | 632,914 |
Valuation allowance to adjust assets to estimated fair value, less costs to sell |  |  | (160,449) |
Noncurrent assets of discontinued operations |  |  | 15,069,171 |
Accounts payable and accrued liabilities |  |  | 810,301 |
Current liabilities of discontinued operations |  |  | 810,301 |
Deferred income taxes |  |  | 277,226 |
Other noncurrent liabilities |  |  | 155,796 |
Noncurrent liabilities of discontinued operations |  |  | 433,022 |
Cash flows related to discontinued operations are included in our consolidated statements of cash flows for the three months ended March 31, 2026 and 2025. The following table presents selected items affecting the statements of cash flows:
| Three Months Ended
| March 31, 2026 |  | March 31, 2025
| (in thousands)
Depreciation and amortization of property and equipment | $ | — |  |  | $ | 27,434 |
Amortization of acquired intangibles | — |  |  | 132,087 |
During the three months ended March 31, 2025, Issuer Solutions entered into an agreement to acquire software and related services, of which $37.5 million was financed utilizing a two-year vendor financing arrangement. During the three months ended March 31, 2026, we recognized tax expense in discontinued operations of $1.6 billion, primarily related to the derecognition of goodwill in the sale of the Issuer Solutions business which was not deductible for U.S. federal income tax purposes, along with other taxable differences recognized upon sale.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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