Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

You should read the selected financial data set forth below in conjunction with (i) "Item 7 ‑ Management's Discussion and Analysis of Financial Condition and Results of Operations," (ii) "Item 8 ‑ Financial Statements and Supplementary Data" and (iii) the historical consolidated financial statements of Global Payments and the related notes presented in this Annual Report on Form 10-K.



	Year Ended December 31,				Seven Months Ended December 31,		Year Ended May 31,
	2018		2017		2016		2016		2015		2014

	(in thousands, except per share data)
Income statement data:
Revenues	$	3,366,366	$	3,975,163	$	2,202,896	$	2,898,150	$	2,773,718	$	2,554,236
Operating income	737,055		558,868		237,951		424,944		456,597		405,499
Net income	484,667		494,070		137,683		290,217		309,115		269,952
Net income attributable to Global Payments	452,053		468,425		124,931		271,666		278,040		245,286

Per share data:
Basic earnings per share	$	2.85	$	3.03	$	0.81	$	2.05	$	2.07	$	1.70
Diluted earnings per share	2.84		3.01		0.81		2.04		2.06		1.69
Dividends per share	0.04		0.04		0.02		0.04		0.04		0.04

Balance sheet data (at period end):
Total assets	$	13,230,774	$	12,998,069	$	10,664,350	$	10,509,952	$	5,779,301	$	4,002,527
Settlement lines of credit	700,486		635,166		392,072		378,436		592,629		440,128
Long-term debt	5,130,243		4,659,716		4,438,612		4,515,286		1,740,067		1,390,507
Total equity	4,186,343		3,965,231		2,779,342		2,877,404		863,553		1,132,799

As more fully described in "Note 1—Basis of Presentation and Summary of Significant Accounting Policies" and "Note 3—Revenues" in the notes to the accompanying consolidated financial statements, 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 the year ended December 31, 2018 by the same amount and had no effect on operating income.

The selected financial data in the table above reflect the effects of acquisitions and borrowings to fund certain of those acquisitions. See "Note 2—Acquisitions" in the notes to the accompanying consolidated financial statements for further discussion of our acquisitions.

Operating income, net income, net income attributable to Global Payments and basic and diluted earnings per share in the table above reflect acquisition and integration expenses of $56.1 million for the year ended December 31, 2018, $94.6 million for the year ended December 31, 2017, $91.6 million for the 2016 fiscal transition period and $51.3 million for the year ended May 31, 2016.

Net income, net income attributable to Global Payments and basic and diluted earnings per share in the table above also reflect:

(a) 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 for the year ended December 31, 2018 and a provisional net income tax benefit of $158.7 million recorded in connection with the 2017 U.S. Tax Act for the year ended December 31, 2017. See "Note 10—Income Tax" in the notes to the accompanying consolidated financial statements for further discussion; and,

(b) a gain of $41.2 million recorded in connection with the sale of our membership interests in Visa Europe Limited ("Visa Europe") for the seven months ended December 31, 2016. See "Note 7—Other Assets" in the notes to the accompanying consolidated financial statements for further discussion.

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