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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             

Commission file number: 001-16111
gpn-20210630_g1.jpg
GLOBAL PAYMENTS INC.
(Exact name of registrant as specified in charter)
Georgia58-2567903
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3550 Lenox Road, Atlanta, Georgia
30326
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (770) 829-8000
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading symbolName of exchange on which registered
Common stock, no par valueGPNNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesNo
The number of shares of the issuer’s common stock, no par value, outstanding as of July 28, 2021 was 293,748,093.


Table of Contents
GLOBAL PAYMENTS INC.
FORM 10-Q
For the quarterly period ended June 30, 2021

TABLE OF CONTENTS
  Page
PART I - FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II - OTHER INFORMATION
ITEM 1.
ITEM 2.
ITEM 6.


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Table of Contents
PART I - FINANCIAL INFORMATION

ITEM 1—FINANCIAL STATEMENTS

GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)

Three Months Ended
June 30, 2021June 30, 2020
Revenues$2,137,437 $1,671,952 
Operating expenses:
Cost of service
936,310 893,740 
Selling, general and administrative
838,569 670,638 
 1,774,879 1,564,378 
Operating income362,558 107,574 
Interest and other income5,455 2,787 
Interest and other expense(80,556)(82,855)
 (75,101)(80,068)
Income before income taxes and equity in income of equity method investments287,457 27,506 
Income tax expense60,808 836 
Income before equity in income of equity method investments226,649 26,670 
Equity in income of equity method investments, net of tax40,164 12,774 
Net income266,813 39,444 
Net income attributable to noncontrolling interests, net of tax(3,223)(2,113)
Net income attributable to Global Payments$263,590 $37,331 
Earnings per share attributable to Global Payments:
Basic earnings per share $0.89 $0.12 
Diluted earnings per share $0.89 $0.12 

See Notes to Unaudited Consolidated Financial Statements.
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GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)

Six Months Ended
June 30, 2021June 30, 2020
Revenues$4,127,444 $3,575,550 
Operating expenses:
Cost of service
1,861,556 1,827,611 
Selling, general and administrative
1,628,071 1,396,386 
 3,489,627 3,223,997 
Operating income637,817 351,553 
Interest and other income9,689 5,293 
Interest and other expense(163,697)(175,499)
 (154,008)(170,206)
Income before income taxes and equity in income of equity method investments483,809 181,347 
Income tax expense81,483 16,338 
Income before equity in income of equity method investments402,326 165,009 
Equity in income of equity method investments, net of tax62,897 25,041 
Net income465,223 190,050 
Net income attributable to noncontrolling interests, net of tax(4,952)(9,147)
Net income attributable to Global Payments$460,271 $180,903 
Earnings per share attributable to Global Payments:
Basic earnings per share $1.56 $0.60 
Diluted earnings per share $1.55 $0.60 

See Notes to Unaudited Consolidated Financial Statements.
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GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)

Three Months Ended
June 30, 2021June 30, 2020
Net income $266,813 $39,444 
Other comprehensive income (loss):
Foreign currency translation adjustments32,671 82,458 
Income tax benefit related to foreign currency translation adjustments4,242 154 
Net unrealized losses on hedging activities(410)(5,630)
Reclassification of net unrealized losses on hedging activities to interest expense9,662 9,982 
Income tax expense related to hedging activities(2,225)(1,057)
Other, net of tax(1,549)122 
Other comprehensive income42,391 86,029 
Comprehensive income309,204 125,473 
Comprehensive income attributable to noncontrolling interests(5,948)(7,508)
Comprehensive income attributable to Global Payments$303,256 $117,965 


Six Months Ended
June 30, 2021June 30, 2020
Net income $465,223 $190,050 
Other comprehensive income (loss):
Foreign currency translation adjustments(895)(121,653)
Income tax benefit related to foreign currency translation adjustments4,991 1,160 
Net unrealized gains (losses) on hedging activities584 (53,526)
Reclassification of net unrealized losses on hedging activities to interest expense20,500 14,653 
Income tax (expense) benefit related to hedging activities
(5,089)9,289 
Other, net of tax6,226 243 
Other comprehensive income (loss)26,317 (149,834)
Comprehensive income491,540 40,216 
Comprehensive income attributable to noncontrolling interests(1,703)(7,888)
Comprehensive income attributable to Global Payments$489,837 $32,328 

See Notes to Unaudited Consolidated Financial Statements.


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GLOBAL PAYMENTS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
June 30, 2021December 31, 2020
(Unaudited)
ASSETS  
Current assets:  
Cash and cash equivalents$1,799,549 $1,945,868 
Accounts receivable, net878,431 794,172 
Settlement processing assets1,548,743 1,230,853 
Prepaid expenses and other current assets673,154 621,467 
Total current assets4,899,877 4,592,360 
Goodwill24,422,012 23,871,451 
Other intangible assets, net11,815,103 12,015,883 
Property and equipment, net1,642,283 1,578,532 
Deferred income taxes8,094 7,627 
Other noncurrent assets2,362,304 2,135,692 
Total assets$45,149,673 $44,201,545 
LIABILITIES AND EQUITY
Current liabilities:
Settlement lines of credit$487,538 $358,698 
Current portion of long-term debt52,611 827,357 
Accounts payable and accrued liabilities2,184,201 2,061,384 
Settlement processing obligations1,655,278 1,301,652 
Total current liabilities4,379,628 4,549,091 
Long-term debt10,216,979 8,466,407 
Deferred income taxes2,873,676 2,948,390 
Other noncurrent liabilities829,250 750,613 
Total liabilities18,299,533 16,714,501 
Commitments and contingencies
Equity:
Preferred stock, no par value; 5,000,000 shares authorized and none issued
  
Common stock, no par value; 400,000,000 shares authorized at June 30, 2021 and December 31, 2020; 293,702,910 issued and outstanding at June 30, 2021 and 298,332,459 issued and outstanding at December 31, 2020
  
Paid-in capital24,201,763 24,963,769 
Retained earnings2,664,707 2,570,874 
Accumulated other comprehensive loss(172,707)(202,273)
Total Global Payments shareholders’ equity26,693,763 27,332,370 
Noncontrolling interests156,377 154,674 
Total equity26,850,140 27,487,044 
Total liabilities and equity$45,149,673 $44,201,545 

See Notes to Unaudited Consolidated Financial Statements.
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GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended
June 30, 2021June 30, 2020
Cash flows from operating activities:
Net income$465,223 $190,050 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment193,574 172,229 
Amortization of acquired intangibles654,042 628,264 
Amortization of capitalized contract costs43,975 38,070 
Share-based compensation expense80,490 62,805 
Provision for operating losses and credit losses50,802 66,921 
Noncash lease expense54,533 47,770 
Deferred income taxes(91,177)(96,458)
Equity in income of equity investments, net of tax(62,897)(25,041)
Other, net13,965 10,823 
Changes in operating assets and liabilities, net of the effects of business combinations:
Accounts receivable(91,580)56,186 
Settlement processing assets and obligations, net25,312 136,453 
Prepaid expenses and other assets(151,353)(97,653)
Accounts payable and other liabilities(75,268)(230,130)
Net cash provided by operating activities1,109,641 960,289 
Cash flows from investing activities:
Business combinations and other acquisitions, net of cash acquired(943,108)(74,095)
Capital expenditures(219,579)(208,384)
Other, net742 12,188 
Net cash used in investing activities(1,161,945)(270,291)
Cash flows from financing activities:
Net borrowings from (repayments of) settlement lines of credit134,245 (25,546)
Proceeds from long-term debt2,820,988 1,867,008 
Repayments of long-term debt(1,830,258)(1,809,199)
Payments of debt issuance costs(8,569)(8,006)
Repurchases of common stock(1,072,934)(421,162)
Proceeds from stock issued under share-based compensation plans29,304 42,632 
Common stock repurchased - share-based compensation plans(49,664)(39,226)
Dividends paid(114,875)(116,591)
Net cash used in financing activities(91,763)(510,090)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(5,980)(32,556)
(Decrease) increase in cash, cash equivalents and restricted cash(150,047)147,352 
Cash, cash equivalents and restricted cash, beginning of the period2,089,771 1,678,273 
Cash, cash equivalents and restricted cash, end of the period$1,939,724 $1,825,625 

See Notes to Unaudited Consolidated Financial Statements.
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GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 (in thousands, except per share data)

 
Number of Shares
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive LossTotal Global Payments Shareholders’ EquityNoncontrolling InterestsTotal Equity
Balance at March 31, 2021295,158 $24,403,323 $2,500,812 $(212,373)$26,691,762 $150,429 $26,842,191 
Net income263,590 263,590 3,223 266,813 
Other comprehensive income39,666 39,666 2,725 42,391 
Stock issued under share-based compensation plans78 11,599 11,599 11,599 
Common stock repurchased - share-based compensation plans(31)(8,900)(8,900)(8,900)
Share-based compensation expense43,325 43,325 43,325 
Repurchases of common stock(1,502)(247,584)(42,393)(289,977)(289,977)
Cash dividends declared ($0.195 per common share)
(57,302)(57,302)(57,302)
Balance at June 30, 2021293,703 $24,201,763 $2,664,707 $(172,707)$26,693,763 $156,377 $26,850,140 

 
Number of Shares
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Total Global Payments Shareholders’ Equity
Noncontrolling InterestsTotal Equity
Balance at March 31, 2020299,010 $25,525,184 $2,335,407 $(539,780)$27,320,811 $199,622 $27,520,433 
Net income37,331 37,331 2,113 39,444 
Other comprehensive income80,634 80,634 5,395 86,029 
Stock issued under share-based compensation plans257 14,349 14,349 14,349 
Common stock repurchased - share-based compensation plans(23)(3,934)(3,934)(3,934)
Share-based compensation expense34,983 34,983 34,983 
Cash dividends declared ($0.195 per common share)
(58,315)(58,315)(58,315)
Balance at June 30, 2020299,244 $25,570,582 $2,314,423 $(459,146)$27,425,859 $207,130 $27,632,989 

See Notes to Unaudited Consolidated Financial Statements.



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GLOBAL PAYMENTS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 (in thousands, except per share data)


 
Number of Shares
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Total Global Payments Shareholders’ Equity
Noncontrolling InterestsTotal Equity
Balance at December 31, 2020298,332 $24,963,769 $2,570,874 $(202,273)$27,332,370 $154,674 $27,487,044 
Net income460,271 460,271 4,952 465,223 
Other comprehensive income (loss)29,566 29,566 (3,249)26,317 
Stock issued under share-based compensation plans1,081 29,304 29,304 29,304 
Common stock repurchased - share-based compensation plans(253)(50,429)(50,429)(50,429)
Share-based compensation expense80,490 80,490 80,490 
Repurchases of common stock(5,457)(821,371)(251,563)(1,072,934)(1,072,934)
Cash dividends declared ($0.39 per common share)
(114,875)(114,875)(114,875)
Balance at June 30, 2021293,703 $24,201,763 $2,664,707 $(172,707)$26,693,763 $156,377 $26,850,140 
 
Number of Shares
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Total Global Payments Shareholders’ Equity
Noncontrolling InterestsTotal Equity
Balance at December 31, 2019300,226 $25,833,307 $2,333,011 $(310,571)$27,855,747 $199,242 $28,054,989 
Cumulative effect of adoption of new accounting standard(5,379)(5,379)(5,379)
Net income180,903 180,903 9,147 190,050 
Other comprehensive loss(148,575)(148,575)(1,259)(149,834)
Stock issued under share-based compensation plans1,339 42,632 42,632 42,632 
Common stock repurchased - share-based compensation plans(226)(41,721)(41,721)(41,721)
Share-based compensation expense62,805 62,805 62,805 
Repurchase of common stock(2,095)(326,441)(77,521)(403,962)(403,962)
Cash dividends declared ($0.39 per common share)
(116,591)(116,591)(116,591)
Balance at June 30, 2020299,244 $25,570,582 $2,314,423 $(459,146)$27,425,859 $207,130 $27,632,989 

See Notes to Unaudited Consolidated Financial Statements.
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
NOTE 1—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Business, consolidation and presentation - We are a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world. We operate in three reportable segments: Merchant Solutions, Issuer Solutions and Business and Consumer Solutions, which are described in "Note 12—Segment Information." Global Payments Inc. and its consolidated subsidiaries are referred to herein collectively as "Global Payments," the "Company," "we," "our" or "us," unless the context requires otherwise.

These unaudited consolidated financial statements include our accounts and those of our majority-owned subsidiaries, and all intercompany balances and transactions have been eliminated in consolidation. These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated balance sheet as of December 31, 2020 was derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 but does not include all disclosures required by GAAP for annual financial statements.

In the opinion of our management, all known adjustments necessary for a fair presentation of the results of the interim periods have been made. These adjustments consist of normal recurring accruals and estimates that affect the carrying amount of assets and liabilities. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.

COVID-19 Update - Since early 2020, the global economy has been, and continues to be, affected by COVID-19. The pandemic has caused and may continue to cause significant disruptions to businesses and markets worldwide as the virus spreads or has a resurgence in certain jurisdictions. Measures have been implemented by governments worldwide in an effort to contain the virus, including lockdowns, physical distancing, travel restrictions, limitations on public gatherings, work from home and restrictions on nonessential businesses. Certain government actions to gradually ease restrictions, provide economic stimulus and distribute vaccines have resulted in signs of economic recovery. However, the effects of the pandemic continue, and its ultimate severity and duration, and the implications on future global economic conditions, remain uncertain.

Use of estimates - The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. In particular, the future magnitude, duration and effects of the COVID-19 pandemic are difficult to predict at this time, and the ultimate effect could result in additional charges related to the recoverability of assets, including financial assets, long-lived assets and goodwill and other losses. These unaudited consolidated financial statements reflect the financial statement effects of COVID-19 based upon management’s estimates and assumptions utilizing the most currently available information.

Recently adopted accounting pronouncements

Accounting Standards Update ("ASU") 2019-12 In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which is intended to enhance and simplify various aspects of the accounting for income taxes. The amendments in this update remove certain exceptions to the general principles in Accounting Standards Codification ("ASC") Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and amends existing guidance to improve consistency in application of the accounting for franchise taxes, enacted changes in tax laws or rates and transactions that result in a step-up in the tax basis of goodwill. The adoption of ASU 2019-12 on January 1, 2021 did not have a material effect on our consolidated financial statements.
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Recently issued pronouncements not yet adopted

ASU 2020-04In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and which are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. A portion of our indebtedness bears interest at a variable rate based on LIBOR. Furthermore, we have entered into hedging instruments to manage our exposure to fluctuations in the LIBOR benchmark interest rate. We are evaluating the effect of the discontinuance of LIBOR on our outstanding debt and hedging instruments and the related effect of ASU 2020-04 on our consolidated financial statements.

NOTE 2—ACQUISITION

On June 10, 2021, we acquired Zego, a real estate technology company that provides a comprehensive resident experience management software and digital commerce solutions to property managers, primarily in the United States. Zego’s real estate software and payments solutions support property managers and residents throughout the real estate lifecycle. This acquisition aligns with our technology-enabled, software driven strategy and expands our business into a new vertical market. We paid cash consideration of approximately $933 million, which we funded with cash on hand and by drawing on our revolving credit facility.

This transaction was accounted for as a business combination, which generally requires that we record the assets acquired and liabilities assumed at fair value as of the acquisition date. Due to the timing of the acquisition, the accounting for this acquisition was not complete as of June 30, 2021. The fair values of the assets acquired and the liabilities assumed have been determined provisionally and are subject to adjustment as we obtain additional information. In particular, additional time is needed to refine and review the results of the valuation of assets and liabilities and to evaluate the basis differences for assets and liabilities for financial reporting and tax purposes.

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The provisional estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed, including a reconciliation to the total purchase consideration, are as follows (in thousands):

Cash and cash equivalents$67,374 
Accounts receivable1,033 
Identifiable intangible assets410,443 
Property and equipment3,634 
Other assets9,141 
Accounts payable and accrued liabilities(65,753)
Deferred income tax liabilities(10,709)
Other liabilities(8,268)
Total identifiable net assets406,895 
Goodwill525,929 
Total purchase consideration$932,824 

Goodwill of $525.9 million arising from the acquisition, included in the Merchant Solutions operating segment, is attributable to expected growth opportunities, potential synergies from combining our existing businesses and an assembled workforce. We expect that a portion of the goodwill will be deductible for income tax purposes.

We are still evaluating information to separately identify and value the intangible assets acquired. We expect such assets to primarily include customer-related intangible assets and acquired technology as well as other identifiable intangible assets that are similar to those we have identified in previous acquisitions. We estimate the amortization periods for the more significant intangible assets to be in a range of 7 to 14 years.

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NOTE 3—REVENUES

The following tables present a disaggregation of our revenues from contracts with customers by geography for each of our reportable segments for the three and six months ended June 30, 2021 and 2020:
Three Months Ended June 30, 2021
Merchant
Solutions
Issuer
Solutions
Business and
Consumer
Solutions
Intersegment
Eliminations
Total
(in thousands)
Americas$1,202,970 $379,121 $224,529 $(16,768)$1,789,852 
Europe166,644 120,974 2,826  290,444 
Asia Pacific57,141 5,837  (5,837)57,141 
$1,426,755 $505,932 $227,355 $(22,605)$2,137,437 

Three Months Ended June 30, 2020
Merchant
Solutions
Issuer
Solutions
Business and
Consumer
Solutions
Intersegment
Eliminations
Total
(in thousands)
Americas$862,927 $363,140 $216,722 $(14,728)$1,428,061 
Europe102,460 105,263   207,723 
Asia Pacific36,168 1,622  (1,622)36,168 
$1,001,555 $470,025 $216,722 $(16,350)$1,671,952 

Six Months Ended June 30, 2021
Merchant
Solutions
Issuer
Solutions
Business and
Consumer
Solutions
Intersegment
Eliminations
Total
(in thousands)
Americas$2,283,440 $757,164 $465,163 $(33,673)$3,472,094 
Europe299,578 238,386 5,778  543,742 
Asia Pacific111,609 10,633  (10,634)111,608 
$2,694,627 $1,006,183 $470,941 $(44,307)$4,127,444 

Six Months Ended June 30, 2020
Merchant
Solutions
Issuer
Solutions
Business and
Consumer
Solutions
Intersegment
Eliminations
Total
(in thousands)
Americas$1,887,433 $756,893 $420,668 $(32,461)$3,032,533 
Europe238,459 213,626   452,085 
Asia Pacific90,932 3,268  (3,268)90,932 
$2,216,824 $973,787 $420,668 $(35,729)$3,575,550 



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The following table presents a disaggregation of our Merchant Solutions segment revenues by distribution channel for the three and six months ended June 30, 2021 and 2020:
Three Months EndedSix Months Ended
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
(in thousands)
Relationship-led$778,978 $566,414 $1,445,890 $1,242,935 
Technology-enabled647,777 435,141 1,248,737 973,889 
$1,426,755 $1,001,555 $2,694,627 $2,216,824 

ASC Topic 606, Revenues from Contracts with Customers ("ASC 606"), requires that we determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the three and six months ended June 30, 2021 and 2020, substantially all of our revenues were recognized over time.

Supplemental balance sheet information related to contracts from customers as of June 30, 2021 and December 31, 2020 was as follows:
Balance Sheet LocationJune 30, 2021December 31, 2020
(in thousands)
Assets:
Capitalized costs to obtain customer contracts, net
Other noncurrent assets$270,143 $253,780 
Capitalized costs to fulfill customer contracts, net
Other noncurrent assets99,640 81,371 
Liabilities:
Contract liabilities, net (current)Accounts payable and accrued liabilities216,331 217,938 
Contract liabilities, net (noncurrent)Other noncurrent liabilities49,610 52,944 

Net contract assets were not material at June 30, 2021 or at December 31, 2020. Revenue recognized for the three months ended June 30, 2021 and 2020 from contract liability balances at the beginning of each period was $85.0 million and $86.7 million, respectively. Revenue recognized for the six months ended June 30, 2021 and 2020 from contract liability balances at the beginning of each period was $146.6 million and $159.9 million, respectively.

ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations. The purpose of this disclosure is to provide additional information about the amounts and expected timing of revenue to be recognized from the remaining performance obligations in our existing contracts. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at June 30, 2021. However, as permitted, we have elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. Accordingly, the total amount of unsatisfied or partially unsatisfied performance obligations related to processing services is significantly higher than the amounts disclosed in the table below (in thousands):
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Year Ending December 31,
2021$502,058 
2022845,561 
2023627,756 
2024450,703 
2025354,058 
2026280,326 
2027 and thereafter446,815 
Total$3,507,277 

NOTE 4—GOODWILL AND OTHER INTANGIBLE ASSETS

As of June 30, 2021 and December 31, 2020, goodwill and other intangible assets consisted of the following:

 June 30, 2021December 31, 2020
 (in thousands)
Goodwill$24,422,012 $23,871,451 
Other intangible assets:
Customer-related intangible assets$9,476,680 $9,275,093 
Acquired technologies2,975,966 2,795,991 
Contract-based intangible assets2,003,166 1,981,260 
Trademarks and trade names1,286,627 1,239,925 
15,742,439 15,292,269 
Less accumulated amortization:
Customer-related intangible assets2,257,116 1,914,214 
Acquired technologies1,169,394 960,281 
Contract-based intangible assets151,556 120,631 
Trademarks and trade names349,270 281,260 
3,927,336 3,276,386 
$11,815,103 $12,015,883 

The following table sets forth the changes by reportable segment in the carrying amount of goodwill for the six months ended June 30, 2021:
Merchant
Solutions
Issuer
Solutions
Business and
Consumer
Solutions


Total
(in thousands)
Balance at December 31, 2020$13,548,690 $7,957,616 $2,365,145 $23,871,451 
Goodwill acquired563,232   563,232 
Effect of foreign currency translation(9,669)2,907 (707)(7,469)
Measurement period adjustments(5,202)  (5,202)
Balance at June 30, 2021$14,097,051 $7,960,523 $2,364,438 $24,422,012 

There were no accumulated impairment losses for goodwill as of June 30, 2021 or December 31, 2020.
15

Table of Contents
NOTE 5—LONG-TERM DEBT AND LINES OF CREDIT

As of June 30, 2021 and December 31, 2020, long-term debt consisted of the following:
June 30, 2021December 31, 2020
(in thousands)
3.800% senior notes due April 1, 2021
$ $752,199 
3.750% senior notes due June 1, 2023
559,722 562,258 
4.000% senior notes due June 1, 2023
562,634 565,930 
2.650% senior notes due February 15, 2025
993,954 993,110 
1.200% senior notes due March 1, 2026
1,091,057  
4.800% senior notes due April 1, 2026
803,674 809,324 
4.450% senior notes due June 1, 2028
480,391 482,588 
3.200% senior notes due August 15, 2029
1,237,215 1,236,424 
2.900% senior notes due May 15, 2030
989,611 989,025 
4.150% senior notes due August 15, 2049
739,967 739,789 
Unsecured term loan facility1,987,785 1,985,776 
Unsecured revolving credit facility717,000 36,000 
Finance lease liabilities72,539 75,989 
Other borrowings34,041 65,352 
Total long-term debt10,269,590 9,293,764 
Less current portion52,611 827,357 
Long-term debt, excluding current portion$10,216,979 $8,466,407 

The carrying amounts of our senior notes and term loan in the table above are presented net of unamortized discount and unamortized debt issuance costs, as applicable. At June 30, 2021, unamortized discount on senior notes was $9.0 million, and unamortized debt issuance costs on senior notes and the unsecured term loan facility were $51.4 million. At December 31, 2020, unamortized discount on senior notes was $8.5 million, and unamortized debt issuance costs on our senior notes and the unsecured term loan facility were $47.4 million. The portion of unamortized debt issuance costs related to revolving credit facilities is included in other noncurrent assets. At June 30, 2021, unamortized debt issuance costs on the unsecured revolving credit facility were $11.7 million, and, at December 31, 2020, unamortized debt issuance costs on the unsecured revolving credit facility were $13.8 million.