We completed the sale of our Issuer Solutions business on January 9, 2026 simultaneously with the Worldpay Acquisition. 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. 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. 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 and six months ended June 30, 2026 and 2025:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(in thousands)
Revenues	$	—	$	615,132	$	54,259	$	1,213,646
Operating expenses:
Cost of service	—		293,482		28,980		726,016
Selling, general and administrative	5,178		67,840		33,372		134,894
Gain on business disposition	—		—		(22,174)		—
	5,178		361,322		40,178		860,910
Operating income (loss)	(5,178)		253,810		14,081		352,736



Interest and other income (expense), net	—		(5,114)		1,688		(12,335)
Income (loss) from discontinued operations before income taxes and equity in income of equity method investments	(5,178)		248,696		15,769		340,401
Income tax expense	96,785		258,036		1,703,982		272,945
Income (loss) from discontinued operations before equity in income of equity method investments	(101,963)		(9,340)		(1,688,213)		67,456
Equity in income of equity method investments	—		51		23		89
Income (loss) from discontinued operations, net of tax	$	(101,963)	$	(9,289)	$	(1,688,190)	$	67,545

During the six months ended June 30, 2026, we recognized tax expense in discontinued operations of $1.7 billion, primarily related to the derecognition of goodwill in the sale of our Issuer Solutions business which was not deductible for U.S. federal income tax purposes, along with other taxable differences recognized upon sale.


	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 six months ended June 30, 2026 and 2025. The following table presents selected items affecting the statements of cash flows: