| Impact of Adoption of New Revenue Standard |
The following table summarizes the cumulative transition adjustments for the adoption of the new revenue standard recorded on the October 1, 2018 consolidated balance sheet to reflect the aggregate impact to all contracts not completed as of October 1, 2018: | | | | | | | | | | | | | | Fiscal Year 2018 Closing Balance Sheet | | Cumulative Transition Adjustment for New Revenue Standard | | Fiscal Year 2019 Opening Balance Sheet | | (in millions) | Assets | | Current portion of client incentives | $ | 340 |
| | $ | 199 |
| | $ | 539 |
| Client incentives | 538 |
| | 614 |
| | 1,152 |
| Liabilities | | | | | | Client incentives | 2,834 |
| | 241 |
| | 3,075 |
| Accrued liabilities | 1,160 |
| | 6 |
| | 1,166 |
| Deferred tax liabilities | 4,618 |
| | 108 |
| | 4,726 |
| Other liabilities | 2,666 |
| | 58 |
| | 2,724 |
| Equity | | | | | | Accumulated income | 11,318 |
| | 400 |
| | 11,718 |
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The following tables summarize the impact of the new revenue standard on the Company’s consolidated statement of operations for the year ended September 30, 2019 and the consolidated balance sheet as of September 30, 2019: | | | | | | | | | | | | | | For the Year Ended September 30, 2019 | | As Reported | | Impact of the New Revenue Standard | | Results Under Prior Revenue Standard | | (in millions) | Net revenues | $ | 22,977 |
| | $ | (352 | ) | | $ | 22,625 |
| | | | | | | Operating expenses | | | | | | Marketing | 1,105 |
| | (128 | ) | | 977 |
| Professional fees | 454 |
| | (19 | ) | | 435 |
| General and administrative | 1,196 |
| | (33 | ) | | 1,163 |
| Total operating expenses | 7,976 |
| | (180 | ) | | 7,796 |
| Operating income | 15,001 |
| | (172 | ) | | 14,829 |
| | | | | | | Income before income taxes | 14,884 |
| | (172 | ) | | 14,712 |
| Income tax provision | 2,804 |
| | (34 | ) | | 2,770 |
| Net income | 12,080 |
| | (138 | ) | | 11,942 |
|
| | | | | | | | | | | | | | September 30, 2019 | | As Reported | | Impact of the New Revenue Standard | | Results Under Prior Revenue Standard | | (in millions) | Assets | | | | | | Current portion of client incentives | $ | 741 |
| | $ | (306 | ) | | $ | 435 |
| Client incentives | 2,084 |
| | (1,024 | ) | | 1,060 |
| Liabilities | | | | | | Accounts payable | 156 |
| | 28 |
| | 184 |
| Client incentives | 3,997 |
| | (498 | ) | | 3,499 |
| Accrued liabilities | 1,625 |
| | (54 | ) | | 1,571 |
| Deferred tax liabilities | 4,807 |
| | (141 | ) | | 4,666 |
| Other liabilities | 2,939 |
| | (127 | ) | | 2,812 |
| Equity | | | | | | Accumulated income | 13,502 |
| | (538 | ) | | 12,964 |
|
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| Disaggregation of Revenues |
The following tables disaggregate the Company’s net revenues by revenue category and by geography for the years ended September 30, 2019, 2018, and 2017: | | | | | | | | | | | | | | For the Years Ended
September 30, | | 2019 | | 2018 | | 2017 | | (in millions) | Service revenues | $ | 9,700 |
| | $ | 8,918 |
| | $ | 7,975 |
| Data processing revenues | 10,333 |
| | 9,027 |
| | 7,786 |
| International transaction revenues | 7,804 |
| | 7,211 |
| | 6,321 |
| Other revenues | 1,313 |
| | 944 |
| | 841 |
| Client incentives | (6,173 | ) | | (5,491 | ) | | (4,565 | ) | Net revenues | $ | 22,977 |
| | $ | 20,609 |
| | $ | 18,358 |
|
| | | | | | | | | | | | | | For the Years Ended
September 30, | | 2019 | | 2018 | | 2017 | | (in millions) | U.S. | $ | 10,279 |
| | $ | 9,332 |
| | $ | 8,704 |
| International | 12,698 |
| | 11,277 |
| | 9,654 |
| Net revenues | $ | 22,977 |
| | $ | 20,609 |
| | $ | 18,358 |
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