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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  
 For the quarterly period endedMarch 31, 2020
  
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: 001-37820
________________________________________
Cardtronics plc
(Exact name of registrant as specified in its charter)
England and Wales98-1304627
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)

2050 West Sam Houston Parkway South, Suite 130077042
HoustonTexas(Zip Code)
(Address of principal executive offices) 

Registrant’s telephone number, including area code: (832) 308-4000
Title of each classTrading Symbol(s)Name of each exchange on which registered
 Ordinary Shares, nominal value $0.01 per share CATMNASDAQ Stock Market
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 filerAccelerated filer
Non-accelerated filerSmaller 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). Yes No
Shares outstanding as of May 6, 2020: 44,463,034 Ordinary shares, nominal value $0.01 per share.



Table of Contents
CARDTRONICS PLC
TABLE OF CONTENTS
 Page
  
 
 
 
 
 
 
 
   
 
 
When we refer to “us,” “we,” “our,” “ours,” “the Company,” or “Cardtronics,” we are describing Cardtronics plc and/or our subsidiaries unless the context indicates otherwise.
2

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

CARDTRONICS PLC
CONSOLIDATED BALANCE SHEETS
(In thousands, excluding share and per share amounts)
March 31, 2020December 31, 2019
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$613,728  $30,115  
Accounts and notes receivable94,951  101,046  
Less: Allowance for credit losses(8,051) (5,251) 
     Accounts and notes receivable, net86,900  95,795  
Inventory, net11,394  10,618  
Restricted Cash44,796  87,354  
Prepaid expenses, deferred costs, and other current assets93,162  84,639  
Total current assets849,980  308,521  
Property and equipment, net of accumulated depreciation of $531,938 and $525,933 as of March 31, 2020 and December 31, 2019, respectively
434,760  461,277  
Operating lease assets69,622  76,548  
Intangible assets, net99,121  113,925  
Goodwill724,113  752,592  
Deferred tax asset, net15,231  13,159  
Prepaid expenses, deferred costs, and other noncurrent assets24,394  37,936  
Total assets$2,217,221  $1,763,958  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt$278,861  $  
Current portion of other long-term liabilities64,333  53,144  
Accounts payable35,840  46,478  
Accrued liabilities274,854  334,762  
Total current liabilities653,888  434,384  
Long-term liabilities:
Long-term debt1,043,327  739,475  
Asset retirement obligations53,359  55,494  
Deferred tax liability, net45,870  46,878  
Operating lease liabilities63,827  69,531  
Other long-term liabilities49,091  37,870  
Total liabilities1,909,362  1,383,632  
Commitments and contingencies (See Note 15)
Shareholders' equity:
Ordinary shares, $0.01 nominal value; 44,456,153 and 44,676,132 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
445  447  
Additional paid-in capital328,528  332,109  
Accumulated other comprehensive loss, net(137,349) (77,887) 
Retained earnings116,306  125,763  
Total parent shareholders' equity307,930  380,432  
Noncontrolling interests(71) (106) 
Total shareholders’ equity307,859  380,326  
Total liabilities and shareholders’ equity$2,217,221  $1,763,958  
The accompanying notes are an integral part of these consolidated financial statements.
3

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CARDTRONICS PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, excluding share and per share amounts)
(Unaudited)
 Three Months Ended March 31,
 20202019
Revenues:  
ATM operating revenues$291,854  $302,602  
ATM product sales and other revenues14,748  15,668  
Total revenues 306,602  318,270  
Cost of revenues:
Cost of ATM operating revenues (excludes depreciation, accretion, and amortization of intangible assets reported separately below. See Note 1(c))
193,665  206,158  
Cost of ATM product sales and other revenues12,057  11,925  
Total cost of revenues205,722  218,083  
Operating expenses:
Selling, general, and administrative expenses42,378  43,660  
Restructuring expenses1,209    
Depreciation and accretion expense32,211  32,973  
Amortization of intangible assets8,413  12,412  
Loss on disposal and impairment of assets921  968  
Total operating expenses85,132  90,013  
Income from operations15,748  10,174  
Other expenses:
Interest expense, net6,421  6,643  
Amortization of deferred financing costs and note discount3,486  3,292  
Other expenses (income) 3,829  (7,207) 
Total other expenses13,736  2,728  
 Income before income taxes2,012  7,446  
Income tax (benefit) expense(3,737) 3,129  
Net income5,749  4,317  
Net loss attributable to noncontrolling interests(6) (2) 
Net income attributable to controlling interests and available to common shareholders$5,755  $4,319  
Net income per common share – basic$0.13  $0.09  
Net income per common share – diluted$0.13  $0.09  
Weighted average shares outstanding – basic44,729,824  46,223,764  
Weighted average shares outstanding – diluted45,741,261  46,635,033  
The accompanying notes are an integral part of these consolidated financial statements.
4

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CARDTRONICS PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(Unaudited)
 Three Months Ended March 31,
 20202019
Net income$5,749  $4,317  
Unrealized loss on interest rate swap contracts, net of deferred income tax benefit of $12,103 and $3,196 for the three months ended March 31, 2020 and 2019
(39,842) (12,703) 
Foreign currency translation adjustments, net of deferred income tax benefit of $561 and $80 for the three months ended March 31, 2020 and 2019, respectively
(19,620) 5,102  
Other comprehensive loss(59,462) (7,601) 
Total comprehensive loss (53,713) (3,284) 
Less: Comprehensive income attributable to noncontrolling interests
35    
Comprehensive loss attributable to controlling interests$(53,748) $(3,284) 
The accompanying notes are an integral part of these consolidated financial statements.
5

Table of Contents

CARDTRONICS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY 
(In thousands)
(Unaudited)
Three Months Ended March 31, 2020
 Common SharesAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss, Net
Retained
Earnings
Noncontrolling
Interests
 
 SharesAmountTotal
Balance as of December 31, 201944,676  $447  $332,109  $(77,887) $125,763  $(106) $380,326  
Cumulative effect of change in accounting principle—  —  —    (1,871) —  (1,871) 
Issuance of common shares for share-based compensation, net of forfeitures286  3  271  —  —  —  274  
Share-based compensation expense—  —  5,193  —  —  —  5,193  
Tax payments related to share-based compensation—  —  (5,515) —  —  —  (5,515) 
Repurchase of common shares(506) (5) (3,530) —  (13,338) —  (16,873) 
Unrealized loss on interest rate swap and foreign currency forward contracts, net of deferred income tax benefit of $12,103
—  —  —  (39,842) —  (39,842) 
Net income attributable to controlling interests—  —  —  —  5,755  —  5,755  
Net loss attributable to noncontrolling interests—  —  —  —  —  (6) (6) 
Foreign currency translation adjustments, net of deferred income tax benefit of $561
—  —  —  (19,620) (3) 41  (19,582) 
Balance as of March 31, 202044,456  $445  $328,528  $(137,349) $116,306  $(71) $307,859  

Three Months Ended March 31, 2019
 Common SharesAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss, Net
Retained
Earnings
Noncontrolling
Interests
 
 SharesAmountTotal
Balance as of December 31, 201846,134  $461  $327,009  $(66,877) $116,276  $(97) $376,772  
Cumulative effect of change in accounting principle—  —  —  366  (366) —    
Issuance of common shares for share-based compensation, net of forfeitures174  2  —  —  —  —  2  
Share-based compensation expense—  —  4,484  —  —  —  4,484  
Tax payments related to share-based compensation—  —  (1,781) —  —  —  (1,781) 
Unrealized loss on interest rate swap and foreign currency forward contracts, net of deferred income tax benefit of $3,196
—  —  —  (13,069) —  —  (13,069) 
Net income attributable to controlling interests—  —  —  —  4,319  —  4,319  
Net loss attributable to noncontrolling interests—  —  —  —  —  (2) (2) 
Foreign currency translation adjustments, net of deferred income tax benefit of $80
—  —  —  5,102  —  2  5,104  
Balance as of March 31, 201946,308  $463  $329,712  $(74,478) $120,229  $(97) $375,829  
The accompanying notes are an integral part of these consolidated financial statements.


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CARDTRONICS PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In thousands)
(Unaudited)
                    Three Months Ended March 31,
 20202019
Cash flows from operating activities:  
Net income$5,749  $4,317  
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation, accretion, and amortization of intangible assets40,624  45,385  
Amortization of deferred financing costs and note discount3,486  3,292  
Share-based compensation expense5,193  4,484  
Deferred income tax expense9,602  354  
Loss on disposal and impairment of assets921  968  
Other reserves and non-cash items4,361  (7,497) 
Changes in assets and liabilities:
Decrease (increase) in accounts and notes receivable, net3,171  (3,851) 
Increase in prepaid expenses, deferred costs, and other current assets(11,645) (19,222) 
Increase in inventory, net(1,454) (2,741) 
Decrease in other assets3,866  1,740  
Decrease in accounts payable(8,813) (4,506) 
Decrease in restricted cash liabilities(39,871) (71,521) 
(Decrease) increase in accrued liabilities(11,209) 27,399  
Decrease in other liabilities(2,861) (406) 
Net cash provided by (used in) operating activities1,120  (21,805) 
Cash flows from investing activities:
Additions to property and equipment(18,429) (29,307) 
Net cash used in investing activities(18,429) (29,307) 
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility731,862  120,918  
Repayments of borrowings under revolving credit facility(144,754) (144,466) 
Tax payments related to share-based compensation(5,515) (1,781) 
Proceeds from exercises of stock options293  2  
Repurchase of common shares(16,873)   
Net cash provided by (used in) financing activities565,013  (25,327) 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(6,649) 1,263  
Net increase (decrease) in cash, cash equivalents, and restricted cash541,055  (75,176) 
Cash, cash equivalents, and restricted cash as of beginning of period117,469  195,410  
Cash, cash equivalents, and restricted cash as of end of period$658,524  $120,234  
Supplemental disclosure of cash flow information:
Cash paid for interest$1,992  $1,860  
Cash paid for income taxes$2,666  $4,720  
The accompanying notes are an integral part of these consolidated financial statements.

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CARDTRONICS PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) General and Basis of Presentation
(a) General
Cardtronics plc, together with its wholly and majority-owned subsidiaries (collectively, the “Company”), provides convenient automated financial related services to consumers through its global network of automated teller machines and multi-function financial services kiosks (collectively referred to as “ATMs”). As of March 31, 2020, the Company was the world’s largest ATM owner/operator, providing services to over 285,000 ATMs globally, approximately 25% of which are Company-owned.
During the three months ended March 31, 2020, approximately 68% of the Company’s revenues were derived from operations in North America (including its ATM operations in the United States ("U.S."), Canada, and Mexico), approximately 27% of the Company’s revenues were derived from operations in Europe and Africa (including its ATM operations in the United Kingdom ("U.K."), Ireland, Germany, Spain, and South Africa), and approximately 5% of the Company’s revenues were derived from the Company’s operations in Australia and New Zealand. As of March 31, 2020, the Company provided processing only services or various forms of managed services solutions to approximately 198,000 ATMs. Under a managed services arrangement, retailers, financial institutions, and ATM distributors rely on Cardtronics to handle some or all of the operational aspects associated with operating and maintaining ATMs, typically in exchange for a monthly service fee, fee per transaction, or fee per service provided.
Through its network, the Company delivers financial related services to cardholders and provides ATM management and ATM equipment-related services (typically under multi-year contracts) to large retail merchants, smaller retailers, and operators of facilities such as shopping malls, casinos, airports, and train stations. In doing so, the Company provides its retail partners with a compelling automated solution that helps attract and retain customers, and in turn, increases the likelihood that the ATMs placed at their facilities will be utilized. The Company also owns and operates electronic funds transfer (“EFT”) transaction processing platforms that provide transaction processing services to its network of ATMs, as well as to other ATMs under managed services arrangements. Additionally, the Company provides processing services for issuers of debit cards.
In addition to its retail merchant relationships, the Company also partners with leading financial institutions to brand selected ATMs within its network. These financial institutions include, but are not limited to, BBVA Compass Bancshares, Inc. (“BBVA”), Citibank, N.A. (“Citibank”), Citizens Financial Group, Inc. (“Citizens”), Cullen/Frost Bankers, Inc. (“Cullen/Frost”), Discover Bank (“Discover”), PNC Bank, N.A. (“PNC Bank”), Santander Bank, N.A. (“Santander”), TD Bank, N.A. (“TD Bank”), United Services Automobile Association ("USAA"), US Bank Corp ("US Bank") in the U.S.; BMO Bank of Montreal (“BMO”), the Bank of Nova Scotia (“Scotiabank”), Canadian Imperial Bank Commerce (“CIBC”), and TD Bank in Canada; the Bank of Queensland Limited (“BOQ”) and HSBC Holdings plc (“HSBC”) in Australia; and Capitec Bank ("Capitec"), Mercantile Bank ("Mercantile") and Old Mutual ("Old Mutual") in South Africa. In Mexico, the Company partners with Scotiabank and Banco Multiva by putting their brands on our ATMs in exchange for certain services provided by them. As of March 31, 2020, approximately 25,000 of the Company’s ATMs were under contract with approximately 500 financial institutions to place their logos on the ATMs and to provide convenient surcharge-free access for their banking customers. The Company also provides managed services offerings for financial institutions, which generally include full outsourcing of a portion or all of the financial institution's ATMs.
The Company owns and operates the Allpoint network (“Allpoint”), the largest retail based surcharge-free ATM network (based on the number of participating ATMs). Allpoint has over 55,000 participating ATMs and provides surcharge-free ATM access to approximately 1,200 participating credit unions, banks, and stored-value debit card issuers. For participants, Allpoint provides scale, density, and convenience of surcharge-free ATMs that surpasses the largest banks in the U.S. Allpoint earns either a fixed monthly fee per cardholder or a fixed fee per transaction that is paid by the participants. Allpoint includes a majority of the Company’s owned ATMs in the U.S. and certain ATMs in the U.K., Canada, Mexico, and Australia. Allpoint also provides services to organizations that manage stored-value debit card programs on behalf of corporate entities and governmental agencies, including general purpose, payroll, and electronic benefits transfer cards. Under these programs, the issuing organizations pay Allpoint a fee per issued stored-value debit card or per transaction in return for allowing the users of those cards surcharge-free access to Allpoint’s participating ATM network. 
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The Company’s revenues are generally recurring in nature and historically have been derived primarily from convenience transaction fees, which are paid by cardholders, as well as other transaction-based fees, including interchange fees, which are paid by the cardholder’s financial institution for the use of the ATMs serving their customers and connectivity to the applicable EFT network that transmits data between the ATM and the cardholder’s financial institution. Other revenue sources include: (i) fees from financial institutions that participate in Allpoint, (ii) fees for bank-branding ATMs and providing financial institution cardholders with surcharge-free access, (iii) revenues earned by providing managed services (including transaction processing services) solutions to retailers and financial institutions, (iv) fees earned from foreign currency exchange transactions at the ATM, known as dynamic currency conversion, and (v) revenues from the sale of ATMs and ATM-related equipment and other ancillary services.
(b) Basis of Presentation
This Quarterly Report on Form 10-Q (this “Form 10-Q”) has been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial information. As this is an interim period filing presented using a condensed format, it does not include all of the disclosures required by accounting principles generally accepted in the U.S. (“U.S. GAAP” or “GAAP”), although the Company believes that the disclosures are adequate to make the information not misleading. This Form 10-Q should be read along with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”), which includes a summary of the Company’s significant accounting policies and other disclosures.
In management’s opinion, all normal recurring adjustments necessary for a fair presentation of the Company’s interim and prior period results have been made. The results of operations for the three months ended March 31, 2020 and 2019 are not necessarily indicative of results of operations that may be expected for any other interim period or for the full fiscal year.
The unaudited interim financial statements include the accounts of the Company. All material intercompany accounts and transactions have been eliminated in consolidation. The Company owns a majority (95.7%) interest in, and realizes a majority of the earnings and/or losses of, Cardtronics Mexico, S.A. de C.V.; thus this entity is reflected as a consolidated subsidiary in the financial statements, with the remaining ownership interests not held by the Company being reflected as noncontrolling interests.
The preparation of the unaudited interim financial statements to conform with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of this Form 10-Q and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and these differences could be material to the financial statements.
(c) Cost of ATM Operating Revenues Presentation 
The Company presents the Cost of ATM operating revenues in the accompanying Consolidated Statements of Operations exclusive of depreciation, accretion, and amortization of intangible assets related to ATMs and ATM-related assets.
The following table reflects the amounts excluded from the Cost of ATM operating revenues line in the accompanying Consolidated Statements of Operations for the periods presented:
Three Months Ended
March 31,
20202019
(In thousands)
Depreciation and accretion expenses related to ATMs and ATM-related assets $22,781  $24,607  
Amortization of intangible assets8,413  12,412  
Total depreciation, accretion, and amortization of intangible assets excluded from Cost of ATM operating revenues$31,194  $37,019  
(d) Restructuring Expenses
During the three months ended March 31, 2020, the Company continued certain corporate reorganization and cost reduction initiatives that began in 2019. The Company incurred approximately $1.2 million of pre-tax expenses related to this activity that primarily included facility closures, workforce reductions, professional fees and other related charges.


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The following table reflects the amounts recorded in the Restructuring expenses line in the accompanying Consolidated Statements of Operations for the periods presented:
 Three Months Ended
March 31,
 20202019
 (In thousands)
Europe & Africa$1,000  $  
Corporate$209  $  
Total$1,209  $  
The costs incurred in Europe & Africa included facility related costs consisting of non-cash asset write-offs and accelerated lease expenses, presented as a reduction of the associated operating lease assets, and an insignificant amount pertaining to workforce reductions. The costs incurred in Corporate included professional fees. The restructuring liability balance as of March 31, 2020 was $0.6 million and there were no outstanding restructuring liabilities as of March 31, 2019. Restructuring liabilities were $1.0 million and $1.5 million as of December 31, 2019 and 2018, respectively.
(e) Cash, Cash Equivalents, and Restricted Cash
For purposes of reporting financial condition, cash and cash equivalents include cash in bank and short-term deposit accounts. Additionally, the Company maintains cash on deposit with banks that is pledged for a particular use or restricted to support a liability. These balances are recorded in Restricted cash line in the accompanying Consolidated Balance Sheets based on when the Company expects this cash to be paid. Current restricted cash primarily consists of amounts collected on behalf of, but not yet remitted to, certain of the Company’s merchant customers or third-party service providers. Restricted cash in current assets is offset by a corresponding liability balance in the Accrued liabilities line in the accompanying Consolidated Balance Sheets. The changes in the settlement liabilities corresponding to the changes in the balance of restricted cash during the three months ended March 31, 2020 and 2019 are presented in the Statements of Cash Flows within the increase in restricted cash liabilities line.
The following table provides a reconciliation of the ending cash, cash equivalents, and restricted cash balances as of March 31, 2020 and 2019, corresponding with the balances in the accompanying Consolidated Statements of Cash Flows.
 March 31,
 20202019
 (In thousands)
Cash and cash equivalents$613,728  $35,444  
Restricted cash44,796  84,790  
Total cash, cash equivalents, and restricted cash in the Consolidated Statements of Cash Flows$658,524  $120,234  

See Note 9. Current and Long-Term Debt for discussion of the borrowings made by the Company from its Credit Agreement in March 2020.
(f) Inventory
The Company’s inventory is determined using the average cost method. The Company periodically assesses its inventory, and as necessary, adjusts the carrying values to the lower of cost or net realizable value.
The following table reflects the Company’s primary inventory components:
 March 31, 2020December 31, 2019
 (In thousands)
ATMs$3,554  $3,330  
ATM spare parts and supplies8,142  7,673  
Total inventory11,696  11,003  
Less: Inventory reserves(302) (385) 
Inventory, net$11,394  $10,618  
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(g) Accounts and Notes Receivable-Credit Losses
During the three months ended March 31, 2020, the Company recognized additional estimated credit losses of approximately $0.9 million. As of March 31, 2020, 73% of the Accounts and Notes Receivable balance was current and not yet due and the Company held an allowance for estimated credit losses of $8.1 million.

(2) New Accounting Pronouncements

Adoption of New Accounting Pronouncements
Current Expected Credit Losses. The Company adopted Accounting Standards Codification 326 ("ASC 326") Financial Instruments - Credit Losses on January 1, 2020, via a cumulative-effect adjustment to opening retained earnings. ASC 326 replaced the incurred loss impairment model under which credit losses were recognized when probable. The new guidance requires recognition of credit losses when expected based on a broad range of information, including historical experience and current economic conditions. To implement the standard, the Company applied an aging based methodology using historic loss experience and aging categories. Where necessary, the Company segregated receivables into pools with common characteristics. In addition, where appropriate and where the available information indicated that losses would be minimal, an estimated loss rate was applied. In all cases, losses are recognized when expected. The Company holds no material financing receivables and no other financial instruments measured at amortized cost. The Company's adoption of the Credit Loss Standard had the following impact on the Company’s consolidated statement of financial position:

December 31, 2019 ASC 326 AdoptionJanuary 1, 2020
As ReportedAs Adjusted
(In thousands)
Accounts and Notes Receivable$101,046  $  $101,046  
Allowance for credit losses(5,251) (2,337) (7,588) 
Accounts and Notes Receivable, net95,795  (2,337) 93,458  
Deferred tax asset, net13,159  466  13,625  
Retained earnings$125,763  $(1,871) $123,892  

Fair Value Measurement. In January 2020, the Company adopted ASU 2018-13, Disclosure Framework (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement in January 2020. This guidance modified the disclosure requirements for fair value measurements. The Company's adoption of these disclosure requirements had no impact on the Company's consolidated financial statements.
Accounting Pronouncements Issued But Not Yet Adopted
In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes.” The new standard simplifies the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intra-period allocations and calculating income taxes in interim periods. The new standard also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements.
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(3) Revenue Recognition
Disaggregated Revenues
The following tables detail the revenues of the Company’s reportable segments disaggregated by financial statement line and component:


 Three Months Ended March 31, 2020
 (In thousands)
 North AmericaEurope & AfricaAustralia & New ZealandEliminationsConsolidated
Surcharge revenues$80,235  $32,596  $15,945  $  $128,776  
Interchange revenues31,610  44,997  873    77,480  
Bank-branding and surcharge-free network revenues53,768  347      54,115  
Managed services and processing revenues27,628  2,018  3,489  (1,652) 31,483  
Total ATM operating revenues193,241  79,958  20,307  (1,652) 291,854  
ATM product sales and other revenues12,756  1,942  50    14,748  
Total revenues$205,997  $81,900  $20,357  $(1,652) $306,602  

 Three Months Ended March 31, 2019
 (In thousands)
 North AmericaEurope & AfricaAustralia & New ZealandEliminationsConsolidated
Surcharge revenues$85,110  $31,045  $20,668  $  $136,823  
Interchange revenues34,379  55,308