Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'ck0001337272 |
Entity Registrant Name | 'SUNGARD CAPITAL CORP |
Entity Central Index Key | '0001337272 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Class A common stock | ' |
Document Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 256,905,469 |
Class L common stock, convertible | ' |
Document Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 28,545,050 |
SunGard Capital Corp. II | ' |
Document Information [Line Items] | ' |
Entity Registrant Name | 'SUNGARD CAPITAL CORP II |
Entity Central Index Key | '0001337274 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 100 |
SunGard Data Systems Inc. | ' |
Document Information [Line Items] | ' |
Entity Registrant Name | 'SUNGARD DATA SYSTEMS INC |
Entity Central Index Key | '0000789388 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 100 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current: | ' | ' |
Cash and cash equivalents | $689 | $546 |
Trade receivables, less allowance for doubtful accounts of $30 and $25 | 593 | 781 |
Earned but unbilled receivables | 122 | 119 |
Prepaid expenses and other current assets | 228 | 230 |
Total current assets | 1,632 | 1,676 |
Property and equipment, less accumulated depreciation of $1,509 and $1,683 | 812 | 874 |
Software products, less accumulated amortization of $1,649 and $1,782 | 326 | 411 |
Customer base, less accumulated amortization of $1,481 and $1,640 | 1,205 | 1,367 |
Other intangible assets, less accumulated amortization of $27 and $24 | 125 | 132 |
Trade name | 1,019 | 1,019 |
Goodwill | 4,545 | 4,539 |
Total Assets | 9,664 | 10,018 |
Current: | ' | ' |
Short-term and current portion of long-term debt | 342 | 63 |
Accounts payable | 34 | 32 |
Accrued compensation and benefits | 253 | 297 |
Accrued interest expense | 89 | 41 |
Other accrued expenses | 212 | 238 |
Deferred revenue | 773 | 836 |
Total current liabilities | 1,703 | 1,507 |
Long-term debt | 6,106 | 6,599 |
Deferred and other income taxes | 1,032 | 1,127 |
Other long-term liabilities | 118 | 95 |
Total liabilities | 8,959 | 9,328 |
Commitments and contingencies | ' | ' |
Noncontrolling interest in preferred stock of SCCII subject to a put option | 34 | 26 |
Stockholders’ equity: | ' | ' |
Capital in excess of par value | 2,488 | 2,483 |
Treasury stock Value | -46 | -50 |
Accumulated deficit | -3,521 | -3,391 |
Accumulated other comprehensive income (loss) | 1 | -3 |
Total stockholder's equity | -1,078 | -961 |
Noncontrolling interest in preferred stock of SCCII | 1,693 | 1,575 |
Total equity | 615 | 614 |
Total Liabilities and Equity | 9,664 | 10,018 |
Class L common stock, convertible | ' | ' |
Current: | ' | ' |
Stock subject to a put option | 52 | 45 |
Stockholders’ equity: | ' | ' |
Common stock, value | ' | ' |
Class A common stock | ' | ' |
Current: | ' | ' |
Stock subject to a put option | 4 | 5 |
Stockholders’ equity: | ' | ' |
Common stock, value | ' | ' |
SunGard Capital Corp. II | ' | ' |
Current: | ' | ' |
Cash and cash equivalents | 689 | 546 |
Trade receivables, less allowance for doubtful accounts of $30 and $25 | 593 | 781 |
Earned but unbilled receivables | 122 | 119 |
Prepaid expenses and other current assets | 228 | 230 |
Total current assets | 1,632 | 1,676 |
Property and equipment, less accumulated depreciation of $1,509 and $1,683 | 812 | 874 |
Software products, less accumulated amortization of $1,649 and $1,782 | 326 | 411 |
Customer base, less accumulated amortization of $1,481 and $1,640 | 1,205 | 1,367 |
Other intangible assets, less accumulated amortization of $27 and $24 | 125 | 132 |
Trade name | 1,019 | 1,019 |
Goodwill | 4,545 | 4,539 |
Total Assets | 9,664 | 10,018 |
Current: | ' | ' |
Short-term and current portion of long-term debt | 342 | 63 |
Accounts payable | 34 | 32 |
Accrued compensation and benefits | 253 | 297 |
Accrued interest expense | 89 | 41 |
Other accrued expenses | 211 | 235 |
Deferred revenue | 773 | 836 |
Total current liabilities | 1,702 | 1,504 |
Long-term debt | 6,106 | 6,599 |
Deferred and other income taxes | 1,032 | 1,127 |
Other long-term liabilities | 100 | 76 |
Total liabilities | 8,940 | 9,306 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, par value $.001 per share; cumulative 11.5% per annum, compounded quarterly; aggregate liquidation preference of $1,581 million and $0 million; 14,999,000 shares authorized, 10,048,018 and 0 issued | ' | ' |
Common stock, value | ' | ' |
Capital in excess of par value | 3,501 | 3,492 |
Treasury stock Value | -28 | -30 |
Accumulated deficit | -2,780 | -2,771 |
Accumulated other comprehensive income (loss) | 1 | -3 |
Total stockholder's equity | 694 | 688 |
Total Liabilities and Equity | 9,664 | 10,018 |
SunGard Capital Corp. II | Preferred Stock | ' | ' |
Current: | ' | ' |
Stock subject to a put option | 30 | 24 |
SunGard Data Systems Inc. | ' | ' |
Current: | ' | ' |
Cash and cash equivalents | 689 | 546 |
Trade receivables, less allowance for doubtful accounts of $30 and $25 | 593 | 781 |
Earned but unbilled receivables | 122 | 119 |
Prepaid expenses and other current assets | 228 | 230 |
Total current assets | 1,632 | 1,676 |
Property and equipment, less accumulated depreciation of $1,509 and $1,683 | 812 | 874 |
Software products, less accumulated amortization of $1,649 and $1,782 | 326 | 411 |
Customer base, less accumulated amortization of $1,481 and $1,640 | 1,205 | 1,367 |
Other intangible assets, less accumulated amortization of $27 and $24 | 125 | 132 |
Trade name | 1,019 | 1,019 |
Goodwill | 4,545 | 4,539 |
Total Assets | 9,664 | 10,018 |
Current: | ' | ' |
Short-term and current portion of long-term debt | 342 | 63 |
Accounts payable | 34 | 32 |
Accrued compensation and benefits | 253 | 297 |
Accrued interest expense | 89 | 41 |
Other accrued expenses | 214 | 238 |
Deferred revenue | 773 | 836 |
Total current liabilities | 1,705 | 1,507 |
Long-term debt | 6,106 | 6,599 |
Deferred and other income taxes | 1,025 | 1,120 |
Other long-term liabilities | 100 | 76 |
Total liabilities | 8,936 | 9,302 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, value | ' | ' |
Capital in excess of par value | 3,507 | 3,490 |
Accumulated deficit | -2,780 | -2,771 |
Accumulated other comprehensive income (loss) | 1 | -3 |
Total stockholder's equity | 728 | 716 |
Total Liabilities and Equity | $9,664 | $10,018 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Trade receivables, allowance for doubtful accounts | $25 | $30 |
Property and equipment, accumulated depreciation | 1,683 | 1,509 |
Software products, accumulated amortization | 1,782 | 1,649 |
Customer base, accumulated amortization | 1,640 | 1,481 |
Other intangible assets, accumulated amortization | 24 | 27 |
Class L common stock, convertible | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, cumulative liquidation preference percentage | 13.50% | 13.50% |
Common stock, aggregate liquidation preference | 6,813 | 6,154 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 29,062,421 | 29,027,610 |
Treasury stock, shares | 517,371 | 541,886 |
Class A common stock | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 550,000,000 | 550,000,000 |
Common stock, shares issued | 261,565,118 | 261,251,822 |
Treasury stock, shares | 4,659,649 | 4,880,305 |
SunGard Capital Corp. II | ' | ' |
Trade receivables, allowance for doubtful accounts | 25 | 30 |
Property and equipment, accumulated depreciation | 1,683 | 1,509 |
Software products, accumulated amortization | 1,782 | 1,649 |
Customer base, accumulated amortization | 1,640 | 1,481 |
Other intangible assets, accumulated amortization | 24 | 27 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 100 | 100 |
Common stock, shares outstanding | 100 | 100 |
Treasury stock, shares | 179,089 | 187,576 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, cumulative liquidation preference percentage | 11.50% | 11.50% |
Preferred stock, aggregate liquidation preference | 1,703 | 1,581 |
Preferred stock, shares authorized | 14,999,000 | 14,999,000 |
Preferred stock, shares issued | 10,060,069 | 10,048,018 |
SunGard Data Systems Inc. | ' | ' |
Trade receivables, allowance for doubtful accounts | 25 | 30 |
Property and equipment, accumulated depreciation | 1,683 | 1,509 |
Software products, accumulated amortization | 1,782 | 1,649 |
Customer base, accumulated amortization | 1,640 | 1,481 |
Other intangible assets, accumulated amortization | $24 | $27 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100 | 100 |
Common stock, shares issued | 100 | 100 |
Common stock, shares outstanding | 100 | 100 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenue: | ' | ' | ' | ' | ||||
Services | $951 | $969 | $2,844 | $2,916 | ||||
License and resale fees | 65 | 53 | 166 | 168 | ||||
Total products and services | 1,016 | 1,022 | 3,010 | 3,084 | ||||
Reimbursed expenses | 12 | 13 | 41 | 47 | ||||
Total revenue | 1,028 | 1,035 | 3,051 | 3,131 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Cost of sales and direct operating (excluding depreciation) | 423 | 430 | 1,284 | 1,316 | ||||
Sales, marketing and administration | 232 | 237 | 716 | 751 | ||||
Product development and maintenance | 96 | 98 | 285 | 295 | ||||
Depreciation | 73 | [1] | 70 | [1] | 222 | [1] | 211 | [1] |
Amortization of acquisition-related intangible assets | 82 | 94 | 255 | 295 | ||||
Goodwill impairment charge | ' | 385 | ' | 385 | ||||
Total costs and expenses | 906 | 1,314 | 2,762 | 3,253 | ||||
Operating income (loss) | 122 | -279 | 289 | -122 | ||||
Interest income | 1 | 1 | 1 | 1 | ||||
Interest expense and amortization of deferred financing fees | -96 | -102 | -302 | -325 | ||||
Loss on extinguishment of debt | -1 | ' | -6 | -51 | ||||
Other income (expense) | ' | ' | -1 | 2 | ||||
Income (loss) from continuing operations before income taxes | 26 | -380 | -19 | -495 | ||||
Benefit from (provision for) income taxes | -3 | 13 | 10 | 44 | ||||
Income (loss) from continuing operations | 23 | -367 | -9 | -451 | ||||
Income (loss) from discontinued operations, net of tax | ' | 5 | ' | 316 | ||||
Net income (loss) | 23 | -362 | -9 | -135 | ||||
Income attributable to the noncontrolling interest (including $- million, $1 million, $- million and $2 million in temporary equity) | -49 | -64 | -121 | -186 | ||||
Net income (loss) attributable to SunGard Capital Corp | -26 | -426 | -130 | -321 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Foreign currency translation, net | 54 | 27 | 10 | 16 | ||||
Unrealized gain (loss) on derivative instruments, net of tax | -1 | 5 | ' | 11 | ||||
Other, net of tax | -1 | ' | -6 | ' | ||||
Other comprehensive income (loss), net of tax | 52 | 32 | 4 | 27 | ||||
Comprehensive income (loss) including noncontrolling interest | 75 | -330 | -5 | -108 | ||||
Comprehensive income (loss) attributable to the noncontrolling interest | -49 | -64 | -121 | -186 | ||||
Comprehensive income (loss) | 26 | -394 | -126 | -294 | ||||
SunGard Capital Corp. II | ' | ' | ' | ' | ||||
Revenue: | ' | ' | ' | ' | ||||
Services | 951 | 969 | 2,844 | 2,916 | ||||
License and resale fees | 65 | 53 | 166 | 168 | ||||
Total products and services | 1,016 | 1,022 | 3,010 | 3,084 | ||||
Reimbursed expenses | 12 | 13 | 41 | 47 | ||||
Total revenue | 1,028 | 1,035 | 3,051 | 3,131 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Cost of sales and direct operating (excluding depreciation) | 423 | 430 | 1,284 | 1,316 | ||||
Sales, marketing and administration | 232 | 237 | 716 | 751 | ||||
Product development and maintenance | 96 | 98 | 285 | 295 | ||||
Depreciation | 73 | 70 | 222 | 211 | ||||
Amortization of acquisition-related intangible assets | 82 | 94 | 255 | 295 | ||||
Goodwill impairment charge | ' | 385 | ' | 385 | ||||
Total costs and expenses | 906 | 1,314 | 2,762 | 3,253 | ||||
Operating income (loss) | 122 | -279 | 289 | -122 | ||||
Interest income | 1 | 1 | 1 | 1 | ||||
Interest expense and amortization of deferred financing fees | -96 | -102 | -302 | -325 | ||||
Loss on extinguishment of debt | -1 | ' | -6 | -51 | ||||
Other income (expense) | ' | ' | -1 | 2 | ||||
Income (loss) from continuing operations before income taxes | 26 | -380 | -19 | -495 | ||||
Benefit from (provision for) income taxes | -3 | 13 | 10 | 44 | ||||
Income (loss) from continuing operations | 23 | -367 | -9 | -451 | ||||
Income (loss) from discontinued operations, net of tax | ' | 5 | ' | 316 | ||||
Net income (loss) | 23 | -362 | -9 | -135 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Foreign currency translation, net | 54 | 27 | 10 | 16 | ||||
Unrealized gain (loss) on derivative instruments, net of tax | -1 | 5 | ' | 11 | ||||
Other, net of tax | -1 | ' | -6 | ' | ||||
Comprehensive income (loss) | 75 | -330 | -5 | -108 | ||||
SunGard Data Systems Inc. | ' | ' | ' | ' | ||||
Revenue: | ' | ' | ' | ' | ||||
Services | 951 | 969 | 2,844 | 2,916 | ||||
License and resale fees | 65 | 53 | 166 | 168 | ||||
Total products and services | 1,016 | 1,022 | 3,010 | 3,084 | ||||
Reimbursed expenses | 12 | 13 | 41 | 47 | ||||
Total revenue | 1,028 | 1,035 | 3,051 | 3,131 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Cost of sales and direct operating (excluding depreciation) | 423 | 430 | 1,284 | 1,316 | ||||
Sales, marketing and administration | 232 | 237 | 716 | 751 | ||||
Product development and maintenance | 96 | 98 | 285 | 295 | ||||
Depreciation | 73 | 70 | 222 | 211 | ||||
Amortization of acquisition-related intangible assets | 82 | 94 | 255 | 295 | ||||
Goodwill impairment charge | ' | 385 | ' | 385 | ||||
Total costs and expenses | 906 | 1,314 | 2,762 | 3,253 | ||||
Operating income (loss) | 122 | -279 | 289 | -122 | ||||
Interest income | 1 | 1 | 1 | 1 | ||||
Interest expense and amortization of deferred financing fees | -96 | -102 | -302 | -325 | ||||
Loss on extinguishment of debt | -1 | ' | -6 | -51 | ||||
Other income (expense) | ' | ' | -1 | 2 | ||||
Income (loss) from continuing operations before income taxes | 26 | -380 | -19 | -495 | ||||
Benefit from (provision for) income taxes | -3 | 13 | 10 | 44 | ||||
Income (loss) from continuing operations | 23 | -367 | -9 | -451 | ||||
Income (loss) from discontinued operations, net of tax | ' | 5 | ' | 316 | ||||
Net income (loss) | 23 | -362 | -9 | -135 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Foreign currency translation, net | 54 | 27 | 10 | 16 | ||||
Unrealized gain (loss) on derivative instruments, net of tax | -1 | 5 | ' | 11 | ||||
Other, net of tax | -1 | ' | -6 | ' | ||||
Comprehensive income (loss) | $75 | ($330) | ($5) | ($108) | ||||
[1] | Includes amortization of capitalized software. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Income attributable to the noncontrolling interest, temporary equity | $1 | $2 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flow from operations: | ' | ' |
Net income (loss) | ($9) | ($135) |
Income (loss) from discontinued operations | ' | 316 |
Income (loss) from continuing operations | -9 | -451 |
Reconciliation of income (loss) from continuing operations to cash flow from (used in) operations: | ' | ' |
Depreciation and amortization | 477 | 506 |
Goodwill impairment charge | ' | 385 |
Deferred income tax provision (benefit) | -106 | -29 |
Stock compensation expense | 35 | 29 |
Amortization of deferred financing costs and debt discount | 30 | 26 |
Loss on extinguishment of debt | 6 | 51 |
Other noncash items | 2 | -1 |
Accounts receivable and other current assets | 176 | 157 |
Accounts payable and accrued expenses | 14 | -169 |
Deferred revenue | -59 | -78 |
Cash flow from (used in) continuing operations | 566 | 426 |
Cash flow from (used in) discontinued operations | ' | -340 |
Cash flow from (used in) operations | 566 | 86 |
Investment activities: | ' | ' |
Cash paid for acquired businesses, net of cash acquired | -1 | -10 |
Cash paid for property and equipment, and software | -160 | -173 |
Other investing activities | 1 | 3 |
Cash provided by (used in) continuing operations | -160 | -180 |
Cash provided by (used in) discontinued operations | ' | 1,758 |
Cash provided by (used in) investment activities | -160 | 1,578 |
Financing activities: | ' | ' |
Cash received from borrowings, net of fees | 2,173 | -17 |
Cash used to repay debt | -2,419 | -1,727 |
Premium paid to retire debt | ' | -27 |
Cash used to purchase treasury stock | -7 | -9 |
Other financing activities | -8 | -10 |
Cash provided by (used in) continuing operations | -261 | -1,790 |
Cash provided by (used in) discontinued operations | ' | ' |
Cash provided by (used in) financing activities | -261 | -1,790 |
Effect of exchange rate changes on cash | -2 | 5 |
Increase (decrease) in cash and cash equivalents | 143 | -121 |
Beginning cash and cash equivalents | 546 | 873 |
Ending cash and cash equivalents | 689 | 752 |
Supplemental information: | ' | ' |
Interest paid | 223 | 321 |
Income taxes paid, net of refunds of $7 million and $13 million, respectively | 64 | 397 |
SunGard Capital Corp. II | ' | ' |
Cash flow from operations: | ' | ' |
Net income (loss) | -9 | -135 |
Income (loss) from discontinued operations | ' | 316 |
Income (loss) from continuing operations | -9 | -451 |
Reconciliation of income (loss) from continuing operations to cash flow from (used in) operations: | ' | ' |
Depreciation and amortization | 477 | 506 |
Goodwill impairment charge | ' | 385 |
Deferred income tax provision (benefit) | -106 | -29 |
Stock compensation expense | 35 | 29 |
Amortization of deferred financing costs and debt discount | 30 | 26 |
Loss on extinguishment of debt | 6 | 51 |
Other noncash items | 2 | -1 |
Accounts receivable and other current assets | 176 | 157 |
Accounts payable and accrued expenses | 17 | -169 |
Deferred revenue | -59 | -78 |
Cash flow from (used in) continuing operations | 569 | 426 |
Cash flow from (used in) discontinued operations | ' | -340 |
Cash flow from (used in) operations | 569 | 86 |
Investment activities: | ' | ' |
Cash paid for acquired businesses, net of cash acquired | -1 | -10 |
Cash paid for property and equipment, and software | -160 | -173 |
Other investing activities | 1 | 3 |
Cash provided by (used in) continuing operations | -160 | -180 |
Cash provided by (used in) discontinued operations | ' | 1,758 |
Cash provided by (used in) investment activities | -160 | 1,578 |
Financing activities: | ' | ' |
Cash received from borrowings, net of fees | 2,173 | -17 |
Cash used to repay debt | -2,419 | -1,727 |
Premium paid to retire debt | ' | -27 |
Cash used to purchase treasury stock | -3 | -5 |
Other financing activities | -15 | -14 |
Cash provided by (used in) continuing operations | -264 | -1,790 |
Cash provided by (used in) discontinued operations | ' | ' |
Cash provided by (used in) financing activities | -264 | -1,790 |
Effect of exchange rate changes on cash | -2 | 5 |
Increase (decrease) in cash and cash equivalents | 143 | -121 |
Beginning cash and cash equivalents | 546 | 873 |
Ending cash and cash equivalents | 689 | 752 |
Supplemental information: | ' | ' |
Interest paid | 223 | 321 |
Income taxes paid, net of refunds of $7 million and $13 million, respectively | 64 | 397 |
SunGard Data Systems Inc. | ' | ' |
Cash flow from operations: | ' | ' |
Net income (loss) | -9 | -135 |
Income (loss) from discontinued operations | ' | 316 |
Income (loss) from continuing operations | -9 | -451 |
Reconciliation of income (loss) from continuing operations to cash flow from (used in) operations: | ' | ' |
Depreciation and amortization | 477 | 506 |
Goodwill impairment charge | ' | 385 |
Deferred income tax provision (benefit) | -106 | -30 |
Stock compensation expense | 35 | 29 |
Amortization of deferred financing costs and debt discount | 30 | 26 |
Loss on extinguishment of debt | 6 | 51 |
Other noncash items | 2 | -1 |
Accounts receivable and other current assets | 176 | 157 |
Accounts payable and accrued expenses | 17 | -168 |
Deferred revenue | -59 | -78 |
Cash flow from (used in) continuing operations | 569 | 426 |
Cash flow from (used in) discontinued operations | ' | -340 |
Cash flow from (used in) operations | 569 | 86 |
Investment activities: | ' | ' |
Cash paid for acquired businesses, net of cash acquired | -1 | -10 |
Cash paid for property and equipment, and software | -160 | -173 |
Other investing activities | 1 | 3 |
Cash provided by (used in) continuing operations | -160 | -180 |
Cash provided by (used in) discontinued operations | ' | 1,758 |
Cash provided by (used in) investment activities | -160 | 1,578 |
Financing activities: | ' | ' |
Cash received from borrowings, net of fees | 2,173 | -17 |
Cash used to repay debt | -2,419 | -1,727 |
Premium paid to retire debt | ' | -27 |
Other financing activities | -18 | -19 |
Cash provided by (used in) continuing operations | -264 | -1,790 |
Cash provided by (used in) discontinued operations | ' | ' |
Cash provided by (used in) financing activities | -264 | -1,790 |
Effect of exchange rate changes on cash | -2 | 5 |
Increase (decrease) in cash and cash equivalents | 143 | -121 |
Beginning cash and cash equivalents | 546 | 873 |
Ending cash and cash equivalents | 689 | 752 |
Supplemental information: | ' | ' |
Interest paid | 223 | 321 |
Income taxes paid, net of refunds of $7 million and $13 million, respectively | $64 | $397 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Beginning cash and cash equivalents, cash of discontinued operations | ' | $6 |
Ending cash and cash equivalents, cash of discontinued operations | ' | ' |
Income taxes paid, net of refunds | 13 | 7 |
SunGard Capital Corp. II | ' | ' |
Beginning cash and cash equivalents, cash of discontinued operations | ' | 6 |
Ending cash and cash equivalents, cash of discontinued operations | ' | ' |
Income taxes paid, net of refunds | 13 | 7 |
SunGard Data Systems Inc. | ' | ' |
Beginning cash and cash equivalents, cash of discontinued operations | ' | 6 |
Ending cash and cash equivalents, cash of discontinued operations | ' | ' |
Income taxes paid, net of refunds | $13 | $7 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation | ' |
1. Basis of Presentation: | |
SunGard Data Systems Inc. (“SunGard”) was acquired on August 11, 2005 (the “LBO”) in a leveraged buy-out by a consortium of private equity investment funds associated with Bain Capital Partners, The Blackstone Group, Goldman Sachs & Co., Kohlberg Kravis Roberts & Co., Providence Equity Partners, Silver Lake and TPG (collectively, the “Sponsors”). | |
SunGard is a wholly owned subsidiary of SunGard Holdco LLC, which is wholly owned by SunGard Holding Corp., which is wholly owned by SunGard Capital Corp. II (“SCCII”), which is a subsidiary of SunGard Capital Corp. (“SCC”). All four of these companies were formed for the purpose of facilitating the LBO and are collectively referred to as the “Holding Companies.” SCC, SCCII and SunGard are separate reporting companies and, together with their direct and indirect subsidiaries, are collectively referred to as the “Company.” The Holding Companies have no other operations beyond those of their ownership of SunGard. | |
SunGard is one of the world’s leading software and technology services companies and has three segments: Financial Systems (“FS”), Availability Services (“AS”) and Public Sector & Education (“PS&E”), which is comprised of the Company’s Public Sector business and K-12 Education business. The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. | |
The accompanying interim consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Interim financial reporting does not include all of the information and footnotes required by GAAP for annual financial statements. The interim financial information is unaudited, but, in the opinion of management, includes all adjustments, consisting only of normal recurring adjustments necessary to provide a fair statement of results for the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
As discussed in Note 2 and Note 13, the presentation of certain prior-year amounts has been revised to conform to the current-year presentation. | |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued guidance regarding the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Under certain circumstances, unrecognized tax benefits should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance is a change in financial statement presentation only and has no material impact in the consolidated financial results. The guidance is effective beginning January 1, 2014 on either a prospective or retrospective basis. |
Expense_Classification
Expense Classification | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Expense Classification | ' | ||||||||||
2. Expense Classification: | |||||||||||
During a review of spending by functional area, the Company identified a misclassification of certain expenses in 2010, 2011 and 2012. The misclassification stems from the treatment of certain offshore resources by functional area. It resulted in an understatement of product development and maintenance expense with an offsetting overstatement within cost of sales and direct operating expense and sales, marketing and administration expense. There was no impact on total reported expenses for any period and therefore no impact on operating or net income. | |||||||||||
The impact within the functional expense areas is as follows for the three and nine months ended September 30, 2012: | |||||||||||
Three months ended September 30, 2012 | |||||||||||
As reported | As revised | ||||||||||
Cost of sales and direct operating | $ | 430 | $ | 430 | |||||||
Sales, marketing and administration | 245 | 237 | |||||||||
Product development and maintenance | 90 | 98 | |||||||||
Total functional expenses | $ | 765 | $ | 765 | |||||||
Nine months ended September 30, 2012 | |||||||||||
As reported | As revised | ||||||||||
Cost of sales and direct operating | $ | 1,321 | $ | 1,316 | |||||||
Sales, marketing and administration | 768 | 751 | |||||||||
Product development and maintenance | 273 | 295 | |||||||||
Total functional expenses | $ | 2,362 | $ | 2,362 | |||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||||||||||
3. Discontinued Operations: | |||||||||||||||||||||||||
In January 2012, the Company sold its Higher Education (“HE”) business and used the net cash proceeds (as defined in its senior secured credit agreement) of $1,222 million, which is the gross transaction value of $1,775 million less applicable taxes and fees, to repay a pro-rata portion of its outstanding term loans. In July 2012, the Company sold its FS subsidiary SunGard Global Services (France) for gross proceeds of €14 million. The results for discontinued operations for the three and nine months ended September 30, 2012 reflect the impact of these sales. | |||||||||||||||||||||||||
The results for the discontinued operations for the three and nine months ended September 30, 2012 and 2013 were as follows (in millions): | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||
Revenue | $ | 5 | $ | — | $ | 55 | $ | — | |||||||||||||||||
Operating income (loss) | (1 | ) | — | (4 | ) | — | |||||||||||||||||||
Gain on sale of business | 8 | — | 571 | — | |||||||||||||||||||||
Income (loss) before income taxes | 7 | — | 567 | — | |||||||||||||||||||||
Benefit from (provision for) income taxes | (2 | ) | — | (251 | ) | — | |||||||||||||||||||
Income (loss) from discontinued operations | $ | 5 | $ | — | $ | 316 | $ | — | |||||||||||||||||
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
4. Intangible Assets and Goodwill: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Name | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
The trade name intangible asset represents the fair value of the SunGard trade name and is an indefinite-lived asset not subject to amortization. The Company performed its annual impairment test of the SunGard trade name in the third quarter of 2013. Based on the results of this test, the fair value of the trade name exceeded its carrying value, resulting in no impairment of the trade name, but the excess of fair value over the carrying value was 6%. The sale of the HE business in January 2012 significantly decreased the estimated fair value of the Company’s trade name. As compared to the July 1, 2012 test, projected future revenues have declined and the discount rate has increased. In addition to future revenue projections, a critical assumption considered in the impairment test of the trade name is the implied royalty rate. A 50 basis point decrease in the assumed royalty rate would have resulted in an impairment of the trade name asset of approximately $156 million (100 basis point decrease would result in an impairment of approximately $372 million). A 100 basis point increase in the discount rate would result in an impairment of the trade name asset of approximately $51 million. Furthermore, to the extent that additional businesses are divested in the future, the revenue supporting the trade name will decline, which may result in impairment charges. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP requires the Company to perform a goodwill impairment test annually and more frequently when negative conditions or triggering events arise. The Company completes its annual goodwill impairment test as of July 1 for each of its 11 reporting units. In September 2011, the FASB issued amended guidance that simplified how entities test goodwill for impairment. After an assessment of certain qualitative factors (referred to as “step-zero”), if it is determined to be more likely than not that the fair value of a reporting unit is less than its carrying amount, entities must perform the quantitative analysis of the goodwill impairment test. Otherwise, the quantitative test(s) become optional. As allowed under the amended guidance, the Company chose to assess the qualitative factors of five of its reporting units and determined, for each of those five reporting units, a step one test was not required. The five reporting units selected for a step-zero analysis each had a fair value of goodwill in excess of 25% of its respective carrying value as of the July 1, 2012 step-one test. The Company performed a step-one test for the remaining six reporting units. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
In step one, the estimated fair value of each reporting unit is compared to its carrying value. The Company estimated the fair values of each reporting unit by a combination of (i) estimation of the discounted cash flows of each of the reporting units based on projected earnings in the future (the income approach) and (ii) a comparative analysis of revenue and EBITDA multiples of public companies in similar markets (the market approach). An equal weighting of the income approach and the market approach was used in the July 1, 2013 test. If there is a deficiency (the estimated fair value of a reporting unit is less than its carrying value), a step-two test is required. In step two, the amount of any goodwill impairment is measured by comparing the implied fair value of the reporting unit’s goodwill to the carrying value of goodwill, with the resulting impairment reflected in operations. The implied fair value is determined in the same manner as the amount of goodwill recognized in a business combination. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimating the fair value of a reporting unit requires various assumptions including projections of future cash flows, perpetual growth rates and discount rates. The assumptions about future cash flows and growth rates are based on management’s assessment of a number of factors including the reporting unit’s recent performance against budget, performance in the market that the reporting unit serves, as well as industry and general economic data from third party sources. Discount rate assumptions reflect an assessment of the risk inherent in those future cash flows. Changes to the underlying businesses could affect the future cash flows, which in turn could affect the fair value of the reporting unit. For the July 1, 2013 impairment test, the discount rates used were between 9% and 13.5% and the perpetual growth rates used were between 1.5% and 4%. Based on the results of the step-one tests, the Company determined that the fair values of each of the reporting units tested exceeded the respective carrying value and a step-two test was not required. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company determined that the excess of the estimated fair value over the carrying value of one of its reporting units was 9% of the carrying value as of the July 1, 2013 impairment test. This reporting unit’s goodwill balance at July 1, 2013 was $527 million. As mentioned above, the Company uses a combination of the income approach and the market approach to determine the fair value of each reporting unit. Under the income approach, which is subject to variability based on the discount and perpetual growth rate assumptions used, a 50 basis point decrease in the perpetual growth rate or a 50 basis point increase in the discount rate would not cause this reporting unit to fail the step-one test. A one hundred basis point decrease in the perpetual growth rate or a one hundred basis point increase in the discount rate would cause this reporting unit to fail the step-one test and require a step-two analysis, and some or all of this goodwill could be impaired. Furthermore, if this unit fails to achieve expected performance levels in the next twelve months or experiences a downturn in the business, goodwill could be impaired. The other five reporting units for which the Company performed a step one test each had estimated fair values that exceeded the respective carrying value of the reporting unit by at least 25% as of the July 1, 2013 impairment test. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes changes in goodwill by segment (in millions): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Accumulated Impairment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FS | AS | PS&E | Subtotal | AS | PS&E | Subtotal | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 3,516 | $ | 2,243 | $ | 544 | $ | 6,303 | $ | (1,547 | ) | $ | (217 | ) | $ | (1,764 | ) | $ | 4,539 | ||||||||||||||||||||||||||||||||||||
Effect of foreign currency translation | 9 | (2 | ) | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | (1 | ) | — | — | (1 | ) | — | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 3,524 | $ | 2,241 | $ | 544 | $ | 6,309 | $ | (1,547 | ) | $ | (217 | ) | $ | (1,764 | ) | $ | 4,545 | ||||||||||||||||||||||||||||||||||||
Intangible Asset amortization | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Based on amounts recorded at September 30, 2013, total expected amortization of all acquisition-related intangible assets in each of the years ended December 31 follows (in millions): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | 341 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 290 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 235 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||||
5. Accumulated Other Comprehensive Income: | ||||||||||||||||||||||||||
The following table summarizes the unrealized gains (losses) on derivative instruments including the impact of components reclassified into net income from accumulated other comprehensive income for the three and nine months ended September 30, 2012 and 2013 (in millions): | ||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
Other Comprehensive Income Components | 2012 | 2013 | 2012 | 2013 | Affected Line Item in the Statement of Comprehensive | |||||||||||||||||||||
Income for Components Reclassified from OCI | ||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments and other | $ | 1 | $ | (3 | ) | $ | 1 | $ | (3 | ) | ||||||||||||||||
Less: gain (loss) on derivatives reclassified into income | ||||||||||||||||||||||||||
Interest rate contracts | 2 | 1 | 8 | 5 | Interest expense and amortization of deferred financing fees | |||||||||||||||||||||
Forward currency hedges | 1 | 2 | 3 | - | Cost of sales and direct operating | |||||||||||||||||||||
Total reclassified into income | 3 | 3 | 11 | 5 | ||||||||||||||||||||||
Less: income tax benefit (expense) | 1 | (1 | ) | (1 | ) | (2 | ) | |||||||||||||||||||
Unrealized gain (loss) on derivative instruments, net of tax | $ | 5 | $ | (1 | ) | $ | 11 | $ | - | |||||||||||||||||
The following table provides a rollforward of the components of accumulated other comprehensive loss, net of tax, through September 30, 2013 as follows (in millions): | ||||||||||||||||||||||||||
Gains (Losses) on Derivative Instruments | Currency | Other | Total Accumulated Other Comprehensive Income (loss) | |||||||||||||||||||||||
Translation | ||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2 | $ | (4 | ) | $ | (1 | ) | $ | (3 | ) | |||||||||||||||
Other comprehensive income before reclassifications | (3 | ) | 10 | (6 | ) | 1 | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income net of tax | 3 | — | — | 3 | ||||||||||||||||||||||
Net current-period other comprehensive income | — | 10 | (6 | ) | 4 | |||||||||||||||||||||
Balance at September 30, 2013 | $ | 2 | $ | 6 | $ | (7 | ) | $ | 1 | |||||||||||||||||
Debt_and_Derivatives
Debt and Derivatives | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt and Derivatives | ' | ||||||||||||||||
6. Debt and Derivatives: | |||||||||||||||||
On January 2, 2013, SunGard repaid a $50 million revolving credit advance borrowed under its secured accounts receivable facility. | |||||||||||||||||
On March 8, 2013, SunGard amended and restated its senior secured credit agreement (“Credit Agreement”) to, among other things, (i) issue an additional term loan of $2,200 million (“tranche E”) maturing on March 8, 2020, the proceeds of which were used to (a) repay in full the $1,719 million tranche B term loan and (b) repay $481 million of the tranche C term loan; (ii) replace the $880 million of revolving commitments with $850 million of new revolving commitments, which will mature on March 8, 2018; and (iii) modify certain covenants and other provisions in order to, among other things (x) modify (and in the case of the term loan facility, remove) the financial maintenance covenants included therein and (y) permit the Company to direct the net cash proceeds of permitted dispositions otherwise requiring a pro rata prepayment of term loans to the prepayment of specific tranches of term loans at the Company’s sole discretion. The interest rate on tranche E is LIBOR plus 3% with a 1% LIBOR floor, which at September 30, 2013 was 4%. SunGard is required to repay installments in quarterly principal amounts of 0.25% of its funded tranche E principal amount through the maturity date, at which time the remaining aggregate principal balance is due. Tranche E and the new revolving commitments are subject to certain springing maturities which are described in the Credit Agreement. As a result of this transaction, the Company incurred a loss on the extinguishment of debt of approximately $5 million. | |||||||||||||||||
SunGard voluntarily prepaid $50 million of its tranche A term loan in each of the first three quarters of 2013. The related loss on the extinguishment of debt was not material to the Company’s operations, financial position or cash flows. | |||||||||||||||||
Debt consisted of the following (in millions): | |||||||||||||||||
December 31, | September 30, | ||||||||||||||||
2012 | 2013 | ||||||||||||||||
Senior Secured Credit Facilities: | |||||||||||||||||
Secured revolving credit facility | $ | — | $ | — | |||||||||||||
Tranche A, effective interest rate of 1.96% and 1.93% | 207 | 57 | |||||||||||||||
Tranche B, effective interest rate of 4.35% | 1,719 | — | |||||||||||||||
Tranche C, effective interest rate of 4.17% and 4.41% | 908 | 427 | |||||||||||||||
Tranche D, effective interest rate of 4.50% and 4.50% | 720 | 714 | |||||||||||||||
Tranche E, effective interest rate of 4.10% | — | 2,189 | |||||||||||||||
Total Senior Secured Credit Facilities | 3,554 | 3,387 | |||||||||||||||
Senior Secured Notes due 2014 at 4.875%, net of discount of $4 and $1 | 246 | 249 | |||||||||||||||
Senior Notes due 2018 at 7.375% | 900 | 900 | |||||||||||||||
Senior Notes due 2020 at 7.625% | 700 | 700 | |||||||||||||||
Senior Subordinated Notes due 2019 at 6.625% | 1,000 | 1,000 | |||||||||||||||
Secured accounts receivable facility, at 3.71% and 3.68% | 250 | 200 | |||||||||||||||
Other, primarily foreign bank debt and capital lease obligations | 12 | 12 | |||||||||||||||
Total debt | 6,662 | 6,448 | |||||||||||||||
Short-term borrowings and current portion of long-term debt | (63 | ) | (342 | ) | |||||||||||||
Long-term debt | $ | 6,599 | $ | 6,106 | |||||||||||||
SunGard uses interest rate swap agreements to manage the amount of its floating rate debt in order to reduce its exposure to variable rate interest payments associated with the Credit Agreement. Each swap agreement is designated as a cash flow hedge. SunGard pays a stream of fixed interest payments for the term of the swap, and in turn, receives variable interest payments based on LIBOR. At September 30, 2013, one-month and three-month LIBOR was 0.18% and 0.25%, respectively. The net receipt or payment from the interest rate swap agreements is included in interest expense. The interest rates in the table above reflect the impact of the swaps. | |||||||||||||||||
A summary of the Company’s interest rate swaps at September 30, 2013 follows (in millions): | |||||||||||||||||
Inception | Maturity | Notional | Interest | Interest | |||||||||||||
Amount | rate | rate | |||||||||||||||
(in millions) | paid | received | |||||||||||||||
(LIBOR) | |||||||||||||||||
August-September 2012 | February 2017 | $ | 400 | 0.69 | % | 1-Month | |||||||||||
June 2013 | June 2019 | 100 | 1.86 | % | 3-Month | ||||||||||||
September 2013 | Jun-19 | 100 | 2.26 | % | 3-Month | ||||||||||||
Total / Weighted Average | $ | 600 | 1.15 | % | |||||||||||||
The fair values of interest rate swaps designated as cash flow hedging instruments, included in other accrued expenses on the consolidated balance sheets, are $5 million as of December 31, 2012. At September 30, 2013, the fair values of interest rate swaps are $2 million and are included in other intangible assets. | |||||||||||||||||
The Company has no ineffectiveness related to its swap agreements. The Company expects to reclassify in the next twelve months approximately $4 million from other comprehensive income (loss) into earnings related to the Company’s interest rate swaps based on the borrowing rates at September 30, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||
7. Fair Value Measurements: | |||||||||||||||||||||||||||||
The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2013 (in millions): | |||||||||||||||||||||||||||||
Fair Value Measures Using | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents—money market funds | $ | 330 | $ | — | $ | — | $ | 330 | |||||||||||||||||||||
Interest rate swap agreements and other | — | 2 | — | 2 | |||||||||||||||||||||||||
Total | $ | 330 | 2 | — | 332 | ||||||||||||||||||||||||
The following table summarizes assets and liabilities measured at fair value on a recurring basis at December 31, 2012 (in millions): | |||||||||||||||||||||||||||||
Fair Value Measures Using | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents—money market funds | $ | 227 | $ | — | $ | — | $ | 227 | |||||||||||||||||||||
Currency forward contracts | — | 4 | — | 4 | |||||||||||||||||||||||||
Total | $ | 227 | $ | 4 | $ | — | $ | 231 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Interest rate swap agreements and other | $ | — | $ | 4 | $ | — | $ | 4 | |||||||||||||||||||||
A Level 1 fair value measure is based upon quoted prices in active markets for identical assets or liabilities. A Level 2 fair value measure is based upon quoted prices for similar assets and liabilities in active markets or inputs that are observable. A Level 3 fair value measure is based upon inputs that are unobservable (for example, cash flow modeling inputs based on assumptions). | |||||||||||||||||||||||||||||
Cash and cash equivalents—money market funds are recognized and measured at fair value in the Company’s financial statements. Fair values of the interest rate swap agreements are calculated using a discounted cash flow model using observable applicable market swap rates and assumptions and are compared to market valuations obtained from brokers. | |||||||||||||||||||||||||||||
The Company uses currency forward contracts to manage its exposure to fluctuations in costs caused by variations in Indian Rupee and British Pound Sterling exchange rates. These forward contracts are designated as cash flow hedges. The fair value of these currency forward contracts is determined using currency exchange market rates, obtained from independent, third party banks, at the balance sheet date. This fair value of forward contracts is subject to changes in currency exchange rates. The Company has no ineffectiveness related to its use of currency forward contracts. | |||||||||||||||||||||||||||||
The following table presents the carrying amount and estimated fair value of the Company’s debt, including the current portion and excluding the interest rate swaps, as of December 31, 2012 and September 30, 2013 (in millions): | |||||||||||||||||||||||||||||
December 31, 2012 | September 30, 2013 | ||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||||||
Floating rate debt | $ | 3,803 | $ | 3,826 | $ | 3,587 | $ | 3,601 | |||||||||||||||||||||
Fixed rate debt | 2,859 | 3,023 | 2,861 | 2,976 | |||||||||||||||||||||||||
The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximate carrying values because of the short-term nature of these instruments. The derivative financial instruments are carried at fair value. The fair value of the Company’s floating rate and fixed rate long-term debt (Level 2) is determined using actual market quotes and benchmark yields received from independent vendors. |
Equity
Equity | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||
Equity | ' | ||||||||||||||||||||||||||||||||||
8. Equity: | |||||||||||||||||||||||||||||||||||
A rollforward of SCC’s equity for 2013 follows (in millions): | |||||||||||||||||||||||||||||||||||
SunGard Capital Corp. stockholders | Noncontrolling interest | ||||||||||||||||||||||||||||||||||
Class L - | Class A - | Permanent | Total | Temporary | Permanent | Total | |||||||||||||||||||||||||||||
temporary | temporary | equity | equity | equity | |||||||||||||||||||||||||||||||
equity | equity | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 45 | $ | 5 | $ | (961 | ) | $ | (911 | ) | $ | 26 | $ | 1,575 | $ | 1,601 | |||||||||||||||||||
Net income (loss) | — | — | (130 | ) | (130 | ) | 2 | 119 | 121 | ||||||||||||||||||||||||||
Foreign currency translation | — | — | 10 | 10 | — | — | — | ||||||||||||||||||||||||||||
Net unrealized gain on derivative instruments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | (6 | ) | (6 | ) | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | (126 | ) | (126 | ) | 2 | 119 | 121 | ||||||||||||||||||||||||||
Stock compensation expense | — | — | 35 | 35 | — | — | — | ||||||||||||||||||||||||||||
Termination of put options due to employee terminations and other | (8 | ) | (1 | ) | 11 | 2 | (4 | ) | 2 | (2 | ) | ||||||||||||||||||||||||
Purchase of treasury stock | — | — | (4 | ) | (4 | ) | — | (3 | ) | (3 | ) | ||||||||||||||||||||||||
Transfer intrinsic value of vested restricted stock units | 15 | — | (25 | ) | (10 | ) | 10 | — | 10 | ||||||||||||||||||||||||||
Other | — | — | (8 | ) | (8 | ) | — | — | — | ||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 52 | $ | 4 | $ | (1,078 | ) | $ | (1,022 | ) | $ | 34 | $ | 1,693 | $ | 1,727 | |||||||||||||||||||
A rollforward of SCC’s equity for 2012 follows (in millions): | |||||||||||||||||||||||||||||||||||
SunGard Capital Corp. stockholders | Noncontrolling interest | ||||||||||||||||||||||||||||||||||
Class L - | Class A - | Permanent | Total | Temporary | Permanent | Total | |||||||||||||||||||||||||||||
temporary | temporary | equity | equity | equity | |||||||||||||||||||||||||||||||
equity | equity | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 47 | $ | 6 | $ | (663 | ) | $ | (610 | ) | $ | 28 | $ | 2,038 | $ | 2,066 | |||||||||||||||||||
Net income (loss) | — | — | (321 | ) | (321 | ) | — | 186 | 186 | ||||||||||||||||||||||||||
Foreign currency translation | — | — | 16 | 16 | — | — | — | ||||||||||||||||||||||||||||
Net unrealized gain on derivative instruments | — | — | 11 | 11 | — | — | — | ||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | (294 | ) | (294 | ) | — | 186 | 186 | ||||||||||||||||||||||||||
Stock compensation expense | — | — | 29 | 29 | — | — | — | ||||||||||||||||||||||||||||
Termination of put options due to employee terminations and other | (16 | ) | (2 | ) | 20 | 2 | (8 | ) | 5 | (3 | ) | ||||||||||||||||||||||||
Issuance of common and preferred stock | — | — | 1 | 1 | — | — | — | ||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | (7 | ) | (7 | ) | — | (2 | ) | (2 | ) | ||||||||||||||||||||||||
Transfer intrinsic value of vested restricted stock units | 15 | 1 | (25 | ) | (9 | ) | 9 | — | 9 | ||||||||||||||||||||||||||
Other | — | — | (10 | ) | (10 | ) | — | — | — | ||||||||||||||||||||||||||
Balance at September 30, 2012 | $ | 46 | $ | 5 | $ | (949 | ) | $ | (898 | ) | $ | 29 | $ | 2,227 | $ | 2,256 | |||||||||||||||||||
In June 2013, certain senior executives of the Company were granted a new form of long-term incentive equity award (“Appreciation Units”) to be settled in stock. The Appreciation Units’ vesting terms are either market-based dependent upon the performance of the Company’s Unit price (“Performance-based”) or time-based. Performance-based Appreciation Units will vest only if the average value per Unit (defined as 1.3 shares of Class A common stock and 0.1444 shares of Class L common stock of SunGard Capital Corp. and 0.05 shares of preferred stock of SunGard Capital Corp. II) at each measurement date (as defined in the agreements) increases over a base Unit value specified in the agreements and may be subject to continued employment through June 1, 2017. Time-based Appreciation Units will vest in annual installments over a period of years as specified in the applicable award agreement, subject to continued employment. The Company determined the fair value of the Performance-based Appreciation Units using a Monte Carlo valuation model and will record the aggregate expense of $22 million over the four-year measurement period on a straight-line basis regardless of vesting, subject to continued employment, if applicable. Time-based Appreciation Units were valued using the Black-Scholes pricing model at $4 million in the aggregate, which will be expensed over the four-year service period on a straight-line basis. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
9. Income Taxes: | |
Included in the benefit recorded in income tax expense for the nine months ended September 30, 2013 is a discrete item of $9 million related to a benefit associated with a tax accounting method change related to certain lease-related reserves. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||||||||||||||||||||||
10. Segment Information: | ||||||||||||||||||||||||||||||||||||||||||||||||
The Company has three reportable segments: FS, AS and PS&E. The Company evaluates the performance of its segments based on Adjusted EBITDA. Adjusted EBITDA, a non-GAAP measure, is defined as operating income before the following items: | ||||||||||||||||||||||||||||||||||||||||||||||||
depreciation, | ||||||||||||||||||||||||||||||||||||||||||||||||
amortization of acquisition-related intangible assets, | ||||||||||||||||||||||||||||||||||||||||||||||||
goodwill impairment, | ||||||||||||||||||||||||||||||||||||||||||||||||
severance and facility closure charges, | ||||||||||||||||||||||||||||||||||||||||||||||||
stock compensation, | ||||||||||||||||||||||||||||||||||||||||||||||||
management fees, and | ||||||||||||||||||||||||||||||||||||||||||||||||
certain other costs. | ||||||||||||||||||||||||||||||||||||||||||||||||
While these charges may be recurring, management excludes them in order to better analyze the segment results and evaluate the segment performance. This analysis is used extensively by management and is also used to communicate the segment results to the Company’s board of directors. In addition, management reviews Adjusted EBITDA on a constant currency basis, especially when comparing to the prior year results. While Adjusted EBITDA is useful for analysis purposes, it should not be considered as an alternative to the Company’s reported GAAP results. Also, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is similar, but not identical, to adjusted EBITDA as defined in the Credit Agreement for purposes of SunGard’s debt covenants. The operating results apply to each of SCC, SCCII and SunGard unless otherwise noted. | ||||||||||||||||||||||||||||||||||||||||||||||||
The operating results for the three months ended September 30, 2013 and 2012 for each segment follow (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | FS | AS | PS&E | Sum of | ||||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 635 | (1 | ) | $ | 340 | $ | 53 | $ | 1,028 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 194 | (1 | ) | 108 | 16 | 318 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 30.5 | % | 31.6 | % | 31.4 | % | 30.9 | % | ||||||||||||||||||||||||||||||||||||||||
Year to year revenue change | (1 | )% | (2 | )% | 6 | % | (1 | )% | ||||||||||||||||||||||||||||||||||||||||
Year to year Adjusted EBITDA change | 14 | % | (11 | )% | 10 | % | 4 | % | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | FS | AS | PS&E | Sum of | ||||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 640 | $ | 346 | $ | 49 | $ | 1,035 | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 170 | 120 | 15 | 305 | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 26.6 | % | 34.8 | % | 30.4 | % | 29.5 | % | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to income (loss) from continuing operations before income taxes: | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (sum of segments) | $ | 305 | $ | 318 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | (10 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation (3) | (70 | ) | (73 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | (94 | ) | (82 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charge | (385 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||
Severance and facility closure costs | (13 | ) | (9 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | (9 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Management fees | (3 | ) | (3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other costs (included in operating income) | — | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (101 | ) | (95 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax | $ | (380 | ) | $ | 26 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization and capital expenditures by segment follow (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | FS | AS | PS&E | Sum of | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 23 | $ | 34 | $ | 2 | $ | 59 | $ | — | $ | 59 | ||||||||||||||||||||||||||||||||||||
Depreciation(3) | 22 | 49 | 2 | 73 | — | 73 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 40 | 38 | 3 | 81 | 1 | 82 | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | FS | AS | PS&E | Sum of | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 19 | $ | 36 | $ | 2 | $ | 57 | $ | 1 | $ | 58 | ||||||||||||||||||||||||||||||||||||
Depreciation(3) | 22 | 46 | 1 | 69 | 1 | 70 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 49 | 40 | 5 | 94 | — | 94 | ||||||||||||||||||||||||||||||||||||||||||
The operating results for the nine months ended September 30, 2013 and 2012 for each segment follow (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | FS | AS | PS&E | Sum of | ||||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,867 | (1 | ) | $ | 1,029 | $ | 155 | $ | 3,051 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 502 | (1)(2) | 325 | 48 | 875 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 26.9 | % | 31.5 | % | 31.2 | % | 28.7 | % | ||||||||||||||||||||||||||||||||||||||||
Year to year revenue change | (3 | )% | (2 | )% | 2 | % | (3 | )% | ||||||||||||||||||||||||||||||||||||||||
Year to year Adjusted EBITDA change | 6 | % | (7 | )% | 3 | % | — | % | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | FS | AS | PS&E | Sum of | ||||||||||||||||||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,928 | $ | 1,052 | $ | 151 | $ | 3,131 | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 474 | 351 | 47 | 872 | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 24.6 | % | 33.4 | % | 31.0 | % | 27.9 | % | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to income (loss) from continuing operations before income taxes: | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (sum of segments) | $ | 872 | $ | 875 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | (35 | ) | (36 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation (3) | (211 | ) | (222 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | (295 | ) | (255 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charge | (385 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||
Severance and facility closure costs | (22 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | (29 | ) | (35 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Management fees | (9 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other costs (included in operating income) | (8 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (324 | ) | (301 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (51 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | 2 | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax | $ | (495 | ) | $ | (19 | ) | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization and capital expenditures by segment follow (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | FS | AS | PS&E | Sum of | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 64 | $ | 89 | $ | 6 | $ | 159 | $ | 1 | $ | 160 | ||||||||||||||||||||||||||||||||||||
Depreciation(3) | 67 | 149 | 5 | 221 | 1 | 222 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 128 | 115 | 11 | 254 | 1 | 255 | ||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | FS | AS | PS&E | Sum of | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 62 | $ | 104 | $ | 6 | $ | 172 | $ | 1 | $ | 173 | ||||||||||||||||||||||||||||||||||||
Depreciation(3) | 63 | 142 | 5 | 210 | 1 | 211 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 155 | 126 | 14 | 295 | — | 295 | ||||||||||||||||||||||||||||||||||||||||||
(1) SunGard received approximately $12 million in proceeds relating to a bankruptcy claim assigned and sold to a third party in the third quarter of 2013. The claim related to a Financial Systems customer that filed for Chapter 11 bankruptcy in January 2013. The amount of the claim represented previously reserved revenue, which has now been recognized, and a termination charge related to the customer contract. | ||||||||||||||||||||||||||||||||||||||||||||||||
(2) During the second quarter of 2013, the Company completed a review of its accounting practices related to vacation pay obligations. In countries where the vacation policy stipulated that vacation days earned in the current year must be used in that same year, the Company adjusted its quarterly estimate of accrued vacation costs to better match expense recognition with amounts payable to employees when leaving the Company. The impact of the change in estimate was an aggregate decrease to costs and expenses of $9 million for the nine month period ended September 30, 2013. The impact of this change is expected to be negligible for the full year. | ||||||||||||||||||||||||||||||||||||||||||||||||
(3) Includes amortization of capitalized software. |
Employee_Termination_Benefits_
Employee Termination Benefits and Facility Closures | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Employee Termination Benefits and Facility Closures | ' | ||||||||||||||||||||||||
11. Employee Termination Benefits and Facility Closures: | |||||||||||||||||||||||||
The following table provides a rollforward of the liability balances for workforce reductions and facility closures, which occurred through September 30, 2013 (in millions): | |||||||||||||||||||||||||
Balance | Expense Related | Paid | Other | Balance | |||||||||||||||||||||
12/31/12 | to 2013 Actions | Adjustments* | 9/30/13 | ||||||||||||||||||||||
Workforce-related | $ | 32 | $ | 18 | $ | (23 | ) | $ | (6 | ) | $ | 21 | |||||||||||||
Facilities | 22 | 1 | (3 | ) | — | 20 | |||||||||||||||||||
Total | $ | 54 | $ | 19 | $ | (26 | ) | $ | (6 | ) | $ | 41 | |||||||||||||
* The other adjustments column in the table principally relates to changes in estimates from when the initial charge was recorded and also foreign currency translation and other adjustments. | |||||||||||||||||||||||||
The workforce related actions are expected to be paid out over the next 18 months (the majority within 12 months). The facilities accruals are for ongoing obligations to pay rent for vacant space and are net of sublease reserves. The lengths of these obligations vary by lease with the majority ending in 2019. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions | ' |
12. Related Party Transactions: | |
In accordance with the Management Agreement between the Company and affiliates of the Sponsors, the Company recorded $3 million of management fees in sales, marketing and administration expenses during each of the three months ended September 30, 2012 and 2013. The Company recorded $9 million and $8 million of management fees in sales, marketing and administration expenses during the nine months ended September 30, 2012 and 2013, respectively. | |
Regarding the timing of these payments, at December 31, 2012 and September 30, 2013, the Company had $4 million and $3 million, respectively, due to the Sponsors which were included in other accrued expenses. | |
During the first quarter of 2012, in connection with the sale of HE, the Company paid the Sponsors $17.8 million of management fees, which are included in the results of discontinued operations. | |
In addition to management fees, one of our Sponsors, Goldman Sachs & Co. and/or its respective affiliates, received fees of approximately $1 million for each of the nine months ended September 30, 2012 and 2013 in connection with amendments of SunGard’s Credit Agreement. For the three months ended September 30, 2012 and 2013, no fees were paid to Goldman Sachs & Co. and/or its respective affiliates. |
Supplemental_Guarantor_Condens
Supplemental Guarantor Condensed Consolidating Financial Statements | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||
Supplemental Guarantor Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||||||||||||
13. Supplemental Guarantor Condensed Consolidating Financial Statements: | |||||||||||||||||||||||||||||||
SunGard’s senior unsecured notes are jointly and severally, fully and unconditionally guaranteed on a senior unsecured basis and the senior subordinated notes are jointly and severally, fully and unconditionally guaranteed on an unsecured senior subordinated basis, in each case, subject to certain exceptions, by substantially all wholly owned, domestic subsidiaries of SunGard (collectively, the “Guarantors”). Each of the Guarantors is 100% owned, directly or indirectly, by SunGard. None of the other subsidiaries of SunGard, either direct or indirect, nor any of the Holding Companies, guarantee the senior notes and senior subordinated notes (“Non-Guarantors”). The Guarantors and SunGard Holdco LLC also unconditionally guarantee the senior secured credit facilities. The Guarantors are subject to release under certain circumstances as described below. | |||||||||||||||||||||||||||||||
The indentures evidencing the guarantees provide for a Guarantor to be automatically and unconditionally released and discharged from its guarantee obligations in certain circumstances, including upon the earliest to occur of: | |||||||||||||||||||||||||||||||
The sale, exchange or transfer of the subsidiary’s capital stock or all or substantially all of its assets; | |||||||||||||||||||||||||||||||
Designation of the Guarantor as an “unrestricted subsidiary” for purposes of the indenture covenants; | |||||||||||||||||||||||||||||||
Release or discharge of the Guarantor’s guarantee of certain other indebtedness; or | |||||||||||||||||||||||||||||||
Legal defeasance or covenant defeasance of the indenture obligations when provision has been made for them to be fully satisfied. | |||||||||||||||||||||||||||||||
The following tables present the financial position, results of operations and cash flows of SunGard (referred to as “Parent Company” for purposes of this note only), the Guarantor subsidiaries, the Non-Guarantor subsidiaries and Eliminations as of December 31, 2012 and September 30, 2013, and for the three and nine month periods ended September 30, 2012 and 2013 to arrive at the information for SunGard on a consolidated basis. SCC and SCCII are neither parties to nor guarantors of the debt issued as described in Note 5 of Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for 2012. | |||||||||||||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 220 | $ | (3 | ) | $ | 329 | $ | — | $ | 546 | ||||||||||||||||||||
Intercompany balances | — | 2,457 | 742 | (3,199 | ) | — | |||||||||||||||||||||||||
Trade receivables, net | 3 | 566 | (a) | 331 | — | 900 | |||||||||||||||||||||||||
Prepaid expenses, taxes and other current assets | 1,312 | 70 | 89 | (1,241 | ) | 230 | |||||||||||||||||||||||||
Total current assets | 1,535 | 3,090 | 1,491 | (4,440 | ) | 1,676 | |||||||||||||||||||||||||
Property and equipment, net | — | 574 | 300 | — | 874 | ||||||||||||||||||||||||||
Intangible assets, net | 112 | 2,413 | 404 | — | 2,929 | ||||||||||||||||||||||||||
Deferred income taxes | 39 | — | — | (39 | ) | — | |||||||||||||||||||||||||
Intercompany balances | 254 | 7 | 76 | (337 | ) | — | |||||||||||||||||||||||||
Goodwill | — | 3,470 | 1,069 | — | 4,539 | ||||||||||||||||||||||||||
Investment in subsidiaries | 8,620 | 2,101 | — | (10,721 | ) | — | |||||||||||||||||||||||||
Total Assets | $ | 10,560 | $ | 11,655 | $ | 3,340 | $ | (15,537 | ) | $ | 10,018 | ||||||||||||||||||||
Liabilities and Stockholder’s Equity | |||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Short-term and current portion of long-term debt | $ | 57 | $ | — | $ | 6 | $ | — | $ | 63 | |||||||||||||||||||||
Intercompany balances | 3,199 | — | — | (3,199 | ) | — | |||||||||||||||||||||||||
Accounts payable and other current liabilities | 70 | 1,983 | 632 | (1,241 | ) | 1,444 | |||||||||||||||||||||||||
Total current liabilities | 3,326 | 1,983 | 638 | (4,440 | ) | 1,507 | |||||||||||||||||||||||||
Long-term debt | 6,343 | 2 | 254 | — | 6,599 | ||||||||||||||||||||||||||
Intercompany debt | 83 | — | 254 | (337 | ) | — | |||||||||||||||||||||||||
Deferred and other income taxes | 92 | 1,000 | 67 | (39 | ) | 1,120 | |||||||||||||||||||||||||
Other liabilities | — | 50 | 26 | — | 76 | ||||||||||||||||||||||||||
Total liabilities | 9,844 | 3,035 | 1,239 | (4,816 | ) | 9,302 | |||||||||||||||||||||||||
Total stockholder’s equity | 716 | 8,620 | 2,101 | (10,721 | ) | 716 | |||||||||||||||||||||||||
Total Liabilities and Stockholder’s Equity | $ | 10,560 | $ | 11,655 | $ | 3,340 | $ | (15,537 | ) | $ | 10,018 | ||||||||||||||||||||
(a) This balance is primarily comprised of a receivable from the borrower under the secured accounts receivable facility, which is a non-Guarantor subsidiary, resulting from the normal, recurring sale of accounts receivable under the receivables facility. In a liquidation, the first $250 million (plus interest) of collections of accounts receivable sold to this subsidiary are due to the receivables facility lender. The remaining balance would be available for collection for the benefit of the Guarantors. | |||||||||||||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 316 | $ | — | $ | 373 | $ | — | $ | 689 | |||||||||||||||||||||
Intercompany balances | — | 2,951 | 694 | (3,645 | ) | — | |||||||||||||||||||||||||
Trade receivables, net | 10 | 473 | (b) | 232 | — | 715 | |||||||||||||||||||||||||
Prepaid expenses, taxes and other current assets | 1,432 | 73 | 104 | (1,381 | ) | 228 | |||||||||||||||||||||||||
Total current assets | 1,758 | 3,497 | 1,403 | (5,026 | ) | 1,632 | |||||||||||||||||||||||||
Property and equipment, net | — | 540 | 272 | — | 812 | ||||||||||||||||||||||||||
Intangible assets, net | 108 | 2,208 | 359 | — | 2,675 | ||||||||||||||||||||||||||
Deferred income taxes | 38 | — | — | (38 | ) | — | |||||||||||||||||||||||||
Intercompany balances | 261 | 8 | 76 | (345 | ) | — | |||||||||||||||||||||||||
Goodwill | — | 3,468 | 1,077 | — | 4,545 | ||||||||||||||||||||||||||
Investment in subsidiaries | 8,742 | 2,075 | — | (10,817 | ) | — | |||||||||||||||||||||||||
Total Assets | $ | 10,907 | $ | 11,796 | $ | 3,187 | $ | (16,226 | ) | $ | 9,664 | ||||||||||||||||||||
Liabilities and Stockholder’s Equity | |||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Short-term and current portion of long-term debt | $ | 335 | $ | 1 | $ | 6 | $ | — | $ | 342 | |||||||||||||||||||||
Intercompany balances | 3,646 | — | — | (3,646 | ) | — | |||||||||||||||||||||||||
Accounts payable and other current liabilities | 116 | 2,079 | 549 | (1,381 | ) | 1,363 | |||||||||||||||||||||||||
Total current liabilities | 4,097 | 2,080 | 555 | (5,027 | ) | 1,705 | |||||||||||||||||||||||||
Long-term debt | 5,901 | 2 | 203 | — | 6,106 | ||||||||||||||||||||||||||
Intercompany debt | 83 | — | 261 | (344 | ) | — | |||||||||||||||||||||||||
Deferred and other income taxes | 98 | 924 | 41 | (38 | ) | 1,025 | |||||||||||||||||||||||||
Other liabilities | — | 48 | 52 | — | 100 | ||||||||||||||||||||||||||
Total liabilities | 10,179 | 3,054 | 1,112 | (5,409 | ) | 8,936 | |||||||||||||||||||||||||
Total stockholder’s equity | 728 | 8,742 | 2,075 | (10,817 | ) | 728 | |||||||||||||||||||||||||
Total Liabilities and Stockholder’s Equity | $ | 10,907 | $ | 11,796 | $ | 3,187 | $ | (16,226 | ) | $ | 9,664 | ||||||||||||||||||||
(b) This balance is primarily comprised of a receivable from the borrower under the secured accounts receivable facility, which is a non-Guarantor subsidiary, resulting from the normal, recurring sale of accounts receivable under the receivables facility. In a liquidation, the first $200 million (plus interest) of collections of accounts receivable sold to this subsidiary are due to the receivables facility lender. The remaining balance would be available for collection for the benefit of the Guarantors. | |||||||||||||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Schedule of Comprehensive Income | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||
Total revenue | $ | — | $ | 725 | $ | 394 | $ | (84 | ) | $ | 1,035 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Cost of sales and administrative expenses (excluding depreciation) | 20 | 506 | 323 | (84 | ) | 765 | |||||||||||||||||||||||||
Depreciation | — | 48 | 22 | — | 70 | ||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1 | 76 | 17 | — | 94 | ||||||||||||||||||||||||||
Goodwill impairment charges | — | 385 | — | — | 385 | ||||||||||||||||||||||||||
Total costs and expenses | 21 | 1,015 | 362 | (84 | ) | 1,314 | |||||||||||||||||||||||||
Operating income (loss) | (21 | ) | (290 | ) | 32 | — | (279 | ) | |||||||||||||||||||||||
Net interest income (expense) | (94 | ) | — | (7 | ) | — | (101 | ) | |||||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries (c) | (287 | ) | 25 | — | 262 | — | |||||||||||||||||||||||||
Other income (expense) | — | — | — | — | — | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (402 | ) | (265 | ) | 25 | 262 | (380 | ) | |||||||||||||||||||||||
Benefit from (provision for) income taxes | 40 | (18 | ) | (9 | ) | — | 13 | ||||||||||||||||||||||||
Income (loss) from continuing operations | (362 | ) | (283 | ) | 16 | 262 | (367 | ) | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | (4 | ) | 9 | — | 5 | |||||||||||||||||||||||||
Net income (loss) | $ | (362 | ) | $ | (287 | ) | $ | 25 | $ | 262 | $ | (362 | ) | ||||||||||||||||||
Comprehensive income (loss) | $ | (330 | ) | $ | (265 | ) | $ | 45 | $ | 220 | $ | (330 | ) | ||||||||||||||||||
(c) The Supplemental Condensed Consolidating Schedule of Comprehensive Income for Parent Company and Guarantor Subsidiaries for the three months ended September 30, 2012 has been revised to present all equity in earnings of unconsolidated subsidiaries in a single caption within Other income (expense). The portion of equity in earnings of unconsolidated subsidiaries which related to the investees’ income (loss) from discontinued operations had previously been presented separately in the Income (loss) from discontinued operations, net of tax caption for the Parent Company and Guarantor Subsidiaries. This revision has also been reflected in the Net income (loss) and Income (loss) from discontinued operations captions in the Supplemental Condensed Consolidating Schedule of Cash Flows for Parent Company and Guarantor Subsidiaries for the same periods. | |||||||||||||||||||||||||||||||
While these revisions have no impact on the previously reported Net income or total cash flows from operations of the Parent Company or Guarantor Subsidiaries, they resulted in the following changes to previously reported amounts. For the Parent Company in 2012, Equity in earnings of unconsolidated subsidiaries changed from $(292) million to $(287) million; Income (loss) from continuing operations changed from $(367) million to $(362) million; and Income (loss) from discontinued operations, net of tax changed from $5 million to $- million. For the Guarantor Subsidiaries in 2012, Equity in earnings of unconsolidated subsidiaries changed from $16 million to $25 million; Income (loss) from continuing operations changed from $(292) million to $(283) million; and Income (loss) from discontinued operations, net of tax changed from $5 million to $(4) million. These revisions had no impact on the consolidated results of the Company and were not material to the Supplemental Condensed Consolidating Schedule of Comprehensive Income or the Supplemental Condensed Consolidating Schedule of Cash Flows for any period. | |||||||||||||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Schedule of Comprehensive Income | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||
Total revenue | $ | — | $ | 712 | $ | 402 | $ | (86 | ) | $ | 1,028 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Cost of sales and administrative expenses (excluding depreciation) | 25 | 498 | 314 | (86 | ) | 751 | |||||||||||||||||||||||||
Depreciation | 1 | 50 | 22 | — | 73 | ||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | — | 67 | 15 | — | 82 | ||||||||||||||||||||||||||
Goodwill impairment charges | — | — | — | — | — | ||||||||||||||||||||||||||
Total costs and expenses | 26 | 615 | 351 | (86 | ) | 906 | |||||||||||||||||||||||||
Operating income (loss) | (26 | ) | 97 | 51 | — | 122 | |||||||||||||||||||||||||
Net interest income (expense) | (91 | ) | 1 | (5 | ) | — | (95 | ) | |||||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 99 | 32 | — | (131 | ) | — | |||||||||||||||||||||||||
Other income (expense) | (1 | ) | — | — | — | (1 | ) | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (19 | ) | 130 | 46 | (131 | ) | 26 | ||||||||||||||||||||||||
Benefit from (provision for) income taxes | 42 | (31 | ) | (14 | ) | — | (3 | ) | |||||||||||||||||||||||
Income (loss) from continuing operations | 23 | 99 | 32 | (131 | ) | 23 | |||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) | 23 | 99 | $ | 32 | (131 | ) | 23 | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 75 | $ | 144 | $ | 77 | $ | (221 | ) | $ | 75 | ||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Schedule of Comprehensive Income | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||
Total revenue | $ | — | $ | 2,170 | $ | 1,218 | $ | (257 | ) | $ | 3,131 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Cost of sales and administrative expenses (excluding depreciation) | 69 | 1,562 | 988 | (257 | ) | 2,362 | |||||||||||||||||||||||||
Depreciation | — | 144 | 67 | — | 211 | ||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1 | 245 | 49 | — | 295 | ||||||||||||||||||||||||||
Goodwill impairment charges | — | 385 | — | — | 385 | ||||||||||||||||||||||||||
Total costs and expenses | 70 | 2,336 | 1,104 | (257 | ) | 3,253 | |||||||||||||||||||||||||
Operating income (loss) | (70 | ) | (166 | ) | 114 | — | (122 | ) | |||||||||||||||||||||||
Net interest income (expense) | (303 | ) | — | (21 | ) | — | (324 | ) | |||||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries (d) | (83 | ) | 65 | — | 18 | — | |||||||||||||||||||||||||
Other income (expense) | (51 | ) | — | 2 | — | (49 | ) | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (507 | ) | (101 | ) | 95 | 18 | (495 | ) | |||||||||||||||||||||||
Benefit from (provision for) income taxes | 147 | (68 | ) | (35 | ) | — | 44 | ||||||||||||||||||||||||
Income (loss) from continuing operations | (360 | ) | (169 | ) | 60 | 18 | (451 | ) | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 225 | 86 | 5 | — | 316 | ||||||||||||||||||||||||||
Net income (loss) | $ | (135 | ) | $ | (83 | ) | $ | 65 | $ | 18 | $ | (135 | ) | ||||||||||||||||||
Comprehensive income (loss) | $ | (108 | ) | $ | (65 | ) | $ | 80 | $ | (15 | ) | $ | (108 | ) | |||||||||||||||||
(d) The Supplemental Condensed Consolidating Schedule of Comprehensive Income for Parent Company and Guarantor Subsidiaries for the nine months ended September 30, 2012 has been revised to present all equity in earnings of unconsolidated subsidiaries in a single caption within Other income (expense). The portion of equity in earnings of unconsolidated subsidiaries which related to the investees’ income (loss) from discontinued operations had previously been presented separately in the Income (loss) from discontinued operations, net of tax caption for the Parent Company and Guarantor Subsidiaries. This revision has also been reflected in the Net income (loss) and Income (loss) from discontinued operations captions in the Supplemental Condensed Consolidating Schedule of Cash Flows for Parent Company and Guarantor Subsidiaries for the same periods. | |||||||||||||||||||||||||||||||
While these revisions have no impact on the previously reported Net income or total cash flows from operations of the Parent Company or Guarantor Subsidiaries, they resulted in the following changes to previously reported amounts. For the Parent Company in 2012, Equity in earnings of unconsolidated subsidiaries changed from $(174) million to $(83) million; Income (loss) from continuing operations changed from $(451) million to $(360) million; and Income (loss) from discontinued operations, net of tax changed from $316 million to $225 million. For the Guarantor Subsidiaries in 2012, Equity in earnings of unconsolidated subsidiaries changed from $60 million to $65 million; Income (loss) from continuing operations changed from $(174) million to $(169) million; and Income (loss) from discontinued operations, net of tax changed from $91 million to $86 million. These revisions had no impact on the consolidated results of the Company and were not material to the Supplemental Condensed Consolidating Schedule of Comprehensive Income or the Supplemental Condensed Consolidating Schedule of Cash Flows for any period. | |||||||||||||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Schedule of Comprehensive Income | ||||||||||||||||||||||||||||||
Nine Months Ended September 30 2013 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||
Total revenue | $ | — | $ | 2,112 | $ | 1,201 | $ | (262 | ) | $ | 3,051 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Cost of sales and administrative expenses (excluding depreciation) | 74 | 1,518 | 955 | (262 | ) | 2,285 | |||||||||||||||||||||||||
Depreciation | 1 | 150 | 71 | — | 222 | ||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | — | 208 | 47 | — | 255 | ||||||||||||||||||||||||||
Goodwill impairment charges | — | — | — | — | — | ||||||||||||||||||||||||||
Total costs and expenses | 75 | 1,876 | 1,073 | (262 | ) | 2,762 | |||||||||||||||||||||||||
Operating income (loss) | (75 | ) | 236 | 128 | — | 289 | |||||||||||||||||||||||||
Net interest income (expense) | (283 | ) | — | (18 | ) | — | (301 | ) | |||||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 234 | 87 | — | (321 | ) | — | |||||||||||||||||||||||||
Other income (expense) | (6 | ) | — | (1 | ) | — | (7 | ) | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (130 | ) | 323 | 109 | (321 | ) | (19 | ) | |||||||||||||||||||||||
Benefit from (provision for) income taxes | 121 | (89 | ) | (22 | ) | — | 10 | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (9 | ) | $ | 234 | $ | 87 | $ | (321 | ) | $ | (9 | ) | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | — | — | - | ||||||||||||||||||||||||||
Net income (loss) | $ | (9 | ) | $ | 234 | $ | 87 | $ | (321 | ) | $ | (9 | ) | ||||||||||||||||||
Comprehensive income (loss) | $ | (5 | ) | $ | 232 | $ | 91 | $ | (323 | ) | $ | (5 | ) | ||||||||||||||||||
Supplemental Condensed Consolidating Schedule of Cash Flows Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||
Cash flow from operations: | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (135 | ) | $ | (83 | ) | $ | 65 | $ | 18 | $ | (135 | ) | ||||||||||||||||||
Income (loss) from discontinued operations | 225 | 86 | 5 | — | 316 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | (360 | ) | (169 | ) | 60 | 18 | (451 | ) | |||||||||||||||||||||||
Non cash adjustments | 220 | 653 | 111 | (18 | ) | 966 | |||||||||||||||||||||||||
Changes in operating assets and liabilities | (175 | ) | 92 | (6 | ) | — | (89 | ) | |||||||||||||||||||||||
Cash flow from (used in) continuing operations | (315 | ) | 576 | 165 | — | 426 | |||||||||||||||||||||||||
Cash flow from (used in) discontinued operations | (338 | ) | (5 | ) | 3 | — | (340 | ) | |||||||||||||||||||||||
Cash flow from (used in) operations | (653 | ) | 571 | 168 | — | 86 | |||||||||||||||||||||||||
Investment activities: | |||||||||||||||||||||||||||||||
Intercompany transactions (e) | 2,342 | (411 | ) | (160 | ) | (1,771 | ) | — | |||||||||||||||||||||||
Cash paid for acquired businesses, net of cash acquired | — | (1 | ) | (9 | ) | — | (10 | ) | |||||||||||||||||||||||
Cash paid for property and equipment and software | — | (125 | ) | (48 | ) | — | (173 | ) | |||||||||||||||||||||||
Other investing activities | (1 | ) | 1 | 3 | — | 3 | |||||||||||||||||||||||||
Cash provided by (used in) continuing operations | 2,341 | (536 | ) | (214 | ) | (1,771 | ) | (180 | ) | ||||||||||||||||||||||
Cash provided by (used in) discontinued | — | 1,744 | 14 | — | 1,758 | ||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||
Cash provided by (used in) investment activities | 2,341 | 1,208 | (200 | ) | (1,771 | ) | 1,578 | ||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||
Intercompany dividends of HE sale proceeds | — | (1,771 | ) | — | 1,771 | — | |||||||||||||||||||||||||
Intercompany dividends | — | — | — | — | — | ||||||||||||||||||||||||||
Net repayments of long-term debt | (1,742 | ) | (2 | ) | — | — | (1,744 | ) | |||||||||||||||||||||||
Premium paid to retire debt | (27 | ) | — | — | — | (27 | ) | ||||||||||||||||||||||||
Other financing activities | (19 | ) | — | — | — | (19 | ) | ||||||||||||||||||||||||
Cash provided by (used in) continuing operations | (1,788 | ) | (1,773 | ) | — | 1,771 | (1,790 | ) | |||||||||||||||||||||||
Cash provided by (used in) discontinued | — | — | — | — | — | ||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (1,788 | ) | (1,773 | ) | — | 1,771 | (1,790 | ) | |||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | 5 | — | 5 | ||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (100 | ) | 6 | (27 | ) | — | (121 | ) | |||||||||||||||||||||||
Beginning cash and cash equivalents | 529 | (15 | ) | 359 | — | 873 | |||||||||||||||||||||||||
Ending cash and cash equivalents | $ | 429 | $ | (9 | ) | $ | 332 | $ | — | $ | 752 | ||||||||||||||||||||
(e) The intercompany cash transactions reflected above within investment activities largely reflect cash dividends or the return of capital, including the cash dividend of $1.8 billion from Guarantor Subsidiaries to Parent in connection with the sale of our Higher Education business. | |||||||||||||||||||||||||||||||
Supplemental Condensed Consolidating Schedule of Cash Flows Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||
Cash flow from operations: | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (9 | ) | $ | 234 | $ | 87 | $ | (321 | ) | $ | (9 | ) | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||||
Income (loss) from continuing operations | (9 | ) | 234 | 87 | (321 | ) | (9 | ) | |||||||||||||||||||||||
Non cash adjustments | (164 | ) | 195 | 92 | 321 | 444 | |||||||||||||||||||||||||
Changes in operating assets and liabilities | (75 | ) | 184 | 25 | — | 134 | |||||||||||||||||||||||||
Cash flow from (used in) continuing operations | (248 | ) | 613 | 204 | — | 569 | |||||||||||||||||||||||||
Cash flow from (used in) discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||||
Cash flow from (used in) operations | (248 | ) | 613 | 204 | — | 569 | |||||||||||||||||||||||||
Investment activities: | |||||||||||||||||||||||||||||||
Intercompany transactions | 555 | (386 | ) | 43 | (212 | ) | — | ||||||||||||||||||||||||
Cash paid for acquired businesses, net of cash acquired | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||||||||||
Cash paid for property and equipment and software | — | (116 | ) | (44 | ) | — | (160 | ) | |||||||||||||||||||||||
Other investing activities | — | — | 1 | — | 1 | ||||||||||||||||||||||||||
Cash provided by (used in) continuing operations | 555 | (503 | ) | — | (212 | ) | (160 | ) | |||||||||||||||||||||||
Cash provided by (used in) discontinued | — | — | — | — | — | ||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||
Cash provided by (used in) investment activities | 555 | (503 | ) | — | (212 | ) | (160 | ) | |||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||
Intercompany dividends of HE sale proceeds | — | — | — | — | — | ||||||||||||||||||||||||||
Intercompany dividends | — | (106 | ) | (106 | ) | 212 | — | ||||||||||||||||||||||||
Net repayments of long-term debt | (193 | ) | (1 | ) | (52 | ) | — | (246 | ) | ||||||||||||||||||||||
Premium paid to retire debt | — | — | — | — | — | ||||||||||||||||||||||||||
Other financing activities | (18 | ) | — | — | — | (18 | ) | ||||||||||||||||||||||||
Cash provided by (used in) continuing operations | (211 | ) | (107 | ) | (158 | ) | 212 | (264 | ) | ||||||||||||||||||||||
Cash provided by (used in) discontinued | — | — | — | — | — | ||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (211 | ) | (107 | ) | (158 | ) | 212 | (264 | ) | ||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 96 | 3 | 44 | — | 143 | ||||||||||||||||||||||||||
Beginning cash and cash equivalents | 220 | (3 | ) | 329 | — | 546 | |||||||||||||||||||||||||
Ending cash and cash equivalents | $ | 316 | $ | — | $ | 373 | $ | — | $ | 689 | |||||||||||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued guidance regarding the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Under certain circumstances, unrecognized tax benefits should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance is a change in financial statement presentation only and has no material impact in the consolidated financial results. The guidance is effective beginning January 1, 2014 on either a prospective or retrospective basis. |
Expense_Classification_Tables
Expense Classification (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Functional Expense Areas | ' | ||||||||||
The impact within the functional expense areas is as follows for the three and nine months ended September 30, 2012: | |||||||||||
Three months ended September 30, 2012 | |||||||||||
As reported | As revised | ||||||||||
Cost of sales and direct operating | $ | 430 | $ | 430 | |||||||
Sales, marketing and administration | 245 | 237 | |||||||||
Product development and maintenance | 90 | 98 | |||||||||
Total functional expenses | $ | 765 | $ | 765 | |||||||
Nine months ended September 30, 2012 | |||||||||||
As reported | As revised | ||||||||||
Cost of sales and direct operating | $ | 1,321 | $ | 1,316 | |||||||
Sales, marketing and administration | 768 | 751 | |||||||||
Product development and maintenance | 273 | 295 | |||||||||
Total functional expenses | $ | 2,362 | $ | 2,362 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Results For Discontinued Operations | ' | ||||||||||||||||||||||||
The results for the discontinued operations for the three and nine months ended September 30, 2012 and 2013 were as follows (in millions): | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||
Revenue | $ | 5 | $ | — | $ | 55 | $ | — | |||||||||||||||||
Operating income (loss) | (1 | ) | — | (4 | ) | — | |||||||||||||||||||
Gain on sale of business | 8 | — | 571 | — | |||||||||||||||||||||
Income (loss) before income taxes | 7 | — | 567 | — | |||||||||||||||||||||
Benefit from (provision for) income taxes | (2 | ) | — | (251 | ) | — | |||||||||||||||||||
Income (loss) from discontinued operations | $ | 5 | $ | — | $ | 316 | $ | — | |||||||||||||||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Goodwill By Segment | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes changes in goodwill by segment (in millions): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Accumulated Impairment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FS | AS | PS&E | Subtotal | AS | PS&E | Subtotal | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 3,516 | $ | 2,243 | $ | 544 | $ | 6,303 | $ | (1,547 | ) | $ | (217 | ) | $ | (1,764 | ) | $ | 4,539 | ||||||||||||||||||||||||||||||||||||
Effect of foreign currency translation | 9 | (2 | ) | — | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | (1 | ) | — | — | (1 | ) | — | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 3,524 | $ | 2,241 | $ | 544 | $ | 6,309 | $ | (1,547 | ) | $ | (217 | ) | $ | (1,764 | ) | $ | 4,545 | ||||||||||||||||||||||||||||||||||||
Future Amortization of Acquisition-Related Intangible Assets | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Based on amounts recorded at September 30, 2013, total expected amortization of all acquisition-related intangible assets in each of the years ended December 31 follows (in millions): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | 341 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 290 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 235 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Unrealized Gains Losses on Derivative Instruments | ' | |||||||||||||||||||||||||
The following table summarizes the unrealized gains (losses) on derivative instruments including the impact of components reclassified into net income from accumulated other comprehensive income for the three and nine months ended September 30, 2012 and 2013 (in millions): | ||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
Other Comprehensive Income Components | 2012 | 2013 | 2012 | 2013 | Affected Line Item in the Statement of Comprehensive | |||||||||||||||||||||
Income for Components Reclassified from OCI | ||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments and other | $ | 1 | $ | (3 | ) | $ | 1 | $ | (3 | ) | ||||||||||||||||
Less: gain (loss) on derivatives reclassified into income | ||||||||||||||||||||||||||
Interest rate contracts | 2 | 1 | 8 | 5 | Interest expense and amortization of deferred financing fees | |||||||||||||||||||||
Forward currency hedges | 1 | 2 | 3 | - | Cost of sales and direct operating | |||||||||||||||||||||
Total reclassified into income | 3 | 3 | 11 | 5 | ||||||||||||||||||||||
Less: income tax benefit (expense) | 1 | (1 | ) | (1 | ) | (2 | ) | |||||||||||||||||||
Unrealized gain (loss) on derivative instruments, net of tax | $ | 5 | $ | (1 | ) | $ | 11 | $ | - | |||||||||||||||||
Component of Accumulated Other Comprehensive Loss, Net of Tax | ' | |||||||||||||||||||||||||
The following table provides a rollforward of the components of accumulated other comprehensive loss, net of tax, through September 30, 2013 as follows (in millions): | ||||||||||||||||||||||||||
Gains (Losses) on Derivative Instruments | Currency | Other | Total Accumulated Other Comprehensive Income (loss) | |||||||||||||||||||||||
Translation | ||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2 | $ | (4 | ) | $ | (1 | ) | $ | (3 | ) | |||||||||||||||
Other comprehensive income before reclassifications | (3 | ) | 10 | (6 | ) | 1 | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income net of tax | 3 | — | — | 3 | ||||||||||||||||||||||
Net current-period other comprehensive income | — | 10 | (6 | ) | 4 | |||||||||||||||||||||
Balance at September 30, 2013 | $ | 2 | $ | 6 | $ | (7 | ) | $ | 1 | |||||||||||||||||
Debt_and_Derivatives_Tables
Debt and Derivatives (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt | ' | ||||||||||||||||
Debt consisted of the following (in millions): | |||||||||||||||||
December 31, | September 30, | ||||||||||||||||
2012 | 2013 | ||||||||||||||||
Senior Secured Credit Facilities: | |||||||||||||||||
Secured revolving credit facility | $ | — | $ | — | |||||||||||||
Tranche A, effective interest rate of 1.96% and 1.93% | 207 | 57 | |||||||||||||||
Tranche B, effective interest rate of 4.35% | 1,719 | — | |||||||||||||||
Tranche C, effective interest rate of 4.17% and 4.41% | 908 | 427 | |||||||||||||||
Tranche D, effective interest rate of 4.50% and 4.50% | 720 | 714 | |||||||||||||||
Tranche E, effective interest rate of 4.10% | — | 2,189 | |||||||||||||||
Total Senior Secured Credit Facilities | 3,554 | 3,387 | |||||||||||||||
Senior Secured Notes due 2014 at 4.875%, net of discount of $4 and $1 | 246 | 249 | |||||||||||||||
Senior Notes due 2018 at 7.375% | 900 | 900 | |||||||||||||||
Senior Notes due 2020 at 7.625% | 700 | 700 | |||||||||||||||
Senior Subordinated Notes due 2019 at 6.625% | 1,000 | 1,000 | |||||||||||||||
Secured accounts receivable facility, at 3.71% and 3.68% | 250 | 200 | |||||||||||||||
Other, primarily foreign bank debt and capital lease obligations | 12 | 12 | |||||||||||||||
Total debt | 6,662 | 6,448 | |||||||||||||||
Short-term borrowings and current portion of long-term debt | (63 | ) | (342 | ) | |||||||||||||
Long-term debt | $ | 6,599 | $ | 6,106 | |||||||||||||
Interest Rate Swaps | ' | ||||||||||||||||
A summary of the Company’s interest rate swaps at September 30, 2013 follows (in millions): | |||||||||||||||||
Inception | Maturity | Notional | Interest | Interest | |||||||||||||
Amount | rate | rate | |||||||||||||||
(in millions) | paid | received | |||||||||||||||
(LIBOR) | |||||||||||||||||
August-September 2012 | February 2017 | $ | 400 | 0.69 | % | 1-Month | |||||||||||
June 2013 | June 2019 | 100 | 1.86 | % | 3-Month | ||||||||||||
September 2013 | Jun-19 | 100 | 2.26 | % | 3-Month | ||||||||||||
Total / Weighted Average | $ | 600 | 1.15 | % | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||
The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2013 (in millions): | |||||||||||||||||||||||||||||
Fair Value Measures Using | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents—money market funds | $ | 330 | $ | — | $ | — | $ | 330 | |||||||||||||||||||||
Interest rate swap agreements and other | — | 2 | — | 2 | |||||||||||||||||||||||||
Total | $ | 330 | 2 | — | 332 | ||||||||||||||||||||||||
The following table summarizes assets and liabilities measured at fair value on a recurring basis at December 31, 2012 (in millions): | |||||||||||||||||||||||||||||
Fair Value Measures Using | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents—money market funds | $ | 227 | $ | — | $ | — | $ | 227 | |||||||||||||||||||||
Currency forward contracts | — | 4 | — | 4 | |||||||||||||||||||||||||
Total | $ | 227 | $ | 4 | $ | — | $ | 231 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Interest rate swap agreements and other | $ | — | $ | 4 | $ | — | $ | 4 | |||||||||||||||||||||
Carrying Amount and Estimated Fair Value of Debt, Including Current Portion and Excluding Interest Rate Swaps | ' | ||||||||||||||||||||||||||||
The following table presents the carrying amount and estimated fair value of the Company’s debt, including the current portion and excluding the interest rate swaps, as of December 31, 2012 and September 30, 2013 (in millions): | |||||||||||||||||||||||||||||
December 31, 2012 | September 30, 2013 | ||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||||||
Floating rate debt | $ | 3,803 | $ | 3,826 | $ | 3,587 | $ | 3,601 | |||||||||||||||||||||
Fixed rate debt | 2,859 | 3,023 | 2,861 | 2,976 | |||||||||||||||||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||
Rollforward of SCC's Equity | ' | ||||||||||||||||||||||||||||||||||
A rollforward of SCC’s equity for 2013 follows (in millions): | |||||||||||||||||||||||||||||||||||
SunGard Capital Corp. stockholders | Noncontrolling interest | ||||||||||||||||||||||||||||||||||
Class L - | Class A - | Permanent | Total | Temporary | Permanent | Total | |||||||||||||||||||||||||||||
temporary | temporary | equity | equity | equity | |||||||||||||||||||||||||||||||
equity | equity | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 45 | $ | 5 | $ | (961 | ) | $ | (911 | ) | $ | 26 | $ | 1,575 | $ | 1,601 | |||||||||||||||||||
Net income (loss) | — | — | (130 | ) | (130 | ) | 2 | 119 | 121 | ||||||||||||||||||||||||||
Foreign currency translation | — | — | 10 | 10 | — | — | — | ||||||||||||||||||||||||||||
Net unrealized gain on derivative instruments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | — | — | (6 | ) | (6 | ) | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | (126 | ) | (126 | ) | 2 | 119 | 121 | ||||||||||||||||||||||||||
Stock compensation expense | — | — | 35 | 35 | — | — | — | ||||||||||||||||||||||||||||
Termination of put options due to employee terminations and other | (8 | ) | (1 | ) | 11 | 2 | (4 | ) | 2 | (2 | ) | ||||||||||||||||||||||||
Purchase of treasury stock | — | — | (4 | ) | (4 | ) | — | (3 | ) | (3 | ) | ||||||||||||||||||||||||
Transfer intrinsic value of vested restricted stock units | 15 | — | (25 | ) | (10 | ) | 10 | — | 10 | ||||||||||||||||||||||||||
Other | — | — | (8 | ) | (8 | ) | — | — | — | ||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 52 | $ | 4 | $ | (1,078 | ) | $ | (1,022 | ) | $ | 34 | $ | 1,693 | $ | 1,727 | |||||||||||||||||||
A rollforward of SCC’s equity for 2012 follows (in millions): | |||||||||||||||||||||||||||||||||||
SunGard Capital Corp. stockholders | Noncontrolling interest | ||||||||||||||||||||||||||||||||||
Class L - | Class A - | Permanent | Total | Temporary | Permanent | Total | |||||||||||||||||||||||||||||
temporary | temporary | equity | equity | equity | |||||||||||||||||||||||||||||||
equity | equity | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 47 | $ | 6 | $ | (663 | ) | $ | (610 | ) | $ | 28 | $ | 2,038 | $ | 2,066 | |||||||||||||||||||
Net income (loss) | — | — | (321 | ) | (321 | ) | — | 186 | 186 | ||||||||||||||||||||||||||
Foreign currency translation | — | — | 16 | 16 | — | — | — | ||||||||||||||||||||||||||||
Net unrealized gain on derivative instruments | — | — | 11 | 11 | — | — | — | ||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | (294 | ) | (294 | ) | — | 186 | 186 | ||||||||||||||||||||||||||
Stock compensation expense | — | — | 29 | 29 | — | — | — | ||||||||||||||||||||||||||||
Termination of put options due to employee terminations and other | (16 | ) | (2 | ) | 20 | 2 | (8 | ) | 5 | (3 | ) | ||||||||||||||||||||||||
Issuance of common and preferred stock | — | — | 1 | 1 | — | — | — | ||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | (7 | ) | (7 | ) | — | (2 | ) | (2 | ) | ||||||||||||||||||||||||
Transfer intrinsic value of vested restricted stock units | 15 | 1 | (25 | ) | (9 | ) | 9 | — | 9 | ||||||||||||||||||||||||||
Other | — | — | (10 | ) | (10 | ) | — | — | — | ||||||||||||||||||||||||||
Balance at September 30, 2012 | $ | 46 | $ | 5 | $ | (949 | ) | $ | (898 | ) | $ | 29 | $ | 2,227 | $ | 2,256 | |||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Results | ' | |||||||||||||||||||||||||||||||||||||||||||||||
The operating results for the three months ended September 30, 2013 and 2012 for each segment follow (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | FS | AS | PS&E | Sum of | ||||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 635 | (1 | ) | $ | 340 | $ | 53 | $ | 1,028 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 194 | (1 | ) | 108 | 16 | 318 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 30.5 | % | 31.6 | % | 31.4 | % | 30.9 | % | ||||||||||||||||||||||||||||||||||||||||
Year to year revenue change | (1 | )% | (2 | )% | 6 | % | (1 | )% | ||||||||||||||||||||||||||||||||||||||||
Year to year Adjusted EBITDA change | 14 | % | (11 | )% | 10 | % | 4 | % | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | FS | AS | PS&E | Sum of | ||||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 640 | $ | 346 | $ | 49 | $ | 1,035 | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 170 | 120 | 15 | 305 | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 26.6 | % | 34.8 | % | 30.4 | % | 29.5 | % | ||||||||||||||||||||||||||||||||||||||||
The operating results for the nine months ended September 30, 2013 and 2012 for each segment follow (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | FS | AS | PS&E | Sum of | ||||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,867 | (1 | ) | $ | 1,029 | $ | 155 | $ | 3,051 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 502 | (1)(2) | 325 | 48 | 875 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 26.9 | % | 31.5 | % | 31.2 | % | 28.7 | % | ||||||||||||||||||||||||||||||||||||||||
Year to year revenue change | (3 | )% | (2 | )% | 2 | % | (3 | )% | ||||||||||||||||||||||||||||||||||||||||
Year to year Adjusted EBITDA change | 6 | % | (7 | )% | 3 | % | — | % | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | FS | AS | PS&E | Sum of | ||||||||||||||||||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,928 | $ | 1,052 | $ | 151 | $ | 3,131 | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 474 | 351 | 47 | 872 | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 24.6 | % | 33.4 | % | 31.0 | % | 27.9 | % | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to Income Loss from Continuing Operations before Income Taxes | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to income (loss) from continuing operations before income taxes: | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (sum of segments) | $ | 305 | $ | 318 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | (10 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation (3) | (70 | ) | (73 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | (94 | ) | (82 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charge | (385 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||
Severance and facility closure costs | (13 | ) | (9 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | (9 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Management fees | (3 | ) | (3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other costs (included in operating income) | — | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (101 | ) | (95 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax | $ | (380 | ) | $ | 26 | |||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to income (loss) from continuing operations before income taxes: | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (sum of segments) | $ | 872 | $ | 875 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | (35 | ) | (36 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation (3) | (211 | ) | (222 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | (295 | ) | (255 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charge | (385 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||
Severance and facility closure costs | (22 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | (29 | ) | (35 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Management fees | (9 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other costs (included in operating income) | (8 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (324 | ) | (301 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (51 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | 2 | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax | $ | (495 | ) | $ | (19 | ) | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization and Capital Expenditures by Segment | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization and capital expenditures by segment follow (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | FS | AS | PS&E | Sum of | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 23 | $ | 34 | $ | 2 | $ | 59 | $ | — | $ | 59 | ||||||||||||||||||||||||||||||||||||
Depreciation(3) | 22 | 49 | 2 | 73 | — | 73 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 40 | 38 | 3 | 81 | 1 | 82 | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | FS | AS | PS&E | Sum of | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 19 | $ | 36 | $ | 2 | $ | 57 | $ | 1 | $ | 58 | ||||||||||||||||||||||||||||||||||||
Depreciation(3) | 22 | 46 | 1 | 69 | 1 | 70 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 49 | 40 | 5 | 94 | — | 94 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization and capital expenditures by segment follow (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | FS | AS | PS&E | Sum of | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 64 | $ | 89 | $ | 6 | $ | 159 | $ | 1 | $ | 160 | ||||||||||||||||||||||||||||||||||||
Depreciation(3) | 67 | 149 | 5 | 221 | 1 | 222 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 128 | 115 | 11 | 254 | 1 | 255 | ||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | FS | AS | PS&E | Sum of | Corporate | Total | ||||||||||||||||||||||||||||||||||||||||||
segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 62 | $ | 104 | $ | 6 | $ | 172 | $ | 1 | $ | 173 | ||||||||||||||||||||||||||||||||||||
Depreciation(3) | 63 | 142 | 5 | 210 | 1 | 211 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 155 | 126 | 14 | 295 | — | 295 | ||||||||||||||||||||||||||||||||||||||||||
(1) SunGard received approximately $12 million in proceeds relating to a bankruptcy claim assigned and sold to a third party in the third quarter of 2013. The claim related to a Financial Systems customer that filed for Chapter 11 bankruptcy in January 2013. The amount of the claim represented previously reserved revenue, which has now been recognized, and a termination charge related to the customer contract. | ||||||||||||||||||||||||||||||||||||||||||||||||
(2) During the second quarter of 2013, the Company completed a review of its accounting practices related to vacation pay obligations. In countries where the vacation policy stipulated that vacation days earned in the current year must be used in that same year, the Company adjusted its quarterly estimate of accrued vacation costs to better match expense recognition with amounts payable to employees when leaving the Company. The impact of the change in estimate was an aggregate decrease to costs and expenses of $9 million for the nine month period ended September 30, 2013. The impact of this change is expected to be negligible for the full year. | ||||||||||||||||||||||||||||||||||||||||||||||||
(3) Includes amortization of capitalized software. |
Employee_Termination_Benefits_1
Employee Termination Benefits and Facility Closures (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Liability for Workforce Reductions and Facility Closures | ' | ||||||||||||||||||||||||
The following table provides a rollforward of the liability balances for workforce reductions and facility closures, which occurred through September 30, 2013 (in millions): | |||||||||||||||||||||||||
Balance | Expense Related | Paid | Other | Balance | |||||||||||||||||||||
12/31/12 | to 2013 Actions | Adjustments* | 9/30/13 | ||||||||||||||||||||||
Workforce-related | $ | 32 | $ | 18 | $ | (23 | ) | $ | (6 | ) | $ | 21 | |||||||||||||
Facilities | 22 | 1 | (3 | ) | — | 20 | |||||||||||||||||||
Total | $ | 54 | $ | 19 | $ | (26 | ) | $ | (6 | ) | $ | 41 | |||||||||||||
* The other adjustments column in the table principally relates to changes in estimates from when the initial charge was recorded and also foreign currency translation and other adjustments. |
Supplemental_Guarantor_Condens1
Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 220 | $ | (3 | ) | $ | 329 | $ | — | $ | 546 | ||||||||||||||||||||
Intercompany balances | — | 2,457 | 742 | (3,199 | ) | — | |||||||||||||||||||||||||
Trade receivables, net | 3 | 566 | (a) | 331 | — | 900 | |||||||||||||||||||||||||
Prepaid expenses, taxes and other current assets | 1,312 | 70 | 89 | (1,241 | ) | 230 | |||||||||||||||||||||||||
Total current assets | 1,535 | 3,090 | 1,491 | (4,440 | ) | 1,676 | |||||||||||||||||||||||||
Property and equipment, net | — | 574 | 300 | — | 874 | ||||||||||||||||||||||||||
Intangible assets, net | 112 | 2,413 | 404 | — | 2,929 | ||||||||||||||||||||||||||
Deferred income taxes | 39 | — | — | (39 | ) | — | |||||||||||||||||||||||||
Intercompany balances | 254 | 7 | 76 | (337 | ) | — | |||||||||||||||||||||||||
Goodwill | — | 3,470 | 1,069 | — | 4,539 | ||||||||||||||||||||||||||
Investment in subsidiaries | 8,620 | 2,101 | — | (10,721 | ) | — | |||||||||||||||||||||||||
Total Assets | $ | 10,560 | $ | 11,655 | $ | 3,340 | $ | (15,537 | ) | $ | 10,018 | ||||||||||||||||||||
Liabilities and Stockholder’s Equity | |||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Short-term and current portion of long-term debt | $ | 57 | $ | — | $ | 6 | $ | — | $ | 63 | |||||||||||||||||||||
Intercompany balances | 3,199 | — | — | (3,199 | ) | — | |||||||||||||||||||||||||
Accounts payable and other current liabilities | 70 | 1,983 | 632 | (1,241 | ) | 1,444 | |||||||||||||||||||||||||
Total current liabilities | 3,326 | 1,983 | 638 | (4,440 | ) | 1,507 | |||||||||||||||||||||||||
Long-term debt | 6,343 | 2 | 254 | — | 6,599 | ||||||||||||||||||||||||||
Intercompany debt | 83 | — | 254 | (337 | ) | — | |||||||||||||||||||||||||
Deferred and other income taxes | 92 | 1,000 | 67 | (39 | ) | 1,120 | |||||||||||||||||||||||||
Other liabilities | — | 50 | 26 | — | 76 | ||||||||||||||||||||||||||
Total liabilities | 9,844 | 3,035 | 1,239 | (4,816 | ) | 9,302 | |||||||||||||||||||||||||
Total stockholder’s equity | 716 | 8,620 | 2,101 | (10,721 | ) | 716 | |||||||||||||||||||||||||
Total Liabilities and Stockholder’s Equity | $ | 10,560 | $ | 11,655 | $ | 3,340 | $ | (15,537 | ) | $ | 10,018 | ||||||||||||||||||||
(a) This balance is primarily comprised of a receivable from the borrower under the secured accounts receivable facility, which is a non-Guarantor subsidiary, resulting from the normal, recurring sale of accounts receivable under the receivables facility. In a liquidation, the first $250 million (plus interest) of collections of accounts receivable sold to this subsidiary are due to the receivables facility lender. The remaining balance would be available for collection for the benefit of the Guarantors. | |||||||||||||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 316 | $ | — | $ | 373 | $ | — | $ | 689 | |||||||||||||||||||||
Intercompany balances | — | 2,951 | 694 | (3,645 | ) | — | |||||||||||||||||||||||||
Trade receivables, net | 10 | 473 | (b) | 232 | — | 715 | |||||||||||||||||||||||||
Prepaid expenses, taxes and other current assets | 1,432 | 73 | 104 | (1,381 | ) | 228 | |||||||||||||||||||||||||
Total current assets | 1,758 | 3,497 | 1,403 | (5,026 | ) | 1,632 | |||||||||||||||||||||||||
Property and equipment, net | — | 540 | 272 | — | 812 | ||||||||||||||||||||||||||
Intangible assets, net | 108 | 2,208 | 359 | — | 2,675 | ||||||||||||||||||||||||||
Deferred income taxes | 38 | — | — | (38 | ) | — | |||||||||||||||||||||||||
Intercompany balances | 261 | 8 | 76 | (345 | ) | — | |||||||||||||||||||||||||
Goodwill | — | 3,468 | 1,077 | — | 4,545 | ||||||||||||||||||||||||||
Investment in subsidiaries | 8,742 | 2,075 | — | (10,817 | ) | — | |||||||||||||||||||||||||
Total Assets | $ | 10,907 | $ | 11,796 | $ | 3,187 | $ | (16,226 | ) | $ | 9,664 | ||||||||||||||||||||
Liabilities and Stockholder’s Equity | |||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||
Short-term and current portion of long-term debt | $ | 335 | $ | 1 | $ | 6 | $ | — | $ | 342 | |||||||||||||||||||||
Intercompany balances | 3,646 | — | — | (3,646 | ) | — | |||||||||||||||||||||||||
Accounts payable and other current liabilities | 116 | 2,079 | 549 | (1,381 | ) | 1,363 | |||||||||||||||||||||||||
Total current liabilities | 4,097 | 2,080 | 555 | (5,027 | ) | 1,705 | |||||||||||||||||||||||||
Long-term debt | 5,901 | 2 | 203 | — | 6,106 | ||||||||||||||||||||||||||
Intercompany debt | 83 | — | 261 | (344 | ) | — | |||||||||||||||||||||||||
Deferred and other income taxes | 98 | 924 | 41 | (38 | ) | 1,025 | |||||||||||||||||||||||||
Other liabilities | — | 48 | 52 | — | 100 | ||||||||||||||||||||||||||
Total liabilities | 10,179 | 3,054 | 1,112 | (5,409 | ) | 8,936 | |||||||||||||||||||||||||
Total stockholder’s equity | 728 | 8,742 | 2,075 | (10,817 | ) | 728 | |||||||||||||||||||||||||
Total Liabilities and Stockholder’s Equity | $ | 10,907 | $ | 11,796 | $ | 3,187 | $ | (16,226 | ) | $ | 9,664 | ||||||||||||||||||||
(b) This balance is primarily comprised of a receivable from the borrower under the secured accounts receivable facility, which is a non-Guarantor subsidiary, resulting from the normal, recurring sale of accounts receivable under the receivables facility. In a liquidation, the first $200 million (plus interest) of collections of accounts receivable sold to this subsidiary are due to the receivables facility lender. The remaining balance would be available for collection for the benefit of the Guarantors. | |||||||||||||||||||||||||||||||
Supplemental Condensed Consolidating Schedule of Comprehensive Income | ' | ||||||||||||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Schedule of Comprehensive Income | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||
Total revenue | $ | — | $ | 725 | $ | 394 | $ | (84 | ) | $ | 1,035 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Cost of sales and administrative expenses (excluding depreciation) | 20 | 506 | 323 | (84 | ) | 765 | |||||||||||||||||||||||||
Depreciation | — | 48 | 22 | — | 70 | ||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1 | 76 | 17 | — | 94 | ||||||||||||||||||||||||||
Goodwill impairment charges | — | 385 | — | — | 385 | ||||||||||||||||||||||||||
Total costs and expenses | 21 | 1,015 | 362 | (84 | ) | 1,314 | |||||||||||||||||||||||||
Operating income (loss) | (21 | ) | (290 | ) | 32 | — | (279 | ) | |||||||||||||||||||||||
Net interest income (expense) | (94 | ) | — | (7 | ) | — | (101 | ) | |||||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries (c) | (287 | ) | 25 | — | 262 | — | |||||||||||||||||||||||||
Other income (expense) | — | — | — | — | — | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (402 | ) | (265 | ) | 25 | 262 | (380 | ) | |||||||||||||||||||||||
Benefit from (provision for) income taxes | 40 | (18 | ) | (9 | ) | — | 13 | ||||||||||||||||||||||||
Income (loss) from continuing operations | (362 | ) | (283 | ) | 16 | 262 | (367 | ) | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | (4 | ) | 9 | — | 5 | |||||||||||||||||||||||||
Net income (loss) | $ | (362 | ) | $ | (287 | ) | $ | 25 | $ | 262 | $ | (362 | ) | ||||||||||||||||||
Comprehensive income (loss) | $ | (330 | ) | $ | (265 | ) | $ | 45 | $ | 220 | $ | (330 | ) | ||||||||||||||||||
(c) The Supplemental Condensed Consolidating Schedule of Comprehensive Income for Parent Company and Guarantor Subsidiaries for the three months ended September 30, 2012 has been revised to present all equity in earnings of unconsolidated subsidiaries in a single caption within Other income (expense). The portion of equity in earnings of unconsolidated subsidiaries which related to the investees’ income (loss) from discontinued operations had previously been presented separately in the Income (loss) from discontinued operations, net of tax caption for the Parent Company and Guarantor Subsidiaries. This revision has also been reflected in the Net income (loss) and Income (loss) from discontinued operations captions in the Supplemental Condensed Consolidating Schedule of Cash Flows for Parent Company and Guarantor Subsidiaries for the same periods. | |||||||||||||||||||||||||||||||
While these revisions have no impact on the previously reported Net income or total cash flows from operations of the Parent Company or Guarantor Subsidiaries, they resulted in the following changes to previously reported amounts. For the Parent Company in 2012, Equity in earnings of unconsolidated subsidiaries changed from $(292) million to $(287) million; Income (loss) from continuing operations changed from $(367) million to $(362) million; and Income (loss) from discontinued operations, net of tax changed from $5 million to $- million. For the Guarantor Subsidiaries in 2012, Equity in earnings of unconsolidated subsidiaries changed from $16 million to $25 million; Income (loss) from continuing operations changed from $(292) million to $(283) million; and Income (loss) from discontinued operations, net of tax changed from $5 million to $(4) million. These revisions had no impact on the consolidated results of the Company and were not material to the Supplemental Condensed Consolidating Schedule of Comprehensive Income or the Supplemental Condensed Consolidating Schedule of Cash Flows for any period. | |||||||||||||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Schedule of Comprehensive Income | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||
Total revenue | $ | — | $ | 712 | $ | 402 | $ | (86 | ) | $ | 1,028 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Cost of sales and administrative expenses (excluding depreciation) | 25 | 498 | 314 | (86 | ) | 751 | |||||||||||||||||||||||||
Depreciation | 1 | 50 | 22 | — | 73 | ||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | — | 67 | 15 | — | 82 | ||||||||||||||||||||||||||
Goodwill impairment charges | — | — | — | — | — | ||||||||||||||||||||||||||
Total costs and expenses | 26 | 615 | 351 | (86 | ) | 906 | |||||||||||||||||||||||||
Operating income (loss) | (26 | ) | 97 | 51 | — | 122 | |||||||||||||||||||||||||
Net interest income (expense) | (91 | ) | 1 | (5 | ) | — | (95 | ) | |||||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 99 | 32 | — | (131 | ) | — | |||||||||||||||||||||||||
Other income (expense) | (1 | ) | — | — | — | (1 | ) | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (19 | ) | 130 | 46 | (131 | ) | 26 | ||||||||||||||||||||||||
Benefit from (provision for) income taxes | 42 | (31 | ) | (14 | ) | — | (3 | ) | |||||||||||||||||||||||
Income (loss) from continuing operations | 23 | 99 | 32 | (131 | ) | 23 | |||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) | 23 | 99 | $ | 32 | (131 | ) | 23 | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 75 | $ | 144 | $ | 77 | $ | (221 | ) | $ | 75 | ||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Schedule of Comprehensive Income | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||
Total revenue | $ | — | $ | 2,170 | $ | 1,218 | $ | (257 | ) | $ | 3,131 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Cost of sales and administrative expenses (excluding depreciation) | 69 | 1,562 | 988 | (257 | ) | 2,362 | |||||||||||||||||||||||||
Depreciation | — | 144 | 67 | — | 211 | ||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1 | 245 | 49 | — | 295 | ||||||||||||||||||||||||||
Goodwill impairment charges | — | 385 | — | — | 385 | ||||||||||||||||||||||||||
Total costs and expenses | 70 | 2,336 | 1,104 | (257 | ) | 3,253 | |||||||||||||||||||||||||
Operating income (loss) | (70 | ) | (166 | ) | 114 | — | (122 | ) | |||||||||||||||||||||||
Net interest income (expense) | (303 | ) | — | (21 | ) | — | (324 | ) | |||||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries (d) | (83 | ) | 65 | — | 18 | — | |||||||||||||||||||||||||
Other income (expense) | (51 | ) | — | 2 | — | (49 | ) | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (507 | ) | (101 | ) | 95 | 18 | (495 | ) | |||||||||||||||||||||||
Benefit from (provision for) income taxes | 147 | (68 | ) | (35 | ) | — | 44 | ||||||||||||||||||||||||
Income (loss) from continuing operations | (360 | ) | (169 | ) | 60 | 18 | (451 | ) | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 225 | 86 | 5 | — | 316 | ||||||||||||||||||||||||||
Net income (loss) | $ | (135 | ) | $ | (83 | ) | $ | 65 | $ | 18 | $ | (135 | ) | ||||||||||||||||||
Comprehensive income (loss) | $ | (108 | ) | $ | (65 | ) | $ | 80 | $ | (15 | ) | $ | (108 | ) | |||||||||||||||||
(d) The Supplemental Condensed Consolidating Schedule of Comprehensive Income for Parent Company and Guarantor Subsidiaries for the nine months ended September 30, 2012 has been revised to present all equity in earnings of unconsolidated subsidiaries in a single caption within Other income (expense). The portion of equity in earnings of unconsolidated subsidiaries which related to the investees’ income (loss) from discontinued operations had previously been presented separately in the Income (loss) from discontinued operations, net of tax caption for the Parent Company and Guarantor Subsidiaries. This revision has also been reflected in the Net income (loss) and Income (loss) from discontinued operations captions in the Supplemental Condensed Consolidating Schedule of Cash Flows for Parent Company and Guarantor Subsidiaries for the same periods. | |||||||||||||||||||||||||||||||
While these revisions have no impact on the previously reported Net income or total cash flows from operations of the Parent Company or Guarantor Subsidiaries, they resulted in the following changes to previously reported amounts. For the Parent Company in 2012, Equity in earnings of unconsolidated subsidiaries changed from $(174) million to $(83) million; Income (loss) from continuing operations changed from $(451) million to $(360) million; and Income (loss) from discontinued operations, net of tax changed from $316 million to $225 million. For the Guarantor Subsidiaries in 2012, Equity in earnings of unconsolidated subsidiaries changed from $60 million to $65 million; Income (loss) from continuing operations changed from $(174) million to $(169) million; and Income (loss) from discontinued operations, net of tax changed from $91 million to $86 million. These revisions had no impact on the consolidated results of the Company and were not material to the Supplemental Condensed Consolidating Schedule of Comprehensive Income or the Supplemental Condensed Consolidating Schedule of Cash Flows for any period. | |||||||||||||||||||||||||||||||
(in millions) | Supplemental Condensed Consolidating Schedule of Comprehensive Income | ||||||||||||||||||||||||||||||
Nine Months Ended September 30 2013 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||
Total revenue | $ | — | $ | 2,112 | $ | 1,201 | $ | (262 | ) | $ | 3,051 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Cost of sales and administrative expenses (excluding depreciation) | 74 | 1,518 | 955 | (262 | ) | 2,285 | |||||||||||||||||||||||||
Depreciation | 1 | 150 | 71 | — | 222 | ||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | — | 208 | 47 | — | 255 | ||||||||||||||||||||||||||
Goodwill impairment charges | — | — | — | — | — | ||||||||||||||||||||||||||
Total costs and expenses | 75 | 1,876 | 1,073 | (262 | ) | 2,762 | |||||||||||||||||||||||||
Operating income (loss) | (75 | ) | 236 | 128 | — | 289 | |||||||||||||||||||||||||
Net interest income (expense) | (283 | ) | — | (18 | ) | — | (301 | ) | |||||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 234 | 87 | — | (321 | ) | — | |||||||||||||||||||||||||
Other income (expense) | (6 | ) | — | (1 | ) | — | (7 | ) | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (130 | ) | 323 | 109 | (321 | ) | (19 | ) | |||||||||||||||||||||||
Benefit from (provision for) income taxes | 121 | (89 | ) | (22 | ) | — | 10 | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (9 | ) | $ | 234 | $ | 87 | $ | (321 | ) | $ | (9 | ) | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | — | — | - | ||||||||||||||||||||||||||
Net income (loss) | $ | (9 | ) | $ | 234 | $ | 87 | $ | (321 | ) | $ | (9 | ) | ||||||||||||||||||
Comprehensive income (loss) | $ | (5 | ) | $ | 232 | $ | 91 | $ | (323 | ) | $ | (5 | ) | ||||||||||||||||||
Supplemental Condensed Consolidating Schedule of Cash Flows | ' | ||||||||||||||||||||||||||||||
Supplemental Condensed Consolidating Schedule of Cash Flows Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||
Cash flow from operations: | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (135 | ) | $ | (83 | ) | $ | 65 | $ | 18 | $ | (135 | ) | ||||||||||||||||||
Income (loss) from discontinued operations | 225 | 86 | 5 | — | 316 | ||||||||||||||||||||||||||
Income (loss) from continuing operations | (360 | ) | (169 | ) | 60 | 18 | (451 | ) | |||||||||||||||||||||||
Non cash adjustments | 220 | 653 | 111 | (18 | ) | 966 | |||||||||||||||||||||||||
Changes in operating assets and liabilities | (175 | ) | 92 | (6 | ) | — | (89 | ) | |||||||||||||||||||||||
Cash flow from (used in) continuing operations | (315 | ) | 576 | 165 | — | 426 | |||||||||||||||||||||||||
Cash flow from (used in) discontinued operations | (338 | ) | (5 | ) | 3 | — | (340 | ) | |||||||||||||||||||||||
Cash flow from (used in) operations | (653 | ) | 571 | 168 | — | 86 | |||||||||||||||||||||||||
Investment activities: | |||||||||||||||||||||||||||||||
Intercompany transactions (e) | 2,342 | (411 | ) | (160 | ) | (1,771 | ) | — | |||||||||||||||||||||||
Cash paid for acquired businesses, net of cash acquired | — | (1 | ) | (9 | ) | — | (10 | ) | |||||||||||||||||||||||
Cash paid for property and equipment and software | — | (125 | ) | (48 | ) | — | (173 | ) | |||||||||||||||||||||||
Other investing activities | (1 | ) | 1 | 3 | — | 3 | |||||||||||||||||||||||||
Cash provided by (used in) continuing operations | 2,341 | (536 | ) | (214 | ) | (1,771 | ) | (180 | ) | ||||||||||||||||||||||
Cash provided by (used in) discontinued | — | 1,744 | 14 | — | 1,758 | ||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||
Cash provided by (used in) investment activities | 2,341 | 1,208 | (200 | ) | (1,771 | ) | 1,578 | ||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||
Intercompany dividends of HE sale proceeds | — | (1,771 | ) | — | 1,771 | — | |||||||||||||||||||||||||
Intercompany dividends | — | — | — | — | — | ||||||||||||||||||||||||||
Net repayments of long-term debt | (1,742 | ) | (2 | ) | — | — | (1,744 | ) | |||||||||||||||||||||||
Premium paid to retire debt | (27 | ) | — | — | — | (27 | ) | ||||||||||||||||||||||||
Other financing activities | (19 | ) | — | — | — | (19 | ) | ||||||||||||||||||||||||
Cash provided by (used in) continuing operations | (1,788 | ) | (1,773 | ) | — | 1,771 | (1,790 | ) | |||||||||||||||||||||||
Cash provided by (used in) discontinued | — | — | — | — | — | ||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (1,788 | ) | (1,773 | ) | — | 1,771 | (1,790 | ) | |||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | 5 | — | 5 | ||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (100 | ) | 6 | (27 | ) | — | (121 | ) | |||||||||||||||||||||||
Beginning cash and cash equivalents | 529 | (15 | ) | 359 | — | 873 | |||||||||||||||||||||||||
Ending cash and cash equivalents | $ | 429 | $ | (9 | ) | $ | 332 | $ | — | $ | 752 | ||||||||||||||||||||
(e) The intercompany cash transactions reflected above within investment activities largely reflect cash dividends or the return of capital, including the cash dividend of $1.8 billion from Guarantor Subsidiaries to Parent in connection with the sale of our Higher Education business. | |||||||||||||||||||||||||||||||
Supplemental Condensed Consolidating Schedule of Cash Flows Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||
Cash flow from operations: | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (9 | ) | $ | 234 | $ | 87 | $ | (321 | ) | $ | (9 | ) | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||||
Income (loss) from continuing operations | (9 | ) | 234 | 87 | (321 | ) | (9 | ) | |||||||||||||||||||||||
Non cash adjustments | (164 | ) | 195 | 92 | 321 | 444 | |||||||||||||||||||||||||
Changes in operating assets and liabilities | (75 | ) | 184 | 25 | — | 134 | |||||||||||||||||||||||||
Cash flow from (used in) continuing operations | (248 | ) | 613 | 204 | — | 569 | |||||||||||||||||||||||||
Cash flow from (used in) discontinued operations | — | — | — | — | — | ||||||||||||||||||||||||||
Cash flow from (used in) operations | (248 | ) | 613 | 204 | — | 569 | |||||||||||||||||||||||||
Investment activities: | |||||||||||||||||||||||||||||||
Intercompany transactions | 555 | (386 | ) | 43 | (212 | ) | — | ||||||||||||||||||||||||
Cash paid for acquired businesses, net of cash acquired | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||||||||||
Cash paid for property and equipment and software | — | (116 | ) | (44 | ) | — | (160 | ) | |||||||||||||||||||||||
Other investing activities | — | — | 1 | — | 1 | ||||||||||||||||||||||||||
Cash provided by (used in) continuing operations | 555 | (503 | ) | — | (212 | ) | (160 | ) | |||||||||||||||||||||||
Cash provided by (used in) discontinued | — | — | — | — | — | ||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||
Cash provided by (used in) investment activities | 555 | (503 | ) | — | (212 | ) | (160 | ) | |||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||
Intercompany dividends of HE sale proceeds | — | — | — | — | — | ||||||||||||||||||||||||||
Intercompany dividends | — | (106 | ) | (106 | ) | 212 | — | ||||||||||||||||||||||||
Net repayments of long-term debt | (193 | ) | (1 | ) | (52 | ) | — | (246 | ) | ||||||||||||||||||||||
Premium paid to retire debt | — | — | — | — | — | ||||||||||||||||||||||||||
Other financing activities | (18 | ) | — | — | — | (18 | ) | ||||||||||||||||||||||||
Cash provided by (used in) continuing operations | (211 | ) | (107 | ) | (158 | ) | 212 | (264 | ) | ||||||||||||||||||||||
Cash provided by (used in) discontinued | — | — | — | — | — | ||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (211 | ) | (107 | ) | (158 | ) | 212 | (264 | ) | ||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 96 | 3 | 44 | — | 143 | ||||||||||||||||||||||||||
Beginning cash and cash equivalents | 220 | (3 | ) | 329 | — | 546 | |||||||||||||||||||||||||
Ending cash and cash equivalents | $ | 316 | $ | — | $ | 373 | $ | — | $ | 689 | |||||||||||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Basis Of Presentation [Line Items] | ' |
Number of reportable segments | 3 |
Functional_Expense_Areas_Detai
Functional Expense Areas (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cost of sales and direct operating (excluding depreciation) | $423 | $430 | $1,284 | $1,316 |
Sales, marketing and administration | 232 | 237 | 716 | 751 |
Product development and maintenance | 96 | 98 | 285 | 295 |
As reported | ' | ' | ' | ' |
Cost of sales and direct operating (excluding depreciation) | ' | 430 | ' | 1,321 |
Sales, marketing and administration | ' | 245 | ' | 768 |
Product development and maintenance | ' | 90 | ' | 273 |
Total functional expenses | ' | 765 | ' | 2,362 |
As revised | ' | ' | ' | ' |
Cost of sales and direct operating (excluding depreciation) | ' | 430 | ' | 1,316 |
Sales, marketing and administration | ' | 237 | ' | 751 |
Product development and maintenance | ' | 98 | ' | 295 |
Total functional expenses | ' | $765 | ' | $2,362 |
Results_for_Discontinued_Opera
Results for Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income (loss) from discontinued operations | ' | $5 | ' | $316 |
Segment, Discontinued Operations | ' | ' | ' | ' |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Revenue | ' | 5 | ' | 55 |
Operating income (loss) | ' | -1 | ' | -4 |
Gain on sale of business | ' | 8 | ' | 571 |
Income (loss) before income taxes | ' | 7 | ' | 567 |
Benefit from (provision for) income taxes | ' | -2 | ' | -251 |
Income (loss) from discontinued operations | ' | $5 | ' | $316 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) | 1 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2012 | Jan. 31, 2012 | Jul. 31, 2012 |
USD ($) | SunGard's HE Business | SunGard Global Services France | |
Segment, Discontinued Operations | EUR (€) | ||
USD ($) | |||
Business Acquisitions And Dispositions [Line Items] | ' | ' | ' |
Net cash proceeds from sale of business | $1,222 | ' | ' |
Proceeds from sale of business | ' | 1,775 | ' |
Proceed from sale of subsidiary | ' | ' | € 14 |
Changes_in_Goodwill_by_Reporta
Changes in Goodwill by Reportable Segment (Detail) (USD $) | 9 Months Ended | |||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill Gross | Goodwill Gross | Goodwill Gross | Goodwill Gross | Goodwill Gross | Accumulated Impairment | Accumulated Impairment | Accumulated Impairment | Accumulated Impairment | Accumulated Impairment | Accumulated Impairment | ||
Financial Systems | Availability Services | Public Sector and Education | Public Sector and Education | Availability Services | Availability Services | Public Sector and Education | Public Sector and Education | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $4,539 | $6,303 | $3,516 | $2,243 | $544 | $544 | ($1,764) | ($1,764) | ($1,547) | ($1,547) | ($217) | ($217) |
Effect of foreign currency translation | 7 | 7 | 9 | -2 | ' | ' | ' | ' | ' | ' | ' | ' |
Other | -1 | -1 | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance | $4,545 | $6,309 | $3,524 | $2,241 | $544 | $544 | ($1,764) | ($1,764) | ($1,547) | ($1,547) | ($217) | ($217) |
Future_Amortization_of_Acquire
Future Amortization of Acquired Intangible Assets (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Schedule Of Estimated Future Amortization Expense [Line Items] | ' |
2013 | $341 |
2014 | 290 |
2015 | 235 |
2016 | 215 |
2017 | $207 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Jul. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Segment | Reporting units where the excess of estimated fair value over carrying value was less than 10% of carrying value | Reporting units where the excess of estimated fair value over carrying value was more than 25% of carrying value | Goodwill balance as of the July 1 test date for units where the fair value of goodwill is less than 10% greater than the carrying value | Minimum | Maximum | 50 Basis Point Decrease in Assumed Royalty Rate | 100 Basis Point Decrease in Assumed Royalty Rate | 100 Basis Point Increase in Discount Rate | |||
Segment | Segment | ||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade Name impairment loss for a percent change in the assumed royalty rate or discount rate | ' | ' | ' | ' | ' | ' | ' | ' | $156 | $372 | $51 |
Trade Name Percentage Of Fair Value In Excess Of Carrying Amount | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reporting Units | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions used in estimating the fair value of a reporting unit for annual goodwill impairment test, discount rates | ' | ' | ' | ' | ' | ' | 9.00% | 13.50% | ' | ' | ' |
Assumptions used in estimating the fair value of a reporting unit for annual goodwill impairment test, perpetual growth rates | ' | ' | ' | ' | ' | ' | 1.50% | 4.00% | ' | ' | ' |
Number of operating units | ' | ' | ' | 1 | 5 | ' | ' | ' | ' | ' | ' |
Goodwill | ' | $4,545 | $4,539 | ' | ' | $527 | ' | ' | ' | ' | ' |
Unrealized_Gains_Losses_on_Der
Unrealized Gains Losses on Derivative Instruments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ' | ' | ' | ' |
Unrealized gain (loss) on derivative instruments, net of tax | ($1) | $5 | ' | $11 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ' | ' | ' | ' |
Unrealized gain (loss) on derivative instruments and other | -3 | 1 | -3 | 1 |
Gain (loss) on derivatives reclassified into income | 3 | 3 | 5 | 11 |
Less: income tax benefit (expense) | -1 | 1 | -2 | -1 |
Unrealized gain (loss) on derivative instruments, net of tax | -1 | 5 | ' | 11 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Interest rate contracts | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives reclassified into income | 1 | 2 | 5 | 8 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Forward currency hedges | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ' | ' | ' | ' |
Gain (loss) on derivatives reclassified into income | $2 | $1 | ' | $3 |
Component_of_Accumulated_Other
Component of Accumulated Other Comprehensive Loss Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | ($3) | ' |
Other comprehensive income before reclassifications | ' | ' | 1 | ' |
Amounts reclassified from accumulated other comprehensive income net of tax | ' | ' | 3 | ' |
Net current-period other comprehensive income | 52 | 32 | 4 | 27 |
Balance at September 30, 2013 | 1 | ' | 1 | ' |
Foreign Currency Gain (Loss) | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | -4 | ' |
Other comprehensive income before reclassifications | ' | ' | 10 | ' |
Net current-period other comprehensive income | ' | ' | 10 | ' |
Balance at September 30, 2013 | 6 | ' | 6 | ' |
Other | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | -1 | ' |
Other comprehensive income before reclassifications | ' | ' | -6 | ' |
Net current-period other comprehensive income | ' | ' | -6 | ' |
Balance at September 30, 2013 | -7 | ' | -7 | ' |
Gains (Losses) on Derivative Instruments | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | 2 | ' |
Other comprehensive income before reclassifications | ' | ' | -3 | ' |
Amounts reclassified from accumulated other comprehensive income net of tax | ' | ' | 3 | ' |
Net current-period other comprehensive income | ' | ' | ' | ' |
Balance at September 30, 2013 | $2 | ' | $2 | ' |
Debt_Detail
Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $6,448 | $6,662 |
Short-term borrowings and current portion of long-term debt | -342 | -63 |
Long-term debt | 6,106 | 6,599 |
Senior Secured Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, outstanding amount | 3,387 | 3,554 |
Senior Secured Credit Facility | Revolving Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, outstanding amount | ' | ' |
Senior Secured Credit Facility | Tranche A | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, outstanding amount | 57 | 207 |
Senior Secured Credit Facility | Tranche B | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, outstanding amount | ' | 1,719 |
Senior Secured Credit Facility | Tranche C | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, outstanding amount | 427 | 908 |
Senior Secured Credit Facility | Tranche D | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, outstanding amount | 714 | 720 |
Senior Secured Credit Facility | Tranche E | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, outstanding amount | 2,189 | ' |
Senior Secured Notes 4.875% due 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes or Senior Subordinated Notes | 249 | 246 |
Senior Notes 7.375% due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes or Senior Subordinated Notes | 900 | 900 |
Senior Notes 7.625% due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes or Senior Subordinated Notes | 700 | 700 |
Senior Subordinated Notes 6.625% due 2019 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes or Senior Subordinated Notes | 1,000 | 1,000 |
Accounts Receivable Facilities | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, outstanding amount | 200 | 250 |
Debt and Capital Lease Obligations, Other | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other, primarily foreign bank debt and capital lease obligations | $12 | $12 |
Debt_Parenthetical_Detail
Debt (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Senior Secured Credit Facility | Tranche A | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, effective interest rate | 1.93% | 1.96% |
Senior Secured Credit Facility | Tranche B | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, effective interest rate | 4.35% | 4.35% |
Senior Secured Credit Facility | Tranche C | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, effective interest rate | 4.41% | 4.17% |
Senior Secured Credit Facility | Tranche D | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, effective interest rate | 4.50% | 4.50% |
Senior Secured Credit Facility | Tranche E | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, effective interest rate | 4.10% | ' |
Senior Secured Notes 4.875% due 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes or Senior Subordinated Notes, due date | '2014 | '2014 |
Senior Notes, interest Rate | 4.88% | 4.88% |
Discount on notes | 1 | 4 |
Senior Notes 7.375% due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes or Senior Subordinated Notes, due date | '2018 | '2018 |
Senior Notes, interest Rate | 7.38% | 7.38% |
Senior Notes 7.625% due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes or Senior Subordinated Notes, due date | '2020 | '2020 |
Senior Notes, interest Rate | 7.63% | 7.63% |
Senior Subordinated Notes 6.625% due 2019 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes or Senior Subordinated Notes, due date | '2019 | '2019 |
Senior Notes, interest Rate | 6.63% | 6.63% |
Accounts Receivable Facilities | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt agreement, effective interest rate | 3.68% | 3.71% |
Interest_Rate_Swaps_Detail
Interest Rate Swaps (Detail) (Interest Rate Swap, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Derivative [Line Items] | ' |
Notional Amount | $600 |
Interest rate paid | 1.15% |
Derivative Instrument 1 | ' |
Derivative [Line Items] | ' |
Maturity | '2017-02 |
Notional Amount | 400 |
Interest rate paid | 0.69% |
Interest rate received (LIBOR) | '1 month |
Derivative Instrument 1 | Minimum | ' |
Derivative [Line Items] | ' |
Inception | '2012-08 |
Derivative Instrument 1 | Maximum | ' |
Derivative [Line Items] | ' |
Inception | '2012-09 |
Derivative Instrument 2 | ' |
Derivative [Line Items] | ' |
Inception | '2013-06 |
Maturity | '2019-06 |
Notional Amount | 100 |
Interest rate paid | 1.86% |
Interest rate received (LIBOR) | '3 months |
Derivative Instrument 3 | ' |
Derivative [Line Items] | ' |
Inception | '2013-09 |
Maturity | '2019-06 |
Notional Amount | $100 |
Interest rate paid | 2.26% |
Interest rate received (LIBOR) | '3 months |
Debt_and_Derivatives_Additiona
Debt and Derivatives - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 08, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Interest Rate Swap | Interest Rate Swap | One Month Libor | Three Month Libor | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | Accounts Receivable Facilities | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | ||||
Other Accrued Expenses | Other Intangible Assets | Tranche E | Tranche B | Tranche C | Revolving Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Libor Floor Rate | Tranche A | Tranche A | Tranche A | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of revolving commitment of secured accounts receivable facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | ' | ' | ' |
Proceeds from term loan | ' | 2,173 | -17 | ' | ' | ' | ' | ' | ' | 2,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Mar-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash used to repay debt | ' | 2,419 | 1,727 | ' | ' | ' | ' | ' | ' | ' | 1,719 | 481 | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 880 | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Mar-18 | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate over base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 1.00% | ' | ' | ' | ' |
Libor plus interest rate on term loan | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required quarterly principal repayment, as a percentage of funded total principal amount | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | -1 | -6 | -51 | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | 50 | 50 |
Interest rate received | ' | ' | ' | ' | ' | 0.18% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flow hedging instruments | ' | ' | ' | 5 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swaps, amount expected to be reclassified from OCI into earnings in the next twelve months | $4 | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents—money market funds | $330 | $227 |
Interest rate swap agreements and other | 2 | ' |
Currency forward contracts | ' | 4 |
Total | 332 | 231 |
Liabilities | ' | ' |
Interest rate swap agreements and other | ' | 4 |
Fair Value Measures Using Level 1 | ' | ' |
Assets | ' | ' |
Cash and cash equivalents—money market funds | 330 | 227 |
Total | 330 | 227 |
Fair Value Measures Using Level 2 | ' | ' |
Assets | ' | ' |
Interest rate swap agreements and other | 2 | ' |
Currency forward contracts | ' | 4 |
Total | 2 | 4 |
Liabilities | ' | ' |
Interest rate swap agreements and other | ' | 4 |
Fair Value Measures Using Level 3 | ' | ' |
Assets | ' | ' |
Cash and cash equivalents—money market funds | ' | ' |
Interest rate swap agreements and other | ' | ' |
Currency forward contracts | ' | ' |
Total | ' | ' |
Liabilities | ' | ' |
Interest rate swap agreements and other | ' | ' |
Carrying_Amount_and_Estimated_
Carrying Amount and Estimated Fair Value of Debt Including Current Portion and Excluding Interest Rate Swaps (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Floating Rate Debt | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | $3,587 | $3,803 |
Fair Value | 3,601 | 3,826 |
Fixed Rate Debt | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Carrying Value | 2,861 | 2,859 |
Fair Value | $2,976 | $3,023 |
Rollforward_of_SCCs_Equity_Det
Rollforward of SCC's Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($961) | ' |
Net income (loss) | -26 | -426 | -130 | -321 |
Other | -1 | ' | -6 | ' |
Comprehensive income (loss) | 26 | -394 | -126 | -294 |
Stock compensation expense | 12 | 9 | 35 | 29 |
Ending Balance | -1,078 | ' | -1,078 | ' |
Net income (loss) | 49 | 64 | 121 | 186 |
Comprehensive income (loss) | 49 | 64 | 121 | 186 |
SunGard Capital Corp. stockholders | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -911 | -610 |
Net income (loss) | ' | ' | -130 | -321 |
Foreign currency translation | ' | ' | 10 | 16 |
Net unrealized gain on derivative instruments | ' | ' | ' | 11 |
Other | ' | ' | -6 | ' |
Comprehensive income (loss) | ' | ' | -126 | -294 |
Stock compensation expense | ' | ' | 35 | 29 |
Termination of put options due to employee terminations and other | ' | ' | 2 | 2 |
Purchase of treasury stock | ' | ' | -4 | -7 |
Transfer intrinsic value of vested restricted stock units | ' | ' | -10 | -9 |
Other | ' | ' | -8 | -10 |
Ending Balance | -1,022 | -898 | -1,022 | -898 |
Issuance of common and preferred stock | ' | ' | ' | 1 |
SunGard Capital Corp. stockholders | Class L - temporary equity | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 45 | 47 |
Net income (loss) | ' | ' | ' | ' |
Foreign currency translation | ' | ' | ' | ' |
Net unrealized gain on derivative instruments | ' | ' | ' | ' |
Other | ' | ' | ' | ' |
Comprehensive income (loss) | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' |
Termination of put options due to employee terminations and other | ' | ' | -8 | -16 |
Purchase of treasury stock | ' | ' | ' | ' |
Transfer intrinsic value of vested restricted stock units | ' | ' | 15 | 15 |
Other | ' | ' | ' | ' |
Ending Balance | 52 | 46 | 52 | 46 |
Issuance of common and preferred stock | ' | ' | ' | ' |
SunGard Capital Corp. stockholders | Class A - temporary equity | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 5 | 6 |
Net income (loss) | ' | ' | ' | ' |
Foreign currency translation | ' | ' | ' | ' |
Net unrealized gain on derivative instruments | ' | ' | ' | ' |
Other | ' | ' | ' | ' |
Comprehensive income (loss) | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' |
Termination of put options due to employee terminations and other | ' | ' | -1 | -2 |
Purchase of treasury stock | ' | ' | ' | ' |
Transfer intrinsic value of vested restricted stock units | ' | ' | ' | 1 |
Other | ' | ' | ' | ' |
Ending Balance | 4 | 5 | 4 | 5 |
Issuance of common and preferred stock | ' | ' | ' | ' |
SunGard Capital Corp. stockholders | Permanent equity | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -961 | -663 |
Net income (loss) | ' | ' | -130 | -321 |
Foreign currency translation | ' | ' | 10 | 16 |
Net unrealized gain on derivative instruments | ' | ' | ' | 11 |
Other | ' | ' | -6 | ' |
Comprehensive income (loss) | ' | ' | -126 | -294 |
Stock compensation expense | ' | ' | 35 | 29 |
Termination of put options due to employee terminations and other | ' | ' | 11 | 20 |
Purchase of treasury stock | ' | ' | -4 | -7 |
Transfer intrinsic value of vested restricted stock units | ' | ' | -25 | -25 |
Other | ' | ' | -8 | -10 |
Ending Balance | -1,078 | -949 | -1,078 | -949 |
Issuance of common and preferred stock | ' | ' | ' | 1 |
Noncontrolling Interest | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 1,601 | 2,066 |
Other | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' |
Termination of put options due to employee terminations and other | ' | ' | -2 | -3 |
Purchase of treasury stock | ' | ' | -3 | -2 |
Transfer intrinsic value of vested restricted stock units | ' | ' | 10 | 9 |
Other | ' | ' | ' | ' |
Ending Balance | 1,727 | 2,256 | 1,727 | 2,256 |
Issuance of common and preferred stock | ' | ' | ' | ' |
Net income (loss) | ' | ' | 121 | 186 |
Foreign currency translation | ' | ' | ' | ' |
Net unrealized gain on derivative instruments | ' | ' | ' | ' |
Comprehensive income (loss) | ' | ' | 121 | 186 |
Noncontrolling Interest | Permanent equity | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 1,575 | 2,038 |
Other | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' |
Termination of put options due to employee terminations and other | ' | ' | 2 | 5 |
Purchase of treasury stock | ' | ' | -3 | -2 |
Transfer intrinsic value of vested restricted stock units | ' | ' | ' | ' |
Other | ' | ' | ' | ' |
Ending Balance | 1,693 | 2,227 | 1,693 | 2,227 |
Issuance of common and preferred stock | ' | ' | ' | ' |
Net income (loss) | ' | ' | 119 | 186 |
Foreign currency translation | ' | ' | ' | ' |
Net unrealized gain on derivative instruments | ' | ' | ' | ' |
Comprehensive income (loss) | ' | ' | 119 | 186 |
Noncontrolling Interest | Temporary equity | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 26 | 28 |
Other | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' |
Termination of put options due to employee terminations and other | ' | ' | -4 | -8 |
Purchase of treasury stock | ' | ' | ' | ' |
Transfer intrinsic value of vested restricted stock units | ' | ' | 10 | 9 |
Other | ' | ' | ' | ' |
Ending Balance | 34 | 29 | 34 | 29 |
Issuance of common and preferred stock | ' | ' | ' | ' |
Net income (loss) | ' | ' | 2 | ' |
Foreign currency translation | ' | ' | ' | ' |
Net unrealized gain on derivative instruments | ' | ' | ' | ' |
Comprehensive income (loss) | ' | ' | $2 | ' |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 |
Class Of Stock [Line Items] | ' |
Measurement date | 'June 1, 2017 |
Aggregate expense subject to continued employment | $22 |
Measurement period on a straight-line basis | '4 years |
Time-based appreciation rights using the Black-Scholes pricing model | $4 |
Class A common stock | ' |
Class Of Stock [Line Items] | ' |
Common stock shares held in time or performance based vesting | 1.3 |
Class L common stock | ' |
Class Of Stock [Line Items] | ' |
Common stock shares held in time or performance based vesting | 0.1444 |
Preferred Stock | ' |
Class Of Stock [Line Items] | ' |
Common stock shares held in time or performance based vesting | 0.05 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Income Taxes [Line Items] | ' |
Income tax benefit associated with a tax accounting method change related to certain lease related reserves | $9 |
Operating_Results_for_Each_Seg
Operating Results for Each Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Selected Financial Information [Line Items] | ' | ' | ' | ' | ||
Revenue | $1,028 | $1,035 | $3,051 | $3,131 | ||
Adjusted EBITDA | 318 | 305 | 875 | 872 | ||
Adjusted EBITDA margin | 30.90% | 29.50% | 28.70% | 27.90% | ||
Year to year revenue change | -1.00% | ' | -3.00% | ' | ||
Year to year Adjusted EBITDA change | 4.00% | ' | ' | ' | ||
Financial Systems | ' | ' | ' | ' | ||
Selected Financial Information [Line Items] | ' | ' | ' | ' | ||
Revenue | 635 | [1] | 640 | 1,867 | [1] | 1,928 |
Adjusted EBITDA | 194 | [1] | 170 | 502 | [1],[2] | 474 |
Adjusted EBITDA margin | 30.50% | 26.60% | 26.90% | 24.60% | ||
Year to year revenue change | -1.00% | ' | -3.00% | ' | ||
Year to year Adjusted EBITDA change | 14.00% | ' | 6.00% | ' | ||
Availability Services | ' | ' | ' | ' | ||
Selected Financial Information [Line Items] | ' | ' | ' | ' | ||
Revenue | 340 | 346 | 1,029 | 1,052 | ||
Adjusted EBITDA | 108 | 120 | 325 | 351 | ||
Adjusted EBITDA margin | 31.60% | 34.80% | 31.50% | 33.40% | ||
Year to year revenue change | -2.00% | ' | -2.00% | ' | ||
Year to year Adjusted EBITDA change | -11.00% | ' | -7.00% | ' | ||
Public Sector and Education | ' | ' | ' | ' | ||
Selected Financial Information [Line Items] | ' | ' | ' | ' | ||
Revenue | 53 | 49 | 155 | 151 | ||
Adjusted EBITDA | $16 | $15 | $48 | $47 | ||
Adjusted EBITDA margin | 31.40% | 30.40% | 31.20% | 31.00% | ||
Year to year revenue change | 6.00% | ' | 2.00% | ' | ||
Year to year Adjusted EBITDA change | 10.00% | ' | 3.00% | ' | ||
[1] | SunGard received approximately $12 million in proceeds relating to a bankruptcy claim assigned and sold to a third party in the third quarter of 2013. The claim related to a Financial Systems customer that filed for Chapter 11 bankruptcy in January 2013. The amount of the claim represented previously reserved revenue, which has now been recognized, and a termination charge related to the customer contract. | |||||
[2] |  During the second quarter of 2013, the Company completed a review of its accounting practices related to vacation pay obligations. In countries where the vacation policy stipulated that vacation days earned in the current year must be used in that same year, the Company adjusted its quarterly estimate of accrued vacation costs to better match expense recognition with amounts payable to employees when leaving the Company. The impact of the change in estimate was an aggregate decrease to costs and expenses of $9 million for the nine month period ended September 30, 2013. The impact of this change is expected to be negligible for the full year. |
Reconciliation_of_Adjusted_EBI
Reconciliation of Adjusted EBITDA to Income Loss from Continuing Operations before Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Adjusted EBITDA (sum of segments) | $318 | $305 | $875 | $872 | ||||
Corporate | -12 | -10 | -36 | -35 | ||||
Depreciation | -73 | [1] | -70 | [1] | -222 | [1] | -211 | [1] |
Amortization of acquisition-related intangible assets | -82 | -94 | -255 | -295 | ||||
Goodwill impairment charge | ' | -385 | ' | -385 | ||||
Severance and facility closure costs | -9 | -13 | -15 | -22 | ||||
Stock compensation expense | -12 | -9 | -35 | -29 | ||||
Management fees | -3 | -3 | -8 | -9 | ||||
Other costs (included in operating income) | -5 | ' | -15 | -8 | ||||
Interest expense, net | -95 | -101 | -301 | -324 | ||||
Loss on extinguishment of debt | -1 | ' | -6 | -51 | ||||
Income (loss) from continuing operations before income taxes | 26 | -380 | -19 | -495 | ||||
Other income (expense) | ' | ' | ($1) | $2 | ||||
[1] | Includes amortization of capitalized software. |
Depreciation_and_Amortization_
Depreciation and Amortization and Capital Expenditures by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | $59 | $58 | $160 | $173 | ||||
Depreciation | 73 | [1] | 70 | [1] | 222 | [1] | 211 | [1] |
Amortization of acquisition-related intangible assets | 82 | 94 | 255 | 295 | ||||
Financial Systems | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 23 | 19 | 64 | 62 | ||||
Depreciation | 22 | [1] | 22 | [1] | 67 | [1] | 63 | [1] |
Amortization of acquisition-related intangible assets | 40 | 49 | 128 | 155 | ||||
Availability Services | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 34 | 36 | 89 | 104 | ||||
Depreciation | 49 | [1] | 46 | [1] | 149 | [1] | 142 | [1] |
Amortization of acquisition-related intangible assets | 38 | 40 | 115 | 126 | ||||
Public Sector and Education | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 2 | 2 | 6 | 6 | ||||
Depreciation | 2 | [1] | 1 | [1] | 5 | [1] | 5 | [1] |
Amortization of acquisition-related intangible assets | 3 | 5 | 11 | 14 | ||||
Segment Total | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | 59 | 57 | 159 | 172 | ||||
Depreciation | 73 | [1] | 69 | [1] | 221 | [1] | 210 | [1] |
Amortization of acquisition-related intangible assets | 81 | 94 | 254 | 295 | ||||
Corporate | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Capital expenditures | ' | 1 | 1 | 1 | ||||
Depreciation | ' | 1 | [1] | 1 | [1] | 1 | [1] | |
Amortization of acquisition-related intangible assets | $1 | ' | $1 | ' | ||||
[1] | Includes amortization of capitalized software. |
Operating_Results_for_Each_Seg1
Operating Results for Each Segment (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Selected Financial Information [Line Items] | ' | ' |
Change in Accounting Estimate Financial Effect Costs and Expenses | ' | $9 |
Bankruptcy claims sold | $12 | ' |
Liability_for_Workforce_Reduct
Liability for Workforce Reductions and Facility Closures (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | |
Restructuring Cost And Reserve [Line Items] | ' | |
Beginning Balance | $54 | |
Expense | 19 | |
Paid | -26 | |
Other Adjustments | -6 | [1] |
Ending Balance | 41 | |
Workforce-related | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Beginning Balance | 32 | |
Expense | 18 | |
Paid | -23 | |
Other Adjustments | -6 | [1] |
Ending Balance | 21 | |
Facilities | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Beginning Balance | 22 | |
Expense | 1 | |
Paid | -3 | |
Ending Balance | $20 | |
[1] | The other adjustments column in the table principally relates to changes in estimates from when the initial charge was recorded and also foreign currency translation and other adjustments. |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Management Fees | Management Fees | Management Fees | Management Fees | Management Fees | Management Fees | Customary fees and expenses | Customary fees and expenses | Customary fees and expenses | Customary fees and expenses | |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Segment, Discontinued Operations | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | Amended And Restated Credit Agreement | |
SunGard's HE Business | ||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party transactions, expenses | $3 | $3 | $8 | $9 | ' | $17.80 | $0 | $0 | $1 | $1 |
Related party transactions, accrued expenses | $3 | ' | $3 | ' | $4 | ' | ' | ' | ' | ' |
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current: | ' | ' | ||
Cash and cash equivalents | $689 | $546 | ||
Total current assets | 1,632 | 1,676 | ||
Property and equipment, net | 812 | 874 | ||
Goodwill | 4,545 | 4,539 | ||
Total Assets | 9,664 | 10,018 | ||
Current: | ' | ' | ||
Short-term and current portion of long-term debt | 342 | 63 | ||
Total current liabilities | 1,703 | 1,507 | ||
Long-term debt | 6,106 | 6,599 | ||
Deferred and other income taxes | 1,032 | 1,127 | ||
Other liabilities | 118 | 95 | ||
Total liabilities | 8,959 | 9,328 | ||
Total stockholder’s equity | -1,078 | -961 | ||
Total Liabilities and Stockholder’s Equity | 9,664 | 10,018 | ||
Parent | ' | ' | ||
Current: | ' | ' | ||
Cash and cash equivalents | 316 | 220 | ||
Trade receivables, net | 10 | 3 | ||
Prepaid expenses, taxes and other current assets | 1,432 | 1,312 | ||
Total current assets | 1,758 | 1,535 | ||
Intangible assets, net | 108 | 112 | ||
Deferred income taxes | 38 | 39 | ||
Intercompany balances | 261 | 254 | ||
Investment in subsidiaries | 8,742 | 8,620 | ||
Total Assets | 10,907 | 10,560 | ||
Current: | ' | ' | ||
Short-term and current portion of long-term debt | 335 | 57 | ||
Intercompany balances | 3,646 | 3,199 | ||
Accounts payable and other current liabilities | 116 | 70 | ||
Total current liabilities | 4,097 | 3,326 | ||
Long-term debt | 5,901 | 6,343 | ||
Intercompany debt | 83 | 83 | ||
Deferred and other income taxes | 98 | 92 | ||
Total liabilities | 10,179 | 9,844 | ||
Total stockholder’s equity | 728 | 716 | ||
Total Liabilities and Stockholder’s Equity | 10,907 | 10,560 | ||
Guarantor Subsidiaries | ' | ' | ||
Current: | ' | ' | ||
Cash and cash equivalents | ' | -3 | ||
Intercompany balances | 2,951 | 2,457 | ||
Trade receivables, net | 473 | [1] | 566 | [2] |
Prepaid expenses, taxes and other current assets | 73 | 70 | ||
Total current assets | 3,497 | 3,090 | ||
Property and equipment, net | 540 | 574 | ||
Intangible assets, net | 2,208 | 2,413 | ||
Intercompany balances | 8 | 7 | ||
Goodwill | 3,468 | 3,470 | ||
Investment in subsidiaries | 2,075 | 2,101 | ||
Total Assets | 11,796 | 11,655 | ||
Current: | ' | ' | ||
Short-term and current portion of long-term debt | 1 | ' | ||
Accounts payable and other current liabilities | 2,079 | 1,983 | ||
Total current liabilities | 2,080 | 1,983 | ||
Long-term debt | 2 | 2 | ||
Deferred and other income taxes | 924 | 1,000 | ||
Other liabilities | 48 | 50 | ||
Total liabilities | 3,054 | 3,035 | ||
Total stockholder’s equity | 8,742 | 8,620 | ||
Total Liabilities and Stockholder’s Equity | 11,796 | 11,655 | ||
Non-Guarantor Subsidiaries | ' | ' | ||
Current: | ' | ' | ||
Cash and cash equivalents | 373 | 329 | ||
Intercompany balances | 694 | 742 | ||
Trade receivables, net | 232 | 331 | ||
Prepaid expenses, taxes and other current assets | 104 | 89 | ||
Total current assets | 1,403 | 1,491 | ||
Property and equipment, net | 272 | 300 | ||
Intangible assets, net | 359 | 404 | ||
Intercompany balances | 76 | 76 | ||
Goodwill | 1,077 | 1,069 | ||
Total Assets | 3,187 | 3,340 | ||
Current: | ' | ' | ||
Short-term and current portion of long-term debt | 6 | 6 | ||
Accounts payable and other current liabilities | 549 | 632 | ||
Total current liabilities | 555 | 638 | ||
Long-term debt | 203 | 254 | ||
Intercompany debt | 261 | 254 | ||
Deferred and other income taxes | 41 | 67 | ||
Other liabilities | 52 | 26 | ||
Total liabilities | 1,112 | 1,239 | ||
Total stockholder’s equity | 2,075 | 2,101 | ||
Total Liabilities and Stockholder’s Equity | 3,187 | 3,340 | ||
Eliminations | ' | ' | ||
Current: | ' | ' | ||
Intercompany balances | -3,645 | -3,199 | ||
Prepaid expenses, taxes and other current assets | -1,381 | -1,241 | ||
Total current assets | -5,026 | -4,440 | ||
Deferred income taxes | -38 | -39 | ||
Intercompany balances | -345 | -337 | ||
Investment in subsidiaries | -10,817 | -10,721 | ||
Total Assets | -16,226 | -15,537 | ||
Current: | ' | ' | ||
Intercompany balances | -3,646 | -3,199 | ||
Accounts payable and other current liabilities | -1,381 | -1,241 | ||
Total current liabilities | -5,027 | -4,440 | ||
Intercompany debt | -344 | -337 | ||
Deferred and other income taxes | -38 | -39 | ||
Total liabilities | -5,409 | -4,816 | ||
Total stockholder’s equity | -10,817 | -10,721 | ||
Total Liabilities and Stockholder’s Equity | -16,226 | -15,537 | ||
SunGard Data Systems Inc. | ' | ' | ||
Current: | ' | ' | ||
Cash and cash equivalents | 689 | 546 | ||
Trade receivables, net | 715 | 900 | ||
Prepaid expenses, taxes and other current assets | 228 | 230 | ||
Total current assets | 1,632 | 1,676 | ||
Property and equipment, net | 812 | 874 | ||
Intangible assets, net | 2,675 | 2,929 | ||
Goodwill | 4,545 | 4,539 | ||
Total Assets | 9,664 | 10,018 | ||
Current: | ' | ' | ||
Short-term and current portion of long-term debt | 342 | 63 | ||
Accounts payable and other current liabilities | 1,363 | 1,444 | ||
Total current liabilities | 1,705 | 1,507 | ||
Long-term debt | 6,106 | 6,599 | ||
Deferred and other income taxes | 1,025 | 1,120 | ||
Other liabilities | 100 | 76 | ||
Total liabilities | 8,936 | 9,302 | ||
Total stockholder’s equity | 728 | 716 | ||
Total Liabilities and Stockholder’s Equity | $9,664 | $10,018 | ||
[1] | This balance is primarily comprised of a receivable from the borrower under the secured accounts receivable facility, which is a non-Guarantor subsidiary, resulting from the normal, recurring sale of accounts receivable under the receivables facility. In a liquidation, the first $200 million (plus interest) of collections of accounts receivable sold to this subsidiary are due to the receivables facility lender. The remaining balance would be available for collection for the benefit of the Guarantors. | |||
[2] | This balance is primarily comprised of a receivable from the borrower under the secured accounts receivable facility, which is a non-Guarantor subsidiary, resulting from the normal, recurring sale of accounts receivable under the receivables facility. In a liquidation, the first $250 million (plus interest) of collections of accounts receivable sold to this subsidiary are due to the receivables facility lender. The remaining balance would be available for collection for the benefit of the Guarantors. |
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Balance Sheet (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Condensed Financial Statements Captions [Line Items] | ' | ' |
Proceed from sale of accounts receivable due to the receivables facility lender in the event of liquidation | $200 | $250 |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Schedule of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ||||
Total revenue | $1,028 | $1,035 | $3,051 | $3,131 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Depreciation | 73 | [1] | 70 | [1] | 222 | [1] | 211 | [1] |
Amortization of acquisition-related intangible assets | 82 | 94 | 255 | 295 | ||||
Goodwill impairment charge | ' | 385 | ' | 385 | ||||
Total costs and expenses | 906 | 1,314 | 2,762 | 3,253 | ||||
Operating income (loss) | 122 | -279 | 289 | -122 | ||||
Benefit from (provision for) income taxes | -3 | 13 | 10 | 44 | ||||
Income (loss) from continuing operations | 23 | -367 | -9 | -451 | ||||
Income (loss) from discontinued operations, net of tax | ' | 5 | ' | 316 | ||||
Net income (loss) | 23 | -362 | -9 | -135 | ||||
Comprehensive income (loss) | 26 | -394 | -126 | -294 | ||||
Parent | ' | ' | ' | ' | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Total functional expenses | 25 | 20 | 74 | 69 | ||||
Depreciation | 1 | ' | 1 | ' | ||||
Amortization of acquisition-related intangible assets | ' | 1 | ' | 1 | ||||
Goodwill impairment charge | ' | ' | ' | ' | ||||
Total costs and expenses | 26 | 21 | 75 | 70 | ||||
Operating income (loss) | -26 | -21 | -75 | -70 | ||||
Net interest income (expense) | -91 | -94 | -283 | -303 | ||||
Equity in earnings of unconsolidated subsidiaries | 99 | -287 | [2] | 234 | -83 | [3] | ||
Other income (expense) | -1 | ' | -6 | -51 | ||||
Income (loss) from continuing operations before income taxes | -19 | -402 | -130 | -507 | ||||
Benefit from (provision for) income taxes | 42 | 40 | 121 | 147 | ||||
Income (loss) from continuing operations | 23 | -362 | -9 | -360 | ||||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | 225 | ||||
Net income (loss) | 23 | -362 | -9 | -135 | ||||
Comprehensive income (loss) | 75 | -330 | -5 | -108 | ||||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ||||
Total revenue | 712 | 725 | 2,112 | 2,170 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Total functional expenses | 498 | 506 | 1,518 | 1,562 | ||||
Depreciation | 50 | 48 | 150 | 144 | ||||
Amortization of acquisition-related intangible assets | 67 | 76 | 208 | 245 | ||||
Goodwill impairment charge | ' | 385 | ' | 385 | ||||
Total costs and expenses | 615 | 1,015 | 1,876 | 2,336 | ||||
Operating income (loss) | 97 | -290 | 236 | -166 | ||||
Net interest income (expense) | 1 | ' | ' | ' | ||||
Equity in earnings of unconsolidated subsidiaries | 32 | 25 | [2] | 87 | 65 | [3] | ||
Other income (expense) | ' | ' | ' | ' | ||||
Income (loss) from continuing operations before income taxes | 130 | -265 | 323 | -101 | ||||
Benefit from (provision for) income taxes | -31 | -18 | -89 | -68 | ||||
Income (loss) from continuing operations | 99 | -283 | 234 | -169 | ||||
Income (loss) from discontinued operations, net of tax | ' | -4 | ' | 86 | ||||
Net income (loss) | 99 | -287 | 234 | -83 | ||||
Comprehensive income (loss) | 144 | -265 | 232 | -65 | ||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ||||
Total revenue | 402 | 394 | 1,201 | 1,218 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Total functional expenses | 314 | 323 | 955 | 988 | ||||
Depreciation | 22 | 22 | 71 | 67 | ||||
Amortization of acquisition-related intangible assets | 15 | 17 | 47 | 49 | ||||
Goodwill impairment charge | ' | ' | ' | ' | ||||
Total costs and expenses | 351 | 362 | 1,073 | 1,104 | ||||
Operating income (loss) | 51 | 32 | 128 | 114 | ||||
Net interest income (expense) | -5 | -7 | -18 | -21 | ||||
Equity in earnings of unconsolidated subsidiaries | ' | ' | [2] | ' | ' | [3] | ||
Other income (expense) | ' | ' | -1 | 2 | ||||
Income (loss) from continuing operations before income taxes | 46 | 25 | 109 | 95 | ||||
Benefit from (provision for) income taxes | -14 | -9 | -22 | -35 | ||||
Income (loss) from continuing operations | 32 | 16 | 87 | 60 | ||||
Income (loss) from discontinued operations, net of tax | ' | 9 | ' | 5 | ||||
Net income (loss) | 32 | 25 | 87 | 65 | ||||
Comprehensive income (loss) | 77 | 45 | 91 | 80 | ||||
Eliminations | ' | ' | ' | ' | ||||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ||||
Total revenue | -86 | -84 | -262 | -257 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Total functional expenses | -86 | -84 | -262 | -257 | ||||
Goodwill impairment charge | ' | ' | ' | ' | ||||
Total costs and expenses | -86 | -84 | -262 | -257 | ||||
Equity in earnings of unconsolidated subsidiaries | -131 | 262 | [2] | -321 | 18 | [3] | ||
Other income (expense) | ' | ' | ' | ' | ||||
Income (loss) from continuing operations before income taxes | -131 | 262 | -321 | 18 | ||||
Income (loss) from continuing operations | -131 | 262 | -321 | 18 | ||||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ||||
Net income (loss) | -131 | 262 | -321 | 18 | ||||
Comprehensive income (loss) | -221 | 220 | -323 | -15 | ||||
SunGard Data Systems Inc. | ' | ' | ' | ' | ||||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ||||
Total revenue | 1,028 | 1,035 | 3,051 | 3,131 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Total functional expenses | 751 | 765 | 2,285 | 2,362 | ||||
Depreciation | 73 | 70 | 222 | 211 | ||||
Amortization of acquisition-related intangible assets | 82 | 94 | 255 | 295 | ||||
Goodwill impairment charge | ' | 385 | ' | 385 | ||||
Total costs and expenses | 906 | 1,314 | 2,762 | 3,253 | ||||
Operating income (loss) | 122 | -279 | 289 | -122 | ||||
Net interest income (expense) | -95 | -101 | -301 | -324 | ||||
Equity in earnings of unconsolidated subsidiaries | ' | ' | [2] | ' | ' | [3] | ||
Other income (expense) | -1 | ' | -7 | -49 | ||||
Income (loss) from continuing operations before income taxes | 26 | -380 | -19 | -495 | ||||
Benefit from (provision for) income taxes | -3 | 13 | 10 | 44 | ||||
Income (loss) from continuing operations | 23 | -367 | -9 | -451 | ||||
Income (loss) from discontinued operations, net of tax | ' | 5 | ' | 316 | ||||
Net income (loss) | 23 | -362 | -9 | -135 | ||||
Comprehensive income (loss) | $75 | ($330) | ($5) | ($108) | ||||
[1] | Includes amortization of capitalized software. | |||||||
[2] | The Supplemental Condensed Consolidating Schedule of Comprehensive Income for Parent Company and Guarantor Subsidiaries for the three months ended September 30, 2012 has been revised to present all equity in earnings of unconsolidated subsidiaries in a single caption within Other income (expense). The portion of equity in earnings of unconsolidated subsidiaries which related to the investees’ income (loss) from discontinued operations had previously been presented separately in the Income (loss) from discontinued operations, net of tax caption for the Parent Company and Guarantor Subsidiaries. This revision has also been reflected in the Net income (loss) and Income (loss) from discontinued operations captions in the Supplemental Condensed Consolidating Schedule of Cash Flows for Parent Company and Guarantor Subsidiaries for the same periods. | |||||||
[3] | The Supplemental Condensed Consolidating Schedule of Comprehensive Income for Parent Company and Guarantor Subsidiaries for the nine months ended September 30, 2012 has been revised to present all equity in earnings of unconsolidated subsidiaries in a single caption within Other income (expense). The portion of equity in earnings of unconsolidated subsidiaries which related to the investees’ income (loss) from discontinued operations had previously been presented separately in the Income (loss) from discontinued operations, net of tax caption for the Parent Company and Guarantor Subsidiaries. This revision has also been reflected in the Net income (loss) and Income (loss) from discontinued operations captions in the Supplemental Condensed Consolidating Schedule of Cash Flows for Parent Company and Guarantor Subsidiaries for the same periods. |
Supplemental_Condensed_Consoli3
Supplemental Condensed Consolidating Schedule of Comprehensive Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ||
Income (loss) from continuing operations | $23 | ($367) | ($9) | ($451) | ||
Income (loss) from discontinued operations, net of tax | ' | 5 | ' | 316 | ||
Parent | ' | ' | ' | ' | ||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ||
Equity in earnings of unconsolidated subsidiaries | 99 | -287 | [1] | 234 | -83 | [2] |
Income (loss) from continuing operations | 23 | -362 | -9 | -360 | ||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | 225 | ||
Parent | Scenario, Previously Reported | ' | ' | ' | ' | ||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ||
Equity in earnings of unconsolidated subsidiaries | ' | -292 | ' | -174 | ||
Income (loss) from continuing operations | ' | -367 | ' | -451 | ||
Income (loss) from discontinued operations, net of tax | ' | 5 | ' | 316 | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ||
Equity in earnings of unconsolidated subsidiaries | 32 | 25 | [1] | 87 | 65 | [2] |
Income (loss) from continuing operations | 99 | -283 | 234 | -169 | ||
Income (loss) from discontinued operations, net of tax | ' | -4 | ' | 86 | ||
Guarantor Subsidiaries | Scenario, Previously Reported | ' | ' | ' | ' | ||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' | ||
Equity in earnings of unconsolidated subsidiaries | ' | 16 | ' | 60 | ||
Income (loss) from continuing operations | ' | -292 | ' | -174 | ||
Income (loss) from discontinued operations, net of tax | ' | $5 | ' | $91 | ||
[1] | The Supplemental Condensed Consolidating Schedule of Comprehensive Income for Parent Company and Guarantor Subsidiaries for the three months ended September 30, 2012 has been revised to present all equity in earnings of unconsolidated subsidiaries in a single caption within Other income (expense). The portion of equity in earnings of unconsolidated subsidiaries which related to the investees’ income (loss) from discontinued operations had previously been presented separately in the Income (loss) from discontinued operations, net of tax caption for the Parent Company and Guarantor Subsidiaries. This revision has also been reflected in the Net income (loss) and Income (loss) from discontinued operations captions in the Supplemental Condensed Consolidating Schedule of Cash Flows for Parent Company and Guarantor Subsidiaries for the same periods. | |||||
[2] | The Supplemental Condensed Consolidating Schedule of Comprehensive Income for Parent Company and Guarantor Subsidiaries for the nine months ended September 30, 2012 has been revised to present all equity in earnings of unconsolidated subsidiaries in a single caption within Other income (expense). The portion of equity in earnings of unconsolidated subsidiaries which related to the investees’ income (loss) from discontinued operations had previously been presented separately in the Income (loss) from discontinued operations, net of tax caption for the Parent Company and Guarantor Subsidiaries. This revision has also been reflected in the Net income (loss) and Income (loss) from discontinued operations captions in the Supplemental Condensed Consolidating Schedule of Cash Flows for Parent Company and Guarantor Subsidiaries for the same periods. |
Supplemental_Condensed_Consoli4
Supplemental Condensed Consolidating Schedule of Cash Flows (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flow from operations: | ' | ' | ' | ' | |
Net income (loss) | $23 | ($362) | ($9) | ($135) | |
Income (loss) from discontinued operations, net of tax | ' | 5 | ' | 316 | |
Income (loss) from continuing operations | 23 | -367 | -9 | -451 | |
Cash flow from (used in) continuing operations | ' | ' | 566 | 426 | |
Cash flow from (used in) discontinued operations | ' | ' | ' | -340 | |
Cash flow from (used in) operations | ' | ' | 566 | 86 | |
Investment activities: | ' | ' | ' | ' | |
Cash paid for acquired businesses, net of cash acquired | ' | ' | -1 | -10 | |
Cash paid for property and equipment, and software | ' | ' | -160 | -173 | |
Other investing activities | ' | ' | 1 | 3 | |
Cash provided by (used in) continuing operations | ' | ' | -160 | -180 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | 1,758 | |
Cash provided by (used in) investment activities | ' | ' | -160 | 1,578 | |
Financing activities: | ' | ' | ' | ' | |
Other financing activities | ' | ' | -8 | -10 | |
Cash provided by (used in) continuing operations | ' | ' | -261 | -1,790 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | ' | |
Cash provided by (used in) financing activities | ' | ' | -261 | -1,790 | |
Effect of exchange rate changes on cash | ' | ' | -2 | 5 | |
Beginning cash and cash equivalents | ' | ' | 546 | 873 | |
Ending cash and cash equivalents | 689 | 752 | 689 | 752 | |
Parent | ' | ' | ' | ' | |
Cash flow from operations: | ' | ' | ' | ' | |
Net income (loss) | 23 | -362 | -9 | -135 | |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | 225 | |
Income (loss) from continuing operations | 23 | -362 | -9 | -360 | |
Non cash adjustments | ' | ' | -164 | 220 | |
Changes in operating assets and liabilities | ' | ' | -75 | -175 | |
Cash flow from (used in) continuing operations | ' | ' | -248 | -315 | |
Cash flow from (used in) discontinued operations | ' | ' | ' | -338 | |
Cash flow from (used in) operations | ' | ' | -248 | -653 | |
Investment activities: | ' | ' | ' | ' | |
Intercompany transactions | ' | ' | 555 | 2,342 | [1] |
Other investing activities | ' | ' | ' | -1 | |
Cash provided by (used in) continuing operations | ' | ' | 555 | 2,341 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | ' | |
Cash provided by (used in) investment activities | ' | ' | 555 | 2,341 | |
Financing activities: | ' | ' | ' | ' | |
Intercompany dividends of HE sale proceeds | ' | ' | ' | ' | |
Intercompany dividends | ' | ' | ' | ' | |
Net repayments of long-term debt | ' | ' | -193 | -1,742 | |
Premium paid to retire debt | ' | ' | ' | -27 | |
Other financing activities | ' | ' | -18 | -19 | |
Cash provided by (used in) continuing operations | ' | ' | -211 | -1,788 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | ' | |
Cash provided by (used in) financing activities | ' | ' | -211 | -1,788 | |
Increase (decrease) in cash and cash equivalents | ' | ' | 96 | -100 | |
Beginning cash and cash equivalents | ' | ' | 220 | 529 | |
Ending cash and cash equivalents | 316 | 429 | 316 | 429 | |
Guarantor Subsidiaries | ' | ' | ' | ' | |
Cash flow from operations: | ' | ' | ' | ' | |
Net income (loss) | 99 | -287 | 234 | -83 | |
Income (loss) from discontinued operations, net of tax | ' | -4 | ' | 86 | |
Income (loss) from continuing operations | 99 | -283 | 234 | -169 | |
Non cash adjustments | ' | ' | 195 | 653 | |
Changes in operating assets and liabilities | ' | ' | 184 | 92 | |
Cash flow from (used in) continuing operations | ' | ' | 613 | 576 | |
Cash flow from (used in) discontinued operations | ' | ' | ' | -5 | |
Cash flow from (used in) operations | ' | ' | 613 | 571 | |
Investment activities: | ' | ' | ' | ' | |
Intercompany transactions | ' | ' | -386 | -411 | [1] |
Cash paid for acquired businesses, net of cash acquired | ' | ' | -1 | -1 | |
Cash paid for property and equipment, and software | ' | ' | -116 | -125 | |
Other investing activities | ' | ' | ' | 1 | |
Cash provided by (used in) continuing operations | ' | ' | -503 | -536 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | 1,744 | |
Cash provided by (used in) investment activities | ' | ' | -503 | 1,208 | |
Financing activities: | ' | ' | ' | ' | |
Intercompany dividends of HE sale proceeds | ' | ' | ' | -1,771 | |
Intercompany dividends | ' | ' | -106 | ' | |
Net repayments of long-term debt | ' | ' | -1 | -2 | |
Premium paid to retire debt | ' | ' | ' | ' | |
Cash provided by (used in) continuing operations | ' | ' | -107 | -1,773 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | ' | |
Cash provided by (used in) financing activities | ' | ' | -107 | -1,773 | |
Increase (decrease) in cash and cash equivalents | ' | ' | 3 | 6 | |
Beginning cash and cash equivalents | ' | ' | -3 | -15 | |
Ending cash and cash equivalents | ' | -9 | ' | -9 | |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | |
Cash flow from operations: | ' | ' | ' | ' | |
Net income (loss) | 32 | 25 | 87 | 65 | |
Income (loss) from discontinued operations, net of tax | ' | 9 | ' | 5 | |
Income (loss) from continuing operations | 32 | 16 | 87 | 60 | |
Non cash adjustments | ' | ' | 92 | 111 | |
Changes in operating assets and liabilities | ' | ' | 25 | -6 | |
Cash flow from (used in) continuing operations | ' | ' | 204 | 165 | |
Cash flow from (used in) discontinued operations | ' | ' | ' | 3 | |
Cash flow from (used in) operations | ' | ' | 204 | 168 | |
Investment activities: | ' | ' | ' | ' | |
Intercompany transactions | ' | ' | 43 | -160 | [1] |
Cash paid for acquired businesses, net of cash acquired | ' | ' | ' | -9 | |
Cash paid for property and equipment, and software | ' | ' | -44 | -48 | |
Other investing activities | ' | ' | 1 | 3 | |
Cash provided by (used in) continuing operations | ' | ' | ' | -214 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | 14 | |
Cash provided by (used in) investment activities | ' | ' | ' | -200 | |
Financing activities: | ' | ' | ' | ' | |
Intercompany dividends of HE sale proceeds | ' | ' | ' | ' | |
Intercompany dividends | ' | ' | -106 | ' | |
Net repayments of long-term debt | ' | ' | -52 | ' | |
Premium paid to retire debt | ' | ' | ' | ' | |
Cash provided by (used in) continuing operations | ' | ' | -158 | ' | |
Cash provided by (used in) discontinued operations | ' | ' | ' | ' | |
Cash provided by (used in) financing activities | ' | ' | -158 | ' | |
Effect of exchange rate changes on cash | ' | ' | -2 | 5 | |
Increase (decrease) in cash and cash equivalents | ' | ' | 44 | -27 | |
Beginning cash and cash equivalents | ' | ' | 329 | 359 | |
Ending cash and cash equivalents | 373 | 332 | 373 | 332 | |
Eliminations | ' | ' | ' | ' | |
Cash flow from operations: | ' | ' | ' | ' | |
Net income (loss) | -131 | 262 | -321 | 18 | |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | |
Income (loss) from continuing operations | -131 | 262 | -321 | 18 | |
Non cash adjustments | ' | ' | 321 | -18 | |
Cash flow from (used in) discontinued operations | ' | ' | ' | ' | |
Investment activities: | ' | ' | ' | ' | |
Intercompany transactions | ' | ' | -212 | -1,771 | [1] |
Cash provided by (used in) continuing operations | ' | ' | -212 | -1,771 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | ' | |
Cash provided by (used in) investment activities | ' | ' | -212 | -1,771 | |
Financing activities: | ' | ' | ' | ' | |
Intercompany dividends of HE sale proceeds | ' | ' | ' | 1,771 | |
Intercompany dividends | ' | ' | 212 | ' | |
Premium paid to retire debt | ' | ' | ' | ' | |
Cash provided by (used in) continuing operations | ' | ' | 212 | 1,771 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | ' | |
Cash provided by (used in) financing activities | ' | ' | 212 | 1,771 | |
SunGard Data Systems Inc. | ' | ' | ' | ' | |
Cash flow from operations: | ' | ' | ' | ' | |
Net income (loss) | 23 | -362 | -9 | -135 | |
Income (loss) from discontinued operations, net of tax | ' | 5 | ' | 316 | |
Income (loss) from continuing operations | 23 | -367 | -9 | -451 | |
Non cash adjustments | ' | ' | 444 | 966 | |
Changes in operating assets and liabilities | ' | ' | 134 | -89 | |
Cash flow from (used in) continuing operations | ' | ' | 569 | 426 | |
Cash flow from (used in) discontinued operations | ' | ' | ' | -340 | |
Cash flow from (used in) operations | ' | ' | 569 | 86 | |
Investment activities: | ' | ' | ' | ' | |
Cash paid for acquired businesses, net of cash acquired | ' | ' | -1 | -10 | |
Cash paid for property and equipment, and software | ' | ' | -160 | -173 | |
Other investing activities | ' | ' | 1 | 3 | |
Cash provided by (used in) continuing operations | ' | ' | -160 | -180 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | 1,758 | |
Cash provided by (used in) investment activities | ' | ' | -160 | 1,578 | |
Financing activities: | ' | ' | ' | ' | |
Intercompany dividends of HE sale proceeds | ' | ' | ' | ' | |
Intercompany dividends | ' | ' | ' | ' | |
Net repayments of long-term debt | ' | ' | -246 | -1,744 | |
Premium paid to retire debt | ' | ' | ' | -27 | |
Other financing activities | ' | ' | -18 | -19 | |
Cash provided by (used in) continuing operations | ' | ' | -264 | -1,790 | |
Cash provided by (used in) discontinued operations | ' | ' | ' | ' | |
Cash provided by (used in) financing activities | ' | ' | -264 | -1,790 | |
Effect of exchange rate changes on cash | ' | ' | -2 | 5 | |
Increase (decrease) in cash and cash equivalents | ' | ' | 143 | -121 | |
Beginning cash and cash equivalents | ' | ' | 546 | 873 | |
Ending cash and cash equivalents | $689 | $752 | $689 | $752 | |
[1] | The intercompany cash transactions reflected above within investment activities largely reflect cash dividends or the return of capital, including the cash dividend of $1.8 billion from Guarantor Subsidiaries to Parent in connection with the sale of our Higher Education business. |
Supplemental_Condensed_Consoli5
Supplemental Condensed Consolidating Schedule of Cash Flows (Parenthetical) (Detail) (USD $) | 9 Months Ended |
In Billions, unless otherwise specified | Sep. 30, 2012 |
Condensed Financial Statements Captions [Line Items] | ' |
Cash dividend received from guarantor subsidiaries | $1.80 |
Supplemental_Guarantor_Condens2
Supplemental Guarantor Condensed Consolidating Financial Statements - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Condensed Financial Statements Captions [Line Items] | ' |
Percentage of each of the Guarantors owned by SunGard | 100.00% |