Fiserv (FI) 10-Q 6 Nov 09 2009 Q3 Quarterly report Financial data

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Millions, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Revenues:
Processing and services	$826	$832	$2,485	$2,633
Product	166	206	530	914
Total revenues	992	1,038	3,015	3,547
Expenses:
Cost of processing and services	453	460	1,376	1,489
Cost of product	126	162	393	765
Selling, general and administrative	182	199	556	615
Total expenses	761	821	2,325	2,869
Operating income	231	217	690	678
Interest expense, net	(52)	(57)	(161)	(187)
Gain on sale of businesses	0	19	0	19
Income from continuing operations before income taxes and income from investment in unconsolidated affiliate	179	179	529	510
Income tax provision	(60)	(107)	(194)	(235)
Income from investment in unconsolidated affiliate, net of income taxes	5	3	10	3
Income from continuing operations	124	75	345	278
Income (loss) from discontinued operations, net of income taxes	(9)	3	13	229
Net income	$115	$78	$358	$507
Net income (loss) per share - basic:
Continuing operations	0.8	0.46	2.23	1.71
Discontinued operations	-0.05	0.02	0.09	1.4
Total	0.75	0.48	2.31	3.1
Net income (loss) per share - diluted:
Continuing operations	0.79	0.46	2.21	1.69
Discontinued operations	-0.05	0.02	0.09	1.38
Total	0.74	0.48	2.3	3.08
Shares used in computing net income (loss) per share:
Basic	153.9	162.5	154.8	163.3
Diluted	155.2	163.8	155.7	164.7

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Dec. 31, 2008
ASSETS
Cash and cash equivalents	$278	$230
Trade accounts receivable, net	518	591
Deferred income taxes	45	71
Prepaid expenses and other current assets	268	294
Assets of discontinued operations held for sale	886	1,034
Total current assets	1,995	2,220
Property and equipment, net	288	298
Intangible assets, net	2,020	2,091
Goodwill	4,368	4,369
Other long-term assets	425	353
Total assets	9,096	9,331
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade accounts payable	102	97
Accrued expenses	453	509
Current maturities of long-term debt	4	255
Deferred revenues	301	338
Liabilities of discontinued operations held for sale	729	843
Total current liabilities	1,589	2,042
Long-term debt	3,773	3,850
Deferred income taxes	568	535
Other long-term liabilities	252	310
Total liabilities	6,182	6,737
Commitments and contingencies	-	-
Shareholders' equity:
Preferred stock, no par value: 25.0 million shares authorized; none issued	0	0
Common stock, $0.01 par value: 450.0 million shares authorized; 197.9 million shares issued	2	2
Additional paid-in capital	722	706
Accumulated other comprehensive loss	(89)	(120)
Accumulated earnings	4,253	3,895
Treasury stock, at cost, 44.0 million and 42.0 million shares	(1,974)	(1,889)
Total shareholders' equity	2,914	2,594
Total liabilities and shareholders' equity	$9,096	$9,331

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
Share data in Millions, except Per Share data	Sep. 30, 2009	Dec. 31, 2008
Preferred stock, no par value	$0	$0
Preferred stock, shares authorized	25	25
Preferred stock, issued	0	0
Common stock, par value	0.01	0.01
Common stock, shares authorized	450	450
Common stock, shares issued	197.9	197.9
Treasury stock, shares	44	42

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash flows from operating activities:
Net income	$358	$507
Adjustment for discontinued operations	(13)	(229)
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations:
Depreciation and other amortization	140	153
Amortization of acquisition-related intangible assets	108	113
Share-based compensation	28	26
Deferred income taxes	49	31
Gain on sale of businesses	0	(19)
Other non-cash items	(10)	(5)
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Trade accounts receivable	80	(1)
Prepaid expenses and other assets	(3)	(12)
Trade accounts payable and other liabilities	(55)	44
Deferred revenues	(43)	(31)
Net cash provided by operating activities from continuing operations	639	577
Cash flows from investing activities:
Capital expenditures, including capitalization of software costs	(151)	(138)
Advances to unconsolidated affiliate	(67)	0
Payment for acquisitions of businesses, net of cash acquired	0	(40)
Proceeds from sale of businesses, net of cash sold and expenses paid	0	513
Other investing activities	5	(18)
Net cash (used in) provided by investing activities from continuing operations	(213)	317
Cash flows from financing activities:
Repayments of long-term debt	(334)	(1,148)
Issuance of common stock and treasury stock	30	34
Purchases of treasury stock	(128)	(244)
Other financing activities	4	(3)
Net cash used in financing activities from continuing operations	(428)	(1,361)
Net change in cash and cash equivalents from continuing operations	(2)	(467)
Net cash transactions transferred from discontinued operations	50	640
Beginning balance	230	295
Ending balance	278	468
Discontinued operations cash flow information:
Net cash used in operating activities	(11)	(272)
Net cash provided by investing activities	929	849
Net cash (used in) provided by financing activities	(115)	12
Net change in cash and cash equivalents from discontinued operations	803	589
Net cash transactions transferred to continuing operations	(50)	(640)
Beginning balance - discontinued operations	38	151
Ending balance - discontinued operations	$791	$100

1. Principles of Consolidation

1. Principles of Consolidation
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
1. Principles of Consolidation	1. Principles of Consolidation The condensed consolidated financial statements for the three-month and nine-month periods ended September30, 2009 and 2008 are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year. The condensed consolidated financial statements and accompanying notes are presented as permitted by Form 10-Q and do not contain certain information included in the annual consolidated financial statements and accompanying notes of Fiserv, Inc. (the Company). These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Companys Annual Report on Form 10-K for the year ended December31, 2008. On September28, 2009, the Company signed a definitive agreement to sell its Loan Fulfillment Solutions business (Fiserv LFS), which provides outsourced home equity loan fulfillment services to financial institutions. The financial results of Fiserv LFS and the other dispositions discussed in Note 4 are reported as discontinued operations for all periods presented. The condensed consolidated financial statements include the accounts of Fiserv, Inc. and all majority owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company has evaluated subsequent events through the time it filed this Form 10-Q on November6, 2009.

2. Recent Accounting Pronouncem

2. Recent Accounting Pronouncements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
2. Recent Accounting Pronouncements	2. Recent Accounting Pronouncements In May 2009, the Financial Accounting Standards Board (FASB) issued new accounting guidance on subsequent events effective for interim and annual periods ending after June15, 2009. The new guidance establishes general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued. The adoption of this new guidance did not have a material impact on the Companys financial statements. In June 2009, the FASB issued new accounting guidance on accounting for transfers of financial assets effective for interim and annual periods beginning after November15, 2009. This new guidance amends previously existing guidance by removing the concept of a qualifying special-purpose entity and eliminating the exception from applying certain consolidation rules to variable interest entities that are qualifying special-purpose entities. It also changes the requirements for derecognition of financial assets and requires additional disclosures. The Company does not expect that the adoption of this new guidance will have a material impact on its financial statements, although it is still assessing the impact it may have. In June 2009, the FASB issued new accounting guidance on consolidation of variable interest entities effective for interim and annual periods beginning after November15, 2009. This new guidance requires an analysis to determine whether a variable interest gives an entity a controlling financial interest in the variable interest entity and also requires ongoing qualitative assessments of whether an entity is the primary beneficiary of a variable interest entity and expands required disclosures. The Company does not expect that the adoption of this new guidance will have a material impact on its financial statements, although it is still assessing the impact it may have. In June 2009, the FASB issued the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (the Codification), effective for interim and annual periods ending after September15, 2009. On July1, 2009, the Codification became effective as the single source of authoritative United States accounting and reporting standards. It combined existing authoritative standards into a comprehensive, topically organized database. Because the Codification did not change or alter existing accounting standards, the Companys adoption of the Codification did not impact its financial statements.

3. Fair Value Measurements

3. Fair Value Measurements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
3. Fair Value Measurements	3. Fair Value Measurements Assets and liabilities which are measured at fair value are classified in the following categories: Level 1 At September30, 2009 and December31, 2008, the fair values of available-for-sale investments in asset-backed securities of $11 million and $15 million, respectively, were based on quoted prices in active markets for identical instruments as of the reporting date. Level 2 At September30, 2009 and December31, 2008, the fair values of available-for-sale investments in asset-backed securities of $7 million and $10 million, respectively, and liabilities for interest rate hedge contracts of $110 million and $138 million, respectively, were based on valuation models for which pricing inputs were either directly or indirectly observable as of the reporting date. Level 3 At September30, 2009 and December31, 2008, available-for-sale investments, included in other long-term assets, were $24 million, based on valuation models with unobservable pricing inputs and management estimates. Unrealized losses of $3 million were recorded in accumulated other comprehensive loss at September30, 2009 and December31, 2008. The fair value of the Companys total debt was estimated using discounted cash flows based on the Companys current incremental borrowing rates or quoted prices in active markets and totaled $3.8 billion and $3.9 billion at September30, 2009 and December31, 2008, respectively.

4. Dispositions

4. Dispositions
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
4. Dispositions	4. Dispositions Summarized financial information for discontinued operations was as follows: ThreeMonthsEnded September30, NineMonthsEnded September30, (In millions) 2009 2008 2009 2008 Total revenues $ 36 $ 65 $ 121 $ 246 Loss before income taxes (14 ) (7 ) (21 ) (17 ) Income tax benefit 5 3 9 7 Gain on sale, net of income taxes 7 25 239 Income (loss) from discontinued operations $ (9 ) $ 3 $ 13 $ 229 Fiserv LFS On September28, 2009, the Company signed a definitive agreement to sell Fiserv LFS. The sale of Fiserv LFS, which was included in the Companys Financial Institution Services segment in previously issued financial statements, is not expected to result in a significant net gain or loss after income taxes. The transaction remains subject to customary closing conditions and is expected to close in the fourth quarter of 2009. Fiserv ISS In 2007, the Company signed definitive agreements to sell its Investment Support Services segment (Fiserv ISS) in two separate transactions. On February4, 2008, the Company completed the first transaction by selling Fiserv Trust Company and the accounts of the Companys institutional retirement plan and advisor services operations to TD AMERITRADE Online Holdings, Inc. (TD) for $273 million in cash at closing. In the first nine months of 2008, the Company recognized an after-tax gain on sale of $129 million, including income taxes of $72 million, with respect to this transaction. In the second quarter of 2009, the Company recognized an additional after-tax gain of $25 million, including income taxes of $15 million, with respect to the final contingent purchase price payment it received from TD. In the second transaction, Robert Beriault Holdings, Inc. (Holdings), an entity controlled by the current president of Fiserv ISS, has agreed to acquire the remaining accounts and certain assets and liabilities of Fiserv ISS, including the investment administration services business which provides back office and custody services for individual retirement accounts, for net book value. On April15, 2009, the Company entered into two agreements that modified the manner in which Fiserv ISS is to be sold in order to enhance the ability of the parties to complete the transaction. Notwithstanding the restructuring of the transaction, the assets proposed to be sold to Holdings pursuant to the transaction agreements are substantially similar to the assets which were proposed to be disposed of under the first amended and restated stock purchase agreement and, collectively, represent the remaining operating assets of Fiserv ISS. In addition, the aggregate amount to be received by the Company in connection with the sale of the remainder of Fiserv ISS is expected to be approximately equal to the amount to be received under the first amended and restated stock purchase agreement. In October 2009, the FDIC approved the sale of the remaining portion

5. Investment in and Advances t

5. Investment in and Advances to Unconsolidated Affiliate
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
5. Investment in and Advances to Unconsolidated Affiliate	5. Investment in and Advances to Unconsolidated Affiliate In July 2008, the Company completed the sale of a 51% interest in substantially all of the businesses in its Insurance segment (Fiserv Insurance) and recognized a pre-tax gain of $19 million and a related income tax provision of $44 million in the third quarter of 2008. The Company received net cash proceeds of $513 million at closing and a $30 million note due in 2018. In July 2009, the Company loaned Fiserv Insurance $67 million, with interest payable quarterly and the principal due in 2013. The Companys investment in and advances to Fiserv Insurance, totaling $288 million and $211 million at September30, 2009 and December31, 2008, respectively, are reported within other long-term assets in the condensed consolidated balance sheets.

6. Share-Based Compensation

6. Share-Based Compensation
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
6. Share-Based Compensation	6. Share-Based Compensation The Company recognized $8 million and $28 million of share-based compensation during the three and nine months ended September30, 2009, respectively, and $8 million and $26 million during the three and nine months ended September30, 2008, respectively. The Companys annual grant of share-based awards generally occurs in the first quarter. During the nine months ended September30, 2009, the Company granted 1.6million stock options and 0.5million restricted stock units at weighted-average estimated fair values of $12.65 and $33.67, respectively. During the nine months ended September30, 2008, the Company granted 1.5million stock options and 0.3million restricted stock units at weighted-average estimated fair values of $20.56 and $53.75, respectively.

7. Shares Used in Computing Net

7. Shares Used in Computing Net Income Per Share
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
7. Shares Used in Computing Net Income Per Share	7. Shares Used in Computing Net Income Per Share Basic weighted-average outstanding shares used in calculating net income per share were 153.9million and 162.5million for the three months ended September30, 2009 and 2008, respectively, and were 154.8million and 163.3million for the nine months ended September30, 2009 and 2008, respectively. Diluted weighted-average outstanding shares used in calculating net income per share were 155.2million and 163.8million for the three months ended September30, 2009 and 2008, respectively, and included 1.3million common stock equivalents in each period. For the nine months ended September30, 2009 and 2008, diluted weighted-average outstanding shares used in calculating net income per share were 155.7million and 164.7million, respectively, and included 0.9million and 1.4million common stock equivalents, respectively. For the three months ended September30, 2009 and 2008, stock options for 2.2million shares and 2.4million shares, respectively, were excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive. For the nine months ended September30, 2009 and 2008, stock options for 5.0million shares and 2.2million shares, respectively, were excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive.

8. Interest Rate Hedge Contract

8. Interest Rate Hedge Contracts
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
8. Interest Rate Hedge Contracts	8. Interest Rate Hedge Contracts To manage exposure to fluctuations in interest rates, the Company maintains a series of interest rate swap agreements (Swaps) with total notional values of $1.75 billion at September30, 2009 and December31, 2008. The Swaps have been designated by the Company as cash flow hedges, effectively fix interest rates on floating rate term loan borrowings at a weighted-average rate of approximately 4.5% prior to financing spreads and related fees, and have expiration dates through September 2012. The fair values of the Swaps, as discussed in Note 3, were recorded in other long-term liabilities and in accumulated other comprehensive loss, net of income taxes, in the condensed consolidated balance sheets. The components of other comprehensive income (loss) pertaining to interest rate hedge contracts are presented in Note 9. In the three and nine months ended September30, 2009 and 2008, interest expense recognized due to hedge ineffectiveness was not significant, and no amounts were excluded from the assessments of hedge effectiveness. Based on the amounts recorded in accumulated other comprehensive loss at September30, 2009, the Company estimates that it will recognize approximately $45 million in interest expense related to interest rate hedge contracts during the next twelve months.

9. Comprehensive Income

9. Comprehensive Income
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
9. Comprehensive Income	9. Comprehensive Income Comprehensive income was as follows: ThreeMonthsEnded September30, NineMonthsEnded September30, (In millions) 2009 2008 2009 2008 Net income $ 115 $ 78 $ 358 $ 507 Other comprehensive income (loss), net of income taxes: Fair market value adjustments on investments 1 1 (1 ) (4 ) Reclassification adjustment for net realized losses on investments included in income 3 Fair market value adjustments on cash flow hedges (13 ) (9 ) (7 ) (12 ) Reclassification adjustment for net realized losses on cash flow hedges included in interest expense 11 4 28 8 Foreign currency translation adjustments 5 (7 ) 8 (7 ) Other comprehensive income (loss) 4 (11 ) 31 (15 ) Comprehensive income $ 119 $ 67 $ 389 $ 492

10. Litigation and Contingencie

10. Litigation and Contingencies
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
10. Litigation and Contingencies	10. Litigation and Contingencies Stambler Litigation In July 2008, Leon Stambler filed a patent infringement complaint against Fiserv, Inc. and its subsidiary, CheckFree Corporation, in the United States District Court for the Eastern District of Texas styled as Leon Stambler v. Fiserv, Inc. and CheckFree Corporation. The complaint alleges that Fiserv and CheckFree infringe two patents allegedly owned by plaintiff by providing secure online banking services, including but not limited to online bill pay, through websites and through the provision of products and services to financial institutions. The plaintiff seeks an award of damages, including interest, as relief for any past and ongoing alleged infringement activities, costs and attorneys fees, and any other relief deemed appropriate by the court. In May 2008 and December 2008, Leon Stambler filed related patent infringement complaints in the same forum against a number of financial institutions and their holding companies, as well as against a number of other providers of technology to the financial services industry. Those related cases are styled as: Leon Stambler v. JPMorgan Chase Co., et al. and Leon Stambler v. Merrill Lynch Co., Inc., et al. Those complaints allege that the defendants infringe the same two patents by providing secure online banking products and/or services, including but not limited to online bill pay and secure funds transfer products and/or services. The plaintiff seeks an award of damages, including interest, related to defendants alleged infringing activities and recovery of costs and attorneys fees, as well as a permanent injunction against any future infringing conduct. A number of financial institution defendants in these cases have requested indemnification from Fiserv, Inc. and/or CheckFree Corporation for products and services provided by the Company. On October23, 2009, the Company and Leon Stambler entered into a confidential settlement agreement, pursuant to which the Company was released from any liability for alleged infringement of Stamblers patents and received a license to use the same. On October27, 2009, the Company and Leon Stambler filed a joint stipulation of dismissal with prejudice from the above referenced cases. The settlement did not have a material impact on the Companys condensed consolidated financial statements. Indemnifications and Warranties Subject to limitations and exclusions, the Company generally indemnifies its clients from certain costs resulting from claims of patent, copyright or trademark infringement associated with such clients use of its products or services. The Company may also warrant to clients that its products and services will operate substantially in accordance with identified specifications. From time to time, in connection with sales of businesses, the Company agrees to indemnify the buyers for liabilities associated with the businesses that are sold. Historically, payments under such indemnification or warranty provisions have not been significant.

11. Business Segment Informatio

11. Business Segment Information
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
11. Business Segment Information	11. Business Segment Information The Companys operations are comprised of the Financial Institution Services (Financial) segment, the Payments and Industry Products (Payments) segment, and the Corporate and Other segment. The Financial segment provides banks, thrifts and credit unions with account processing services, item processing services, loan origination and servicing products, cash management and consulting services, and other products and services that support numerous types of financial transactions. The Payments segment provides products and services that address a range of technology needs for the financial services industry, including: Internet banking, electronic bill payment, electronic funds transfer and debit processing, fraud and risk management capabilities, card and print personalization services, check imaging, and investment account processing services for separately managed accounts. The Corporate and Other segment primarily consists of unallocated corporate overhead expenses, amortization of acquisition-related intangible assets and intercompany eliminations. In July 2008, the Company completed the sale of a 51% interest in substantially all of the businesses in its Insurance Services (Insurance) segment. Revenues and operating income for the Companys reporting segments were as follows: (In millions) Financial Payments Insurance Corporate andOther Total Three Months Ended September30, 2009 Processing and services revenue $ 431 $ 394 $ 1 $ 826 Product revenue 44 128 (6 ) 166 Total revenues $ 475 $ 522 $ (5 ) $ 992 Operating income $ 141 $ 151 $ (61 ) $ 231 Three Months Ended September30, 2008 Processing and services revenue $ 439 $ 385 $ 8 $ $ 832 Product revenue 45 144 25 (8 ) 206 Total revenues $ 484 $ 529 $ 33 $ (8 ) $ 1,038 Operating income $ 129 $ 148 $ 3 $ (63 ) $ 217 Nine Months Ended September30, 2009 Processing and services revenue $ 1,312 $ 1,172 $ 1 $ 2,485 Product revenue 133 419 (22 ) 530 Total revenues $ 1,445 $ 1,591 $ (21 ) $ 3,015 Operating income $ 428 $ 453 $ (191 ) $ 690 Nine Months Ended September30, 2008 Processing and services revenue $ 1,364 $ 1,155 $ 121 $ (7 ) $ 2,633 Product revenue 138 417 392 (33 ) 914 Total revenues $ 1,502 $ 1,572 $ 513 $ (40 ) $ 3,547 Operating income $ 410 $ 422 $

12. Subsidiary Guarantors of Lo

12. Subsidiary Guarantors of Long-Term Debt
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
12. Subsidiary Guarantors of Long-Term Debt	12. Subsidiary Guarantors of Long-Term Debt Certain of the Companys 100% owned domestic subsidiaries (Guarantor Subsidiaries) jointly and severally, and fully and unconditionally guarantee the Companys indebtedness under its revolving credit facility, senior term loan and senior notes. The following condensed consolidating financial information is presented on the equity method and reflects the summarized financial information for: (a)the Company; (b)the Guarantor Subsidiaries on a combined basis; and (c)the Companys non-guarantor subsidiaries on a combined basis. FISERV, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME THREE MONTHS ENDED SEPTEMBER 30, 2009 (In millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Processing and services $ $ 584 $ 263 $ (21 ) $ 826 Product 139 35 (8 ) 166 Total revenues 723 298 (29 ) 992 Expenses: Cost of processing and services (2 ) 319 157 (21 ) 453 Cost of product 109 23 (6 ) 126 Selling, general and administrative 21 107 54 182 Total expenses 19 535 234 (27 ) 761 Operating income (loss) (19 ) 188 64 (2 ) 231 Interest (expense) income, net 13 (64 ) (1 ) (52 ) Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate (6 ) 124 63 (2 ) 179 Income tax (provision) benefit 10 (47 ) (24 ) 1 (60 ) Income from investment in unconsolidated affiliate, net of income taxes 5 5 Income from continuing operations 4 77 44 (1 ) 124 Equity in earnings of consolidated affiliates 111 (111 ) Loss from discontinued operations, net of income taxes (5 ) (4 ) (9 ) Net income $ 115 $ 72 $ 40 $ (112 ) $ 115 FISERV, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME THREE MONTHS ENDED SEPTEMBER 30, 2008 (In millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Processing and services $ 1 $ 571 $ 278 $ (18 ) $ 832 Product 152 60 (6 ) 206 Total revenues 1 723 338 (24 ) 1,038 Expenses: Cost of

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009	Nov. 03, 2009
Entity [Text Block]
Trading Symbol	FISV
Entity Registrant Name	FISERV INC
Entity Central Index Key	0000798354
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		153,897,994