Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 24, 2014 | |
Document Information | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | ' | 249,219,225 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Processing and services | $1,051 | $1,015 | $2,078 | $1,981 |
Product | 202 | 183 | 409 | 369 |
Total revenue | 1,253 | 1,198 | 2,487 | 2,350 |
Expenses: | ' | ' | ' | ' |
Cost of processing and services | 532 | 523 | 1,073 | 1,045 |
Cost of product | 171 | 157 | 351 | 347 |
Selling, general and administrative | 243 | 245 | 485 | 474 |
Total expenses | 946 | 925 | 1,909 | 1,866 |
Operating income | 307 | 273 | 578 | 484 |
Interest expense | -41 | -41 | -82 | -82 |
Interest and investment income | 1 | ' | 1 | ' |
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | 267 | 232 | 497 | 402 |
Income tax provision | -101 | -81 | -167 | -139 |
Income from investment in unconsolidated affiliate | ' | 1 | 4 | 6 |
Income from continuing operations | 166 | 152 | 334 | 269 |
Loss from discontinued operations, net of income taxes | ' | -1 | ' | -1 |
Net income | $166 | $151 | $334 | $268 |
Net income (loss) per share - basic: | ' | ' | ' | ' |
Continuing operations | $0.66 | $0.57 | $1.33 | $1.01 |
Discontinued operations | $0 | $0 | $0 | $0 |
Total | $0.66 | $0.57 | $1.33 | $1.01 |
Net income (loss) per share - diluted: | ' | ' | ' | ' |
Continuing operations | $0.65 | $0.57 | $1.31 | $1 |
Discontinued operations | $0 | $0 | $0 | $0 |
Total | $0.65 | $0.56 | $1.30 | $1 |
Shares used in computing net income (loss) per share: | ' | ' | ' | ' |
Basic | 249.3 | 265.1 | 251.9 | 265.9 |
Diluted | 253.4 | 268.6 | 256 | 269.4 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $166 | $151 | $334 | $268 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Fair market value adjustment on cash flow hedges, net of income tax provision (benefit) of $(1) million, $1 million, and $(1) million | ' | -2 | 2 | -2 |
Reclassification adjustment for net realized losses on cash flow hedges included in interest expense, net of income tax provision of $1 million, $1 million, $2 million and $3 million | 2 | 2 | 4 | 5 |
Foreign currency translation | 3 | -5 | 5 | -10 |
Total other comprehensive income (loss) | 5 | -5 | 11 | -7 |
Comprehensive income | $171 | $146 | $345 | $261 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair market value adjustment on cash flow hedges, tax provision (benefit) | ' | ($1) | $1 | ($1) |
Reclassification adjustment for net realized losses on cash flow hedges included in interest expense, tax provision | $1 | $1 | $2 | $3 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $329 | $400 |
Trade accounts receivable, net | 730 | 751 |
Deferred income taxes | 45 | 55 |
Prepaid expenses and other current assets | 421 | 366 |
Total current assets | 1,525 | 1,572 |
Property and equipment, net | 300 | 266 |
Intangible assets, net | 2,070 | 2,142 |
Goodwill | 5,217 | 5,216 |
Other long-term assets | 291 | 317 |
Total assets | 9,403 | 9,513 |
Liabilities and Shareholders' Equity | ' | ' |
Accounts payable and accrued expenses | 834 | 756 |
Current maturities of long-term debt | 92 | 92 |
Deferred revenue | 442 | 484 |
Total current liabilities | 1,368 | 1,332 |
Long-term debt | 3,756 | 3,756 |
Deferred income taxes | 680 | 713 |
Other long-term liabilities | 124 | 127 |
Total liabilities | 5,928 | 5,928 |
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: 900.0 million shares authorized; 395.7 million shares issued | 4 | 4 |
Additional paid-in capital | 866 | 844 |
Accumulated other comprehensive loss | -49 | -60 |
Retained earnings | 6,932 | 6,598 |
Treasury stock, at cost, 146.6 million and 139.0 million shares | -4,278 | -3,801 |
Total shareholders' equity | 3,475 | 3,585 |
Total liabilities and shareholders' equity | $9,403 | $9,513 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Preferred stock, no par value | ' | ' |
Preferred stock, shares authorized | 25 | 25 |
Preferred stock, issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 900 | 900 |
Common stock, shares issued | 395.7 | 395.7 |
Treasury stock, shares | 146.6 | 139 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $334 | $268 |
Adjustment for discontinued operations | ' | 1 |
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: | ' | ' |
Depreciation and other amortization | 96 | 97 |
Amortization of acquisition-related intangible assets | 103 | 103 |
Share-based compensation | 27 | 26 |
Deferred income taxes | -27 | -26 |
Income from investment in unconsolidated affiliate | -4 | -6 |
Dividends from unconsolidated affiliate | 45 | 6 |
Non-cash impairment charge | ' | 30 |
Other non-cash items | -12 | -6 |
Changes in assets and liabilities, net of effects from acquisitions: | ' | ' |
Trade accounts receivable | 25 | 13 |
Prepaid expenses and other assets | -24 | -45 |
Accounts payable and other liabilities | 46 | -40 |
Deferred revenue | -40 | -24 |
Net cash provided by operating activities from continuing operations | 569 | 397 |
Cash flows from investing activities: | ' | ' |
Capital expenditures, including capitalization of software costs | -150 | -110 |
Payment for acquisition of business, net of cash acquired | ' | -16 |
Dividends from unconsolidated affiliate | ' | 116 |
Other investing activities | 1 | ' |
Net cash used in investing activities from continuing operations | -149 | -10 |
Cash flows from financing activities: | ' | ' |
Debt proceeds | 544 | 1,210 |
Debt repayments | -544 | -1,444 |
Issuance of treasury stock | 26 | 24 |
Purchases of treasury stock | -528 | -254 |
Other financing activities | 11 | 7 |
Net cash used in financing activities from continuing operations | -491 | -457 |
Net change in cash and cash equivalents from continuing operations | -71 | -70 |
Net cash flows from discontinued operations | ' | 32 |
Beginning balance | 400 | 358 |
Ending balance | 329 | 320 |
Discontinued operations cash flow information: | ' | ' |
Net cash used in operating activities | ' | -3 |
Net cash provided by investing activities | ' | 35 |
Net change in cash and cash equivalents from discontinued operations | ' | 32 |
Net cash flows to continuing operations | ' | -32 |
Beginning balance - discontinued operations | 0 | 0 |
Ending balance - discontinued operations | $0 | $0 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Jun. 30, 2014 | ||
Basis of Presentation | ' | |
1 | Basis of Presentation | |
The consolidated financial statements for the three-month and six-month periods ended June 30, 2014 and 2013 are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the 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 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 consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of Fiserv, Inc. and all 100% owned subsidiaries. Investments in less than 50% owned affiliates in which the Company has significant influence but not control are accounted for using the equity method of accounting. All intercompany transactions and balances have been eliminated in consolidation. | ||
Stock Split | ||
On November 20, 2013, the Company’s Board of Directors declared a two-for-one stock split of the Company’s common stock and a proportionate increase in the number of its authorized shares of common stock. The additional shares were distributed on December 16, 2013 to shareholders of record at the close of business on December 2, 2013. The Company’s common stock began trading at the split-adjusted price on December 17, 2013. All share and per share amounts are retroactively presented on a split-adjusted basis. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended | |
Jun. 30, 2014 | ||
Recent Accounting Pronouncements | ' | |
2 | Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), to clarify the principles of recognizing revenue and to create common revenue recognition guidance between U.S. generally accepted accounting principles and International Financial Reporting Standards. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This model involves a five-step process for achieving that core principle, along with comprehensive disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 will be effective for annual and interim periods after December 15, 2016; early application is not permitted. Entities have the option of using either a full retrospective or a modified approach to adopt this new guidance. The Company is currently assessing the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. | ||
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. Under the amendments in ASU 2014-08, only those disposals that represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results will be reported as discontinued operations in the financial statements. ASU 2014-08 will be effective prospectively for annual and interim periods after December 15, 2014, with early adoption permitted. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |
Jun. 30, 2014 | ||
Fair Value Measurements | ' | |
3 | Fair Value Measurements | |
The Company applies fair value accounting for all assets and liabilities that are recognized or disclosed at fair value in its consolidated financial statements on a recurring basis. Fair value represents the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. | ||
The fair values of cash equivalents, trade accounts receivable, settlement assets and obligations, and accounts payable approximate their respective carrying values due to the short period of time to maturity. The estimated fair value of total debt was $4.0 billion at June 30, 2014 and $3.9 billion at December 31, 2013 and was estimated using discounted cash flows based on quoted prices in active markets (level 2 of the fair value hierarchy) or the Company’s current incremental borrowing rates (level 3 of the fair value hierarchy). |
Acquisition
Acquisition | 6 Months Ended | |
Jun. 30, 2014 | ||
Acquisition | ' | |
4 | Acquisition | |
On January 14, 2013, the Company acquired Open Solutions Inc. (“Open Solutions”), a provider of account processing technology for financial institutions, for a cash purchase price of $55 million and the assumption of approximately $960 million of debt. This acquisition, included within the Financial Institution Services (“Financial”) segment, advanced the Company’s go-to-market strategies by adding a number of products and services and by expanding the number of account processing clients to which the Company can provide its broad array of add-on products and services. | ||
The cash purchase price and repayment of assumed debt were funded utilizing a combination of available cash and existing availability under the Company’s revolving credit facility. During 2013, the Company finalized the purchase price allocation for Open Solutions, resulting in customer related intangible assets of $460 million, acquired software and technology of $105 million, goodwill of $517 million, long-term debt of $958 million, and various other identifiable assets and liabilities. As a result of the acquisition, the Company has incurred merger and integration costs, including a $30 million non-cash impairment charge in the first quarter of 2013 related to the Company’s decision to replace its Acumen® account processing system with DNATM, an Open Solutions account processing system. |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliate | 6 Months Ended | |
Jun. 30, 2014 | ||
Investment in Unconsolidated Affiliate | ' | |
5 | Investment in Unconsolidated Affiliate | |
The Company owns a 49% interest in StoneRiver Group, L.P. (“StoneRiver”), which is accounted for as an equity method investment, and reports its share of StoneRiver’s net income as income from investment in unconsolidated affiliate. The Company’s investment in StoneRiver was $39 million at December 31, 2013 and was reported within other long-term assets in the consolidated balance sheet. In the second quarter of 2014, the Company received from StoneRiver a $45 million cash dividend, funded from a recent capital transaction. The dividend exceeded the Company’s investment carrying amount, resulting in the reduction of its investment balance to zero, with the excess cash dividend of $3 million recorded within other long-term liabilities in the consolidated balance sheet at June 30, 2014. Although the Company does not maintain a legal obligation to fund any of the liabilities or potential operating deficits of StoneRiver, it intends to provide future financial support, based upon its continuing assessment of various factors, should the need arise. The entire dividend represents a return on the Company’s investment and was reported as cash flows from operating activities. During the second quarter of 2013, the Company received a $122 million cash dividend from StoneRiver. A portion of the dividend, $6 million, represented a return on the Company’s investment and was reported in cash flows from operating activities. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |
Jun. 30, 2014 | ||
Share-Based Compensation | ' | |
6 | Share-Based Compensation | |
The Company recognized $12 million and $27 million of share-based compensation expense during the three and six months ended June 30, 2014, respectively, and $12 million and $26 million of share-based compensation expense during the three and six months ended June 30, 2013, respectively. The Company’s annual grant of share-based awards generally occurs in the first quarter. During the six months ended June 30, 2014, the Company granted 1.3 million stock options and 0.5 million restricted stock units at weighted-average estimated fair values of $18.80 and $57.08, respectively. During the six months ended June 30, 2013, the Company granted 1.9 million stock options and 0.9 million restricted stock units at weighted-average estimated fair values of $12.66 and $40.62, respectively. During the six months ended June 30, 2014 and 2013, stock options to purchase 0.8 million shares and 0.7 million shares, respectively, were exercised. |
Shares_Used_in_Computing_Net_I
Shares Used in Computing Net Income Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Shares Used in Computing Net Income Per Share | ' | ||||||||||||||||
7 | Shares Used in Computing Net Income Per Share | ||||||||||||||||
The computation of shares used in calculating diluted net income per common share is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted-average shares outstanding used for the calculation of net income per share - basic | 249.3 | 265.1 | 251.9 | 265.9 | |||||||||||||
Common stock equivalents | 4.1 | 3.5 | 4.1 | 3.5 | |||||||||||||
Total shares used for the calculation of net income per share - diluted | 253.4 | 268.6 | 256 | 269.4 | |||||||||||||
For the three months ended June 30, 2014 and 2013, stock options for 1.4 million and 1.8 million shares, respectively, were excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive. For the six months ended June 30, 2014 and 2013, stock options for 1.1 million and 1.4 million shares, respectively, were excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive. |
Intangible_Assets
Intangible Assets | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Intangible Assets | ' | ||||||||||||
8 | Intangible Assets | ||||||||||||
Intangible assets consisted of the following: | |||||||||||||
(In millions) | Gross | Accumulated | Net Book | ||||||||||
Carrying | Amortization | Value | |||||||||||
Amount | |||||||||||||
June 30, 2014 | |||||||||||||
Customer related intangible assets | $ | 2,155 | $ | 733 | $ | 1,422 | |||||||
Acquired software and technology | 493 | 322 | 171 | ||||||||||
Trade names | 120 | 43 | 77 | ||||||||||
Capitalized software development costs | 619 | 302 | 317 | ||||||||||
Purchased software | 238 | 155 | 83 | ||||||||||
Total | $ | 3,625 | $ | 1,555 | $ | 2,070 | |||||||
(In millions) | Gross | Accumulated | Net Book | ||||||||||
Carrying | Amortization | Value | |||||||||||
Amount | |||||||||||||
December 31, 2013 | |||||||||||||
Customer related intangible assets | $ | 2,155 | $ | 667 | $ | 1,488 | |||||||
Acquired software and technology | 493 | 289 | 204 | ||||||||||
Trade names | 120 | 39 | 81 | ||||||||||
Capitalized software development costs | 635 | 348 | 287 | ||||||||||
Purchased software | 277 | 195 | 82 | ||||||||||
Total | $ | 3,680 | $ | 1,538 | $ | 2,142 | |||||||
The Company estimates that annual amortization expense with respect to acquired intangible assets, which include customer related intangible assets, acquired software and technology, and trade names, will be approximately $200 million in 2014, $190 million in 2015, $150 million in 2016 and $140 million in each of 2017 and 2018. Annual amortization expense in 2014 with respect to capitalized and purchased software is estimated to approximate $110 million. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
9 | Accounts Payable and Accrued Expenses | ||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
(In millions) | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Trade accounts payable | $ | 55 | $ | 67 | |||||
Settlement obligations | 248 | 184 | |||||||
Client deposits | 214 | 190 | |||||||
Accrued compensation and benefits | 127 | 165 | |||||||
Other accrued expenses | 190 | 150 | |||||||
Total | $ | 834 | $ | 756 | |||||
Income_Taxes
Income Taxes | 6 Months Ended | |
Jun. 30, 2014 | ||
Income Taxes | ' | |
10 | Income Taxes | |
The Company’s effective income tax rates for continuing operations were 37.7% and 33.5% during the three and six months ended June 30, 2014, respectively, and were 35.0% and 34.6% during the three and six months ended June 30, 2013, respectively. The lower effective tax rate for the six months ended June 30, 2014 was primarily attributed to the favorable resolution of tax matters in the first quarter. The resolution of these tax matters decreased the Company’s unrecognized tax benefits from $60 million at December 31, 2013 to $43 million at June 30, 2014. At June 30, 2014, unrecognized tax benefits of $32 million, net of federal and state benefits, would affect the effective income tax rate from continuing operations if recognized. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
11 | Accumulated Other Comprehensive Loss | ||||||||||||||||
Changes in accumulated other comprehensive loss by component, net of income taxes, consisted of the following: | |||||||||||||||||
(In millions) | Cash Flow | Foreign | Other | Total | |||||||||||||
Hedges | Currency | ||||||||||||||||
Translation | |||||||||||||||||
Balance at December 31, 2013 | $ | (49 | ) | $ | (9 | ) | $ | (2 | ) | $ | (60 | ) | |||||
Other comprehensive income before reclassifications | 2 | 5 | — | 7 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 4 | — | — | 4 | |||||||||||||
Net current-period other comprehensive income | 6 | 5 | — | 11 | |||||||||||||
Balance at June 30, 2014 | $ | (43 | ) | $ | (4 | ) | $ | (2 | ) | $ | (49 | ) | |||||
(In millions) | Cash Flow | Foreign | Other | Total | |||||||||||||
Hedges | Currency | ||||||||||||||||
Translation | |||||||||||||||||
Balance at December 31, 2012 | $ | (57 | ) | $ | (1 | ) | $ | (2 | ) | $ | (60 | ) | |||||
Other comprehensive loss before reclassifications | (2 | ) | (10 | ) | — | (12 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 5 | — | — | 5 | |||||||||||||
Net current-period other comprehensive (loss) income | 3 | (10 | ) | — | (7 | ) | |||||||||||
Balance at June 30, 2013 | $ | (54 | ) | $ | (11 | ) | $ | (2 | ) | $ | (67 | ) | |||||
Based on the amounts recorded in accumulated other comprehensive loss at June 30, 2014, the Company estimates that it will recognize approximately $14 million in interest expense during the next twelve months related to settled interest rate hedge contracts. | |||||||||||||||||
The Company has entered into foreign currency forward exchange contracts, which have been designated as cash flow hedges, to hedge foreign currency exposure to the Indian Rupee. As of June 30, 2014 and December 31, 2013, the notional amount of these derivatives was approximately $53 million, and the fair value totaling approximately $3 million and $(1) million, respectively, was recorded in the consolidated balance sheets in current assets at June 30, 2014 and in current liabilities at December 31, 2013. |
Cash_Flow_Information
Cash Flow Information | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Cash Flow Information | ' | ||||||||
12 | Cash Flow Information | ||||||||
Supplemental cash flow information was as follows: | |||||||||
Six Months Ended | |||||||||
June 30, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Interest paid, including on assumed debt | $ | 72 | $ | 91 | |||||
Income taxes paid from continuing operations | 137 | 135 | |||||||
Treasury stock purchases settled after the balance sheet date | — | 17 | |||||||
Liabilities assumed in acquisition of business | — | 1,186 | |||||||
On March 14, 2013, the Company sold its club solutions business (“Club Solutions”) for approximately $35 million in cash. The proceeds from the sale and cash flows of Club Solutions have been reported as discontinued operations in the accompanying consolidated statement of cash flows for the six months ended June 30, 2013. |
Business_Segment_Information
Business Segment Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Segment Information | ' | ||||||||||||||||
13 | Business Segment Information | ||||||||||||||||
The Company’s operations are comprised of the Payments and Industry Products (“Payments”) segment and the Financial segment. The Payments segment primarily provides electronic bill payment and presentment services, debit and other card-based payment products and services, internet and mobile banking software and services, and other electronic payments software and services, including account-to-account transfers and person-to-person payments. The businesses in this segment also provide investment account processing services for separately managed accounts, card and print personalization services, and fraud and risk management products and services. The Financial segment provides banks, thrifts and credit unions with account processing services, item processing and source capture services, loan origination and servicing products, cash management and consulting services, and other products and services that support numerous types of financial transactions. The Corporate and Other segment primarily consists of unallocated corporate expenses, amortization of acquisition-related intangible assets, intercompany eliminations and other costs that are not considered when management evaluates segment performance. | |||||||||||||||||
(In millions) | Payments | Financial | Corporate | Total | |||||||||||||
and Other | |||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||
Processing and services revenue | $ | 501 | $ | 551 | $ | (1 | ) | $ | 1,051 | ||||||||
Product revenue | 168 | 44 | (10 | ) | 202 | ||||||||||||
Total revenue | $ | 669 | $ | 595 | $ | (11 | ) | $ | 1,253 | ||||||||
Operating income | $ | 185 | $ | 203 | $ | (81 | ) | $ | 307 | ||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||
Processing and services revenue | $ | 477 | $ | 541 | $ | (3 | ) | $ | 1,015 | ||||||||
Product revenue | 149 | 43 | (9 | ) | 183 | ||||||||||||
Total revenue | $ | 626 | $ | 584 | $ | (12 | ) | $ | 1,198 | ||||||||
Operating income | $ | 179 | $ | 186 | $ | (92 | ) | $ | 273 | ||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||
Processing and services revenue | $ | 992 | $ | 1,090 | $ | (4 | ) | $ | 2,078 | ||||||||
Product revenue | 350 | 80 | (21 | ) | 409 | ||||||||||||
Total revenue | $ | 1,342 | $ | 1,170 | $ | (25 | ) | $ | 2,487 | ||||||||
Operating income | $ | 365 | $ | 388 | $ | (175 | ) | $ | 578 | ||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||
Processing and services revenue | $ | 930 | $ | 1,057 | $ | (6 | ) | $ | 1,981 | ||||||||
Product revenue | 313 | 76 | (20 | ) | 369 | ||||||||||||
Total revenue | $ | 1,243 | $ | 1,133 | $ | (26 | ) | $ | 2,350 | ||||||||
Operating income | $ | 345 | $ | 347 | $ | (208 | ) | $ | 484 | ||||||||
Goodwill in the Payments and Financial segments was $3.4 billion and $1.8 billion, respectively, as of June 30, 2014 and December 31, 2013. |
Subsidiary_Guarantors_of_LongT
Subsidiary Guarantors of Long-Term Debt | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Subsidiary Guarantors of Long-Term Debt | ' | ||||||||||||||||||||
14 | Subsidiary Guarantors of Long-Term Debt | ||||||||||||||||||||
Certain of the Company’s 100% owned domestic subsidiaries (“Guarantor Subsidiaries”) jointly and severally, and fully and unconditionally, guarantee the Company’s indebtedness under its revolving credit facility, senior notes and term loan. Under the indentures governing the senior notes, a guarantee of a Guarantor Subsidiary will terminate upon the following customary circumstances: the sale of such Guarantor Subsidiary if such sale complies with the indenture; if such Guarantor Subsidiary no longer guarantees certain other indebtedness of the Company, including as a result of the release of the Guarantor Subsidiaries if Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. increase the Company’s credit rating to A- and A3, respectively; or the defeasance or discharge of the indenture. The following condensed consolidating financial information is presented on the equity method and reflects summarized financial information for: (a) the Company; (b) the Guarantor Subsidiaries on a combined basis; and (c) the Company’s non-guarantor subsidiaries on a combined basis. Certain intercompany amounts reported in the prior periods within the condensed consolidating balance sheet and condensed consolidating statement of cash flows have been reclassified to conform to the current period presentation and are not considered to be material by the Company. | |||||||||||||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 768 | $ | 326 | $ | (43 | ) | $ | 1,051 | ||||||||||
Product | — | 191 | 28 | (17 | ) | 202 | |||||||||||||||
Total revenue | — | 959 | 354 | (60 | ) | 1,253 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 387 | 188 | (43 | ) | 532 | |||||||||||||||
Cost of product | — | 163 | 25 | (17 | ) | 171 | |||||||||||||||
Selling, general and administrative | 29 | 162 | 52 | — | 243 | ||||||||||||||||
Total expenses | 29 | 712 | 265 | (60 | ) | 946 | |||||||||||||||
Operating income (loss) | (29 | ) | 247 | 89 | — | 307 | |||||||||||||||
Interest expense, net | (32 | ) | (6 | ) | (2 | ) | — | (40 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (61 | ) | 241 | 87 | — | 267 | |||||||||||||||
Income tax (provision) benefit | 23 | (92 | ) | (32 | ) | — | (101 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | — | — | — | — | ||||||||||||||||
Equity in earnings of consolidated affiliates | 204 | — | — | (204 | ) | — | |||||||||||||||
Income from continuing operations | 166 | 149 | 55 | (204 | ) | 166 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||||
Net income | $ | 166 | $ | 149 | $ | 55 | $ | (204 | ) | $ | 166 | ||||||||||
Comprehensive income | $ | 171 | $ | 149 | $ | 58 | $ | (207 | ) | $ | 171 | ||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 724 | $ | 332 | $ | (41 | ) | $ | 1,015 | ||||||||||
Product | — | 170 | 29 | (16 | ) | 183 | |||||||||||||||
Total revenue | — | 894 | 361 | (57 | ) | 1,198 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 356 | 208 | (41 | ) | 523 | |||||||||||||||
Cost of product | — | 152 | 21 | (16 | ) | 157 | |||||||||||||||
Selling, general and administrative | 31 | 160 | 54 | — | 245 | ||||||||||||||||
Total expenses | 31 | 668 | 283 | (57 | ) | 925 | |||||||||||||||
Operating income (loss) | (31 | ) | 226 | 78 | — | 273 | |||||||||||||||
Interest expense, net | (32 | ) | (5 | ) | (4 | ) | — | (41 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (63 | ) | 221 | 74 | — | 232 | |||||||||||||||
Income tax (provision) benefit | 26 | (82 | ) | (25 | ) | — | (81 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | 1 | — | — | 1 | ||||||||||||||||
Equity in earnings of consolidated affiliates | 189 | — | — | (189 | ) | — | |||||||||||||||
Income from continuing operations | 152 | 140 | 49 | (189 | ) | 152 | |||||||||||||||
Loss from discontinued operations, net of income taxes | (1 | ) | — | — | — | (1 | ) | ||||||||||||||
Net income | $ | 151 | $ | 140 | $ | 49 | $ | (189 | ) | $ | 151 | ||||||||||
Comprehensive income | $ | 146 | $ | 140 | $ | 44 | $ | (184 | ) | $ | 146 | ||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 1,523 | $ | 641 | $ | (86 | ) | $ | 2,078 | ||||||||||
Product | — | 396 | 49 | (36 | ) | 409 | |||||||||||||||
Total revenue | — | 1,919 | 690 | (122 | ) | 2,487 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 783 | 376 | (86 | ) | 1,073 | |||||||||||||||
Cost of product | — | 337 | 50 | (36 | ) | 351 | |||||||||||||||
Selling, general and administrative | 49 | 327 | 109 | — | 485 | ||||||||||||||||
Total expenses | 49 | 1,447 | 535 | (122 | ) | 1,909 | |||||||||||||||
Operating income (loss) | (49 | ) | 472 | 155 | — | 578 | |||||||||||||||
Interest expense, net | (64 | ) | (13 | ) | (4 | ) | — | (81 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (113 | ) | 459 | 151 | — | 497 | |||||||||||||||
Income tax (provision) benefit | 60 | (172 | ) | (55 | ) | — | (167 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | 4 | — | — | 4 | ||||||||||||||||
Equity in earnings of consolidated affiliates | 387 | — | — | (387 | ) | — | |||||||||||||||
Income from continuing operations | 334 | 291 | 96 | (387 | ) | 334 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||||
Net income | $ | 334 | $ | 291 | $ | 96 | $ | (387 | ) | $ | 334 | ||||||||||
Comprehensive income | $ | 345 | $ | 291 | $ | 101 | $ | (392 | ) | $ | 345 | ||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 1,437 | $ | 625 | $ | (81 | ) | $ | 1,981 | ||||||||||
Product | — | 352 | 51 | (34 | ) | 369 | |||||||||||||||
Total revenue | — | 1,789 | 676 | (115 | ) | 2,350 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 740 | 386 | (81 | ) | 1,045 | |||||||||||||||
Cost of product | — | 339 | 42 | (34 | ) | 347 | |||||||||||||||
Selling, general and administrative | 59 | 304 | 111 | — | 474 | ||||||||||||||||
Total expenses | 59 | 1,383 | 539 | (115 | ) | 1,866 | |||||||||||||||
Operating income (loss) | (59 | ) | 406 | 137 | — | 484 | |||||||||||||||
Interest expense, net | (64 | ) | (11 | ) | (7 | ) | — | (82 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (123 | ) | 395 | 130 | — | 402 | |||||||||||||||
Income tax (provision) benefit | 52 | (144 | ) | (47 | ) | — | (139 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | 6 | — | — | 6 | ||||||||||||||||
Equity in earnings of consolidated affiliates | 340 | — | — | (340 | ) | — | |||||||||||||||
Income from continuing operations | 269 | 257 | 83 | (340 | ) | 269 | |||||||||||||||
Loss from discontinued operations, net of income taxes | (1 | ) | — | — | — | (1 | ) | ||||||||||||||
Net income | $ | 268 | $ | 257 | $ | 83 | $ | (340 | ) | $ | 268 | ||||||||||
Comprehensive income | $ | 261 | $ | 257 | $ | 73 | $ | (330 | ) | $ | 261 | ||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 36 | $ | 61 | $ | 232 | $ | — | $ | 329 | |||||||||||
Trade accounts receivable, net | — | 475 | 255 | — | 730 | ||||||||||||||||
Prepaid expenses and other current assets | 49 | 250 | 167 | — | 466 | ||||||||||||||||
Total current assets | 85 | 786 | 654 | — | 1,525 | ||||||||||||||||
Due from consolidated affiliates | — | 1,974 | 509 | (2,483 | ) | — | |||||||||||||||
Investments in consolidated affiliates | 10,504 | — | — | (10,504 | ) | — | |||||||||||||||
Intangible assets, net | 22 | 1,797 | 251 | — | 2,070 | ||||||||||||||||
Goodwill | — | 4,154 | 1,063 | — | 5,217 | ||||||||||||||||
Other long-term assets | 39 | 446 | 106 | — | 591 | ||||||||||||||||
Total assets | $ | 10,650 | $ | 9,157 | $ | 2,583 | $ | (12,987 | ) | $ | 9,403 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 116 | $ | 508 | $ | 210 | $ | — | $ | 834 | |||||||||||
Current maturities of long-term debt | 90 | 2 | — | — | 92 | ||||||||||||||||
Deferred revenue | — | 275 | 167 | — | 442 | ||||||||||||||||
Total current liabilities | 206 | 785 | 377 | — | 1,368 | ||||||||||||||||
Long-term debt | 3,755 | 1 | — | — | 3,756 | ||||||||||||||||
Due to consolidated affiliates | 2,483 | — | — | (2,483 | ) | — | |||||||||||||||
Other long-term liabilities | 731 | 30 | 43 | — | 804 | ||||||||||||||||
Total liabilities | 7,175 | 816 | 420 | (2,483 | ) | 5,928 | |||||||||||||||
Total shareholders’ equity | 3,475 | 8,341 | 2,163 | (10,504 | ) | 3,475 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,650 | $ | 9,157 | $ | 2,583 | $ | (12,987 | ) | $ | 9,403 | ||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 139 | $ | 76 | $ | 185 | $ | — | $ | 400 | |||||||||||
Trade accounts receivable, net | — | 465 | 286 | — | 751 | ||||||||||||||||
Prepaid expenses and other current assets | 81 | 195 | 145 | — | 421 | ||||||||||||||||
Total current assets | 220 | 736 | 616 | — | 1,572 | ||||||||||||||||
Due from consolidated affiliates | — | 1,683 | 425 | (2,108 | ) | — | |||||||||||||||
Investments in consolidated affiliates | 10,122 | — | — | (10,122 | ) | — | |||||||||||||||
Intangible assets, net | 22 | 1,866 | 254 | — | 2,142 | ||||||||||||||||
Goodwill | — | 4,150 | 1,066 | — | 5,216 | ||||||||||||||||
Other long-term assets | 33 | 448 | 102 | — | 583 | ||||||||||||||||
Total assets | $ | 10,397 | $ | 8,883 | $ | 2,463 | $ | (12,230 | ) | $ | 9,513 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 87 | $ | 463 | $ | 206 | $ | — | $ | 756 | |||||||||||
Current maturities of long-term debt | 90 | 2 | — | — | 92 | ||||||||||||||||
Deferred revenue | — | 292 | 192 | — | 484 | ||||||||||||||||
Total current liabilities | 177 | 757 | 398 | — | 1,332 | ||||||||||||||||
Long-term debt | 3,754 | 2 | — | — | 3,756 | ||||||||||||||||
Due to consolidated affiliates | 2,108 | — | — | (2,108 | ) | — | |||||||||||||||
Other long-term liabilities | 773 | 25 | 42 | — | 840 | ||||||||||||||||
Total liabilities | 6,812 | 784 | 440 | (2,108 | ) | 5,928 | |||||||||||||||
Total shareholders’ equity | 3,585 | 8,099 | 2,023 | (10,122 | ) | 3,585 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,397 | $ | 8,883 | $ | 2,463 | $ | (12,230 | ) | $ | 9,513 | ||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | $ | (4 | ) | $ | 436 | $ | 137 | $ | — | $ | 569 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures, including capitalization of software costs | (2 | ) | (104 | ) | (44 | ) | — | (150 | ) | ||||||||||||
Other investing activities | — | (346 | ) | (46 | ) | 393 | 1 | ||||||||||||||
Net cash used in investing activities from continuing operations | (2 | ) | (450 | ) | (90 | ) | 393 | (149 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt proceeds | 544 | — | — | — | 544 | ||||||||||||||||
Debt repayments | (544 | ) | — | — | — | (544 | ) | ||||||||||||||
Issuance of treasury stock | 26 | — | — | — | 26 | ||||||||||||||||
Purchases of treasury stock | (528 | ) | — | — | — | (528 | ) | ||||||||||||||
Other financing activities | 405 | (1 | ) | — | (393 | ) | 11 | ||||||||||||||
Net cash used in financing activities from continuing operations | (97 | ) | (1 | ) | — | (393 | ) | (491 | ) | ||||||||||||
Net change in cash and cash equivalents from continuing operations | (103 | ) | (15 | ) | 47 | — | (71 | ) | |||||||||||||
Net cash flows from (to) discontinued operations | — | — | — | — | — | ||||||||||||||||
Beginning balance | 139 | 76 | 185 | — | 400 | ||||||||||||||||
Ending balance | $ | 36 | $ | 61 | $ | 232 | $ | — | $ | 329 | |||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | $ | (42 | ) | $ | 324 | $ | 115 | $ | — | $ | 397 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures, including capitalization of software costs | (2 | ) | (79 | ) | (29 | ) | — | (110 | ) | ||||||||||||
Payment for acquisition of business, net of cash acquired | (55 | ) | 39 | — | — | (16 | ) | ||||||||||||||
Dividend from unconsolidated affiliate | — | 116 | — | — | 116 | ||||||||||||||||
Other investing activities | (1 | ) | (433 | ) | (75 | ) | 509 | — | |||||||||||||
Net cash used in investing activities from continuing operations | (58 | ) | (357 | ) | (104 | ) | 509 | (10 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt proceeds | 1,210 | — | — | — | 1,210 | ||||||||||||||||
Debt repayments | (1,444 | ) | — | — | — | (1,444 | ) | ||||||||||||||
Issuance of treasury stock | 24 | — | — | — | 24 | ||||||||||||||||
Purchases of treasury stock | (254 | ) | — | — | — | (254 | ) | ||||||||||||||
Other financing activities | 515 | (1 | ) | 2 | (509 | ) | 7 | ||||||||||||||
Net cash (used in) provided by financing activities from continuing operations | 51 | (1 | ) | 2 | (509 | ) | (457 | ) | |||||||||||||
Net change in cash and cash equivalents from continuing operations | (49 | ) | (34 | ) | 13 | — | (70 | ) | |||||||||||||
Net cash flows from (to) discontinued operations | (4 | ) | 36 | — | — | 32 | |||||||||||||||
Beginning balance | 85 | 66 | 207 | — | 358 | ||||||||||||||||
Ending balance | $ | 32 | $ | 68 | $ | 220 | $ | — | $ | 320 | |||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Fiserv, Inc. and all 100% owned subsidiaries. Investments in less than 50% owned affiliates in which the Company has significant influence but not control are accounted for using the equity method of accounting. All intercompany transactions and balances have been eliminated in consolidation. |
Shares_Used_in_Computing_Net_I1
Shares Used in Computing Net Income Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Schedule of Weighted Average Number of Shares | ' | ||||||||||||||||
The computation of shares used in calculating diluted net income per common share is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted-average shares outstanding used for the calculation of net income per share - basic | 249.3 | 265.1 | 251.9 | 265.9 | |||||||||||||
Common stock equivalents | 4.1 | 3.5 | 4.1 | 3.5 | |||||||||||||
Total shares used for the calculation of net income per share - diluted | 253.4 | 268.6 | 256 | 269.4 | |||||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Schedule of Intangible Assets by Class | ' | ||||||||||||
Intangible assets consisted of the following: | |||||||||||||
(In millions) | Gross | Accumulated | Net Book | ||||||||||
Carrying | Amortization | Value | |||||||||||
Amount | |||||||||||||
June 30, 2014 | |||||||||||||
Customer related intangible assets | $ | 2,155 | $ | 733 | $ | 1,422 | |||||||
Acquired software and technology | 493 | 322 | 171 | ||||||||||
Trade names | 120 | 43 | 77 | ||||||||||
Capitalized software development costs | 619 | 302 | 317 | ||||||||||
Purchased software | 238 | 155 | 83 | ||||||||||
Total | $ | 3,625 | $ | 1,555 | $ | 2,070 | |||||||
(In millions) | Gross | Accumulated | Net Book | ||||||||||
Carrying | Amortization | Value | |||||||||||
Amount | |||||||||||||
December 31, 2013 | |||||||||||||
Customer related intangible assets | $ | 2,155 | $ | 667 | $ | 1,488 | |||||||
Acquired software and technology | 493 | 289 | 204 | ||||||||||
Trade names | 120 | 39 | 81 | ||||||||||
Capitalized software development costs | 635 | 348 | 287 | ||||||||||
Purchased software | 277 | 195 | 82 | ||||||||||
Total | $ | 3,680 | $ | 1,538 | $ | 2,142 | |||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Schedule of Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
(In millions) | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Trade accounts payable | $ | 55 | $ | 67 | |||||
Settlement obligations | 248 | 184 | |||||||
Client deposits | 214 | 190 | |||||||
Accrued compensation and benefits | 127 | 165 | |||||||
Other accrued expenses | 190 | 150 | |||||||
Total | $ | 834 | $ | 756 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Changes in accumulated other comprehensive loss by component, net of income taxes, consisted of the following: | |||||||||||||||||
(In millions) | Cash Flow | Foreign | Other | Total | |||||||||||||
Hedges | Currency | ||||||||||||||||
Translation | |||||||||||||||||
Balance at December 31, 2013 | $ | (49 | ) | $ | (9 | ) | $ | (2 | ) | $ | (60 | ) | |||||
Other comprehensive income before reclassifications | 2 | 5 | — | 7 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 4 | — | — | 4 | |||||||||||||
Net current-period other comprehensive income | 6 | 5 | — | 11 | |||||||||||||
Balance at June 30, 2014 | $ | (43 | ) | $ | (4 | ) | $ | (2 | ) | $ | (49 | ) | |||||
(In millions) | Cash Flow | Foreign | Other | Total | |||||||||||||
Hedges | Currency | ||||||||||||||||
Translation | |||||||||||||||||
Balance at December 31, 2012 | $ | (57 | ) | $ | (1 | ) | $ | (2 | ) | $ | (60 | ) | |||||
Other comprehensive loss before reclassifications | (2 | ) | (10 | ) | — | (12 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 5 | — | — | 5 | |||||||||||||
Net current-period other comprehensive (loss) income | 3 | (10 | ) | — | (7 | ) | |||||||||||
Balance at June 30, 2013 | $ | (54 | ) | $ | (11 | ) | $ | (2 | ) | $ | (67 | ) | |||||
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Schedule Of Supplemental Cash Flow Information | ' | ||||||||
Supplemental cash flow information was as follows: | |||||||||
Six Months Ended | |||||||||
June 30, | |||||||||
(In millions) | 2014 | 2013 | |||||||
Interest paid, including on assumed debt | $ | 72 | $ | 91 | |||||
Income taxes paid from continuing operations | 137 | 135 | |||||||
Treasury stock purchases settled after the balance sheet date | — | 17 | |||||||
Liabilities assumed in acquisition of business | — | 1,186 |
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Schedule of Segment Reporting Information | ' | ||||||||||||||||
(In millions) | Payments | Financial | Corporate | Total | |||||||||||||
and Other | |||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||
Processing and services revenue | $ | 501 | $ | 551 | $ | (1 | ) | $ | 1,051 | ||||||||
Product revenue | 168 | 44 | (10 | ) | 202 | ||||||||||||
Total revenue | $ | 669 | $ | 595 | $ | (11 | ) | $ | 1,253 | ||||||||
Operating income | $ | 185 | $ | 203 | $ | (81 | ) | $ | 307 | ||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||
Processing and services revenue | $ | 477 | $ | 541 | $ | (3 | ) | $ | 1,015 | ||||||||
Product revenue | 149 | 43 | (9 | ) | 183 | ||||||||||||
Total revenue | $ | 626 | $ | 584 | $ | (12 | ) | $ | 1,198 | ||||||||
Operating income | $ | 179 | $ | 186 | $ | (92 | ) | $ | 273 | ||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||
Processing and services revenue | $ | 992 | $ | 1,090 | $ | (4 | ) | $ | 2,078 | ||||||||
Product revenue | 350 | 80 | (21 | ) | 409 | ||||||||||||
Total revenue | $ | 1,342 | $ | 1,170 | $ | (25 | ) | $ | 2,487 | ||||||||
Operating income | $ | 365 | $ | 388 | $ | (175 | ) | $ | 578 | ||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||
Processing and services revenue | $ | 930 | $ | 1,057 | $ | (6 | ) | $ | 1,981 | ||||||||
Product revenue | 313 | 76 | (20 | ) | 369 | ||||||||||||
Total revenue | $ | 1,243 | $ | 1,133 | $ | (26 | ) | $ | 2,350 | ||||||||
Operating income | $ | 345 | $ | 347 | $ | (208 | ) | $ | 484 | ||||||||
Subsidiary_Guarantors_of_LongT1
Subsidiary Guarantors of Long-Term Debt (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | ' | ||||||||||||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 768 | $ | 326 | $ | (43 | ) | $ | 1,051 | ||||||||||
Product | — | 191 | 28 | (17 | ) | 202 | |||||||||||||||
Total revenue | — | 959 | 354 | (60 | ) | 1,253 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 387 | 188 | (43 | ) | 532 | |||||||||||||||
Cost of product | — | 163 | 25 | (17 | ) | 171 | |||||||||||||||
Selling, general and administrative | 29 | 162 | 52 | — | 243 | ||||||||||||||||
Total expenses | 29 | 712 | 265 | (60 | ) | 946 | |||||||||||||||
Operating income (loss) | (29 | ) | 247 | 89 | — | 307 | |||||||||||||||
Interest expense, net | (32 | ) | (6 | ) | (2 | ) | — | (40 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (61 | ) | 241 | 87 | — | 267 | |||||||||||||||
Income tax (provision) benefit | 23 | (92 | ) | (32 | ) | — | (101 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | — | — | — | — | ||||||||||||||||
Equity in earnings of consolidated affiliates | 204 | — | — | (204 | ) | — | |||||||||||||||
Income from continuing operations | 166 | 149 | 55 | (204 | ) | 166 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||||
Net income | $ | 166 | $ | 149 | $ | 55 | $ | (204 | ) | $ | 166 | ||||||||||
Comprehensive income | $ | 171 | $ | 149 | $ | 58 | $ | (207 | ) | $ | 171 | ||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 724 | $ | 332 | $ | (41 | ) | $ | 1,015 | ||||||||||
Product | — | 170 | 29 | (16 | ) | 183 | |||||||||||||||
Total revenue | — | 894 | 361 | (57 | ) | 1,198 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 356 | 208 | (41 | ) | 523 | |||||||||||||||
Cost of product | — | 152 | 21 | (16 | ) | 157 | |||||||||||||||
Selling, general and administrative | 31 | 160 | 54 | — | 245 | ||||||||||||||||
Total expenses | 31 | 668 | 283 | (57 | ) | 925 | |||||||||||||||
Operating income (loss) | (31 | ) | 226 | 78 | — | 273 | |||||||||||||||
Interest expense, net | (32 | ) | (5 | ) | (4 | ) | — | (41 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (63 | ) | 221 | 74 | — | 232 | |||||||||||||||
Income tax (provision) benefit | 26 | (82 | ) | (25 | ) | — | (81 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | 1 | — | — | 1 | ||||||||||||||||
Equity in earnings of consolidated affiliates | 189 | — | — | (189 | ) | — | |||||||||||||||
Income from continuing operations | 152 | 140 | 49 | (189 | ) | 152 | |||||||||||||||
Loss from discontinued operations, net of income taxes | (1 | ) | — | — | — | (1 | ) | ||||||||||||||
Net income | $ | 151 | $ | 140 | $ | 49 | $ | (189 | ) | $ | 151 | ||||||||||
Comprehensive income | $ | 146 | $ | 140 | $ | 44 | $ | (184 | ) | $ | 146 | ||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 1,523 | $ | 641 | $ | (86 | ) | $ | 2,078 | ||||||||||
Product | — | 396 | 49 | (36 | ) | 409 | |||||||||||||||
Total revenue | — | 1,919 | 690 | (122 | ) | 2,487 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 783 | 376 | (86 | ) | 1,073 | |||||||||||||||
Cost of product | — | 337 | 50 | (36 | ) | 351 | |||||||||||||||
Selling, general and administrative | 49 | 327 | 109 | — | 485 | ||||||||||||||||
Total expenses | 49 | 1,447 | 535 | (122 | ) | 1,909 | |||||||||||||||
Operating income (loss) | (49 | ) | 472 | 155 | — | 578 | |||||||||||||||
Interest expense, net | (64 | ) | (13 | ) | (4 | ) | — | (81 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (113 | ) | 459 | 151 | — | 497 | |||||||||||||||
Income tax (provision) benefit | 60 | (172 | ) | (55 | ) | — | (167 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | 4 | — | — | 4 | ||||||||||||||||
Equity in earnings of consolidated affiliates | 387 | — | — | (387 | ) | — | |||||||||||||||
Income from continuing operations | 334 | 291 | 96 | (387 | ) | 334 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||||
Net income | $ | 334 | $ | 291 | $ | 96 | $ | (387 | ) | $ | 334 | ||||||||||
Comprehensive income | $ | 345 | $ | 291 | $ | 101 | $ | (392 | ) | $ | 345 | ||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 1,437 | $ | 625 | $ | (81 | ) | $ | 1,981 | ||||||||||
Product | — | 352 | 51 | (34 | ) | 369 | |||||||||||||||
Total revenue | — | 1,789 | 676 | (115 | ) | 2,350 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 740 | 386 | (81 | ) | 1,045 | |||||||||||||||
Cost of product | — | 339 | 42 | (34 | ) | 347 | |||||||||||||||
Selling, general and administrative | 59 | 304 | 111 | — | 474 | ||||||||||||||||
Total expenses | 59 | 1,383 | 539 | (115 | ) | 1,866 | |||||||||||||||
Operating income (loss) | (59 | ) | 406 | 137 | — | 484 | |||||||||||||||
Interest expense, net | (64 | ) | (11 | ) | (7 | ) | — | (82 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (123 | ) | 395 | 130 | — | 402 | |||||||||||||||
Income tax (provision) benefit | 52 | (144 | ) | (47 | ) | — | (139 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | 6 | — | — | 6 | ||||||||||||||||
Equity in earnings of consolidated affiliates | 340 | — | — | (340 | ) | — | |||||||||||||||
Income from continuing operations | 269 | 257 | 83 | (340 | ) | 269 | |||||||||||||||
Loss from discontinued operations, net of income taxes | (1 | ) | — | — | — | (1 | ) | ||||||||||||||
Net income | $ | 268 | $ | 257 | $ | 83 | $ | (340 | ) | $ | 268 | ||||||||||
Comprehensive income | $ | 261 | $ | 257 | $ | 73 | $ | (330 | ) | $ | 261 | ||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 36 | $ | 61 | $ | 232 | $ | — | $ | 329 | |||||||||||
Trade accounts receivable, net | — | 475 | 255 | — | 730 | ||||||||||||||||
Prepaid expenses and other current assets | 49 | 250 | 167 | — | 466 | ||||||||||||||||
Total current assets | 85 | 786 | 654 | — | 1,525 | ||||||||||||||||
Due from consolidated affiliates | — | 1,974 | 509 | (2,483 | ) | — | |||||||||||||||
Investments in consolidated affiliates | 10,504 | — | — | (10,504 | ) | — | |||||||||||||||
Intangible assets, net | 22 | 1,797 | 251 | — | 2,070 | ||||||||||||||||
Goodwill | — | 4,154 | 1,063 | — | 5,217 | ||||||||||||||||
Other long-term assets | 39 | 446 | 106 | — | 591 | ||||||||||||||||
Total assets | $ | 10,650 | $ | 9,157 | $ | 2,583 | $ | (12,987 | ) | $ | 9,403 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 116 | $ | 508 | $ | 210 | $ | — | $ | 834 | |||||||||||
Current maturities of long-term debt | 90 | 2 | — | — | 92 | ||||||||||||||||
Deferred revenue | — | 275 | 167 | — | 442 | ||||||||||||||||
Total current liabilities | 206 | 785 | 377 | — | 1,368 | ||||||||||||||||
Long-term debt | 3,755 | 1 | — | — | 3,756 | ||||||||||||||||
Due to consolidated affiliates | 2,483 | — | — | (2,483 | ) | — | |||||||||||||||
Other long-term liabilities | 731 | 30 | 43 | — | 804 | ||||||||||||||||
Total liabilities | 7,175 | 816 | 420 | (2,483 | ) | 5,928 | |||||||||||||||
Total shareholders’ equity | 3,475 | 8,341 | 2,163 | (10,504 | ) | 3,475 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,650 | $ | 9,157 | $ | 2,583 | $ | (12,987 | ) | $ | 9,403 | ||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 139 | $ | 76 | $ | 185 | $ | — | $ | 400 | |||||||||||
Trade accounts receivable, net | — | 465 | 286 | — | 751 | ||||||||||||||||
Prepaid expenses and other current assets | 81 | 195 | 145 | — | 421 | ||||||||||||||||
Total current assets | 220 | 736 | 616 | — | 1,572 | ||||||||||||||||
Due from consolidated affiliates | — | 1,683 | 425 | (2,108 | ) | — | |||||||||||||||
Investments in consolidated affiliates | 10,122 | — | — | (10,122 | ) | — | |||||||||||||||
Intangible assets, net | 22 | 1,866 | 254 | — | 2,142 | ||||||||||||||||
Goodwill | — | 4,150 | 1,066 | — | 5,216 | ||||||||||||||||
Other long-term assets | 33 | 448 | 102 | — | 583 | ||||||||||||||||
Total assets | $ | 10,397 | $ | 8,883 | $ | 2,463 | $ | (12,230 | ) | $ | 9,513 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 87 | $ | 463 | $ | 206 | $ | — | $ | 756 | |||||||||||
Current maturities of long-term debt | 90 | 2 | — | — | 92 | ||||||||||||||||
Deferred revenue | — | 292 | 192 | — | 484 | ||||||||||||||||
Total current liabilities | 177 | 757 | 398 | — | 1,332 | ||||||||||||||||
Long-term debt | 3,754 | 2 | — | — | 3,756 | ||||||||||||||||
Due to consolidated affiliates | 2,108 | — | — | (2,108 | ) | — | |||||||||||||||
Other long-term liabilities | 773 | 25 | 42 | — | 840 | ||||||||||||||||
Total liabilities | 6,812 | 784 | 440 | (2,108 | ) | 5,928 | |||||||||||||||
Total shareholders’ equity | 3,585 | 8,099 | 2,023 | (10,122 | ) | 3,585 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,397 | $ | 8,883 | $ | 2,463 | $ | (12,230 | ) | $ | 9,513 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | $ | (4 | ) | $ | 436 | $ | 137 | $ | — | $ | 569 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures, including capitalization of software costs | (2 | ) | (104 | ) | (44 | ) | — | (150 | ) | ||||||||||||
Other investing activities | — | (346 | ) | (46 | ) | 393 | 1 | ||||||||||||||
Net cash used in investing activities from continuing operations | (2 | ) | (450 | ) | (90 | ) | 393 | (149 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt proceeds | 544 | — | — | — | 544 | ||||||||||||||||
Debt repayments | (544 | ) | — | — | — | (544 | ) | ||||||||||||||
Issuance of treasury stock | 26 | — | — | — | 26 | ||||||||||||||||
Purchases of treasury stock | (528 | ) | — | — | — | (528 | ) | ||||||||||||||
Other financing activities | 405 | (1 | ) | — | (393 | ) | 11 | ||||||||||||||
Net cash used in financing activities from continuing operations | (97 | ) | (1 | ) | — | (393 | ) | (491 | ) | ||||||||||||
Net change in cash and cash equivalents from continuing operations | (103 | ) | (15 | ) | 47 | — | (71 | ) | |||||||||||||
Net cash flows from (to) discontinued operations | — | — | — | — | — | ||||||||||||||||
Beginning balance | 139 | 76 | 185 | — | 400 | ||||||||||||||||
Ending balance | $ | 36 | $ | 61 | $ | 232 | $ | — | $ | 329 | |||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | $ | (42 | ) | $ | 324 | $ | 115 | $ | — | $ | 397 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures, including capitalization of software costs | (2 | ) | (79 | ) | (29 | ) | — | (110 | ) | ||||||||||||
Payment for acquisition of business, net of cash acquired | (55 | ) | 39 | — | — | (16 | ) | ||||||||||||||
Dividend from unconsolidated affiliate | — | 116 | — | — | 116 | ||||||||||||||||
Other investing activities | (1 | ) | (433 | ) | (75 | ) | 509 | — | |||||||||||||
Net cash used in investing activities from continuing operations | (58 | ) | (357 | ) | (104 | ) | 509 | (10 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt proceeds | 1,210 | — | — | — | 1,210 | ||||||||||||||||
Debt repayments | (1,444 | ) | — | — | — | (1,444 | ) | ||||||||||||||
Issuance of treasury stock | 24 | — | — | — | 24 | ||||||||||||||||
Purchases of treasury stock | (254 | ) | — | — | — | (254 | ) | ||||||||||||||
Other financing activities | 515 | (1 | ) | 2 | (509 | ) | 7 | ||||||||||||||
Net cash (used in) provided by financing activities from continuing operations | 51 | (1 | ) | 2 | (509 | ) | (457 | ) | |||||||||||||
Net change in cash and cash equivalents from continuing operations | (49 | ) | (34 | ) | 13 | — | (70 | ) | |||||||||||||
Net cash flows from (to) discontinued operations | (4 | ) | 36 | — | — | 32 | |||||||||||||||
Beginning balance | 85 | 66 | 207 | — | 358 | ||||||||||||||||
Ending balance | $ | 32 | $ | 68 | $ | 220 | $ | — | $ | 320 | |||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 0 Months Ended |
Dec. 16, 2013 | |
Basis of Presentation [Line Items] | ' |
Stock split ratio | 2 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of total debt | $4 | $3.90 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 6 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 14, 2013 | Mar. 31, 2013 | Jan. 14, 2013 | Jan. 14, 2013 |
Open Solutions Inc | Open Solutions Inc | Open Solutions Inc | Open Solutions Inc | ||||
Customer Related Intangible Assets | Acquired Software and Technology | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total cash purchase price | ' | ' | ' | $55 | ' | ' | ' |
Assumption of debt | ' | ' | ' | 960 | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' | ' | 460 | 105 |
Goodwill | ' | 5,217 | 5,216 | 517 | ' | ' | ' |
Long-term debt | ' | ' | ' | 958 | ' | ' | ' |
Non cash impairment charge associated with merger and integration | $30 | ' | ' | ' | $30 | ' | ' |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliate - Additional Information (Detail) (USD $) | 6 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
StoneRiver Group, L.P. | StoneRiver Group, L.P. | StoneRiver Group, L.P. | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of interest owned in affiliate | ' | ' | ' | 49.00% | ' | ' |
Investments in affiliate | ' | ' | ' | $0 | ' | $39 |
Cash dividend from affiliate | ' | ' | ' | 45 | 122 | ' |
Dividend from unconsolidated affiliate that represents a return on investment | 45 | 6 | ' | 45 | 6 | ' |
Other long term liabilities | $124 | ' | $127 | $3 | ' | ' |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $12 | $12 | $27 | $26 |
Share-based awards, stock options, granted | ' | ' | 1.3 | 1.9 |
Share-based awards, stock options, weighted-average estimated fair values | ' | ' | $18.80 | $12.66 |
Share-based awards, stock options, exercised | ' | ' | 0.8 | 0.7 |
Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based awards, restricted stock units, granted | ' | ' | 0.5 | 0.9 |
Share-based awards, restricted stock units, weighted-average estimated fair values | ' | ' | $57.08 | $40.62 |
Schedule_of_Weighted_Average_N
Schedule of Weighted Average Number of Shares (Detail) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Weighted Average Number of Shares Outstanding [Line Items] | ' | ' | ' | ' |
Weighted-average shares outstanding used for the calculation of net income per share - basic | 249.3 | 265.1 | 251.9 | 265.9 |
Common stock equivalents | 4.1 | 3.5 | 4.1 | 3.5 |
Total shares used for the calculation of net income per share - diluted | 253.4 | 268.6 | 256 | 269.4 |
Shares_Used_in_Computing_Net_I2
Shares Used in Computing Net Income Per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Weighted Average Number of Shares Outstanding [Line Items] | ' | ' | ' | ' |
Stock options excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive | 1.4 | 1.8 | 1.1 | 1.4 |
Schedule_of_Intangible_Assets_
Schedule of Intangible Assets by Class (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $3,625 | $3,680 |
Accumulated Amortization | 1,555 | 1,538 |
Net Book Value | 2,070 | 2,142 |
Customer Related Intangible Assets | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 2,155 | 2,155 |
Accumulated Amortization | 733 | 667 |
Net Book Value | 1,422 | 1,488 |
Acquired Software and Technology | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 493 | 493 |
Accumulated Amortization | 322 | 289 |
Net Book Value | 171 | 204 |
Trade Names | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 120 | 120 |
Accumulated Amortization | 43 | 39 |
Net Book Value | 77 | 81 |
Capitalized Software Development Costs | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 619 | 635 |
Accumulated Amortization | 302 | 348 |
Net Book Value | 317 | 287 |
Purchased Software | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 238 | 277 |
Accumulated Amortization | 155 | 195 |
Net Book Value | $83 | $82 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Acquired Intangible Assets | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $200 |
2015 | 190 |
2016 | 150 |
2017 | 140 |
2018 | 140 |
Capitalized and Purchased Software | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $110 |
Schedule_of_Accounts_Payable_a
Schedule of Accounts Payable and Accrued Expenses (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' |
Trade accounts payable | $55 | $67 |
Settlement obligations | 248 | 184 |
Client deposits | 214 | 190 |
Accrued compensation and benefits | 127 | 165 |
Other accrued expenses | 190 | 150 |
Total | $834 | $756 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Effective income tax rate | 37.70% | 35.00% | 33.50% | 34.60% | ' |
Unrecognized tax benefits | $43 | ' | $43 | ' | $60 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $32 | ' | $32 | ' | ' |
Schedule_of_Accumulated_Other_
Schedule of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Cash Flow Hedges | Cash Flow Hedges | Foreign Currency Translation | Foreign Currency Translation | Other | Other | Other | Other | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Beginning of the period | ' | ' | ($60) | ($60) | ($49) | ($57) | ($9) | ($1) | ($2) | ($2) | ($2) | ($2) |
Other comprehensive income (loss) before reclassifications | ' | ' | 7 | -12 | 2 | -2 | 5 | -10 | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 4 | 5 | 4 | 5 | ' | ' | ' | ' | ' | ' |
Total other comprehensive income (loss) | 5 | -5 | 11 | -7 | 6 | 3 | 5 | -10 | ' | ' | ' | ' |
Balance at End of the period | ($49) | ($67) | ($49) | ($67) | ($43) | ($54) | ($4) | ($11) | ($2) | ($2) | ($2) | ($2) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Estimated interest expense related to settled interest rate hedge contracts during the next twelve months | $14 | ' |
Foreign currency forward exchange contracts | India, Rupees | ' | ' |
Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Notional amount of derivative | 53 | 53 |
Total fair value of cash flow hedge derivatives | $3 | ($1) |
Schedule_of_Supplemental_Cash_
Schedule of Supplemental Cash Flow Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flow Supplemental Disclosures [Line Items] | ' | ' |
Interest paid, including on assumed debt | $72 | $91 |
Income taxes paid from continuing operations | 137 | 135 |
Treasury stock purchases settled after the balance sheet date | ' | 17 |
Liabilities assumed in acquisition of business | ' | $1,186 |
Cash_Flow_Information_Addition
Cash Flow Information - Additional Information (Detail) (Club Solutions Business, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Mar. 14, 2013 |
Club Solutions Business | ' |
Cash Flow Supplemental Disclosures [Line Items] | ' |
Cash Received from sale of discontinued operations | $35 |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Processing and services revenue | $1,051 | $1,015 | $2,078 | $1,981 |
Product revenue | 202 | 183 | 409 | 369 |
Total revenue | 1,253 | 1,198 | 2,487 | 2,350 |
Operating income | 307 | 273 | 578 | 484 |
Payments | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Processing and services revenue | 501 | 477 | 992 | 930 |
Product revenue | 168 | 149 | 350 | 313 |
Total revenue | 669 | 626 | 1,342 | 1,243 |
Operating income | 185 | 179 | 365 | 345 |
Financial | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Processing and services revenue | 551 | 541 | 1,090 | 1,057 |
Product revenue | 44 | 43 | 80 | 76 |
Total revenue | 595 | 584 | 1,170 | 1,133 |
Operating income | 203 | 186 | 388 | 347 |
Corporate and Other | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Processing and services revenue | -1 | -3 | -4 | -6 |
Product revenue | -10 | -9 | -21 | -20 |
Total revenue | -11 | -12 | -25 | -26 |
Operating income | ($81) | ($92) | ($175) | ($208) |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | $5,217 | $5,216 |
Payments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | 3,400 | 3,400 |
Financial | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Goodwill | $1,800 | $1,800 |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Income and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Processing and services | $1,051 | $1,015 | $2,078 | $1,981 |
Product | 202 | 183 | 409 | 369 |
Total revenue | 1,253 | 1,198 | 2,487 | 2,350 |
Expenses: | ' | ' | ' | ' |
Cost of processing and services | 532 | 523 | 1,073 | 1,045 |
Cost of product | 171 | 157 | 351 | 347 |
Selling, general and administrative | 243 | 245 | 485 | 474 |
Total expenses | 946 | 925 | 1,909 | 1,866 |
Operating income (loss) | 307 | 273 | 578 | 484 |
Interest expense, net | -40 | -41 | -81 | -82 |
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | 267 | 232 | 497 | 402 |
Income tax (provision) benefit | -101 | -81 | -167 | -139 |
Income from investment in unconsolidated affiliate | ' | 1 | 4 | 6 |
Income from continuing operations | 166 | 152 | 334 | 269 |
Income (loss) from discontinued operations, net of income taxes | ' | -1 | ' | -1 |
Net income | 166 | 151 | 334 | 268 |
Comprehensive income | 171 | 146 | 345 | 261 |
Eliminations | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Processing and services | -43 | -41 | -86 | -81 |
Product | -17 | -16 | -36 | -34 |
Total revenue | -60 | -57 | -122 | -115 |
Expenses: | ' | ' | ' | ' |
Cost of processing and services | -43 | -41 | -86 | -81 |
Cost of product | -17 | -16 | -36 | -34 |
Total expenses | -60 | -57 | -122 | -115 |
Equity in earnings of consolidated affiliates | -204 | -189 | -387 | -340 |
Income from continuing operations | -204 | -189 | -387 | -340 |
Net income | -204 | -189 | -387 | -340 |
Comprehensive income | -207 | -184 | -392 | -330 |
Parent Company | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' |
Selling, general and administrative | 29 | 31 | 49 | 59 |
Total expenses | 29 | 31 | 49 | 59 |
Operating income (loss) | -29 | -31 | -49 | -59 |
Interest expense, net | -32 | -32 | -64 | -64 |
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | -61 | -63 | -113 | -123 |
Income tax (provision) benefit | 23 | 26 | 60 | 52 |
Equity in earnings of consolidated affiliates | 204 | 189 | 387 | 340 |
Income from continuing operations | 166 | 152 | 334 | 269 |
Income (loss) from discontinued operations, net of income taxes | ' | -1 | ' | -1 |
Net income | 166 | 151 | 334 | 268 |
Comprehensive income | 171 | 146 | 345 | 261 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Processing and services | 768 | 724 | 1,523 | 1,437 |
Product | 191 | 170 | 396 | 352 |
Total revenue | 959 | 894 | 1,919 | 1,789 |
Expenses: | ' | ' | ' | ' |
Cost of processing and services | 387 | 356 | 783 | 740 |
Cost of product | 163 | 152 | 337 | 339 |
Selling, general and administrative | 162 | 160 | 327 | 304 |
Total expenses | 712 | 668 | 1,447 | 1,383 |
Operating income (loss) | 247 | 226 | 472 | 406 |
Interest expense, net | -6 | -5 | -13 | -11 |
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | 241 | 221 | 459 | 395 |
Income tax (provision) benefit | -92 | -82 | -172 | -144 |
Income from investment in unconsolidated affiliate | ' | 1 | 4 | 6 |
Income from continuing operations | 149 | 140 | 291 | 257 |
Net income | 149 | 140 | 291 | 257 |
Comprehensive income | 149 | 140 | 291 | 257 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Processing and services | 326 | 332 | 641 | 625 |
Product | 28 | 29 | 49 | 51 |
Total revenue | 354 | 361 | 690 | 676 |
Expenses: | ' | ' | ' | ' |
Cost of processing and services | 188 | 208 | 376 | 386 |
Cost of product | 25 | 21 | 50 | 42 |
Selling, general and administrative | 52 | 54 | 109 | 111 |
Total expenses | 265 | 283 | 535 | 539 |
Operating income (loss) | 89 | 78 | 155 | 137 |
Interest expense, net | -2 | -4 | -4 | -7 |
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | 87 | 74 | 151 | 130 |
Income tax (provision) benefit | -32 | -25 | -55 | -47 |
Income from continuing operations | 55 | 49 | 96 | 83 |
Net income | 55 | 49 | 96 | 83 |
Comprehensive income | $58 | $44 | $101 | $73 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $329 | $400 | $320 | $358 |
Trade accounts receivable, net | 730 | 751 | ' | ' |
Prepaid expenses and other current assets | 466 | 421 | ' | ' |
Total current assets | 1,525 | 1,572 | ' | ' |
Intangible assets, net | 2,070 | 2,142 | ' | ' |
Goodwill | 5,217 | 5,216 | ' | ' |
Other long-term assets | 591 | 583 | ' | ' |
Total assets | 9,403 | 9,513 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Accounts payable and accrued expenses | 834 | 756 | ' | ' |
Current maturities of long-term debt | 92 | 92 | ' | ' |
Deferred revenue | 442 | 484 | ' | ' |
Total current liabilities | 1,368 | 1,332 | ' | ' |
Long-term debt | 3,756 | 3,756 | ' | ' |
Other long-term liabilities | 804 | 840 | ' | ' |
Total liabilities | 5,928 | 5,928 | ' | ' |
Total shareholders' equity | 3,475 | 3,585 | ' | ' |
Total liabilities and shareholders' equity | 9,403 | 9,513 | ' | ' |
Eliminations | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Due from consolidated affiliates | -2,483 | -2,108 | ' | ' |
Investments in consolidated affiliates | -10,504 | -10,122 | ' | ' |
Total assets | -12,987 | -12,230 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Due to consolidated affiliates | -2,483 | -2,108 | ' | ' |
Total liabilities | -2,483 | -2,108 | ' | ' |
Total shareholders' equity | -10,504 | -10,122 | ' | ' |
Total liabilities and shareholders' equity | -12,987 | -12,230 | ' | ' |
Parent Company | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 36 | 139 | 32 | 85 |
Prepaid expenses and other current assets | 49 | 81 | ' | ' |
Total current assets | 85 | 220 | ' | ' |
Investments in consolidated affiliates | 10,504 | 10,122 | ' | ' |
Intangible assets, net | 22 | 22 | ' | ' |
Other long-term assets | 39 | 33 | ' | ' |
Total assets | 10,650 | 10,397 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Accounts payable and accrued expenses | 116 | 87 | ' | ' |
Current maturities of long-term debt | 90 | 90 | ' | ' |
Total current liabilities | 206 | 177 | ' | ' |
Long-term debt | 3,755 | 3,754 | ' | ' |
Due to consolidated affiliates | 2,483 | 2,108 | ' | ' |
Other long-term liabilities | 731 | 773 | ' | ' |
Total liabilities | 7,175 | 6,812 | ' | ' |
Total shareholders' equity | 3,475 | 3,585 | ' | ' |
Total liabilities and shareholders' equity | 10,650 | 10,397 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 61 | 76 | 68 | 66 |
Trade accounts receivable, net | 475 | 465 | ' | ' |
Prepaid expenses and other current assets | 250 | 195 | ' | ' |
Total current assets | 786 | 736 | ' | ' |
Due from consolidated affiliates | 1,974 | 1,683 | ' | ' |
Intangible assets, net | 1,797 | 1,866 | ' | ' |
Goodwill | 4,154 | 4,150 | ' | ' |
Other long-term assets | 446 | 448 | ' | ' |
Total assets | 9,157 | 8,883 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Accounts payable and accrued expenses | 508 | 463 | ' | ' |
Current maturities of long-term debt | 2 | 2 | ' | ' |
Deferred revenue | 275 | 292 | ' | ' |
Total current liabilities | 785 | 757 | ' | ' |
Long-term debt | 1 | 2 | ' | ' |
Other long-term liabilities | 30 | 25 | ' | ' |
Total liabilities | 816 | 784 | ' | ' |
Total shareholders' equity | 8,341 | 8,099 | ' | ' |
Total liabilities and shareholders' equity | 9,157 | 8,883 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 232 | 185 | 220 | 207 |
Trade accounts receivable, net | 255 | 286 | ' | ' |
Prepaid expenses and other current assets | 167 | 145 | ' | ' |
Total current assets | 654 | 616 | ' | ' |
Due from consolidated affiliates | 509 | 425 | ' | ' |
Intangible assets, net | 251 | 254 | ' | ' |
Goodwill | 1,063 | 1,066 | ' | ' |
Other long-term assets | 106 | 102 | ' | ' |
Total assets | 2,583 | 2,463 | ' | ' |
Liabilities and Shareholders' Equity | ' | ' | ' | ' |
Accounts payable and accrued expenses | 210 | 206 | ' | ' |
Deferred revenue | 167 | 192 | ' | ' |
Total current liabilities | 377 | 398 | ' | ' |
Other long-term liabilities | 43 | 42 | ' | ' |
Total liabilities | 420 | 440 | ' | ' |
Total shareholders' equity | 2,163 | 2,023 | ' | ' |
Total liabilities and shareholders' equity | $2,583 | $2,463 | ' | ' |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities from continuing operations | $569 | $397 |
Cash flows from investing activities: | ' | ' |
Capital expenditures, including capitalization of software costs | -150 | -110 |
Payment for acquisition of business, net of cash acquired | ' | -16 |
Dividend from unconsolidated affiliate | ' | 116 |
Other investing activities | 1 | ' |
Net cash used in investing activities from continuing operations | -149 | -10 |
Cash flows from financing activities: | ' | ' |
Debt proceeds | 544 | 1,210 |
Debt repayments | -544 | -1,444 |
Issuance of treasury stock | 26 | 24 |
Purchases of treasury stock | -528 | -254 |
Other financing activities | 11 | 7 |
Net cash (used in) provided by financing activities from continuing operations | -491 | -457 |
Net change in cash and cash equivalents from continuing operations | -71 | -70 |
Net cash flows from (to) discontinued operations | ' | 32 |
Beginning balance | 400 | 358 |
Ending balance | 329 | 320 |
Eliminations | ' | ' |
Cash flows from investing activities: | ' | ' |
Other investing activities | 393 | 509 |
Net cash used in investing activities from continuing operations | 393 | 509 |
Cash flows from financing activities: | ' | ' |
Other financing activities | -393 | -509 |
Net cash (used in) provided by financing activities from continuing operations | -393 | -509 |
Parent Company | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities from continuing operations | -4 | -42 |
Cash flows from investing activities: | ' | ' |
Capital expenditures, including capitalization of software costs | -2 | -2 |
Payment for acquisition of business, net of cash acquired | ' | -55 |
Other investing activities | ' | -1 |
Net cash used in investing activities from continuing operations | -2 | -58 |
Cash flows from financing activities: | ' | ' |
Debt proceeds | 544 | 1,210 |
Debt repayments | -544 | -1,444 |
Issuance of treasury stock | 26 | 24 |
Purchases of treasury stock | -528 | -254 |
Other financing activities | 405 | 515 |
Net cash (used in) provided by financing activities from continuing operations | -97 | 51 |
Net change in cash and cash equivalents from continuing operations | -103 | -49 |
Net cash flows from (to) discontinued operations | ' | -4 |
Beginning balance | 139 | 85 |
Ending balance | 36 | 32 |
Guarantor Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities from continuing operations | 436 | 324 |
Cash flows from investing activities: | ' | ' |
Capital expenditures, including capitalization of software costs | -104 | -79 |
Payment for acquisition of business, net of cash acquired | ' | 39 |
Dividend from unconsolidated affiliate | ' | 116 |
Other investing activities | -346 | -433 |
Net cash used in investing activities from continuing operations | -450 | -357 |
Cash flows from financing activities: | ' | ' |
Other financing activities | -1 | -1 |
Net cash (used in) provided by financing activities from continuing operations | -1 | -1 |
Net change in cash and cash equivalents from continuing operations | -15 | -34 |
Net cash flows from (to) discontinued operations | ' | 36 |
Beginning balance | 76 | 66 |
Ending balance | 61 | 68 |
Non-Guarantor Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net cash provided by (used in) operating activities from continuing operations | 137 | 115 |
Cash flows from investing activities: | ' | ' |
Capital expenditures, including capitalization of software costs | -44 | -29 |
Other investing activities | -46 | -75 |
Net cash used in investing activities from continuing operations | -90 | -104 |
Cash flows from financing activities: | ' | ' |
Other financing activities | ' | 2 |
Net cash (used in) provided by financing activities from continuing operations | ' | 2 |
Net change in cash and cash equivalents from continuing operations | 47 | 13 |
Beginning balance | 185 | 207 |
Ending balance | $232 | $220 |